Apartment sales go up four-fold

Sofia's real estate market saw a flurry of activity over the last two or three weeks. Apartment sales  have quadrupled. Traditionally summer is the "slow season" and investors were not prepared for the boom of home-seekers. There are two main reasons for this unexpected rush �  the anticipation of a large price increase and the constantly expanding credit market. Banks are offering mortgage loans under relaxed conditions. In addition, many people living outside Sofia have increased their revenues by selling lands and are seeking real estate where to invest the acquired resources instead of making bank deposits.

Experts predict that apartments in Sofia's southern regions will be the first to exhibit higher values. Flats there have grown by 200 euro a sq m since the beginning of the year when they were being offered at 800 euro a sq m. The General manager of Home for You real estate company comments that by next year they will come up to 1700-1800 euro.