Experts predict housing market will cool down in 2023
Experts predict the housing market will cool down in 2023. The trend is already noticeable. House prices in Sofia are forecast to fall by 10%. The dynamics of prices and the decisions taken by central bankers will also determine the size of housing loans. The construction industry hopes that inflation will be contained in the coming months.
Reduced demand and income growth, which lags behind property prices growth are pushing housing prices down, but at the same time rising construction output and labour costs are pushing prices up. The most expensive properties (price per square metre) are in the "Doctor's Garden", "Izgrev" and "Yavorov" residential districts, but in much of Sofia, average prices are not falling below 1,000 euros per square metre, and the situation is similar in the coastal city of Varna and the country’s second largest city of Plovdiv, although prices are slightly lower.
The chief economist at one of the leading banks expects a drop in housing prices in Sofia by about 10% compared to the levels of the third quarter of this year. Read More…
