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Tuesday, April 25, 2006 

Most Expensive Property of Bulgaria's Capital Located in Ivan Vazov District

Sofia's Ivan Vazov district leads in property prices, according to data of imoti.net. Apartment prices in Ivan Vazov exceed 1000 euro a sq m, leaving behind former leaders like Iztok district and the central parts of the capital.

Real estate agents said several factors produced the development. Ivan Vazov is located in near Sofia's centre. The district has good infrastructure, including medical and education centres. The location of the Southern Park nearby further increases the appeal of the neighbourhood, Darik radio reported.

Sofia property agencies offer nearly 180 apartments in Ivan Vazov. The average price slightly exceeds 1080 a sq m. Most property offered includes luxurious two and three-bedroom apartments.

The biggest apartment covers 230 sq m and costs 185 000 euro.

Lozenets, previously seen as the district with most expensive property in the capital, now ranks second. The average price of property there is 1059 euro a sq m, the imoti.net information shows.

The excessive construction in Lozenets produces various problems for property owners in the neighbourhood. Among these is the lack of parking spaces, difficult transportation and proximity of buildings.

Despite the negative developments property prices in Lozenets remain high. At the moment imoti.net offers more than 1500 apartments in the suburb.

Source: Sofia Echo

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