Hello, I am from Bulgaria and we have some really crazy flat prices right now in our capital, Sofia.

There are lots of empty flats in Sofia and we are not that many people, and yet, prices are ridiculously high e.g. a million for a 3-bedroom flat [https://www.imot.bg/pcgi/imot.cgi?act=5&adv=1c169288086295408&slink=9u19fy&f1=1](https://www.imot.bg/pcgi/imot.cgi?act=5&adv=1c169288086295408&slink=9u19fy&f1=1) in a neighbourhood which is considered good but it ain’t made out of gold or that amazing or South Kensington (which is an amazing neighbourhood in London) . This is what the [street](https://www.google.com/maps/@42.6732188,23.3523431,3a,75y,24.5h,77.96t/data=!3m6!1e1!3m4!1sS_KhcH8CrZeEsRJu5l9AAw!2e0!7i16384!8i8192?entry=ttu) looks like. For less money you can get [this](https://www.zoopla.co.uk/for-sale/details/65775368/?search_identifier=68d98933146cbe4059304f855a1a892d709553375a1e027ae16b9aeae967c1f2) in Canary Wharf in London (and Canary Wharf is already a much better neighbourhood).

Nobody can really explain why prices went up like this in the past year, two, and how come people have so much money to buy stuff (I guess it is either some people laundering their money, or people who just get mortgage that they will be paying off for long long time).

I was wondering if same kind of thing is happening in our neighbours. We do have quite a big inflation right now (not sure what is current excuse for it), so they also say this is the reason… but honestly, I think it is a mixture of speculation and people with bad financial knowledge.

So yeah, how is real estate situation in Romania?

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by prudlioo

13 comments

  1. More than they worth, the prices for mediocre apartaments are ridiculous.

  2. You are asking us something and showing us the most expensive apartment you can find… it looks like an exclusive apartment in a very good area…

  4. c’mon… i kinda know the real estate prices in Bulgaria, they have been for years some 20-25% cheaper than those in Romania. so I bet that a regular 3 bedroom apartment in an old commie block in Sofia, regular neighbourhood (not central) is not more than ~85k EUR. what you picked there is a high-end apartment, which are expensive everywhere

  5. Prices for 3 room around 100 square meters in Liulin or Mladost?

  7. The average price is around 1400 euro/msq. The top areas are around 3k euro/msq and the low areas around 900 euro/msq.

  8. Hey fellow, in Cluj the prices are also going to 💩, some 4 bedrooms houses are listed from 700k to 1m euro lmao, even though they’re listed for well over an year by now as a fun fact. And in the middle of cluj prices range from 2k to 6k euro per square meter lol

  10. Don’t look at the prices because the picture they paint is not accurate.

    It’s not relevant that a certain apartment or house is listed at X amount of € if it stays for sale for 1 year or more.

    Instead, look at the final prices of transactions that actually take place and they are 20-30% below the asking prices.

    Also, at the moment, the market is blocked with few to none transactions taking place: high interest rates, huge inflation, people being more careful with loans, etc. Sure, here & there there are some transactions but those are rare and happen due to special reasons (i.e. buyers paying most of the amount or the entire amount by cash).

    I wish nothing but the best to the sellers thinking a 30/40-year old communist building is worth 100/200/300k €🤝

  11. I understand you, but the comparison is not right. Canary is not as desirable as it looks by the people than live in London, it’s far from the center and very lifeless..

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