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Rental prices of commercial properties in Sofia will increase

Posted by Admin on October 24, 2019
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Rental Prices in Sofia

In the recent years, there has been a slight decrease in the rental prices of properties on the central commercial street of Sofia (Vitosha street). The reason for this was the appearance of many shopping malls within the territory of Sofia. Since no new shopping malls are expected to appear in the near future and the purchasing power of the residents of Sofia continues to increase, we can expect a steady increase of the rental prices on Vitosha street and other commercial streets in the city centre of Sofia. At present, the average monthly rental price of properties on Vitosha street is EUR 52 per square meter.

Rental Prices Vitosha Street Sofia, Bulgaria

According to the consulting company Cushman & Wakefield, Vitosha street is ranged as number 47 among the most expensive commercial streets in the world. It has recently become more expensive than Calea Victoriei in the Romanian capital Bucharest. New Bond Street in London is the most expensive street in Europe. The average monthly rental price there is EUR 1339 per square meter. The most expensive commercial street in the world is Causeway Bay in Hong Kong where the monthly rent amounts to EUR 2050 per square meter.

Rental Prices Offices in Sofia, Bulgaria

The prices of offices throughout Sofia are also likely to increase due to the low unemployment rate (2,8% in 2018) in Sofia. The increased number of employees forces many companies to search for larger offices. According to Oxford Economics, in the next five years, 2,8 million job office positions will be created in the EU. The current average monthly rental price of an office in Sofia is EUR 15 per square meter. The rental of office properties in Sofia brings an annual return on investment of 8,5% which is one of the highest in Europe.

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