Sofia rental rates climb consistently throughout 2018 – welcomed news for every Sofia property owner.

As 2018 draws to a close Sofia landlords can breathe easy as the year has seen rental rates across the city increase substantially. The past 24 months has seen notable progress with all areas now witnessing rising rental prices, some regions were slower to react but even areas such as Ovcha Kupel and Luylin are now firmly part of the upward trend.

In 2018 New Estate successfully increased rents across 100% of its Sofia wide portfolio.

Most rates are up by at least 10%, but in areas with new metro stations, boulevards or expanded business parks it has been as much as 15%. Major infrastructure works have facilitated better public transportation and much reduced traffic for motoring commuters, which in turn has opened up areas previously considered too far and too inconvenient. Sofia will see 12 new metro stations open in 2019 with 250 new public transportation vehicles on the roads in 2018.

Likewise, continued expansion of commercial buildings in line with the growth of the tech sector has generated massive volumes of new jobs best suited to young footloose individuals, almost all of whom seek temporary rented accommodation within walking distance of their workplace. Sofia now accommodates 90% of Bulgaria’s technology companies with 1.8 million square metres of Class A office space 90.4% occupied, it’s a staggering shift from even five years ago and strong news for any owner seeking well paid young professional tenants.