Property prices in newly built residential districts Bulgaria’s capital continued to rise, reaching 1000 euro per sq m, a new Colliers Bulgaria research showed.

Prices in Sofia’s most preferred areas, such as Doctors’ Garden, Ivan Vazov and Lozenets grew solidly in the first half of 2007 with an increase of 19, 11 and 19 per cent respectively.

The increase in average sales price in some areas was nearly 20 per cent in first half of 2007.

Properties in Doctors’ Garden were offered at nearly 2000 euro per sq m. in 2007, Prices in Iztok residential district saw a 51 per cent increase on annual basis.

Rental rates increased “only marginally” in comparison to sales prices, the report said.

Atanas Garov, managing director of Colliers Bulgaria, said that “the supply of residential properties continues to increase at a steady pace, and the focus remains on planned communities and compound developments.”

According to Colliers Bulgaria general manager of Ivan Velkov, “demand for premises in residential complexes offering higher level of comfort through added services and amenities is increasing, and will be one of the main driving forces of the market.”