05.05.2008

Veliko Turnovo Registers Record Commercial Property Price


Commercial real estate in Veliko Turnovo has reached the record price of 6000 EUR per square meter. This price corresponds to the levels typical for the Losentets neighborhood in Sofia and downtown Varna and Bourgas.

The news comes from the local newspaper “Yantra Today” as well as local brokers. This was the price for the sale of a store underneath the old market hall for the total amount of 900 thousand EUR. In addition, the transaction has been conducted without the help of a real estate agency and is a result of direct negotiations between the seller and the buyer.

The deal has become possible due to the high demand and the lack of almost any listings of commercial and office properties in the old Bulgarian capital. The city has very limited infrastructure – restricted spaces and only one main street with landlords reluctant to part with their property. The demand for commercial spaces on Turnovo’s main street vary from 1500 to 2000 EUR per square meter depending on the size and the degree of the slope, however, the supply of such spaces is almost inexistent.


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