At the end of last week, the capital municipality announced that 2 new metro stations will be built. The estimated cost of construction is BGN 147 million, and co-financing will be sought from the European Union.
One metro station will be under “Tsarica Ioana Blvd.“ and will reach the western arc of the Ring Road, and the other will be immediately after the currently existing “Lyulin” metro station.
Traditionally, housing prices in the areas around metro stations rise already at the stage of their construction. How have housing prices moved in the Lyulin 1 and 2 in question over the past year and what is the value per square meter today?
From April to August 2023, the price per square meter for two-room dwellings in the neighborhoods in question was around just under EUR 1,000. However, from September 2023 to the beginning of April this year, the price of 2-room apartments in Ljulin 2 has seen an increase to average levels of around 1300 EUR/sq.m, while those in Ljulin 1 even reported a drop to around 800 EUR/ sq.m., according to the data of the largest real estate site imot.bg. Thus, to date, there is a significant difference of about 500 EUR/sq.m. for two-room apartments in the two microdistricts in question.
For 3-room apartments, the price movement curve for the period April-August 2023 is identical to that for two-room apartments. For the period in question, it was a little over 1100 EUR/sq.m. Since September of last year, however, there has been an increase to average levels of 1,300 EUR/sq.m in Lyulin 2, which were maintained until the beginning of April of the current year. In Lyulin 1, a drop to almost 1000 EUR/sq.m was reported for the period from September 2023 to the beginning of 2024. This was followed by growth, which by the end of February succeeded in catching up with the prices of three-room apartments in Lyulin 2, and in the last month observed a flattening of the values of three-room apartments in Lyulin 1 and 2 to average levels of around 1,300 EUR/sq.m.
The supply of 2- and 3-room apartments is very limited in Lyulin 1, where about 30 properties of one and the other type are being offered. There are over 100 offers for two-room apartments and even more for three-room apartments in Lyulin 2, according to a reference in imot .bg.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE