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Plovdiv residents spending more on remodelling

Thursday, Jun 26, 2008

An increase of eight to 10 per cent in loan applications for remodelling and furnishing has been registered in Plovdiv, the local office of real estate consultants Europolis said in a statement.
Europolis' conclusion is drawn from the data provided by the Plovdiv branches of major banks. The average amount for the renovation of a two-bedroom apartment is between eight thousand and 12 000 euro, a three-bedroom home will take up to 18 000 euro, while to satisfy their taste for luxury, some clients may request up to 30 000 euro.
Europolis’ analysis of the property market also infers that the purchase and renovation of a home in an existing building comes cheaper that having to buy from a newly-built development. The average price for an apartment in a monolithic construction situated inPlovdiv’s centre or in an upscale neighbourhood is 900 euro a sq m. Depending on the location and the construction stage, a square meter in new buildings runs from 1 500 to 1 800 euro.
The reason why clients prefer to buy homes in seasoned buildings is because they prefer their specific style featuring larger balconies and spacious rooms, the company said.
Lately, a new tendency is finding its way in Plovidiv. More homeowners are deciding to tighten up apartment building’s roofs, to paint staircases, or fix other common ground features, Europolis said. This could be interpreted as a sign that people in Plovdiv are demonstrating new attitudes toward their living environment, the company said.
From the beginning of June, the company has facilitated eight loan applications in that regard. Refreshing the building in its entirety will consequence in higher selling price for each of the apartments in it, Europolis said.

Source: www.propertywisebulgaria.com