Sofia's Real Estate Market Rewards Investors

Since Bulgaria's accession to the EC in January 2007, property investors in the Bulgarian capital have been reaping rich rewards. Anyone with the foresight to buy property in Sofia prior to EC membership has done very well. Average prices increased by 30% in 2007 and even up to 50% in some less known neighborhoods. In 2008 Sofia's real estate prices reversed and are expected to register a decrease of 20-25% for 2009. Not all product categories and locations are in the gutter however. Ask our experts for an advice adapted to your budgets and personal goals.

    Distinctive Apartments in Sofia's Green Zones

    No Commission. High Potential Investment. 

Lozenets

Dianabad

Kniajevo

Sofia Properties News

Lewis Charles fund invests 45 million euro in Sofia property developments

Tue 04 Mar 2008

Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market, has a pipeline of eight residential schemes in Sofia with a combined price tag of more than 45 million euro, a company statement said.

The fund's property portfolio has a total build area of 567 590 sq m and currently has a valuation of 83 852 536 euro.

In Sofia, the Bulgarian capital, the fund is developing gated communities in the Vitosha, Simeonovo and Krastova Vada boroughs.

The first project was completed in 2007 while the other five are expected to be completed during 2009. One of these projects is still at the foundation stage.

The build area for the six projects totals 95,382 sq m. The fund also owns a further 13 170 sq m of land in the Sofia borough of Dragalevtsi and 100 713 sq m in Kambanite.

Lewis Charles has projects in progress in various other locations across the country.

In 2006, the fund purchased a total of 121 420 sq m of agricultural land just outside the village of Bania (Razlog municipality) for 2.76 million euro.

The Bania project is expected to involve the construction of a first-class holiday village consisting of chalets and upmarket apartments.

The portfolio spread further includes projects in Govedartsi, Bansko, Plovdiv, Veliko Tarnovo and Dolna Banya.

Demand for apartments shifts to outskirts

Tue 04 Mar 2008 - Desislava Leshtarska

Demand for residential properties will remain strong in 2008 and prices in big cities are expected to go up by between 10-15 per cent. Prices of residential properties in Bulgaria went up by an average of 30 per cent in 2007. Prices grew by 54 per cent and 39 per cent in Sofia and Varna respectively. Rousse saw a 31-per cent increase in residential property prices in 2007.

Demand for residential properties in the outskirts of big cities picked up in 2007, data from Foros real estate company show.

Increased demand may be attributed to the small number of properties for sale and the expensive prices in downtown areas as well as to the construction of gated complexes that raises the supply of residential properties in suburbs, Pari daily reported on March 4.

Demand for residential properties exceeded supply in 2007, according to Dobromir Ganev, manager of Foros. Buyers are genuinely interested in old residential properties in downtown areas of cities but due to the poor supply are opting for properties in the outskirts, Dobrev said.

In Sofia demand is picking up in southeastern residential districts, such as Mladost. The area is close to Business Park Sofia, which is another advantage.

World Superstars Boost Sofia Property Prices

13 February 2008

By British real estate consultant Obelisk

Obelisk says Sofia property investments are attracting the attention of Hollywood celebrities and pop icons, prompting the emergence of a new luxury market.

Cheap holidays, cheap skiing, cheap flights, cheap food and drink, and of course cheap property - ‘Cheap' has been the main attraction for British investors buying into Bulgaria.

However, big changes are in the air with an increasing number of foreign investors and Hollywood A-listers buying up the more exclusive high-end property.

Antonio Banderas, who already owns property in Spain, is amongst "Hollywood royalty" spending many months in the capital filming The Code, due for release this year, along with Morgan Freeman who has revealed his interest in purchasing a block of executive apartments in Sofia.
Read the full article...