Sofia's Real Estate Market

Since Bulgaria's accession to the EC in January 2007, property investors in the Bulgarian capital have experienced a reverse of fortune. Anyone with the foresight to buy property in Sofia prior to EC membership has done well. Average prices increased by 30% in 2007 and even up to 50% in some less known neighborhoods. But in 2008 Sofia's real estate prices reversed and decreased of 20-25% in 2009, and are expected to come down an other 20% by the end of 2010. Not all product categories and locations are in the gutter however. Ask our experts for an advice adapted to your budgets and personal goals.

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Sofia Properties News

Subway Stations Lure Property Buyers in Sofia

30. 09. 2010

More and more Sofia citizens begin to appreciate the subway and now the districts with existing or future subway stations are among the most desired by property buyers
The property market in the Bulgarian capital has experienced a shift in the prices and interests of the buyers, data from real estate websites showed.

According to data from the Bulgarian property website imoti.net, the interest towards districts, which are considered prestigious, like Ivan Vazov, Iztok and Center, has decreased.

For the period August 20 – September 20, people who were looking for a property that costs between EUR 50,000 to EUR 100,000 have searched mostly in the districts Mladost, Darvenitsa and Krasno Selo. There is only one property located in the center of Sofia in the top 10 viewed properties in that price range.

The situation is similar for properties that cost more than EUR 100,000. People have expressed interest mostly towards houses in the southern, western and eastern parts of Sofia.

Even in the lower price segment, ranging from EUR 30,000 to EUR 50,000, the more prestigious districts enter the top 10 viewed pages with only one apartment.

According to the real estate agents, the reasons for this shift of interest are the lower prices, offered in the less prestigious districts, and the infrastructure. Districts near subway stations are becoming more and more popular among Sofia citizens.

The Mladost 4 district is a perfect example. Although it was considered less prestigious, it is now gaining more popularity because the Business Park Sofia is located there and because there will be a subway station there in the near future.
Source: novinite.com

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.
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