Sofia, as
Bulgaria’s capital, offers foreign purchasers a wonderful investment
opportunity. Many foreigners actually miss the idea of investing in
Sofia, in favour of the faster growing costal resorts such as Sunny
Beach and the ski resort of Bansko.
Last year,
however, Sofia saw the greatest property value growth in Bulgaria,
showing that there is a great deal of potential in the capital.
Sofia is approximately 550 metres above sea level, situated at the
bottom of Mount Vitosha. Interestingly, Sofia is actually the
highest capital in Eastern Europe and has a population of around one
million.
Sofia has
had a relatively troublesome history and has only recently become
fully free from communism. Since its liberation, Sofia has developed
itself as the financial, political and cultural centre of Bulgaria.
As well as
being historically important, Sofia is also culturally and
geographically significant. Throughout Sofia, there is an enormous
selection of pavement cafes, restaurants and large parks. One of the
great plus points of Sofia is its wonderful location; within half an
hour of the city is the Vitosha National Park as well as the superb
skiing in Vitosha. Bulgaria has started a campaign to host the 2014
Winter Olympics; if it is successful, Sofia is likely to see even
greater growth.
A leading
Bulgarian lawyer has commented that ‘as far as the smaller investor
is concerned, there is an over saturation at the Black Sea, so Sofia
offers an attractive alternative’. He also stated that between the
years of 2002 and 2005, property prices in Sofia have doubled.
Prices of
Property in Different Parts of Sofia
One-bed
apartments in Sofia can be bought for around 50,000 Euros. Although
these are considerably smaller on average than the one-bed
apartments on the coast and in seaside resorts, which are typically
around the 50 to 60 square metre-sized apartments.
As with most
large cities, central apartments of a reasonable size are in huge
demand, with a two-bedroom apartment of approximately 100 square
meters setting you back in excess of 75,000 Euros.
Slightly out
of the centre of the city, there are more bargains to be found, with
larger properties of four or five bedrooms costing around 70,000 to
90,000 Euros. One of the exceptions to this is the up-market
Lozenets, where prices are often higher than the very central areas.
A two bedroom apartment of 120 square metres could cost as much as
160,000 Euros, in this area.
Central
apartments will always be in reasonable demand for both locals and
tourists. Most of the nightlife, bars and restaurants are around the
central areas, making such apartments popular, if a little noisy!
Further
outside the centre, towards the National Park and ski resorts, the
entertainment is not quite as lively. However, the scenery becomes
truly spectacular, attracting locals seeking a quieter life, whilst
still being close to the city centre.
Lozenents,
as one of the most salubrious areas of Sofia, attracts the high
earning locals, as well as visitors who want to feel that they are
staying in the lap of luxury.
Rental
Market in Sofia
Renting a
property in Sofia is relatively easy, with several market options
available. More foreign companies are now starting to open up
offices and branches in Bulgaria where the workforce is qualified,
but a great deal cheaper than in the UK. As a result, there is an
increasing demand for good quality apartment accommodation for the
wealthier employees, in the capital.
Sofia is
also a popular tourist destination, due to its wonderful location
combining cultural excellence with much historical significance.
Sofia offers
a wealth of opportunities for any investor, regardless of their
target market. As well as already being a fascinating place to stay,
Sofia is also a city that is on the up, both as a tourist
destination and an economic powerhouse.
Ignore Sofia at your own
peril!
About The Author
Providing essential information on buying Bulgarian property,
Tem Pearson is dedicated to offering all the necessary information
for people looking to buy property in Bulgaria. Visit
www.buying-property-abroad.info/Bulgaria for full details.
©2006.
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