FOREIGNERS MAD ABOUT BUYING PROPERTIES IN SOFIA

Trud daily (27 March 2004)

1400 EUR/sq.m. for a luxury property in Sofia
People from UK, Germany and Austria went crazy about buying luxurious properties in Sofia. This information was supplied to “Trud Daily” by local Real Estate Agencies. The apartments’ rush lead to a new rise in the prices and now a sq.m. close to the Doctor’s Garden reached the price of 1400 Euro. A sq.m. of living area in that region of Sofia, which is among the most expensive ones reached the price of 800-1200 Euro/sq.m..
Estate agents explained that the record prices of 1400 Euro/sq.m. are paid for luxury apartments with designer interior, spacious terrace and panoramic views towards Vitosha Mountain. The furnishing includes upholstered furniture, air-conditioning, modern TV set, stereo system and fitted kitchen.
Besides the interest shown in apartments, foreigners pay great attention to the building plots. Respectively, the owners try to make the most of it and often raise the price during the negotiations. For example, a building plot close to the Boyana Film Centre in Sofia was offered for a starting price of 250 000 Euro, which was doubled in several days, agents say.
A manager of a famous Real Estate Agency announced about similar sale-trade activities for newly-built apartments on the last floor with unique location and luxurious repair works. According to him, the real estate market is facing changes: the price of the new constructions will go up, while the price of the old panel buildings which need expensive repair works will go down. He registers an increased interest on behalf of the foreigners about apartments in the capital, which is characteristic for the East-European countries.
His opinion is supported by the section “Short advertisements” of “Trud Daily”: “Englishman buys an apartment, immediate payment!” or “German Company is looking for a luxurious apartment close to Hotel “Kempinski-Zografski”.
Another big Real Estate Agency from Sofia reveals that the residential areas with the highest prices in Sofia (between 900-1200 Euro/sq.m.) are four: The Doctor’s Garden, the region close to “Kempisnki Zografski” Hotel, “Vitosha” Blvd. (close to the South Park) and the residential area “Iztok”.

NOTE BY NIC STOYANOV FROM BULGARIAN PROPERTIES LTD.
All our buyers who purchased apartments off plan near the Kempisnki-Zografski Hotel and close to the new American Embassy only 4 months ago, already have 30 % capital growth of their apartments, even that the apartments are not not completed yet.

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