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Trends on the Bulgarian Luxury Property Rental Market
LUXIMOTI – the subsidiary company of BULGARIAN PROPERTIES offering luxurious properties, made an overview of the rental market of luxury properties in Bulgaria.
Demand
The data from the offices of LUXIMOTI around the country shows that the high-end luxury properties are in demand mainly in the bigger cities in Bulgaria. The cities where elite residential properties are mainly in demand are the capital Sofia, Varna and Plovdiv, as in Varna 30% of the deals concluded by LUXIMOTI are with this type of properties.
In Sofia the most sought after properties are in the southern residential quarters, including the quarter of Lozenets. What buyers look for are properties close to big boulevards offering fast and easy access to downtown Sofia. What is interesting is that there is least demand of luxury properties in the center of Sofia, one of the main reasons for that being the old buildings and the lack of parking space.
Compared to the market of properties in the mass segment the high-end property market is calmer due to the higher price range resulting from the high quality and prime location. This type of real estate will always be in demand not only because of the comfort it offers, but also because of the lifestyle it provides.
Clients
The clients interested in luxury homes are mainly managers in large companies – both Bulgarian and international – and foreign students, for whom the access to the central part of the city and to all amenities are an important requirement when renting a property.
When renting a residential property it is the gated developments that offer more amenities and extras and according to the data of LUXIMOTI in Varna clients do prefer to rent in a gated development with 24 hour security, allocated parking space, gym, sauna, etc. An essential element in the requirements when renting such a property in Varna is the sea view.
In Sofia prices of luxury properties in gated developments are higher compared to those which are not but if the price of the apartment is within the client’s budget then they prefer to rent in the gated development due to the better security and the amenities.
Prices
According to company data prices of elite apartments vary within a wide range but the average price which clients are willing to pay in Varna is about 500 Euro per calendar month. For Sofia the price is about 600 Euro per calendar month for Bulgarian clients and about 1,100 Euro per calendar month for foreign tenants.
Trends
One of the main trends to be noted on the elite property rental market is that more and more landlords want their properties to fall into the luxury property segment and they try to increase their standard. Of course, in order for a property to fall within that category it must comply with some main requirements like location, quality of the construction and finishing works, etc.
View all our luxury properties in Bulgaria
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Copyright: 2011 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: info@bulgarianproperties.com. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2011.
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