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02.09.2011 Bulgarian Luxury Property Segment Is Turning Into a Preferred Investment Tool

Republica newspsper, vol. 321, 01.09.11, excerpt

According to real estate agents the mass withdrawal from investments in shares and the high inflation are turning the luxury property segment in Bulgaria into one of the preferred investment instruments. The most important criterion for the well-off is the prestige of the location. For Sofia these are houses and apartments in the Doktorska Gradina (Doctors Garden) area and in the quarters of Boyana and Dragalevtsi. After that come the space, the quality, the view, the professional design of the exterior and the interior, the parking space, the maintenance of the property, the neighbours, the environment and the infrastructure in the area.

At present there is a wider choice of luxury properties and clients can make use of the situation. Buyers can negotiate a better price. If up to now the client was looking for a luxury apartment now they see that sometimes they can buy a house for the same budget. The main buyers are still Bulgarians living and working in Bulgaria. However, the lower prices and the wide choice of elite real estate gradually expand the profile of potential buyers as there are also middle-class clients thinking of buying a luxury property, real estate agents comment.

Svetoslav Drumev, regional Director of elite real estate agency LUXIMOTI - subsidiary of BULGARIAN PROPERTIES, commented the prestige property market for Republica newspaper. He explicitly stated that there are people with savings spending them in a sensible manner. According to him more and more young Bulgarians between the age of 30 and 45, with strong positions in the community, are the main buyers of luxurious real estate.

Read the interview with Svetoslav Drumev:

- Mr. Drumev, what is the situation on the Bulgarian luxury property market at the moment?
- The elite property segment was the real estate segment that was least influenced by the crisis. The truth is that in Bulgaria there are people with considerable savings and they spend them in a sensible manner. We are talking about truly high quality properties in terms of location, infrastructure, environment, everything.

- Where can one find the most luxurious properties in Bulgaria?
- In the capital Sofia and in Varna, as well as around the bigger cities, but I can comment only about the capital Sofia.

- What kind of people look for luxury properties?
- Most are Bulgarians, young people between the age of 30 and 45 years, with strong positions in the community, with modern thinking. After all, we are also talking about a specific lifestyle here.

- What is the focus of the buyers at the moment?
- At the moment the focus is shifting to spacious apartments in new gated developments offering amenities like a gym, a swimming pool, a restaurant. The area of the apartments is about 250-300 sq.m. They are turning to such apartments because detached houses are quite expensive and not many people can afford them.

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