SOFIA: TRENDS, PROGNOSES, FUTURE

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The real estate market survived the crisis. Here is how it looks now

There's no need to read analyses to see for yourself that the property market in Bulgaria has finally overcome the negative trends that followed the 2008-2009 crash and is again going up. Just look around while you walk in Sofia. On plots that stood empty for years, are now rising construction cranes and newly-built walls. Just finished administrative and residential buildings shine with their windows, welcoming their owners and tenants. The growl of construction is everywhere.

This optimistic atmosphere is different than the feverish years before the blast of the property balloon. "In 2015, we are witnessing a continuing stabilisation and increasing activity on the property market, the prices are going up and the need for new quality buildings is becoming more pronounced," says Vyara Apostolova, manager of MARTIN'S REALTORS (www.martins.bg) real estate agency. "The gradual rise of the property prices will continue as well because of the lack of quality homes on the market. The buyers are remain inclined towards newly-built properties and as a result new construction projects are being started. The visible shortage of quality buildings will remain for several years before there were enough projects that completely fit to the demand and the criteria of the clients. The quality of the construction will become increasingly important. In the past few months we have been witnessing a serious rise in buys of expensive homes – for over 120,000 euro. We expect the trend to continue. Most of these clients want to live in closed complexes."

The advantages of gated communities are easy to spot. The residents enjoy 24/7 security services, and amenities like spa centres, swimming pools, shops and maintained gardens. They also have the privilege of living in cleaner environment, as these complexes are concentrated in the outskirts of Sofia.

"As we are coming out of the crisis, there is more and more of an emerging middle class in Bulgaria which are aspiring to live in a house rather than in an apartmen," says Pascal Duffy, General Manager of the real agency for exclusive properites First Estates (www.first-estates.com). "And not only in the lovely areas like Simeonovo, Dragalevtsi, Boyana – there is also a huge increase in people that are ready to travel 20, 30 minutes outside of Sofia, into villages, where they could buy an old house or build a new one. Interest is actually so huge, that price of land in suburban areas starts to catch up with that of well-established villa quarters inside the city. Generally, locations farther away from Vitosha mountain have the benefit of a warmer microclimate."
The transformed property market in Sofia asks from you to be well informed in order to make the best decision. The best way to avoid disappointment is to choose the partnership of proven real estate agencies and developers that will put your interests first.

MARTIN'S REALTORS: The reliable real estate agency
When you want to sell, buy or rent a home or an office in Sofia, having a reliable real estate agent is crucial. The goal of MARTIN'S REALTORS real estate agency (Sofia, 32G Cherni Vrah Blvd, phone: 0883 97 79 79, www.martins.bg) is to be a brand, a symbol of correctness, reliability and transparency on the market. Among the many advantages for the clients of MARTIN'S REALTORS is the free market analysis and the expert market evaluation of their property. This service is incredibly useful for people who have decided to sell but are at a loss on how much their property costs, due to the lack of a register for real estate prices in Bulgaria. Such information can be obtained only at a real estate agency, and with MARTIN'S REALTORS you will be safe that the data is correct and will help you to make the best decision. The company also offers free marketing and advertisement strategy for the sale of your property, and a free on-line system for real estate sales, connected with more than 280 other real estate agencies in Bulgaria. MARTIN'S REALTORS also provides you with free legal advice on property matters.

City Park Residence: For the modern, demanding taste
The residential and administrative complex City Park Residence (Sofia, Tsar Simeon St, next to Arena Zapad Cinema, phones: 02 952 38 05, 0888 101 106, www.cityparkresidence.com) is one of the projects that embody the most positive trends in modern Bulgarian construction. The complex is located at the heart of Sveta Troitsa neighbourhood, which is one of the greenest areas in Sofia. The building leaves an impression with contemporary and interesting architecture that aims to provide the best possible exposure to the apartments and the offices. The investor is Tivon Properties Ltd., a company with long years of experience in construction of industrial, trade and residential buildings, that values and keeps up with high standards. The owners of the complex can make use of quality finishing works, а closed playground, and underground parking on 2 levels. Tivon Properties new project, City Park 2, is also worthy of attention. The building will have 18 two-bedroom apartments and parking spaces.

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