Call First Estates on 0700 15 15 1

An investment today – a peaceful future for tomorrow!

Industry watch

2014-10-15

Overview:

The residential real-estate market in Sofia has seen a rising trend in consumer searches from the beginning of this year. We, at First Estates, believe that by following the positive trends we follow and achieve success!

A rising trend

The residential real estate market in Sofia has seen a significant rise since the beginning of this year, forming a trend of notable increase in property searches and property acquisitions in the capital.

ERA Bulgaria have noted a triple rise in residential sales in newly erected buildings in Sofia, and according to François Gagnon – president of ERA Europe, the residential real estate market in Bulgaria is in need of introducing and incorporating stimuli of property seekers, especially first-home buyers.

The preferred areas for buying real estate in the higher segment as noted from the beginning of this year are the central capital areas, as well as ‘Geo Milev’, ‘Iztok’, the region around the Doctors Garden, ‘Buckstone’ and ‘Strelbishte’.

 

Areas full of potential

The complete renovation of Sofia’s emblematic Jenski Pazar (or Women’s Market) is an assisting factor in the wake of interest towards properties in the region, the pedestrian proximity to the central part of the city and all administrative buildings of the capital being an additional incentive for consumer searches.

The renovation project itself includes completely new facilities for merchants, floorings, sewage systems, piping, heating systems, as well as cabling, lighting and video surveillance as part of the framework.

On the crossroads of Saint Kiril and Methodius str. one can find a two-story building transferred into a gallery for various sorts of artwork – sculptures, paintings, restorations and crafts. Visitors can enjoy the work of artists at the spot. On the second floor situated are a bank, a pharmacy, dry-cleaning and other services, contributing to the modern feel of the newly constructed market.

Gradually, the outlooks and facades of buildings to close proximity of the region are planned to be fully renovated, a project valued at BGN 8.2 million.

A higher segment and an increase in interest

We also observe a noticeable tendency of increase in consumer interest towards properties in the segment of EUR 100,000 and above. During the months of May and June property acquisitions of this calibre comprised more than 15% of all properties, while at the beginning of the year their share was around 7-8%. The share of buyers with a specific interest in such properties in the central areas of the capital is also increasing. We can also see customers that prefer not to put a fixed cap on their budget, but to accent on locating an attractive property which is fully completed or stylishy renovated and situated in the central, more communicative areas of Sofia.

An investment today – a peaceful future for tomorrow

We, at First Estates, believe that by following the positive trends we follow and achieve success! Your valuable investment today can turn into an invaluable sense of security and tranquillity tomorrow. Our qualified team of consultants is here to support you in every step towards success and finding your perfect home!

First Estates uses cookies. Learn more about the Cookies and Privacy Policy.

I Agree Close