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SOFIA PROPERTY
The capital of Bulgaria, Sofia has turned into one of the latest international property investment hotspots with thousands of international deals closed in 2007 by investors rushing to find investment grade Bulgarian property at bargain price. In some areas of the capital prices rose by 34% in the last 12 months.
Sofia is one of the oldest towns in Bulgaria with historical heritage going back to the pre Roman era. Located in the fertile Sofia valley, in the very center of the Balkan Peninsula, the town grew into attractive business and administrative center. Thousands of businesses, foreign companies, branches of international companies organizations, and all major public administration bodies are concentrated in the capital. The town of Sofia generates some 20% of Bulgaria’s GDP and attracts increasing amounts of foreign investment, with the bulk going into property development and acquisitions of new-built business and residential estates.
Estate prices are moving upwards steadily at 12-19% rate in the last 5 years.
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Vitosha park is the leading gated off-plan development in Sofia for expats and professionals, stategically situated only minutes from Sofia's biggest technology park, 15 min. from centre.
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Quality Sofia apartments, sold at 600 EUR/sq.m. 4 years ago doubled in price. Land for building is still available at price levels considered excellent value for money both for gated residential apartment complexes or commercial estates – office buildings, malls, supermarket centers, warehouses. International property investment is coming in increasing amount in both land market segments.
2007 EU membership and the ongoing rapid integration of Bulgaria in NATO and other international structures populates Sofia with increasing numbers of foreigners, who work there. Quality residential and business property is not abundant, which pushes demand for high end residential property within the Sofia area up.
This trend is expected to continue due to the strong influx of private money and EU funds, which will keep economic growth on the rise in the foreseeable future .Most of the quality Sofia residential estates on offer are suitable for renting out, providing good rental returns of 5-8 % annually.
It is widely believed that the price increase will follow an annual upward trend of 10-15%
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in the next few years, following examples from other New Europe capital cities. For those who are looking for significant investment property returns, now could be the right time to focus more carefully on Bulgaria, and Sofia might be the first place to start with. Every week we make a selection of Bulgarian properties with special features and put them on offer within our special incentive programme. Visit our Property Pick of the Week selection, which includes excellent Sofia off-plan developments coming with amazing incentives.
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