Latest Trends on Sofia’s Property Market

In 2007 Bulgaria’s real estate sector again remained the fastest developing chunk of the economy, according to a survey conducted by the international Global Property Guide. While demand is still high and construction is booming which characterized the market last year and in the first quarter of 2008.

The first trend is the growing demand for Sofia’s commercial property. Statistics show that this demand exceeds supply despite the increasing number of projects in this sector. 2007 saw a record growth in the number of office premises – 8.5%. As more international companies enter Bulgaria, however, demand is rocketing. According to forecasts, many projects which started last year will be completed 2009 and 2010.

The other main trend is the increased popularity of the so-called ‘residential complexes’, especially in Varna and Sofia. Residential complexes differ from traditional real estate in that they offer extra amenities, such as sports and social facilities, and are usually built on a larger area.

It is not surprising that residential complexes have become so popular in Varna and Sofia, real estate experts claim. The average growth of this type of property is 40-45% per year. The reasons that motivate demand are the city’s economic growth and the formation of a powerful new group – that of the successful professionals – different people with tough schedules, but also dynamic lifestyle, for whom time is precious and who demand to have everything they need within reach.

The real estate investment company Karrat Group Ltd. is currently developing what is perhaps the most ambitious project in Sofia’s real estate sector. It is called City of Fountains and aims to offer Sofia something completely different from everything that has been done in Sofia before.

City of Fountains consists of 18 residential and 2 office buildings. It is located in the rapidly developing Mladost 4 Residential Area, only 400 m away from Business Park Sofia, and has easy access to practically any part of the city (centre, airport, Vitosha Mountain) by car, bus, or metro.

A wide range of amenities are available in the complex for both residents and visitors. These include one of the city’s biggest fitness and spa centres, a swimming pool, a supermarket, a shopping centre, an on-site kindergarten, and many others.

Last, but not least, the complex boasts unique design (landscape, exterior, and interior) whose aim is to render a unique atmosphere of comfort and beauty, enhanced by a number of fountains running throughout its grounds.

Interest in City of Fountains is immense, Karrat Group officials explain, which shows how great the need of such complexes is. And if future trends are to be predicted, this need will probably continue and develop over the next few years.