Bulgarian Property :: Real Estate in Bulgaria Blog

The Bulgarian property market has returned to tendencies from two to three years ago, when increasing numbers of people bought terrains few kilometres off big seaside cities.

In 2004 this tendency led to property price inflation. Many people back then purchased large properties for personal needs at cheaper prices. Land has now become more expensive and owners started re-selling, tempted by the prospects of easy money, 24 Chassa reported.

Purchasers usually build small housing complexes and then sell to people wanting to live away from the densely-populated city centre. Brokers say one risk is that few people are ready to buy expensive newly-built houses such a distance away from the seashore.

People started searching for houses in remote villages with good infrastructure and good accessibility to large cities. The tendency is expected to grow, the most wanted estates being those in villages no more than 15km away from Bourgas and Varna.

Houses in the areas mentioned cost nearly 30 000 euro. Few years ago the same houses would have cost no more than 5 000 to 6 000 leva, but now that the main buyers are foreigners, prices rose significantly.

Foreigners usually buy the house and after some re-construction re-sell it at a price between 50 and100 per cent higher than the original one. Groups of British arrive with charter flights just to inspect such properties, according to 24 Chassa information.

Source: Sofia Echo

International and Bulgarian companies alike are increasingly interested in the purchase of quality office property in Sofia.

The tendency for companies to get office spaces in apartment buildings is becoming less valid. Though the price of property in office buildings tends to be higher, these guarantee various benefits apartment buildings cannot provide, Dnevnik newspaper reported.

Quality office areas in the central part of Sofia are getting fewer. This lower supply produces some new developments. An increasing number of companies look for office spaces alongside major boulevards in other parts of the capital to ensure easy travel and communication.

Some of the more important projects in the sector at the moment include Europark, an office building of the A-type. Most of the property in the building has already been offered for rent.

Additional major projects include the Porsche Centre and Technopark Sofia, located close to the Sofia Airport. The second project envisions the construction of four buildings, with the first one completed in one month.

Two new buildings are currently constructed and will be completed in the autumn of 2006. They belong to Business Park Sofia, the biggest such project on the territory of the capital. Business Park Sofia consists of 19 buildings and additional 11 constructions that are underway.