 Property for sale in Bulgaria’s city centres is in huge demand according to Bulgarian estate agents and property professionals.
The vast majority of property enquiries are from investors looking for one and two bedroom apartments in Bulgaria’s three main cities, Sofia the capital, Varna the sea capital and Bourgas, situated south on the Black Sea coast. Following close behind is the town of Plovid, which is the second largest city in Bulgaria. These cities are experiencing huge growth in both foreign investment and population from ex-pats and Bulgarian citizens. There is a huge demand for property for sale in Bulgaria, particularly in its capital, Sofia, where the posh locations of Lozenets, Iztok, Doktorski, Pametnik, Boulevards Vitosha, Patriarh Evtimii and the downtown part of the capital attract the most investors. In the sea capital of Varna, the strongest interest is towards the downtown and Grucka Mahala quarter, followed by the areas near the sea garden. In Burgas, the quarters most in demand are the downtown and the coastal streets. Estate agents are also reporting a growing interest in family homes in the suburbs, particularly amongst foreign workers and families relocating to Bulgaria. For example, in some parts of Sofia, property developers are building embassy suites for embassy staff and business people within gated communities. These new luxury one and two bedroom apartments are built within a multifunctional building with full access to restaurants, lobby bars, state-of-the-art fitness centers, video stores, hairdressing salons, banks and other facilities. According to Colliers International global commercial real estate company: Office space in Bulgaria has tripled over the past six years, reaching a total of 220,000m2 of leasable office space. The majority of these offices are located in the urban city center regions.  Foreign multinational companies, such as ABB, Allianz, American Standard, Danone, Heidelberg, Kraft Foods, Lukoil Petrol, OMV, Shell and Umicore, have established substantial subsidiaries in Bulgaria and employees of these companies require western European standard buildings to live in rather then the ugly crumbling tower blocks from the communist areas that are scattered all around the city center locations.
It is advisable when looking for property for sale in Bulgaria not to invest in these old crumbling tower blocks but to focus your investment attention on off plan developments and newly refurbished properties in high demand locations that appeal to both foreign and professional tenants. The average expected yield for a property for sale in Bulgaria with a city center location is around 7-8%, with an expected rental growth of 10% per annum and capital growth of 20%. Many Bulgarian citizens are earning a decent salary. This has led to a number of Bulgarian banks and building societies that are keen to join the property boom by offering attractive and less stringent mortgage packages to Bulgarian citizens, thus fuelling the demand for property for sale in Bulgaria and generating a much more competitive marketplace. If you decide to invest in a city center property make sure you enlist the services of a managing agent as they will be the ones who will offer you the best advice on tenant demand in their area. The agent will also advise you on any legal issues concerning the tenancy agreement and provide an ongoing property management service, from obtaining tenants’ references and collecting the rent to general property management duties. Currently, Bulgaria’s property values are amongst the lowest in any European country. Shrewd investors who bought property in Poland, Hungary or the Czech Republic before they joined the European Union in 2004 witnessed huge growth in the value of their property portfolios. Bulgaria will experience the same increase in property values and those investors who take the risk to invest now will not be disappointed with their decision. I suppose this is why so many foreign investors from as far away as China, the US and Dubai are also keen to buy a property for sale in Bulgaria, especially around the city center locations. When it comes to investing in a property for sale in Bulgaria, the main cities of Sofia, Varna, Plovid and Burgas are popular choices due to the long-term letting potential and capital growth.  Without exception Sofia, the capital of Bulgaria is by far one of the most fascinating and enchanting cities in the entire country. The ancient city of Sofia has been in existence for thousands of years. Sofia is filled with amazing archaeological sites and tremendous edifices that have stood the test of time, like the St Alexander Nevski Cathedral and the amazing Towers of Serdica.
 With over 1.5 million people living within the capital and less than 3% unemployment rate, Sofia, is developing very fast. In recent years, Sofia has experienced a building renaissance. The combination of the collapse of the Soviet Union and the fall of the Iron Curtain propels Sofia to becoming one of the most cosmopolitan cities in Europe. Bulgaria’s imminent entry into the European Union has made property in Sofia a hotspot for real estate investment and property development.
Investment Hotspots!
A general guideline for apartment purchase is keep within the ring road around Sofia (beltway) – The Bulgaria Blvd is developing into a profitable area for investment with great views down to Vitosha Mountain. Investors are mainly interested in apartments around the Lozenets and the Doctors garden quarter area. Property in Sofia in these areas are generally older buildings with good letting potential from tenants such as business people, diplomatic staff, cooperate clients and the hundreds of students studying at the nearby Sofia University. If you do decide to invest in the capital you will definitely be able to resell to local people. However if you invest in the ski resorts or Black Sea coast you may only be able to resale to foreign investors because that market currently is still very speculative. In terms of rental return you will be looking around €400 to €650 per month all year round for a one bedroom flat and €700 to €1000 per month for a two bedroom flat. The main problem tenant’s face when renting a property in Sofia is the shortage of parking spaces, but there are parking lots to rent for a monthly fee of €40-€50. Generally speaking, investors can expect price ranges from €50,000 to €80,000 for a one-bed unit with 30 and 50sq/m of space, and €75,000 to €140,000 for a two-bed extending to 50 and 70sq/m. In the old town, a two-bed flat will fetch up to €200,000 in the few new developments. At the extreme upper end of the market, two and three-storey apartments will go for €300,000 or more in the exclusive developments situated on Gedimino Prospektas, the centre's main shopping thoroughfare such as Grand Duke Palace. SOFIA - MAIN POINTS OF INTEREST
 ALEXANDER NEVSKI MEMORIAL CHURCH Completed in 1912 in honour of the Russian casualties of the 1877-78 War of Liberation from Ottoman Rule. Gold-domed, it is the finest piece of architecture in the Balkans. Craftsmen and artists from 6 countries worked on the five-aisle church in the course of 30 years and created real masterpieces of icons, frescoes, murals and huge chandeliers. The interior decoration, made of Italian marble. Egyptian alabaster, Brazilian onyx, gold, mosaics embodies the spirit of the finest Eastern Orthodox traditions. A superb collection of icons - the best in Bulgaria - can also be seen in the Crypt  ROTUNDA OF ST. GEORGE A C4 brick building in the courtyard behind the Sheraton Hotel, adorned with finely preserved early medieval frescoes. There are also remains of a C2 street and other Byzantine ruins. 
ST. SOFIA CHURCH The 4th-6th century basilica was built during the reign of Justinian. It has survived intact with 1600- year-old mosaic details and towards the end of the C14 gave the city its name. Beside the wall of the church is the Tomb of the Unknown Soldier. Nearby is the grave of the national poet and writer Ivan Vazov, marked by an engraved boulder.
 THE NATIONAL PALACE OF CULTURE The biggest Congress Centre in the Balkans. It is located in the centre of the city and faces the Vitosha Mountain.  THE CHURCH OF ST. NEDELYA
(Opposite the Sheraton Hotel) Built in medieval times and known as the Church of the Blessed Sveti Kral. The current building was reconstructed after 1925 when it was almost completely destroyed by a bomb explosion. | VASSIL LEVSKI MONUMENT Vassil Levski was the principal architect of the campaign to free Bulgaria from the oppression of the Ottoman Empire. The monument marks the spot where he was hanged by the Turks in 1873. | SOFIA UNIVERSITY The country's most prestigious university.
It was built a decade after Sofia became Bulgaria's capital in 1879 with funds bequeathed by the brothers Evlogi and Christo Georgiev. | | 
| DRAGALEVTSI A suburb in the woods at the foot of Mount Vitosha. About 3 km further on is DRAGALEVTSI MONASTERY, founded during the reign of King Ivan Alexander. Frescoes date back to the C15. The church, which is part of the original monastery, often sheltered the Apostle of Freedom Vassil Levski during the C19. | | BOYANA A suburb at the foot of Mount Vitosha, notable for the BOYANA CHURCH, built in the C11. Frescoes are claimed to be among the oldest and most interesting examples of East European Medieval art. Like Rila Monastery, the BOYANA CHURCH has been listed by UNESCO as a part of the world s cultural heritage. | 
| | 
THE RUSSIAN CHURCH | 
MOUNT VITOSHA It has become very much a part of Sofia owing to its accessibility by means of the cabin lifts at Knyazhevo and Simeonovo. Cherni Vrah, the highest point, gives wonderful views over the whole region. The winter ski-resort Aleko lies at 1868 m and the ski season lasts from early December until late spring. The beautiful scenery makes the whole area attractive throughout the year. | SOFIA AIRPORT
Sofia International Airport EAD (SOF) Location: The airport is situated six miles (10km) east of Sofia.
Time: Local time is GMT +2 (GMT +3 from April to September).
Contacts: Tel: +359 (0)2 937 2211/2 (international flights departures and arrivals).
Transfer to the city: Regular bus service 84 runs on a frequent schedule day and night from the bus station close to Arrivals. Taxis are available, and passengers are advised to use O.K. SUPERTRANS taxis from outside the arrivals hall; their enquiries desk is located inside the arrivals hall. Most hotels and tourist resorts run their own airport shuttles.
Car rental: Avis, Hertz, Budget, Tani Rent and Sixt have desks located in the arrivals hall.
Facilities: The airport is well equipped with banks, bureau de change, ATMs, restaurants, cafeterias and bars, duty free shopping, a chemist, travel agency, tourist information desk and first aid facilities. There is also a business centre and VIP lounge, and a luggage-wrapping machine at departures.
Parking: There is 24-hour parking available in front of the terminal buildings.
Departure tax: US$20 (nationals of the USA only). |
About Bulgaria 
