News: The best of all worlds in Sofia

Mon, 10 Sep 07

Sofia has everything a second home buyer could ever need, according to Dream Homes Worldwide...

A city teeming with culture – check. Booming investment hotspot – check. Popular ski resort – check. Quality golf courses – check. Serviced by low cost airlines – check. As an investment property destination Sofia has quite some attributes.

Sofia is not only a historic, fun and exciting city to visit, it is fast becoming one of the most significant locations for sustained international property investor focus as a result of the fact that it is one of the lowest priced capital cities in the EU where the demand for accommodation is actually rising far faster than the supply of quality real estate stock, and where local affordability is strengthening rapidly.

Annually Sofia’s property market is experiencing double digit price appreciation percentages, and some experts are predicting capital growth rates of over 100% in the next five years. These strong levels of demand and growth are being fuelled by sustainable inward foreign direct investment which is increasing, creating an affluent economy in Sofia, providing employment and boosting local affordability patterns quite substantially.

Increasingly affluent local markets

Investors looking for the best areas of the city in which to invest to target not only the increasingly affluent local market but the international professional and tourism markets as well are progressively more drawn to the southern up-market suburbs such as those within easy reach of both the city and the fine skiing available at Mount Vitosha.

Sofia is a prosperous and advancing city and it is also a successful city ski destination – few outside of Bulgaria knew this fact until very recently, but because Bulgaria’s overall profile as an affordable and quality ski destination is increasing internationally so more people have become aware that Sofia provides a ‘best of all world’s’ situation by being a lively and economically prosperous city on the one hand, and an accessible location within a stone’s throw of great winter sporting action on the other.

With a current population of 1.3 million, Sofia is the administrative, cultural and industrial centre of the country, newly inaugurated into the EU on 1 January 2007, but it gives you a whole lot more, for a whole lot less. According to Mercer Human Resource Consulting’s 2007 Cost of Living Survey, Sofia is Europe’s least expensive city lounging in 108th place, so that’s a good start, but it’s not all about the money.

Viable property investment

Adam Godwin, Marketing Manager of Dream Homes WorldWide comments, “Sofia covers off so many attributes for fulfilling holidays and a wise investment.

“Few are aware that there are currently two 18-hole golf courses within 40km of Sofia and a further two under construction, 16 universities with an affluent student population within the city boundaries, Business Park Sofia on target to host 10,000 employees across 400 companies by completion in 2008 and a fully fledged ski resort literally minutes from the city.

“Add on the fact that Bulgaria registered an economic growth rate of 6.5% and 4 billion euros-worth of foreign investment in 2006 and it’s evident that Sofia is an extremely viable property investment proposition.”


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