Growing Demand for Luxury Properties in Bulgaria as Rich and Famous Eye Property in Sofia
The property market in Bulgaria has been in the news a lot over the last few years, especially with regards to the availability of cheap property deals. But, whilst Bulgarian property is certainly more affordable than in other more established areas of Europe, lower prices definitely don’t mean lower quality and, in fact, there’s now a growing demand for luxury property in Bulgaria.
Rich and famous set their sights on Sofia property
Sofia, the capital of Bulgaria, has been known for its cheap holidays, cheap flights, cheap food and drink and cheap property, but a growing number of foreign investors and high profile figures are buying up the more exclusive luxury properties and demand seems to be increasing.
Sofia is home to many of Bulgaria’s 200,000 millionaires and there is a growing number of foreigners working for multinational companies who are seeking properties within easy commute of the capital.
Hollywood star Antonio Banderas has spent many months in the city filming The Code, which is due for release later this year, along with Morgan Freeman, who has revealed his interest in purchasing a block of executive apartments in Sofia. Also heading to the city in 2008 are Pink, Michael Bolton, Vanessa Mae and Marilyn Manson.
Many of the luxury property buyers are happy to pay more than €3,000 per m2 for a city centre complex - quite a contrast to the property prices seen in the city only a few years ago.
Bulgarian property boosted by EU accession
“Since Bulgaria’s EU accession, foreign buyers’ confidence in the country has grown immensely. British buyers, who still believe Bulgaria to be a destination for low end investment, rather than a second home or luxury rental investment, need to revisit the market,” commented James Gonzalez, a market analyst at Obelisk International.
The overall profile of the city is also being raised, thanks to musicians and celebrities who are including Sofia on their tours. One example is rock legend Lenny Kravitz, who has included the city on his ‘Get on the Bus with the Love Revolution’ tour this summer, which will be held at Sofia’s Akademik Stadium on 27th July. With tickets only costing £15 - a fraction of the price similar tickets would be in the UK - many international fans are taking advantages of the cheap flights and heading to Sofia for the weekend.
Luxury property in Bulgaria remains affordable
The demand for higher quality, luxury properties is already being recognised by developers, who are raising the quality level of new developments. But property prices are still very competitive. “Luxury properties are still within an affordable range for many overseas buyers, compared with more traditional markets,” says James. “A luxury apartment in Sofia’s commuter belt averages around £100,000 - you would be hard pressed to find a good apartment in the Costa del Sol for that price.”
If you’re interested in finding out more about property opportunities in Sofia, you can download a free 2008 property investment report, courtesy of Obelisk.
