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Sofia
The country’s capital, Sofia has around 1.2 million inhabitants but that number is constantly growing as the unemployed from the countryside move here looking for work.
Most of that population lives in the ugly concrete tower blocks that make up Sofia’s outlying districts. New construction is mostly taking place to the south of the city centre, in the direction of Vitosha Mountain. Whole new housing districts have sprung up here but, though they may only be 5 or 6 storey, they still have their problems: control over building quality has been and continues to be patchy and as for architectural standards you can see anything and everything here.
There are a lot of properties currently on the market as construction work is going on at a great pace. There are a lot of new houses in the suburbs as well as brand new apartment buildings.
Even so, there are areas that hide more potential than others and areas where demand is fairly stable.
It's a general rule of thumb foreigners prefer the following areas, from the centre to the South and East of the city:
APARTMENTS
High class: centre; Doctor's Garden, Lozenets; Iztok; Izgrev; Ivan Vazov; Hladilnika, Borovo; Buxton.
Middle-class: Vitosha area, Krustova Vada, Studentski Grad,
HOUSES in the villages on the outskirts of the city (beyond the ring road) which have developed immensely in the past ten years and now: Simeonovo (15km); Dragalevtsi (15km); Boyana (12km); Bistritsa (20km); Gorna Banya; Knyazhevo; Bankya (20km); Pancherevo (20km).
There is a belt of NEW CONSTRCTION of houses and small apartment buildings inside the ring road which used to be just waste land but which has recently been turned into housing estates: Pavlovo; Manastirksi Livadi; Krustova Vada; American College/Malinova Dolina
Areas to the industrialised North and North-East are mostly large housing complexes but beyond the ring road to the West and North prices are gradually rising in the small villages.
Other Big Cities
Property prices increase the most in the coastal cities and resorts, as well as in mountain resorts. Bulgaria’s EU accession is said to be among the reasons for price hike in 2006.
Seaside
345km of coastline, mostly sandy beaches. All regions located south of Bourgas have undergone major development over the past several years and now enjoy wide offering of apartment complexes on the sea shore. Developments vary from apartment blocks and hotels to modern luxury complexes with swimming pools, solariums, restaurants and a host of other facilities.
Other developments include several golf courses to the north of Varna (Kavarna and Balchik), but there is still little construction going on north of Kavarna where the coast is mostly rocky, the landscape totally flat and the season several weeks shorter.
Mountains
Bulgaria’s territory is strewn with mountains, so there’s a lot to choose from! Most Europeans already knew the resort of Bansko and Borovets, and are now becoming more acquainted with Pamporovo and the near by Chepelare, where large-scale construction has been launched in the past year. The obvious hit has been Bansko, an existing town which has recently expanded its ski facilities to the size of a European resort and is now fervently building to provide beds for the needed number of visitors. Prices here for apartments range from 500-1200 euro per sq m.
Other resorts with development potential are Panichishte, Ribaritsa, Kom Peak in the North West of the country.
It is particularly wise to invest around the ski resorts, as cheap Bulgarian ski destinations are in as much demand as quality resorts in French Alps.
Rural Areas
Expats seem to be particularly fond of the area around medieval capital Veliko Turnovo and the Stara Planina Mountains located two and a half hours way to Sofia or to the Black Sea and the lovely old village houses, which can be renovated. Properties along the Danube River and around the major town of Rousse are also becoming popular. Prices there still remain relatively low.
Agricultural Land
It appears that Bulgaria's accession to the European Union triggered unusual interest both in and out of the country in buying such land here.
Property agents say that the dynamism of farmland sales and leases in Bulgaria will continue growing.
Demand was highest in the north-eastern region around Dobrich, which is in the heart of Bulgaria’s wheat-producing area. Unlike in other parts of the country, around Dobrich, demand exceeded supply.
Purchase of land by foreigners has no material effect on the price of land, as a legal opportunity exists for joint ventures with foreign partners to buy land.
Land plots in Bulgaria are becoming one of the most attractive investment goals for foreigners despite complaints that the small sizes of most properties are an obstacle to their successful sale.
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