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Sofia Property Market 2023

Sofia Property Market in 2023

The Sofia Property Market in 2023 is still developing, and unlikely other EU capitals from the former Soviet Bloc, prices are still affordable and haven’t reached their peak.

Sofia is popular for both local professionals and international staff, particularly to support the large number of IT companies in the city. Sofia is now well served by low-cost airlines, such as RyanAir and WizzAir, and is very popular for a short get away which has caused a large demand for very short term let, making Sofia worth considering as a property investment option.

With a tight labour market, wages are expected to continue to grow strongly to sustain retail consumption. Inflation will be directly impacted by the size of these wage increases.

Demand for Properties in Sofia in 2023

It is expected that the demand in the Sofia property market in 2023 will reduce due to the interest rates, which have been introduced to bring down inflation, and tighter restrictions on granting new mortgages to reduce the risk of default.

Whether this will cause a reduction in property prices is unclear, as inflation is expected to fall in 2023 but there certainly been a stagnation in house price rises.

Enquiries for the purchase of apartments in Sofia continue to rise have risen by 15% but transactions are down by 10% so far in 2023 so this could be a good opportunity to invest I property in Sofia in 2023 as there will be greater availability and less competition.

New Build Developments in Sofia

Builders in Sofia are pushing boundaries now in terms of architectural style and finish new build developments in Sofia.

Long gone are the days of the standard apartment building and now there are many exclusive developments in desirable locations where builders are choosing to create something different.

Another large improvement has been in the use of Green Building practices in construction which are increasing water and energy efficiency, reducing waste and emissions.

Real Estate Trends in Sofia in 2023

Increasing Number of Property Owners

Demand for residential homes has skyrocketed. IT Professionals from other parts of Bulgaria, often with families, and international workers have  moved to Sofia in large numbers in order to take advantage of the amenities that the city has to offer.

Many businesses are choosing to keep a hybrid or entirely remote work environment, even though some have reinstated in-person work requirements and this tendency is most likely to continue. Therefore, more families with young children want properties with access to the fresh air such as gardens, balconies or roof top terraces.

Millennials Starting to Buy Homes

Millennials, in relative terms, are extremely wealthy thanks to the rise of remote work, the abundance of business possibilities on social media, and a decade of plenty. In comparison to millennials today, people in their 50s, 60s, and later were not nearly as wealthy in their 20s. Millennials will therefore start to enter the market and purchase their first homes in 2023.

New Technology Keeps Growing

Over the past 20 years, technology has been a powerful force, upending and advancing many sectors. Real estate, however, has taken a while to adjust. Expect that tendency to change course as new capital flows in and younger people become interested in the sector.

A few examples of how technology will continue to advance in the real estate industry include new workflow technology management companies, tech-enabled smart home apps, and the internet of things.

To entice high-quality tenants in 2023, anticipate property owners, landlords, and builders to set themselves apart with even better amenities. A movie theatre, a terrace, a pet grooming area, or dry laundry services might be a few of these extras.

Prices in the Sofia Property Market in 2023

Real GDP in Bulgaria is expected to increase by 1.4% in 2023 and by 2.5% in 2024.

Inflation in the EU decreased in January reaching 10% year-on-year while inflation in Bulgaria decreased in January to 14.1% from 14.3% at the end of 2022.

The decrease in the cost of energy and levelling off inflation has resulted in an increase in confidence in the real estate market in Sofia and in February 2023 the number of viewings started to increase to the numbers of mid-2022.

The increase in viewings has led to an increase in offers at or close to the asking price on most properties so it appears that Sofia will avoid a collapse in property prices in 2023.

 

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LUXURY PROPERTY FOR SALE IN SIMEONOVO SOFIA

Bistritsa, Boyana, Dragalevtsi, and Simeonovo used to be villages at the foot of Vitosha Mountain which turned into suburbs due to Sofia’s growth. All four areas have preserved the slower pace of life and you will enjoy a very experience to living in the Centre of Sofia, you will see houses with beautiful gardens as opposed to blocks of apartments. This article examines the benefits of investing in property for sale Simeonovo Sofia.

Where Dragalevtsi and Simeonovo slightly differ is that they both have a lift to the top of Vitosha Mounatin (a cabin lift in Simeonovo and a chair lift in Dragalevtsi).

Simeonovo is one of the most prestigious districtsin Sofia. It is situated above, to the south, the Sofia Ring Road.

Travelling to Simeonovo Sofia

The main road from the centre of Sofia to Simeonovo is Simeonovoshusse. Simeonovoshusse ends at the Sofia Ring Road where the Simeonovo district begins.

There are frequent buses which connect Simeonovo to the Sofia city centre, you can find details of the bus routes at this useful website.

If you wish to drive to the city centre it would usually take no more than 30 minutes. From the Sofia Ring Road it is easy to travel to the other areas of Sofia such as Boyana, Mladost and Sofia Airport.

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IF YOU WANT LUXURY NEAR SOFIA CENTRE - LOZENETS IS THE PLACE TO BE

Lozenets is definitely one of the best districts to live in Sofia. Lozenets is known as a high-end, very desirable residential district with number of modern luxury residential developments interspersed with traditional Bulgarian homes.

To the south, the district heads to the slopes of Vitosha Mountain via Cerni Vrah Blvd, and to the west to one of the biggest and nicest Sofia parks – South Park.

The whole of Lozenets is packed with top quality shops, bars and restaurants, so you will never be short of entertainment.

In the past quarter was named “Korubaglar” (which means “vineyards in the woods”) because the quarter was at end of the town. Nowadays Lozenetz is amongst the most in demand and preferred districts and is still undergoing a lot of development of Sofia.

Lozenets can be split into two parts – Lower and Upper Lozenets. This can be slightly confusing as Lower Lozenets is to the north. You can easily reach the centre of Sofia by foot in 30 minutes while you will need to use the excellent public transport service or very cheap taxis to go to the centre from Upper Lozenets.

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LUXURY PROPERTY FOR SALE IN IZTOK SOFIA

Iztok District is located just to the east of Sofia city centre. Iztok is Bulgarian for East and, originally, Iztok was the most eastern part of Sofia. Now the capital has far extended to the east and includes districts such as Mladost and Druzhba. Because of its proximity to the centre of Sofia, and the high quality of the property for sale Iztok Sofia is one the most elite and expensive quarters in the capital of Bulgaria.

Iztok is probably a little to far to walk to Sofia city centre for most people, but it an ideal cycle ride as it is relatively flat, unlike most districts outside of the centre of Sofia.

Borisova Garden Iztok Sofia

Borisova Garden is known as “Sofia’s lungs” because of the huge green area it occupies in the very heart of the capital. It is a monument of garden and park art of national importance.

Over the years, Borisova Garden has become a favorite place for walks and entertainment for several generations of Sofia residents and has earned the reputation of the most beautiful and preferred park in Sofia.

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BUY A PROPERTY IN ONE OF THE MOST EXCLUSIVE PARTS OF SOFIA

Dragalevtsi is definitely one of the best districts to live in Sofia, and property for Sale definitely comes with a premium price compared to the rest of Bulgaria, but compared to the cost of property in the rest of the European Union, it is an absolute bargain.

Dragalevtsi is part of Vitosha municipality and situated in the southwestern part of the city, in the foothills of Vitosha mountain.

Dragalevtsi now is an affluent district built up with luxury properties, as well as the old-style village houses that have not yet been re-developed into luxury modern properies in Dragalevtsi.

Location of Dragalevtsi Sofia

Dragalevtsi is located 7km from Sofia city center on the slopes of Vitosha Mountain.

Dragalevtsi has spectacular panoramic views and the excellent transport system which makes it an extremely attractive for location to live in. Indeed, Dragalevtsi is the preferred area in Sofia for many business people of high social status.

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INVEST IN PROPERTY IN BOYANA SOFIA

Boyana is an upmarket district of Sofia, the capital city of Bulgaria. Many businessmen and foreigners have invested in property in Boyana due to its quietness and high standard of living. If you choose to invest in property for sale Boyana Sofia you will be living in the same neighbourhood as the President, Prime Minister and the Speaker of the National Assembly.

Boyana is located 7km from the centre of Sofia in the foothills of Vitosha Mountain, which was declared the Balkan Peninsula’s first National Park.

Features of Living in Boyana

Boyana offers lots of greenery and peaceful ambiance that contributes to the healthy lifestyle of its residents:

  • Wonderful views Vitosha Mountain
  • Fresh summer and winter than the rest of Sofia
  • Fresh, clean mountain air
  • Good communication with the city center and the test of Sofia using Boulevard Bulgaria and the Sofia Ring Road
  • Gasification
  • Famous landmarks, such as
  • Boyana Church, The National History Museum, Boyana Residence, Boyana Fort and the Living Water Spring
  • Excellent shopping and places to eat and drink
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LIVE IN BISTRITSA - THE MOST FASHIONABLE PLACE IN SOFIA

Bistritsa is the least well-known of the 4 villages, (Bistritsa , Boyana, Dragalevtsi, and Simeonovo) which lay at the foothills of the magnificent Vitosha Mountain to the south of Sofia. Property For Sale Bistritsa is fast becoming the most sought after in Sofia

Bistritsa is a large village in the Sofia municipality, located in a small valley just 15 km to the south of the capital Sofia.

Crystal-clear streams (the name Bistritsa origin from Bulgarian “бистър” that means “clear, lucid, limpid”) flow through its teritory, and there are mineral hot-springs close to the village.

Travel to Bistritsa

The quickest way to travel  to Bistritsa is to use the Ring Road from the Darvenitsa junction to travel up the mountain.

If you wish to travel into the centre of Sofia by public transport, the best way is to take the bus to Mladost Business Park, where you can take the Sofia Metro all the way into the centre of Sofia.

You can also change trains on the Sofia Metro to quickly get to Sofia Airport.

Also, all four villages are connected by a mountain road, which provides for spectacular views of Vitosha Mountain and the whole of Sofia. The road runs from Boyana in the west to Lake Pancherevo (more on the lake below) to the east of Sofia.

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LUXURY PROPERTY FOR SALE IN VITOSHA, SOFIA

Vitosha District is located towards the south of Sofia, between Lozenets District and Sofia Ring Road. At this moment there is a lot of construction of property for sale Vitosha District.

The weather is a little cooler and fresher than central Sofia, but the winters are not so harsh as you will find in Boyana, Dragalevtsi, and Simeonovo – this is one of the reasons that Vitosha district is becoming one of the best places to invest in real estate in Sofia.

Transport Communications and Shopping in Vitosha District

One of the major advantages of buying a property in Vitosha District are the excellent transport communications between Sofia city centre, the ring road and other areas of Sofia.

A major reason for the spectacular growth in the real estate market in Vitosha District was the opening of the Vitosha Metro station.

The bus connections are also excellent in Vitosha Distict, and will enable you to connect with many of the areas not yet covered by the Sofia Metro.

There is also a tram service from the northern part of Vitosha District which runs down Cerni Vrah Blvd into the centre of Sofia.

Talking of shopping, there is, arguably, the most up-market mall in Sofia located right in the centre of Vitosha District. Paradise Centre has an excellent selection of shops, supermarkets, restaurants as well as a cinema complex.