We know we are going through an economic crisis – but so what, the more daring financial experts say. What is bad for one business is good for another, and the property sector in Bulgaria definitely seems to be showing different sides to buyers and sellers. A reluctance to commit on behalf of clients, added to the budget cuts over the past two years have made developers eager to negotiate and complete deals; prices are at an all-time low, while companies and private individuals whose plans to relocate were shelved at the end of 2008 are now making a tentative reappearance and are being welcomed with open arms throughout the sector.
The new year will bring several opportunities for relocation or expansion, while prices remain low. The developers of many recently completed office buildings in major cities such as Sofia, Plovdiv and Varna are on the lookout for tenants. Rents in the capital have fallen some 30 percent over the past two years, causing grief to developers but joy to companies looking to lease. Modern, more efficient buildings are beginning to tempt those who have not yet traded in their illequipped offices for space, convenience and comfort. Owing to the crisis, about 20 percent of the office space in Sofia is currently vacant, which means that clients can afford to be choosy.
The residential property market is also picking up. 2012 is definitely your year, if you are planning to buy luxury property in the centre of the city. Thanks to the cautious approach to larger deals displayed by some purchasers, many luxury apartments have been on the market for some time and sellers are ready to slash prices. Large threebedroom apartments are much sought after in Sofia and Varna, but prices vary depending on location. If you are looking for prime property, you might have to set aside 200,000 to 350,000 euros for an apartment, and up to 600,000 for a house with a garden.
When you are considering buying, take into account not only your own preferences such as the outlook, the neighbours and the layout, but also objective factors such as parking spaces, infrastructure and the quality of construction. These can boost the price of your investment in the case of future re-sale. Experts agree that luxury property is a very good place to put your money. "In my opinion high-class property is an excellent asset that can only increase in price. Investors looking around can see that Bulgaria is one of the few economically stable countries, with no debt problem, and prices of luxury property here are much more attractive than in other regions," says Vesela Ilieva, executive director of Unique Estates. The company is part of the AG Capital property holding and works with special clients. Its consultants are always ready to help you pick out a property to lease from over 400 on offer, and assist you in finding the house or apartment of your dreams in the city centre.
Fancy living outside the city, in a green place with mineral water coming from the tap? It's hardly a fantasy, when you consider the option of the Bankya condominium by consulting agency NC Industries. The spacious Main Street building includes living and office space, parking lot, child centre, pharmacy, 3 heated pools with mineral water and massage nozzles, spa parlour. It's a perfect investment: you can have your own place just 20 minutes away from Sofia's centre, and lease it whenever you are not using it. The company can manage your property for you, and you wouldn't have a care except for enjoying the advantages of the place.
Business clients can gain a lot from moving to a prime building such as Megapark. The Sofia business complex offers more than 45,000 sq.m retail space and 3,500 sq.m trade space, constructed on high international standards. The flexible interior with a lot of natural day light, combined with the remarkable architecture, have attracted Bulgarian and foreign tenants alike, while the design of Megapark received the prestigious award for Business Building of the Year at the VIP Property Awards 2011.
After acquiring the property of your dreams, you may find yourself confused when trying to handle the complexities of the institutions. Get your help with Dunav-Cadastre, the Svishtov-based company that provides multiaspect service. The staff prepares certified assessments of property, agricultural land and commercial establishments, geodesic and GPS-measurements, as well as advice on cadastre and regulation. If you feel the need to have experienced hands managing your property, you can trust Dunav-Cadastre with that as well.