The current year begins to look incredibly interesting for Sofia's property market. The general picture is for stabilisation and moderate growth of the prices of common residential properties, healthier market and… an increased interest in a specific segment: luxury real estate.
The low, almost non-existent interest rates on the bank deposits, which for several years in a row have been staying at these unattractive levels, are one of the leading powers defining the contemporary real estate market in Bulgaria. Many well-to-do people don't see any point in keeping their savings in the banks with non-existent profitability, and now prefer to invest in property.
Here stands out another factor, which was to a certain extent unpredictable – the increased interest of foreign tourists in Sofia, as a result of the opening of cheap destinations by the low-cost carriers easyJet, Wizz Air и Ryanair. This, for its part, has led to an increased demand for suitable, small properties in the centre of Sofia for renting to tourists via platforms like Airbnb and Booking.com.
The low interest rates for the mortgages also became a serious stimulus for young families to decide buying their first home.
The increased interest in buying a property is also the result of the increased living standard in Sofia. According to the National Statistical Institute data, the average wage for the capital is 1,413 leva, which is way above the next city in the list, Stara Zagora (1,009 leva), and far more than the average wages in the rest of the country. In Sofia are also concentrated most of the prestigious and prospering industries, like IT and outsourcing, where employees have significantly better salaries.
All this means a stable group of people who can afford to buy a property for living or as an investment, be it with their savings or with an advantageous mortgage.
But while by the middle of 2017 on the property market has been observed stabilisation, with price growth of about 2-3 percent, and even the need for correction down for overpriced real estate, the trend for a particular segment on the market is up.
At a first glance unexplainably, luxury and exclusive properties became the market's hot topic. The popularity of this type of real estate, however, is far from unexplainable. In Sofia there is already a stratum of young professionals with high incomes and families, who want to live in a healthy environment meeting the modern requirements. They are after spacious residential properties, a lot of sunlight, excellent implementation with the best materials, well thought-over architecture, amenities and security for themselves and their children.
In short, this category of clients is interested in quality, and is ready to pay for it.
The supply, however, is not adequate to the demand, leading to an incredibly high interest in the best offers on the market.
The new class luxury and exclusive residential properties is located both in prestigious neighbourhoods like the Doctor's Garden and the centre, and the south neighbourhoods at the feet of the Vitosha: Boyana, Dragalevtsi and Simeonovo.
Each of the locations has its strong sides. While properties in the centre guarantee their owners that they will always be close to the places for work and entertainment, those in the outskirts of the city offer tranquility, greenery, and clean nature and air.
San Stefano Plaza: Luxury at the heart of Sofia
When exclusive quality is the leading light of your life, your new address can be at San Stefano Plaza (Sofia, 22 San Stefano St, office: +359 2 846 40 70, www.sanstefanoplaza.com). Located on the famed street in the prestigious neighbourhood of the capital, among greenery and elite neighbours, this representative and modern building offers 115 luxury flats, as well as shops, offices and underground parking places. Its elegant architecture replicates in part the facade of the historical Prošek Brewery and its luxury realisation includes modern technologies like BMS (Building Management System) for wireless monitoring and control of the building and implementation of a top class technologies. The complex is the first in Bulgaria in a process of certification under the international BREEAM 2013 standard, and its inhabitants enjoy healthy living environment and comforts like completely automated sun protection, external sound insulation, photovoltaic installation on the roof, electric cars charging station, and many more. The security of the inhabitation is provided with access control and 24/7 security guards, alarm systems and CCTV. All of these make San Stefano Plaza a place, which is a pleasure and a privilege to call home.
Edelweiss 3: A corner of fresh nature at the feet of the Vitosha
The clean air and the sense for space are the greatest luxury in the capital, but the residents of Edelweiss 3 in Boyana neighbourhood (phones: 0888 54 00 54, 0884 80 40 80, www.europroperty.bg) get much more. Edelweiss 3 is an inclusive luxury complex of two buildings located among a spacious private park at the fringes of the Vitosha Nature Park. The apartments and the penthouses here are beautiful and spacious, and the quality of construction is beyond any doubt. The intelligent designer solutions and the amenities like an outdoor swimming pool, children playgrounds and 24/7 security make Edelweiss 3 an excellent home for young families with children, and a good investment. Life in Edelweiss 3 is healthier, due to its proximity to the mountain, and extremely comfortable, and the rates, starting from 1,200 euros/sq.m, are incredibly competitive for a popular and prestigious neighbourhood like Boyana. Building A at Edelweiss 3 will be ready in September 2017, and Building B – in April 2018, so don't wait for too long before you buy your own piece of heaven, at the feet of the Vitosha.
What defines which property can be labeled as luxury and exclusive? Happily, the times when the answer was "vast spaces, high walls and gilt marble" are no more.
Today, luxury is the place where you can relax. Exclusive is the space that doesn't suffocate you, but inspires you to be yourself and to enjoy life. The new luxury means that your neighbours will not bother you, but also that you will not feel as if closed in a gilt cage. The new exclusivity means safety.
The real high class properties provide their inhabitants with round the clock CCTV and security guards. They are designed by excellent architects and are distinguished for their stylish, measured architecture. Their layouts are functional and allow creative solutions. Their implementation is faultless, of the best building materials. Their communication systems work flawlessly. The special insulations used stop the outside noises and save energy. The green areas are actual parks where it is a pleasure to have a walk, and in the provided spaces for children the youngest members of your family can have happy and trouble-free childhood. Qualified managers take care of the good condition of the common parts and the building maintenance.
The high class buildings take care of the environment protection, and use the most modern technologies like solar panels and high class insulations.
All of these make luxury and exclusive properties the best solution for a home or an investment. Because quality doesn't lose its value.