SOFIA - The "Smart Investors" Market

Sofia is often attributed as the ‘smart investors’ market particularly when you take into account that prices are still two times lower than almost any other capital city in the EU including even 2004 entrants. With this in mind IMOINVEST are pleased to announce the release of Platinum Residence II in Sofia which is tailor made for buy to let investors which is expected to achieve capital growth of up to 35%.

Platinum Residence II is a modern residence located in the Vitosha quarter, with both embassies and diplomatic residencies as neighbours. On the other side of the development 50 metres away the vibrant and lively student’s quarter so named ‘Studenski Grand’ begins. Bustling with shops, bars and restaurants it is also ideally located being only 15 minutes from Sofia International Airport and 10 minutes from some of Sofia’s main attractions including Sofia Zoo and Vitosha Mountain and ski lift. The residence consists of 32, one and two bedroom apartments and all offer balconies from this elevated position providing panoramic views of the city and the mountain range. With underground parking and storage rooms this modern development is ideal for the buy to let market and its location is second to none.

The same developer also has Platinum I on the market located in the ideal centre a stones throw away from Alexander Nevski Cathedral, which still has a small number of apartments available.

Julien Lu, Regional Director of IMOINVEST says, “Sofia is a city that offers an all year round rental market but perhaps more importantly it is a natural market that is not dependent on the more fickle fluctuations of tourist trends. What we are finding is that Sofia’s population is growing quickly as you have a demographic movement into the capital from other parts of the country. If you couple this with the welcoming of large companies such as Hewlett Packard that now has their main service centre for Europe based here we are seeing an increase in the high skilled outsourcing sector. This is pushing up salaries of the emerging young middle classes which are the predominant buying segment. One must also take into account the increased number of ex pats which are now working in Sofia for the many thoroughbred companies that are setting up headquarters here; this is also stimulating the market.”

Julien continues, “When investing into a capital city such as Sofia with a quickly growing economy it is hard to go wrong. Presently we are seeing a relative high degree of supply at this time while construction is more intense, so now is the time to invest in the best areas while good supply keeps prices competitive. Once construction is completed, these areas not have the current off-plan supply and within a couple of years only resale will be available in much more limited supply pushing prices higher, as has been seen to such a large extent recently in cities such as Warsaw and Budapest which are comparables a few year ahead in market terms.”

Platinum Residence II comes to the market with prices starting from just £60 240 for a one bedroom apartment rising to £70,000 and above for two bedroom apartments.

For a complete list of Sofia Properties available through IMOINVEST please click HERE.

(PHOTO CAPTION: Platinum Residence II in Sofia available through IMOINVEST)