RSS news for serviced apartments and long term apartment for rent in sofia

The slow awakening of the new construction in Sofia

Tue, 21 Feb 2012 09:30:00 +0000

According to the prognosis of the brokers from the real estate agencies in Sofia, the new construction will face a slow awakening during year 2012. In general, the trends in the housing market in the capital are for a balanced supply and demand, and the cheaper apartments in Sofia are expected to provoke the greatest interest. Expectations are that during this year there will be a slow awakening of the new construction projects in the capital, but they will be much smaller projects than the ones before the crisis. Since the available newly-constructed apartments with one or two bedrooms are not that many anymore and there is a demand for such properties, the brokers expect the construction companies to start investing in small projects.

Another expectation is that the positions of the sellers and the buyers, will soon meet. Because of this, the contracts are expected to be easier and much faster than during the past two years. On one hand, the buyers of apartments in Sofia have realized that the prices will not fall forever, and even if they do fall this will be at a slow pace. On the other hand, the sellers understand that it makes no sense to waste their time selling their property to an unreasonable price and spend months in organizing viewings. Although the positions of the buyers and the sellers are similar, both sides are still taking their time to make a deal because of other adverse factors such as the unstable economic environment and the uncertain income in the future.

Apartments in Sofia: lower selling prices, higher rental levels

Tue, 14 Feb 2012 11:30:00 +0000

In the last months of year 2011 and the first months of this year, there have been almost no changes in the property market. The tendency is for the prices of the one and two bedroom apartments to be slightly reduced compared to the rental levels for the same type of apartments. At the moment, the prices per square meter of the one bedroom apartments are higher than the prices per square meter of the two-bedroom apartments. The increase in the studio apartments is slightest, and these remain the properties with the lowest selling prices. There is an increase in the rented apartments, which is a trend during the winter when tenants are reluctant to move out and thus they agree with their landlords’ conditions. The analysts on the market shows that there is a 6% decrease when compared the average market prices for year 2011 and those from the previous year. Expectations are that in this year, the apartment prices in Sofia will continue to fall.

The brokers from the real estate agencies in Sofia can not predict whether the fall in the apartments prices will be slight or more serious, but they all agree that the situation on the real estate market will be driven by the tenants and the buyers. The property prices in Sofia in year 2011 were 40% lower as compared with those of year 2008, when the sales of apartments have reached their peak. Currently buyers are looking for apartments at levels 700 to 750 euros per square meter. It is expected these levels to remain the same this year or the market to face a slight decline. The buyers are expected to be young families who are investing in their first home, families seeking for a spacious accommodation and people who have earned money and want to invest for fear that otherwise they will lose them because of the uncertain financial market conditions. The ones that will quickly reach a deal would be buyers dealing with those owners who are willing to make a discount for one reason or another. The demand will be mainly in the lower segment, namely apartments in Sofia with one bedroom, but also luxury properties in the capital, that have high quality of the construction.

Съвети за купувачи и продавачи на апартаменти в София

Tue, 07 Feb 2012 18:15:00 +0000

Ако даден апартамент в София има топ локация и разполага с безброй екстри, то не би било трудно нито да се продаде, нито да се отдава под наем. Не всички собственици обаче, са такива късметлии. Разбира се, те не бива да забравят, че всяко жилище в столицата, което искат да продадат си има своите предимства и те, заедно с опитен брокер, следва да наблегнат именно на тези положителни страни. Цената на даден имот може да се вдигне с няколко лесни стъпки и без да се харчат излишни пари, стига продавачите да имат нужното желание. Първото нещо, което могат да направят собствениците на дадения апартамент в София е да почистят и да приведат жилището в приличен вид, както и да проветрят преди огледа. Така, всеки имот би изглеждал поддържан и приятен за живеене. Един дом, който е мръсен и разхвърлян, дори да има много добри характеристики, ще отблъсне купувачите и наемателите, които ще се замислят дали искат да си имат работа с такива хазяи или продавачи. Хубаво е жилището да бъде добре осветено, да бъде затоплено или охладено според сезона, да се махнат излишните мебели и сувенири. Изключително важно е бъдещите собственици или наематели да могат да си се представят как живеят тук. Много би помогнало, ако къщата ухае на току що приготвено кафе или домашни сладки.

Ако пък сте от другата страна и ви предстои да направите важна инвестиция, каквато е закупуването на апартамент в София, първото което следва да направите е да бъдете откровени със себе си и да прецените правилно възможностите си, а именно дали ще инвестирате в апртамент с една спалня или ще се насочите към апартамент с две или повече спални, дали ще търсите панелно жилище или тухлен апартамент, ще ползват или жилищен кредит или не, в кои квартали на София ще съсредоточите търсенето си и т.н. Хубав съвет към купувачите е да изготвят списък с изискванията си и да се придържат максимално към него, за да се почувстват удовлетворени после от направената инвестиция. Сред най-важните неща е да се избере правилният район с оглед на близост до работа, детски градини, училища, а също транспорт, магазини и т.н. Другото важно е да се уточни с колко спални трябва да бъде имота и дали ако е с по-малко от търсените помещения, жилището може да се трансформира. Купувачите следва да обърнат внимание на общото техническо състояние на жилището, на съседите, както и на атмосферата в района и в апартамента. Разбира се, те следва да се съобразят и с финансовите си възможности, като преценят силите си, за да не загубят имота в последствие или да живеят трудно заради неразумна инвестиция.

Tips for buyers and sellers of Sofia apartments

Tue, 07 Feb 2012 18:00:00 +0000

If an apartment in Sofia has a top location and has a great choice of extras, it would not be difficult to sell or to rent it. But not all owners are that lucky. Of course, they should not forget that each apartment in the capital they want to sell has its advantages and they, along with an experienced broker, should put a stress on these advantages. The price of a property can be increased with a few simple steps and without spending extra money, if sellers have the necessary desire. The first thing the owners of these apartments in Sofia can do is to clean the apartment and present it in a good overall condition, and to open the windows to purify the air before the viewing. Thus, each property would look nice and pleasant to live in. A home that is dirty and messy, even if it has very good characteristics would discourage the buyers and the tenants to consider whether they want to have something to do with such landlords or sellers. It's also nice to put the lights on in the apartment, to warm the place or to chill it depending on the season, as well as to remove the unnecessary furniture and souvenirs. It is vital for the future owners or tenants to envision themselves how they will live here. It would help if the house smells of recently prepared coffee or home-made cookies, but this is a great extra.

If you are on the other side and you are going to make a major investment such as buying an apartment in Sofia, the first thing you should do is to be honest with yourself and decide how far you can go, namely whether to invest in the apartment with one bedroom or to head towards an apartment with two bedrooms or more, whether you are looking for a panel flat or a brick-built apartment, whether you will use credit or not, which areas of Sofia you will focus your search at, etc. A good advice to the buyers is to compile a list of your requirements and stick to it as much as possible in order to feel satisfied with the investment. Among the most important things is to choose the right area in terms of proximity to work, kindergartens, schools, and also transport, shops, etc. Another important thing is to specify how many bedrooms one will need and whether the property can be transformed. The buyers should consider the overall technical condition of the property, the neighbors and the atmosphere in the area and the apartment. Of course, they should comply with the financial capabilities, so that to avoid losing property or making an unreasonable investment.

Real estate market in Sofia: forecast for year 2012

Thu, 26 Jan 2012 11:30:00 +0000

The prognosis of the leading real estate companies in Sofia predict that in year 2012, the number of the property deals is expected to be similar, as the number of the deals in year 2011. A slight decline in the apartment prices is also expected. The buyers will be looking for affordable apartments. More precise prognoses however, can not be made because of the general uncertainty of the global markets and the future of Europe. It is expected year 2012 to be filled with many difficulties and challenges for the different sphere of businesses and for the people.

During the last months of year 2011, the property market in Sofia was stable and the number of the deals signed was similar to the one in the previous year. There were no significant changes in the property prices as well, which are currently balanced and stable. Still there is a difference between the demand and the offer prices in Sofia, but they are expected to reach balance. In case that there are no major problems and a slow recovery from the crisis is observed, year 2012 is expected to have similar number of apartment sales in Sofia as the levels of year 2010, while the mortgage rates will go down.

What activates the property market in Sofia?

Thu, 19 Jan 2012 18:30:00 +0000

Analyses of the mortgages in Sofia shows a moderate growth for the past twelve months, while the prognosis for this year are for a similar growth of three percent. The mortgage loans taken and the purchase of properties are mainly driven by social factors such as a new job or a new partner. In other words, most of the apartment deals in Sofia are signed because of a new carrier or after a marriage or a divorce. The buyers are usually looking for a loan of up to 50 000 euros with a return period of 25 years. Approximately forty percent of the clients are within the age levels of 25-35 years, while almost ninety percent of them are looking for a mortgage in euro because of the lower interest rate.

There is another interesting trend on the property market in Sofia. These are the so-called barter deals, where larger apartments are offered for two smaller ones or for a property in the mountains or near the sea. Sometimes there are offers for houses in change of cars. These barter deals are not many and usually come from owners who want to make a quick deal and save money for agents. The implementation of these barter transactions is associated with financial benefits for the parties, as they pay less state taxes.

Nice apartments for rent in Sofia city

Fri, 13 Jan 2012 09:30:00 +0000

The construction boom before the global crisis led to the building of many nice apartments in Sofia, great part of which were bought for investment purposes. Many of these apartments are now rented out and the greatest is the supply of one bedroom apartments in Sofia, situated in new buildings and complexes. There are more than two thousand offers for furnished apartments with one bedroom in the city center and in the large residential districts of Sofia. The greatest number of offers of this type of apartments are to be found in the neighborhoods "Mladost" and "Lulin", as well as in "Lozenets" and "Geo Milev". The rental levels vary significantly depending on the location and the offered conditions, availability of parking zones, video surveillance, security guards, air conditioning, etc. The tenants are looking for apartments in Sofia with no central heating, as they fear high bills.

The rental levels of the large apartments in Sofia of the higher class that are available with luxury designer furniture remain high even after the slow decrease in the price that they faced. The interest in this type of apartments that offer a good standard of living remains high. In the recent months, the rental levels for the apartments in the southern districts of Sofia have decreased by approximately twenty percent compared with the rents two years ago. The largest drop in the rental levels is recorded in the neighborhood "Dianabad", followed by the rental levels of the apartments in the neighborhood "Darvenitsa". The rental level of the apartments goes up when they come with a parking option. In general, the tenants are looking for affordable apartments in the capital, but insist on convenient communications, while the tourists show interest in apartments for rent in central Sofia that can be booked on a short-term basis.

The properties on the focus in year 2011

Sat, 07 Jan 2012 09:30:00 +0000

In spite of the global crisis, the real estate market in Bulgaria during the past 2011 year was active, although the number of the deals signed was not as high as before. A clear tendency emerged, namely that the most sought after apartments in Sofia are placed in new brick buildings that have with one bedroom. The buyers were willing to pay around 50 000 Euros for this type of properties. It turns out however that in order to find the right apartment in Sofia, buyers needed more than four months spent on viewings. The expectations of the participants in the real estate market are for decline in the housing prices in the range between 10 and 20%.

When the financing is concerned, it should be stated that more than half of the deals are signed with a mortgage or other bank credit. Those who apply for a mortage, qualify for the specific rloan equirements. Before entering the bank branch however, buyers spend time to be acquainted with the detailed information on loans that the banks present on their websites. Part of the buyers is also seeking advice from the credit consultants, but in general buyers end up looking for a credit with transparent conditions and good perspectives.

The tendency last year, which is expected to be maintained this year, was for less interest in the prefab apartments and the off-plan complexes in the capital. When the residential area is concerned, the greatest demand was for two bedroom apartments, followed by the three-bedroom apartments in Sofia. Among the requirements of the buyers are convenient location in an area with good infrastructure, quality of construction and completion, good distribution of the interior space. Because of the higher criteria, the choice of property these days takes more time. There is strong interest in the properties in the center and in the neighborhoods "Borovo", "Ivan Vazov", and "Iztok". Other areas that are preferred by the buyers who want to invest in an apartment in Sofia and by those who want to rent a property are the districts of "Gotse Delchev", "Dianabad", "Geo Milev", "Mladost 1".

Large Sofia apartments on demand

Thu, 29 Dec 2011 09:30:00 +0000

The real estate agencies in Sofia are explicit, when they state that the property buyers are looking for bigger apartments when compared to the market a year ago. The average living space required is around 80 sq.m, thus the apartments are brighter and bigger. The apartments with one bedroom and price between 40 – 60 000 Euros are the ones on demand, but still there are buyers with better income who want to invest in two-bedroom apartments and even in three-bedroom apartments, when possible. They know that a purchase of a real estate property is not something that one does every day, This is rather something that happens one or two times in the life of the average person in the country. That is why these investors prefer to buy a good property, rather than to regret later.

Most of the people, who are in search of larger Sofia apartments are already owners of a property, but are now in search of a bigger and much more comfortable home. These people have high and stable income and have no previous mortgage, which means that they can afford to take loans, if they need to. The number of the mortgages offered by the banks has increased since the beginning of the year and their average amount has increased too.

Awakening of the Sofia property market

Thu, 22 Dec 2011 07:30:00 +0000

The property market in Sofia city is awakening and for the first time of such a long period, the first six months of the year showed increase in the number of deals signed and stabilization in the property prices. The economic growth in the country, along with the drop of property prices since the beginning of the crisis brought an increase in the number of the property sales, which is the first positive sign on the real estate market. At the same time, the factors that are factors on the market are the high level of unemployment, the low levels of consumption and the frozen income levels. The most active are the people from the Southern Black Sea coast and from the capital Sofia.

This activity on the property market led to demand for new one-bedroom apartments in Sofia. At the moment the available apartments with one bedroom will be sold in a period of two years and then the prognosis are that new complexes shall be build to correspond to the needs of the people. Currently, there are no many projects for construction, since the developers are afraid to start new buildings. The Sofia property prices remain stable. The average price for the apartments in Sofia is around 850 Euros/sq.m and the most active is the property market in the districts of Mladost, Nadejda and Lyulin.

The Sofia property market is being activated by buyers from Bulgaria and the contracts signed are for properties in Sofia up to 50 000 Euros. Most of the investors take mortgages, even if the banks are still very careful when offering loans and the period of providing the loan is quite long. The buyers are not that ready to make discounts as in the past and if they make one, the reduced sum is not serious. The buyers who are more active on the market now are from spheres of life that are not that damaged by the crises.

The things that the Sofia apartments buyers should know

Fri, 16 Dec 2011 12:30:00 +0000

The reаl estate market in Sofia is preparing for new buyers, who are expected to appear on the property market in the next couple of years. The agencies know that these young people will try to buy their first home alone and they also know that they will make many mistakes along the way. Before these people head towards the market, rushing to get a one-bedroom or a two-bedroom apartment in Sofia or a studio, they should better read some information and be aware of the purchase process. The first thing they have to start with are the prices of the apartments. There are many offers on the internet, but not all prices are real. Sometimes the offered prices of the apartments in Sofia are up with more than forty percent from the real prices these apartments are offered at. The best way to find out the real prices in a certain region is to ask friends who live there or to ask the serious real estate agencies who have information on the apartments price levels and can give you the realistic figures.

The second thing that the buyers have to keep in mind is that they need a broker and a lawyer. The agency you decide to work with should better be bigger and with good reputation. In case that the buyer decides to invest in a certain property without the help of a broker, then the documents should be checked by a lawyer. The other important thing that should be done is to check whether the apartment in Sofia you want to buy comes clear or not. One could make such a reference when knowing the national identity number of the previous owner and the unique code of the property. The buyer has to be sure that there is no mortgage on the property and that there are no heirs or other owners. The certificate that the property is free of burdens that the buyer will need could be up to 10 years back in time and for a period of more than 10 years. The buyers should also know that there is a notary tax, a local fee and a registration fee. Besides that, one will also have to pay for an evaluation of a property and for an architectural plan. The sum of the apartment in Sofia that is being purchased should be paid with a bank transfer.

Sofia Apartments: a long-term investment

Fri, 09 Dec 2011 07:30:00 +0000

The recent analyses on the real estate market showed that there is a serious difference in the purchase price of the apartments in Sofia and the rental price of similar flats in the capital. Before the crises started, the increase of the selling prices of the real estate properties in Sofia was very fast, while the increase in the rental levels was rather slow. The reason for that is that most of the deals were signed with bank loans, while the rents are in direct dependence from the income of the people. When someone is renting an apartment in Sofia, one tries to find an apartment that he or she can afford according to the income they had at that moment. When that someone wants to buy a property in Sofia, he or she is taking a mortgage and knows that the money will have to be paid in the future.

It can not be predicted how many years would be necessary for an apartment in Sofia to be paid off, since the market is very dynamic. There are many properties on the market in Sofia, which have been bought for investment purposes and it is not clear whether they will be offered for rent or not. The owners of these apartments may either offer them for rent even if this rent is lower than the one they have previously expected. Or they can keep these new Sofia apartments for a certain period and then sell it at a good price. The third option in front of these Sofia property owners is to do nothing and then the apartment will stay empty. It is not difficult however, to find out which are the properties that will keep their price and where the return of the money will be guaranteed. These will be Sofia apartments with high quality of the construction, excellent location and good infrastructure of the region.

At the moment, the income of the people is frozen, while the insecurity of the market and the numerous new offers have its impact on the Sofia rental market. The rental levels of the apartments in Sofia are in the range 200 – 250 Euros per month, which is almost half of their levels before the crisis. The return of the invested money in a certain property depends on several factors. The main one is when that Sofia apartment has been purchased, the second one is whether it is in good location and the third one is where this apartment in Sofia is situated. All these factors should be taken into account when estimating whether the purchase of a certain apartment in Sofia has been profitable as a long-term investment.

Who buys the luxury apartments in Sofia

Fri, 25 Nov 2011 07:30:00 +0000

The worldwide financial crisis dislocated the layers of the property market in Sofia and this is especially true for the high-end segment. The luxury apartments and houses in Sofia are currently being bought from yuppies, managers at high positions in international companies, business owners. The new investors are smart, modern and young. They want to wknow hwo is the architect, then they explore the specification of the building to the last point and insist on the excellent infrastructure.

Making a deal with such investors is a challenge, but a sweet one, as they are intelligent people with good knowledge of the business. The preliminary contract they sign is always checked by their lawyers and the agency, the money for the property are transferred through the bank and they even complete a declaration of origin.

The new buyers in the luxury segment have modern requirements, looking for apartments built no more than 4-5 years ago, they like the classic design and usually want to see other buildings constructed by the same developer. These buyers are wealthy, they have savings and are aged between 35 and 45 years, usually working in areas that are less affected by the crisis. The preferences of these new investors in luxury properties are for the areas Simeonovo, Boyana, Dragalevtsi and Bistrica.

Those who rent luxury apartments in Sofia, however, are mostly foreigners. They work in foreign companies and come here for long periods or short breaks. They pay about 2000 Euro for renting an apartment in Sofia and around 3,000 Euro for renting a house. There are foreigners who do not spare no money on luxury. They hire large houses and seek extras such as pool, barbecue in the yard, etc.

The one-bedroom apartments in Sofia – most wanted

Fri, 18 Nov 2011 07:30:00 +0000

The one-bedroom apartments in Sofia are among the most preferred ones by buyers and tenants. Taking into account their price, they are also the most profitable properties now precisely because they are so attractive to the tenants. The one-bedroom apartments in Sofia are preferred by young professionals and newly-weds, but are also interesting to the retirees who want to replace their large homes with smaller options.

Currently the market offers many one-bedroom apartments that are rented by their owners until they find a buyer. The truly beautiful apartments with one or two bedroom for sale in Sofia, however, are few and keep their prices. It is expected by the end of the year and early next year, the prices of these apartments to remain stable. The property owners who want to sell them, are familiar with the market and are willing to give discouns in order to reach a deal.

In general, the rental levels of the two-bedroom apartments in Sofia have fallen by about 10%, while the highest decrease is reported to be in the Students Town, where there is a large number of one and two bedroom apartments for rent. In the districts of "Mladost", "Drujba" and "Lyulin" the rental prices are also reduced. There are certain neighborhoods like "Geo Milev" and "Oborishte", and the central part of Sofia, where there is a growth in the rental prices of apartment with one and two bedrooms.

Buying an apartment in Sofia, but where?

Fri, 11 Nov 2011 10:30:00 +0000

You've already decided to buy an apartment in Sofia. You are fed up of landlords, small lodgings and living with roommates. But which quarter in Sofia to choose? Should you select one of the neighborhoods or the city center? Buying an apartment is a very important step because it is not just an investment, it is also a place where to relax, to gather with friends, and to grow your. This apartment in Sofia should have a quiet location, but at the same time should be convenient to reach and shall comply with certain requirements.

Generally there are two options to choose between - the city center or the neighborhoods. The Sofia center has its advantages - all the administrative buildings are nearby and all theaters, boutiques, renowned restaurants, etc. are close at hand. When one lives in the center, one feels as if "in the center of events" and can definitely feel the pulse of the city. Surely, the place is great ... If you're in that sweet age between 20 and 30 years of age and if you have no family. Then the noise of the trams and the cars is unlikely to annoy you, as well as the neverending flow of people. At that age hoever, there are no many people with such funds to invest in an apartment in downtown Sofia. There are such cases, of course, but we are focusing here on the common scenarios. Besides the noise, other disadvantage of the apartments in the city center is their poor condition and need of repairs. We must also not forget the problem with parking.

In general, most buyers are focused on the best areas of Sofia, although some of them are at the outskirts of the city. Investors are looking for areas with good infrastructure and easy access to the downtown area via metro, public transport, car. The noise in these neighborhoods could be easily neglected, compared to noise in the center, the parking there is easy, and even many of the leading companies are moving their offices in business centers in the suburbs. Those who choose gated comunities earn even more, because there is a controlled access, which makes life in the complexes safe and calm. Furthermore, common areas are well maintained and there is a variety of extras.

Renting is advantageous, but owing a home is more comfortable

Sun, 06 Nov 2011 10:30:00 +0000

Sometimes the very high costs of purchasing a home are the factors which stress the buyers and they decide to back off from a deal. This, of course, happens to people who are not fully convinced that they must invest in their own home in Sofia or people who are uncertain of their income stability. According to the calculations of the potential investors and the real estate brokers, at the memonet renting in Sofia seems far more attractive, compared to owing an apartment with a mortgage.

Besides the decent amount that would remain, which is the difference between paying a mortgage and a rent, when people are renting a home they are much more flexible and mobile. They feel free to change their lodgings, if needed, if the company they work for moves the office or if their friends live in another district of Sofia. Owing a home however, has its advantages too, but the main one is the feeling of peacefulness and the absence of a landlord. One is one’s own boss and is responsible for everything - from repairs to the accounts, etc. Do not forget, you do not have to be reckoned with landlords. Of course, in addition, when buying your own home, the buyer selects the home that meets most of his ideas concerning disposition of the rooms, distribution, district, etc.

The realtors also remind that in the long term, the ownership of a private property could not be compared to anything else, because the trends are the costs of the mortgage to be reduced and the rents to increase. Another positive factor in favor of owning one’s own home is that this type of housing, no matter if this is an apartment with one or two bedrooms, one can make bigger investments and provides more amenities. Finally, of course, is the fact that once the mortgage is paid, the owner could easily sell the property at a good price and thus regain the costs made on the loan.

The possession of an apartment in Sofia or in another city in Bulgaria has its downfalls and this are the large initial transaction costs, the loan fees, the notary fees, the taxes, etc. Another big minus is that if there are no payments of the mortgage for several months, the owner may lose it on an auction.

Luxury apartments for rent in Sofia at affordable prices

Fri, 28 Oct 2011 13:00:00 +0000

The crisis contributed to the favorable opportunity to rent luxury apartments in Sofia. It turns out that at the moment, the real estate market in Sofia offers very affordable and spacious apartments with full luxury furnishing and prestigious houses in the good neighborhoods. These apartments for rent in Sofia are now affordable for the middle class people, managers in solid foreign and local companies, people from the showbusiness, etc.

The areas in Sofia, where there is demand for such luxury apartments and houses are the city center, "Lozenets", "Iztok", "Ivan Vazov", the area around "Bulgaria" Blvd, and the surrounding neighborhoods "Simeonovo" and "Dragalevtsi ". The deals signed are for long-term rentals between 400 and 1000 Euro per month for apartments and from 1000 to 3000 Euro per month for houses. The rent rate depends mostly on the size and the location of the property. The expectations of the real estate agents in Sofia are for stabilization of this market sector and growth in the number of the deals signed.

What to be careful about when buying a new apartment in Sofia

Fri, 21 Oct 2011 09:30:00 +0000

Buying an apartment is one of the most important steps a person makes in one’s life. The choice is as important as choosing a spouse. And though the emotions play a vital role when making the both solutions, it's good for the buyers to try to be as fair and take into account several factors. When one is looking to buy or rent an apartment in Sofia, one will go and make at least ten viewings of different apartments. And if renting an apartment in Sofia is easier, since one is guided by the idea that the apartment could be changed after a month or a year or two, then the purchase of an apartment could paralyze the buyer with the thought that the investment is for life ... or at least for a longer period of time.

Once you've liked the apartment and you are satisfied with the location, the view and the price, before signing the papers it is adviseable to take into consideration all those details that have so far remained outside the big picture of the investment. The details include quality of construction, quality of construction materials, and type of finishing and so on. This is especially important when buying a new and completed apartment, which although very attractive may have many hidden pitfalls. When shopping for an apartment that is yet to be completed, then you can negotiate with the developer to get an access to control the work.

It is extremely useful to investigate the construction company by visiting other buildings of the same developer which are already completed and talk to the people who live there. Sometimes, in conversation with potential future neighbors or even with the workers on site, the buyer can understand much more about the block, the district, etc., than during the viewing itself. The real estate agents from reliable and large agencies are aware that they should be as honest as possible with their customers about the pros and cons of the properties they offer. However, if you are dealing with a smaller agency or an incorrect real estate agent, the chance to be misled is quite serious.

Coincidentally, I bought the apartment in Sofia I live at, by an incompetent broker who was not even aware where the viewing was. Because I liked the property the next day I went to see it again and I came across some workers, who were using it as their base. When I asked why they have chosen this particular apartment, they simply told me that it is the warmest one in the block. This is what helped my decision. Besides speaking with the workers and the neighbors, other important things the buyer should check are: whether the angles are ok, if the window joinery is good, are there at least two layers of plaster placed, and also is the wiring properly done.

The gated complexes in Sofia: convenience and security

Fri, 14 Oct 2011 07:15:00 +0000

Many young families and professionals who want to settle down, are considering the apartments at the gated complexes in Sofia. Two years ago, these apartments were affordable only for people with very high income, but today getting an apartment in a gated community is also possible for the middle class people. The main characteristics of the gated complexes are the numerous facilities, the good location and the quick access, the quality construction and the good disposition of the premises, and of course, the well maintained common areas and green zones.

At the moment, there are many nice apartments being offered in the gated communities and their prices are very reasonable. What frightens the buyers however, is not the price of the apartment, rather the fees for professional maintenance and service thereafter. Yet, the need of people to live in a good apartment in Sofia and enjoy a relaxed environment in a nice neighborhood with good social environment continues to maintain their interest in the gated complexes. The proposed extras and facilities are optimized according to the region and the demand, where the main aim is the better urban environment. About 850 Euro per square meter is the minimum price at which start the apartments in the gated complexes with security and professional property management.

Moderate optimism at the realties market in Sofia

Fri, 07 Oct 2011 17:18:00 +0000

The summer was relatively good for the housing market in the capital, which made the developers hope for a brighter future for their industry. All participants in the property market in Bulgaria, however, realize that there are still risks and that is why they are more careful than before. Nevertheless, an investment in property in the capital is the most reasonable and safest thing one can do with the savings. The trends are for a slowdown in the decline of the property prices, reduction in the number of the new construction projects and supply of mortgages with a good interest rate. All these trends give a sign that the housing market in Sofia is in front of a new phase.

Of course, this optimism for better times for the apartments in Sofia is moderate and no one believes that the construction capacity and the prices will soon recover and reach their levels before the crisis. The unemployment continues to be a strong factor, wages are not going up and the economy continues to fluctuate. Because of these factors the buyers continue to be uncertain. Yet the demand for property in Sofia is still very active, and buyers are usually looking for two and three bedroom apartments. Like last year, buyers are extremely cautious in their selection, and they make very detailed inspections and negotiate all terms of the purchase and the mortgage loan when taking one. In general, buyers have a budget and want to take the best apartment in Sofia for the amount of money they have.

Meanwhile, in the country could be observed an increasing inflation rate, covering all areas of life. That inflation reduces the purchasing power of the population, but on the other hand it makes people turn to the safest way to preserve their savings, notably by investing them in an apartment with one or two bedrooms in Sofia, which also can be rented out. Currently, buyers have the rare chance to benefit from a wide choice of apartments, lower prices and mortgages offered by the banks. At the moment, the apartments market in Sofia is characterized by certain stability, a desire for negotiations and possible concessions, and generalrecovery at a slow pace. Overall, the number of transactions with apartments in Sofia is going up, and the price levels are stable.

Two-bedroom apartments in Sofia for people with stable income

Fri, 30 Sep 2011 12:45:00 +0000

People with stable income, savings and secure jobs are focused on two-bedroom newly built apartments in Sofia for the sum of up to 90 000 Euros. Often, these buyers borrow at about eighty percent of the value of the property. These are usually families with a monthly income of 3000 BGN, who prefer to pay for their own home than to pay a rent.

Those buyers are looking for mortgages in the period from 15 to 20 years, followed by mortgages for 25 years and the lowest share is of loans with a period of less than 10 years. The largest sums that have been taken from the banks were for apartments in Sofia, as the prices there are the highest. At the same time, the prices of the small one-bedroom apartments went down, while the prices of the three-bedroom apartments remained stable due to the increased demand. The bank expers say that the trend from the period 2006 - 2007 year is returning when young and promising professionals used to take up to ninety percent of the amount for the desired apartment.

At present the offers on the real estate market for good one- and two-bedroom brick-built apartments new construction in Sofia are not many if you consider the overall picture - good quality, developers with good reputation, excellent infrastructure, an area close to the downtown zone and other factors. That is why many buyers prefer to wait and look for ab apartment for rent in Sofia, until they find the right apartment to buy in the capital.

The property market in Sofia in the first half of 2011

Fri, 23 Sep 2011 06:29:00 +0000

The statistics of the leading real estate agencies reveal that in the first quarter of year 2011 the property market in Sofia continued to be stable, which is a tendency from the middle of last year. Although the number of the signed contracts for apartments in Sofia is still not as high, their number has increased twice when compared to the previous year. Meanwhile, the prices of apartments in Sofia have kept their levels of late 2010. It is interesting to note that deals are made mainly in the low market segment - namely 60 000 Euro, although there are individual transactions for properties in Sofia for sums of 150 000 Euros. The average price is 870 euros per square meter, and the market is stable. At the same time, only during the first two months of the year the number of mortgage given has increased by over 15%.

During the second quarter of the year continued the period of stabilization of the real estate market in the capital, as the number of the deals signed increased significantly, which highlighted a trend of recovery and exit from the crisis. During these months were mainly bought small and affordable apartments with an average price of 850 Euro per sq.m. In the country is being felt an economic growth which unfortunately can not overshadow the negative factors and the general uncertainty of the buyers. However, the forecasts are for a greater number of deals for apartments in Sofia, increased house prices in good areas and a small decline in the average prices per square meter. The longer term projections are for a subsequent second wave of new construction due to increased demand and decreased supply of this type of properties, which however is expected not earlier than the period 2014 - 2015.

When it's time for the apartment?

Thu, 15 Sep 2011 09:30:00 +0000

The capital Sofia is the fastest growing city in the country, and while some people want to escape from the city noise and live a quiet life in some small towns in the country, the truth is that at least several times a year they will have to travel to the capital - to visit the administration, to use the airport or to consult with an expert about something. Even when they are not planning to live in Sofia, many people prefer to buy a one-bedroom or a two-bedroom apartment in the capital, because they know that its price will go up with the time. To sign a contract for a property in the right moment however, is pure luck.

After careful analysis of the property market in Sofia, several things come to light that must be taken into consideration - namely to work with a bank that offers better terms than the rest of the banks and to buy an apartment in a good neighborhood in Sofia, with good quality of the construction which could easily be sold later, if necessary. Last but not least - buyers should not go beyond their own capacity or rely on future income that is not absolutely sure.

The demand for apartments in Sofia is mainly in the parameters - one- or two-bedroom apartment, possibly in a new building with good disposition of the rooms, in an area with good infrastructure. The buyers are mostly young families with children, where at least one of the partners has a stable job and good income. The price range is within 50 to 90,000 Euro, but often the amount may be higher when the apartment is bigger and with a better potential. The buyers are slow in making a choice though. Due to the constant flow of people into the capital, the forecast is that the vacant properties available in the capital will be sold and this would be followed by a subsequent construction of new apartments in the coming years.

In search of the best apartment in Sofia

Mon, 05 Sep 2011 19:00:00 +0000

I follow the press. I am particularly interested in the news related to the property market in Sofia and this is so for several reasons. Several years ago I bought an apartment and I want to know if I made a good investment having in mind the recent changes. Besides, I'm surrounded by friends, who have one or another reason to search for a new home and I want to give them an adequate advice. It is not easy, as the trends in this fast growing sector in Bulgaria are quite divergent and one can not be constant in one’s decision when it comes to the eternal question – should I rent or should I buy an apartment in Sofia? I was a tenant for over ten years - first as a student, then as a young professionalist. The accommodation in Sofia I had has always been decent and mainly in the districts of Dianabad and Students City, though I have also lived on the boulevard "Stamboliiski" and near today's large shopping mall on "Tsarigradsko Schousse" Blvd. I've come across good landlords, but also bad and although I have not lived with them, I was convinced it was high time to get a home of my own – I was so sick moving baggages from one place to another.

I started actively looking for a one-bedroom apartment in Sofia in March 2006 - and the proposals were quite nice, but even then it was a challenge to find a good one-bedroom apartment with a nice view and in a good neighborhood. The developers were offering nice projects - many of them off-plan, while I was looking for an apartment in a building with a roof - that was the condition of my bank. Now I realize that I found relatively quickly the property I was looking for, as I did only one compromise – with the price. I got a south-facing apartment with good location and spacious rooms, in a quiet area near the boulevard and in an area with good infrastructure. The price compared to the apartments prices at the moment seems quite low. The loan, however is large and the monthly payment is not something that wait for. Sometimes I think about what I would have done with this money if I should not pay my mortgage ... But soon I realize that I would have given them to pay for a rent.

Lately many of my friends are looking for a decent one or two-bedroom apartment in Sofia and have difficulties finding it. There is a choice of apartments for sale, but something is wrong – either the neighborhood or the size of the apartment, but most often the price. My friends who are searching for an apartment want to live in a bigger flat because the family is getting bigger. In the past they have bought one-bedroom apartment, but now this is not enough. They tell me there are no many offers, and when they state their requirements for a new construction, brick-built apartment in a good neighborhood in Sofia, these offers are just a few. The apartment prices are as high, although we are all aware that they will not get lower and because of this they want to make a deal right now. At the same time the developers are offering apartments in Sofia with discounts, but today's buyer is careful, prefers tobe slow in one’s choice and consider carefully the best properties in terms of price - quality. To choose the right time to buy an apartment in Sofia seems to be pure luck, and yet the best the buyer can make is to be fully informed of what's happening on the property market in the capital Sofia. The more one knows, the most likely will be not to make a mistake.

The preferences of the Sofia apartment buyers

Sun, 28 Aug 2011 18:00:00 +0000

The most dynamic real estate market in the country is the one in Sofia and there are a number of reasons for that - the possibility of finding work, the large number of students and young professionals, and the large number of wealthy people living there. The investments are made mainly in new apartments with one or two bedrooms. The greatest demand is for apartments in the neighborhoods "Student’s City", "Vitosha", "Iztok" and "Darvenitsa" because of their proximity to several universities and hence the possibility of rental and return on the investment made.

Currently, the demand is lower than the supply. The preferences of the buyers of Sofia apartments are for properties that are near completion, since there is still a fear that an off-plan complex will not be completed. Emphasis is placed on the convenient transport links, the good infrastructure and the good reputation of the neighborhood. In general, there are no offers for unfinished apartments that are in the early or middle stage of construction, since the demand for them is zero.

In fact, almost half of the deals signed for apartments in Sofia are for newly constructed apartments. Customers prefer to arrange the completion of their apartment so that it can be according to their taste. The market is rather weak however, and the reason is the overall insecurity and fear of people from the future.