Suzanne
22-08-06, 05:09 PM
Although there is the occasional developer willing to buy and renovating a whole building in the area of the Vitosha street, Sofia's top high street shopping destination, the regeneration of this part of the city is very slow, says an overview of the property market in the capital prepared by local real estate agency Address.
Most of the takers for properties on Vitosha street are opting to remodel the residential premises located above the prestigious shops into office space, says Address.
The trend among noise- and clutter-conscious high-net worth individuals over the last couple of months has been a move away from the city center to the gated residential communities in the Sofia suburbs, says Address.
The Doctor's Garden, with its proximity to key government institutions, banks and good schools and the abundance of greenery, still has a firm hold on the title of the city's most prized residential and rental location but supply is so limited that a new listing comes on the market only once every quarter or so. This limited availability enables property owners to command prices of 1,100 to 2,000 euro sq/m.
Sofia's fastest growing downtown residential district is the area around Ruski Pametnik where there are still vacant land plots and dilapidated old houses waiting for a developer to turn them into a block of condos.
Another hot segment of Sofia's property market is the Banishora borough. It is not considered a prime residential district but is close to the city center and offers efficient transport to other parts of the capital. Banishora properties start from 600 euro sq/m and go up to 850 euro sq/m, says Address.
The potential of the Banishora district was given a boost by the development of the Todor Alexandrov boulevard which has quickly attracted a host of office buildings and bank headquarters. The strip along the boulevard is strewn with old residential buildings that could be torn down and replaced with new construction. Land plots lining the boulevard cost between 1,050 and 1,300 euro sq/m.
Another trend causing a ripple on the Sofia property market is the increased demand for small homes of up to 65 sq m in the city center, says Address.
(Dnevnik)
Most of the takers for properties on Vitosha street are opting to remodel the residential premises located above the prestigious shops into office space, says Address.
The trend among noise- and clutter-conscious high-net worth individuals over the last couple of months has been a move away from the city center to the gated residential communities in the Sofia suburbs, says Address.
The Doctor's Garden, with its proximity to key government institutions, banks and good schools and the abundance of greenery, still has a firm hold on the title of the city's most prized residential and rental location but supply is so limited that a new listing comes on the market only once every quarter or so. This limited availability enables property owners to command prices of 1,100 to 2,000 euro sq/m.
Sofia's fastest growing downtown residential district is the area around Ruski Pametnik where there are still vacant land plots and dilapidated old houses waiting for a developer to turn them into a block of condos.
Another hot segment of Sofia's property market is the Banishora borough. It is not considered a prime residential district but is close to the city center and offers efficient transport to other parts of the capital. Banishora properties start from 600 euro sq/m and go up to 850 euro sq/m, says Address.
The potential of the Banishora district was given a boost by the development of the Todor Alexandrov boulevard which has quickly attracted a host of office buildings and bank headquarters. The strip along the boulevard is strewn with old residential buildings that could be torn down and replaced with new construction. Land plots lining the boulevard cost between 1,050 and 1,300 euro sq/m.
Another trend causing a ripple on the Sofia property market is the increased demand for small homes of up to 65 sq m in the city center, says Address.
(Dnevnik)