First time property buyers in Sofia are increasingly selecting developing regions

Krastova Vada and Manastirski Livadi- Iztok are emerging as alternative areas of the already more expensive Izgrev, Iztok, Lozenets, Borovo.

Homebuilders in Sofia, especially in the first home, are targeting new, developing regions due to more affordable prices, reported by the construction company BLD.

The budgets for the two-bedroom and three-bedroom apartments in the hottest places - Izgrev, Iztok, Lozenets, Borovo have increased significantly in recent years, which has led to the search for new attractive but accessible areas.

"Krastova Vada" and "Manastirski Livadi-Iztok" appear as such due to their proximity to the mountain and the southern arc of the Ring Road and the relatively fast travel to the central areas of the city, the company said.

"Krastova vada" is a good example of an area that can compete with so-called prestigious neighborhoods in Sofia.The prices here are lower and the comforts of the neighborhood do not give way to other preferred areas.There is already a metro station and a big shopping center and the proximity to the mountain is another advantage, especially for younger buyers, "commented Dimitrov Savov of BLD.

According to him, Krastova Vada is about to become the next attractive area for this target group and is a reasonable alternative to Lozenets. In this connection, the company launched a new project in the neighborhood - a residential building with a predominant share of two-room apartments - most sought after to buy its first home.

According to data from real estate agencies, the key elements in choosing a home remain the image of the location, the transport connections, the environment and the proximity to social infrastructure - schools and kindergartens, shops, bank branches.

Krastova Vada is positioned in the niche vacated by Lozenets and southern districts - a place where young people see a perspective and can arrange their everyday life well. Young successful people are traditionally reluctant to choose areas with a future, to form communities in these areas, and therefore often choose neighborhoods that are yet to develop but are currently at reasonable prices.

Typically, families with children are targeted to areas already established, where budgets for home purchase are higher.

The main problem of the new areas in Sofia is the internal infrastructure, which is difficult for the municipality to build. That is why investors are increasingly involved in building and maintaining environmental infrastructure.

BLD's forecast is for growing and future demand in the middle segment of the market - housing for young, modern people, with high quality construction and a cost of around 1000 euros per sq m.