Hot spots for buying a property in Sofia are shifting

The map of the purchase and sale of dwellings in Sofia is constantly changing because of the active construction in the capital. There is a significant increase in the prices of two- and three-bedroom apartments in hot spots such as Izgrev, Iztok, Lozenets and Borovo. However, the need for a large budget has shifted focus and led to the search for new attractive but affordable areas. As such, the neighborhoods of Vitosha, Krastova Vada and Manastirski livadi - Iztok were established. They attract new buyers because of their proximity to the mountains and the southern arc and relatively fast travel to the central areas of the city, according to construction-investment companies.

Krastova vada is a good example of an area that can compete with so-called prestigious neighborhoods in Sofia. The rates 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 large shopping center, and the proximity to the mountain is another advantage especially for younger buyers. "Krastova vada" is about to become the next attractive area for this target group and is a reasonable alternative to Lozenets.

According to the real estate agencies in Sofia, the key elements in choosing a home remain the image of the location, the transport links, the environment and the proximity to the social infrastructure - schools and kindergartens, shops, bank branches.
According to the survey, the good image of the area is becoming more and more important when choosing a home. "Krastova vada" is positioned in the niche vacated by the 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 be developed but are currently at reasonable prices.

Customers are interested in new construction in two major types of areas - established where budgets are higher and at the moment and those that are still developing their potential because there can be a good deal. That is why Krastova vada is the right place for a first home. Analysts say part of their buyers realize that it is better to choose a neighborhood that is being upgraded because it is easier to predict future developments. However, families with one or more children traditionally look for a home in already established and developed neighborhoods.

Investor interest responds to the rising demand for new-build housing and the share of green deals before Act 15 continues to grow. Still, in the new and less developed terrains in Sofia, the development of the internal infrastructure proves to be difficult for the municipality, according to the company. The problem of missing streets inside the new areas affects both residents and investors.

The history of the development of new areas like Manastirski Livadi has taught us some basic lessons - buyers are sensitive to these problems and must be provided with a solution. If no internal infrastructure is built, owners will not be able to move to their property. That's why investors choose to include building and maintaining environmental infrastructure in their projects. Thus, after the completion of each project, the area is improving as well as the life in it. The investors' forecast is for a growing and future demand in the middle segment of the market - housing for young, modern people with high quality construction and a reasonable price of about EUR 1,000 per sq m.