Bulgarias Real Estate Sector Going Stronger

By: John Adamm

Expectations regarding real estate investment development after Bulgaria's accession to the EU have not been ungrounded. EU membership has definitely stimulated foreign investment.

One area that is rapidly growing is the construction of business centers and commercial property. As more multinationals enter Bulgaria, demand for commercial real estate in big cities increases. One third of foreign investments in Bulgaria are used for real estate purchase. Analysts expect that the peak in this type of investment will be in the period between 2008 and 2011. According to an EMEA investment analysis conducted by Colliers International, more investment deals will be concluded in 2008, and Bulgaria will certainly be part of this process.

Residential real estate has not been left behind. In 2007, banks granted BGN 2.5 billion for home loans. Of course, Sofia accounts for a sizeable chunk of residential property purchase. However, while construction in the city had a somewhat rushed nature in the last, and the main purpose was to build quickly and get big profits, quality has now become the main criterion that motivates the choice of residential real estate.

Karrat Group Ltd., a leading real estate investment company, is currently developing what is sometimes defined as Sofia's most ambitious property complex. It is called City of Fountains and aims to radically change people's idea of Sofia real estate by offering them a product which is uniquely tailored to their lifestyle requirements.

City of Fountains has been created to cater for the needs of successful professionals, who are indeed most of today's residential property seekers. These people work hard, but also have high demands in relation to their lifestyle, comfort, and pastime activities. The complex is conveniently located in Mladost 4 Residential Area, only 400 m away from Business Park Sofia and has excellent transport connections to the city centre and other parts of the city. It offers its residents and visitors a wide range of recreational, shopping, and social amenities. A major feature of the project is its outstanding landscape, exterior, and interior quality, which after completion will be maintained by an independent firm.

To realize its ambitious idea, Karrat Group is working together with some of the best professionals in Bulgaria and abroad. The main construction contractor is SD BOCAL-S, one of the leading construction companies on the Sofia market, and the investment and sales consultant is Colliers International.

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