Bulgaria’s capital, Sofia, remains the top choice for professional investors who are looking for year-round returns, rather than an income from a second holiday home. With increasing numbers of multinational companies arriving in the metropolis, the prospects for returns from well-appointed apartments are good.
According to research carried out by Foros Real Estate (published August 2008), rental prices registered the highest increase in Sofia, with apartments averaging an increase of 18.98 per cent, while houses grew by 16.10 per cent. Small apartments in Mladost, Oborishte and Dianabad, respectively, have reportedly been the most desirable and prices have increased accordingly.
An average rent for a two-bedroom flat in one of those areas is 450 euros per month, while in Lyulin, Drazhba and Obelja apartments averaged 150-200 euros. In terms of demand, properties in the city centre remain the most popular – in spite of rents nudging 800 euros per month for a three-bedroom apartments (and 1200 euros for larger Bulgarian properties).
These prices were also reflected in the Lozenets and Iztok districts. Mladost is singled out by Foros as the preference of employees of the nearby Business Park Sofia.