Sofia ranks fifteenth among the largest cities in the European Union with a population of about 1.4 million people. The vast majority of the capital's residents are Bulgarians (more than 90%), but small groups of Turks, Macedonians, Pomaks and Romanians also live. The city is divided into 24 administrative units, each of which has its own district mayor, who is elected every four years.
Sofia is, first of all, the financial and industrial center of the country. Despite the fact that tourists prefer, as a rule, the Black Sea resorts of Bulgaria, Sofia has recently attracted increasing tourist interest. Not far from the city there is the Vitosha mountain range with a height of 2200 m, where several ski resorts are located. In addition, there are many mineral springs and balneological resorts near Sofia.
The city is conveniently located. From Vitosha, three roads lead to the city, preserved since ancient times, which connect Sofia (and with it the whole of Eastern Europe) with three seas – the Adriatic, Black and Aegean – as well as with Central Europe.
Sofia is also an important European cultural center. There are the Russian Cultural Center, the Polish Cultural Center, the Hungarian Institute, the Czechoslovak Cultural Institute, the Goethe Institute, the British Consulate and many others.
Among the cultural attractions of the city, the Alexander Nevsky Cathedral stands out, built at the end of the 19th century, with a total area of 3170 sq.m. Another symbol of Sofia is the Boyana Cathedral, which is included in the UNESCO World Heritage Site.
The disadvantage of the city, like many large capitals in other countries, is the rapidly growing migration from less developed regions of the country. At the moment, the pace of urbanization is clearly not keeping pace with the growth rate of migration.
Price history
From 2000 to 2008, Bulgaria experienced a boom in the real estate market. During this time, prices have jumped by 300%. The bubble burst in 2008, mainly due to the global financial crisis. In 2009 alone, real estate prices decreased by 26.31%. This also affected the capital of the country.
In 2010, the decline continued, amounting to 5.58%, while increasing by the end of the year. If in the third quarter the average price in Sofia was 840 euros per square meter, a decrease of 2.9% compared to last year, then in August the average price dropped to 740 euros per square meter. However, sales in Sofia that year increased by 10% compared to the previous year.
At the beginning of 2011, the housing market in Sofia showed a twofold increase in the number of transactions compared to the same period in 2010. The greatest demand in early 2011 was for one-bedroom apartments priced up to 50,000 euros. In the second quarter, housing prices in the Bulgarian capital fell by 10.1% compared to the same period of the previous year, to 750 euros per sq.m. By the third quarter of 2011, the number of transactions in Sofia had decreased by 19% compared to last year.
For the whole of 2011, prices in Sofia fell by 9% in Sofia and by 7% on average in the country. The most sought-after types of housing during this period turned out to be two- and three-bedroom apartments, with the main criterion for purchase remaining the price.
In the first quarter of 2012, the average cost of apartments in Bulgaria decreased by 4.3% compared to the previous year and by 0.4% compared to the previous quarter. In Sofia, the average cost was 749 euros.
At the beginning of 2012, real estate prices in the country were 38% below their peak level in the third quarter of 2008. Nevertheless, the price index of the third quarter showed that prices in Sofia stabilized in 2012.
In the second quarter of 2012, real estate prices rose by 0.2% compared to the first quarter of 2012. However, the decline in prices in the capital began to lag significantly behind the pace in the country.
By the end of the summer, the cost of renting apartments in Sofia increased by 15% due to high demand from students. This was especially true for the districts of Studenski Grad, Dianabad and Musagenitsa – the most popular among students.
By the end of 2012, prices in Sofia fell by an average of 4-6%, while in the whole country the maximum decrease was 4%. For the entire period from 2008 to 2012, the price of two-room apartments in Sofia fell by 30%.
By the end of the first quarter of 2013, apartments in the country had fallen in price by almost 1% compared to the previous quarter. At the same time, Sofia has again become the most expensive city in the country in terms of real estate prices (breaking away from Varna), where the cost per square meter was 725 euros. Already in the second quarter, prices rose to 734 euros.
2014 was a turning point for the market Bulgarian real estate. In the first quarter, after a year and a half of continuous decline, prices in the country increased by 0.2% compared to the previous quarter, reaching the level of the first quarter of last year. In Sofia, prices increased by 0.4% to 747 euros per 1 sq.m.
In the second quarter of 2014, price growth in Bulgaria continued – by 2% compared to the same period last year and by 1.79% compared to the previous quarter. The increase in real estate prices in Sofia amounted to 4.38%.
At the moment, the average cost of a single apartment in Sofia with an area of 45.15 sq.m. is 31,878 euros or 706 euros per square meter, which is 2.5% higher than at the beginning of 2014. The average cost of a double apartment is 55,477 euros (796 euros per sq.m.), which is 0.8% higher than at the beginning of the year. The cost of three-bedroom apartments increased by 4.1% to 89,207 euros (841 euros per sq.m.).
The cost of renting in Sofia cannot be compared with prices in Moscow and similar large metropolitan areas. Rental income here averages from 4% to 6%, due to the limited construction of new buildings.
There is little new construction in Sofia now, and what is being built is popular. It is especially difficult to sell and buy facilities connected to a thermal power plant. The cost of heating is very high and not everyone is ready to pay such fees. Foreigners purchase real estate either for the purpose of investment, or for student children, or for their own needs. For students, these are neighborhoods close to educational institutions. For investment – neighborhoods where the object is well rented, or at the construction stage for subsequent resale. For yourself – where it is cozy and there is infrastructure.
Due to the current political situation in the country, the usually low purchasing power of the local population, as well as problems in the banking sector, it is not necessary to expect a sharp increase in prices in Bulgaria in general and Sofia in particular. Foreign demand is not high enough to radically change the situation, especially in Sofia.
Transport
Direct scheduled flights to the capital of Bulgaria are operated by Aeroflot and Bulgaria Air airlines, the flight time is about 3 hours. In addition, there are direct trains from Moscow to Sofia, the journey time is 2 days and 3 hours.
In addition to Sofia International Airport, two new airports are planned to be opened in Bulgaria in the next few years. Such an event will not only lead to the growth of the country's tourism sector, but also boost the economy. This year, it is planned to open a new passenger airport "Sofia-West", which is located 60 km from Sofia, near the Struma highway and near the settlement of Kondorfey.
Equipment
The center of Sofia is a place of accumulation of historical architectural monuments, cultural attractions and major administrative institutions. The architectural appearance of the city center is dominated by the Viennese style and Neo-Renaissance, as well as many buildings of the early 20th century in the Art Nouveau style.
The most prestigious quarters of the central district of Oborishche are Georgi Rakovsky Street, People's Assembly Square and Tsar Liberator Boulevard. The National Academy of Arts (in the building of the former Royal Palace), the State Academy of Music, the Rector's Office of Sofia University are located here. It is also home to one of the most famous cathedrals of Sofia – the Orthodox Cathedral of St. Nicholas. St. Nicholas Church, built in the 19th century, which locals call the Russian Church.
The average cost of real estate in this area is 900 euros per sq.m. Single apartments here cost about 40,000 euros, double apartments – 61,000 euros.
Ivan Vazov
Ivan Vazov is one of the most prestigious areas of the city, located close to the center. Individual houses are common here, most of the panel blocks date back to the 1970s and 80s, although recently the area has been actively built up with new buildings. It is also home to Sofia's most famous theater, the Ivan Vazov National Theater, which plays classical repertoire.
Ivan Vazov is home to the South Park, the largest in Sofia, popular among residents as a place for walking with children and playing sports.
Due to the proximity to the park and the historical center of the city, developed infrastructure, the cost of real estate in this area is the highest in alltown. The average price per 1 sq.m. is 1,097 euros.
Citizens
Vazrazhdane is another district located near the center, with a population of about 50,000 people. There are 17 primary and secondary schools, many parks, and a newly built large mall. In addition, Vazrazhdane is also the financial center of the city.
Almost a third of the city is occupied by parks and recreation areas, this is one of the greenest areas of Sofia. One of the main attractions of Vazrazhdane is the National Polytechnic Museum, which exhibits the country's main innovative technological projects of recent times.
The average cost of real estate here is about 800-900 euros per sq.m.
Serdika
"Serdika" was the former name of Sofia until the 9th century AD, when it was the capital of the Roman province of Thrace. The district consists of four blocks: Fondovi Housing, Banishora, Orlandtsy, Malashevtsy and Draz Mahala. There are many schools, hospitals and other important institutions in the area. The main attractions of Serdika are the Bridge of Lions, named after the statues at the entrance.
Serdika is the closest to the Central Railway Station and the Central Bus Station. The cost of real estate in Serdik is relatively low – 633 euros per sq.m. Double apartments can be purchased for 40,000 euros.
Sredets
Another prestigious area in the heart of the city. As in the case of Serdika, "Sredets" is the former name of the city of Sofia. There are also many city parks, the largest of which is Borisova Gradina. In addition, Sredets is also the sports center of the city, where the main stadium of the country Vasil Levski is located, where the Bulgarian national team constantly trains. The average price of non–real estate is 900-1000 euros per sq.m.
Vitosha
One of the most prestigious districts of Sofia, which is home to the financial and political elite of the capital, as well as foreign entrepreneurs and diplomats. Visually, the neatness of the lawns and trees on the streets of this area is immediately striking. Vitosha also has a wide variety of real estate types – from urban villas to large residential complexes including restaurants, supermarkets and fitness centers. Vitosha is also home to the ancient Orthodox church of Boyana, dating back to the 10th century.
The area is located in the south of the city near the mountain of the same name, respectively, close to ski resorts. Average real estate prices are in the range of 700-750 euros per sq.m.
Simenovo
The Simenovo district is located in close proximity to Vitosha Mountain. The most popular type of real estate here are large houses and villas, as well as luxury complexes. Next to the district there is a business center, Sofia Business Park, with 35 office buildings. The area even has its own ski resort of the same name, which especially attracts property buyers. The foreign community of the district is the largest in the city. Average prices are 800-900 euros per sq.m. A one–room apartment can be purchased for 45,500 euros, a two-room apartment for 61,000 euros.
Mladost
The second largest district of the city, located in the south-east of Sofia. Thanks to the construction activity in recent years, the district has become the most modern and rapidly developing in the capital. Sofia Business Park, 16 schools and kindergartens, and many important scientific institutes are located here. Mladost has a well-developed transport infrastructure. The cost of the property is 600-750 euros per sq.m.
Lozenets
Lozenets is one of the most prestigious and sought–after areas, which is located within walking distance to the center. The area is characterized by wide green streets, many parks, including South Park, and picturesque views of Vitosha Mountain. There are prestigious residential complexes preserved from Soviet times, and new, newly built buildings. Recently, thanks to active development, the area is considered one of the most developed. It is also home to the largest hospital in Eastern Europe called Tokuda.
The average cost of real estate here is 998 euros per sq.m. A one–room apartment can be bought for 40,000 euros, a two-room apartment for 74,500 euros.
Studentski grad
It is already clear from the name of this area that it is the main place of residence for Sofia students. The district was built in the 1960s for students of various universities. It is a place of bohemian lifestyle, low cost of rent, the most fashionable clubs and bars and the general atmosphere of youth. In the city, the area is considered the "mecca" of Sofia's nightlife due to its young population.
Studentski Grad cannot be called a new district – most of the buildings were inherited from the communist era. However, the popularity of the area among young people could not but affect urban planning – recently many buildings have been actively renovated and reconstructed for more comfortable living conditions and entertainment.
As a rule, students prefer to rent two-bedroom apartments worth 200 euros per month. In dormitories in the Studenski Grad area, the average cost of renting a house is 25 euros, while two or three students live in one room. Accordingly, real estate in this area is relatively inexpensive. The average price is 712 euros per sq.m. A one–room apartment can be purchased for an average of 33,000 euros, a two-room apartment for 54,000 euros.
The editorial board of the portal thanks Mikhail Kiselyov (Bulgarian House) for help in preparing the material.
Daniil Burygin
HomesOverseas.ru