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There is money to be made in a real estate investment in Sofia, but you need to have a targeted approach to succeed, with the help of a full-service agency

SOFIA, BULGARIA, April 11, 2023/EINPresswire.com/ -- There is money to be made in a real estate investment in Sofia, but it needs to have a targeted approach to succeed, and will need the help of a full-service agency to help complete the transaction successfully.

Sofia Property Broker is a concierge real estate agency in Sofia helps potential investors in the city to understand which areas have the potential for an increase in property prices than others. Following the identification of the investment properties we will help with the compete property transaction helping to find lawyers, builders and managing your investment.

Bulgaria Post Eastern Bloc Control

With US and EU assistance, Bulgaria has transitioned from a socialist republic following the collapse of the Eastern Bloc in 1990 from a Soviet model to one of modern democracy and has emerged with one of the most stable economies in Eastern Europe and become a member of NATO and the EU.
In the early 2000s, Bulgaria saw large growth despite a global recession with GDP expanding at a rate of between 6.6% and 5% in 2003-2008. Bulgaria joined NATO in 2004 and the European Union in 2007 and plays a major role in regional security due to its Black Sea coast line.
Bulgaria has a very popular Black Sea coastline, has good skiing at three resorts and Sofia is becoming increasing popular as a short break destination.

What To Look Out for When Real Estate Investment in Sofia
It is important to be very careful when investing in property in Sofia as agents will exaggerate yields and growth potential. The zoning laws in Sofia are not as fixed as in western Europe and developers build higher cand loser without any proper urban planning causing traffic congestion.
It should be possible to achieve 5-7% yield after all expenses and taxes are taken into account if you make an informed purchase.

Where To Should Target Your Real Estate Investments in Sofia

The bests areas to live in Sofia are covered fully in this article but as a summary, it is better to buy smaller apartments as they are easier to rent out with better rental yields. In all areas there is a shortage of parking spaces, particularly in Sofia Center, so purchasing a garage or parking spaces with the apartment is recommended.
The following areas are good rental locations for executives and workers in the capital, as well as business and leisure travellers visiting Sofia:
• The centre of Sofia including Doctor’s Gardens
• The up-market residential areas of the city such as: Lozenets, Ivan Vazov, Strelbishte, Lagera, Iztok, Geo Milev and Vitosha
• The business districts including: Bulgaria Boulevard, Buxton and Mldadost.
• Studenski Grad for student rentals

We work with several building and furnishing professionals who will refurbish a Sofia apartment to the required standard for rental to achieve an excellent quality apartment at a reasonable cost.

What Type of Investments Should to look for in Sofia?
We have created an article on rental returns in Sofia to help understand what is possible.
No-one is interested in properties build between the 1930s and 2000, so it is recommended to purchase either new-builds, or for old stone houses/apartments.
Planning for a three-month modernisation or finishing period is sensible, but the hardest thing is finding and communicating with someone to do the work.

Taxes in Bulgaria are the lowest in the EU with income, corporation and capital gains tax charged at 10%

In the center of Sofia, the purchase will almost certainly be an older property. Most of the apartments will require full refurbishment but it may be possibe to find a modernised property that is ready to be rented out immediately.

Long Term Rental
There is a great demand for long term rental in Sofia from people moving from other parts of Bulgaria and from other countries. Smaller apartments give the best return on investment in the centre of Sofia, Doctor’s Gardens, Lozenets, Strelbishte, and Vitosha.

Expect to pay minimum of 2000 Euro m2 for an off-plan property and 2500 Euro m2 for a fully finished apartment.

Buy Off-Plan and Sell When the Property Gets Permission to Use (Act 16)
Over the last few years, property prices have been increasing by at least 20%, so over a two-year period after putting down a deposit to paying the final instalment a healthy profit could have been achieved.
The high interest rates in 2023 have caused a stagnation in property prices but the situation is likely to improve in 2024 as there is such a high demand in Sofia with the rapid development of the middle-class in Bulgaria.

An Airbnb Type Apartment
There is a severe shortage of Airbnb type properties in Sofia with bookings having to be made months ahead to secure a nice place in the right location.
An agent will be needed on the ground in Sofia to manage the property. Sofia Property Broker is a full-service agency, that can help buy real estate in Sofia make the renovations (if required), and do the Airbnb type management.

Concierge Real Estate Agency in Sofia
As well as the purchase, finishing and managing a property, a Concierge Real Estate Agency in Sofia we also will connect investors to the following recommended services:
• Problem Solving and Project Management
• Monitor and Arrange Inspections
• Contact with Legal and Notary Services
• Help with setting up Insurance
• Moving and Logistics

We provide complete concierge real estate concierge in Sofia

Bistra Bogoeva
Sofia Property Broker
+359 87 797 3417
email us here
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