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Description: Located between the prestigious area of Lozenets and Sofia's business district and with stunning views of Vitosha Mountain, The Belgravia sits within one of Sofia's key growth areas. This private complex is in the heart of the University Quarter and is naturally protected by surrounding parks, sports fields and University buildings. The architects of The Belgravia have created a unique and practical concept to combine efficient, modern living spaces within a natural setting. Their brief was to design an environment that met the lifestyle and work demands of local business and university professionals and they have achieved an exceptional balance rarely found in cities. Phase I sold out to the local market within three months and in Phase II, there will be four residential buildings each with between 23 and 29 premium studios, one-bed and two-bed apartments. Each building has a low-noise elevator and most studios and apartments have a balcony or private garden. * University Quarter, Sofia (greenbelt district). * One of the fastest growing areas of the city. * Ten minutes drive to the city centre. * Five minutes drive to the business district. * Easy access to and from Sofia Highway and Sofia airport. * Prime residential area for embassy staff. * Within walking distance of two underground stations. * Under 2km from skiing on Vitosha Mountain, next to the National Sports Academy and Winter Palace of Sport. * Surrounded by parks, playing fields and university buildings. * Excellent views of Vitosha Mountain. * Investment from multinational companies flooding into the area. * Comprehensive plans to develop local infrastructure are well underway. * Close to Sofia Business Park The architecture and construction brief for the Belgravia was to develop apartments that have strong appeal within the local market in order to maximise rental return and reselling prospects. Gated communities with leisure and parking facilities have become increasingly popular within the Sofia market and with limited room for expansion so close to the city centre, demand for such accommodation is high. Accordingly, rental returns from these apartments will have a premium and there will be a dedicated onsite rental and management company available for clients. “Bulgarians’ understanding of luxury is changing. The once-coveted luxury villas of 10 years ago... are still selling for millions of euros... Even those who commissioned these houses are now migrating to upscale gated communities, the market’s rising star, here to feed the demand for luxurious living. There are at least 15 residential gate communities currently in the works in Sofia alone...” Gated residential properties grow popular in Bulgaria, Propertywise, March 2007 Real estate in Sofia This vibrant financial and commercial centre is Bulgaria's largest city, home to the Bulgarian National Bank, the Bulgarian Stock Exchange, as well as some of the country's largest commercial banks (such as Bulbank, DSK Bank and the United Bulgarian Bank). The city accommodates nearly a quarter of the entire country's population. Manufacturing, construction, trade and transport are the primary sectors of the local economy. Increasingly, Sofia is attracting attention as an outsourcing location for Western European and American multinationals. Sofia is also the headquarters for major Bulgarian and international companies operating in Bulgaria and Eastern Europe. The Sofia population has doubled over the past 10 years and the unemployment rate in the city is only 3 percent, compared to average European levels at 10 percent. Sofia is tackling congestion challenges by improving the infrastructure (which includes a major new highway and bypasses) and transport links, including an underground railway network, which is expected to be operational by the end of 2007. Over the past 18 to 24 months there has been a trend towards property investment in the capital. As a result the real estate market in Sofia has achieved growth of up to 100% in some areas during this period. Residential areas close to Sofia's central business district have limited room for expansion as the EU ecological and preservation standards restrict mass development. As a result, these areas are experiencing highest demand, particularly for premium accommodation which is in limited supply. Suburbs are expected to develop and properties close to the central areas are expected to increase in value. Newly built properties (particularly gated communities) have become the preferred option compared with the traditional purchase of renovated, older apartments. The first quarter of 2007 has seen an increase in the number of residential developments sold off-plan, expected to be delivered on the market within six to twelve month's time. Mortgage-financed purchases also gained momentum during the period. One and two bedroom apartments currently register the highest demand. Property prices are still considered to be in their infancy stages of growth in comparison to other European cities. "Liam Bailey, Knight Frank’s head of residential research, describes Bulgaria as ‘one of the big winners’ in capital appreciation since the millennium. He says: 'Slowly you’ll see its properties and amenities going up-market. It’s a place to watch.'" The Independent, June 2007 |
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