Before investing in real estate in Sofia, it is important to consider the region in which the investment will be made. In some regions of Sofia, there is a high demand for buying and renting real estate. The high demand makes those regions ideal targets for investors who would like to be able to immediately sell their properties if their prices raise substantially and quickly find tenants who will generate a steady monthly income.
In this article, we will discuss five regions in Sofia in which the demand for real estate is the highest. Those regions are: (i) the city center, (ii) Lozenets, (iii) Iztok, (iv) Mladost 1, and (v) Strelbishte.
The City Centre
The territory of the centre of Sofia is about 5 square kilometre. The geographical centre of that territory is the St. Nedelya Church which is the starting point of three boulevards, namely, Vitosha Boulevard, Maria Luiza Boulevard, and Alexander Stamboliiski Boulevard. The city centre does not have an official name, but it is often referred to as “Sofia – Central City part”.
Above 3% of the people who would like to purchase a property in Sofia would like it to be located in the city centre. The average price of the real estate in the city centre is 1500 EUR / sq m. Thus, a two-bedroom apartment of 40 sq m in a building built in 1941 in the city centre costs about EUR 60,000. An apartment of 90 sq m in a building built in 1932 costs about EUR 250,000.
Lozenets is one of the 24 administrative regions of the Sofia Capital Municipality. It has a population of about 50,000 people. Many properties in Lozenets have a direct view over Vitosha mountain. The area is home to many cultural and educational institutions. The largest hospital in the Central and Eastern Europe “Tokuda” is based in Lozenets. The region is at a walking distance from the City Centre Sofia Mall, the European Union Metro Station, and the James Bouchier Metro Station.
2,89% of the people looking to buy a property in Sofia prefer it to be located in Lozenets. Due to the high demand, one cannot find many properties for sale there. The average property price in Lozenets is EUR 1500 / sq m.
Iztok has a very good transport connection with the rest of Sofia. This is mainly because of the fact that Dragan Tsankov Boulevard and Tsarigradsko Shose Boulevard pass through it. Many countries (e.g., Japan, Finland, and Cuba) have chosen to establish their embassies in Iztok.
2,62% of the people searching for a property in Sofia prefer to buy it in Iztok. The average price of the properties there (EUR 1500 / sq m) is the same as the average property price in Lozenets. However, the number of the properties for sale in Iztok is generally lower than the number in Lozenets.
Mladost 1 is a part of a wider region called Mladost. Mladost is regarded as one of the most modern and quickly developing regions of Sofia. The largest business complex in Sofia (Business Park Sofia) is based in Mladost. Mladost is divided in 5 micro regions, namely, Mladost 1, Mladost 1A, Mladost 2, Mladost 3, and Mladost 4.
Mladost 1 is the preferred region of 2,32% of the people looking to buy a property in Sofia. The average property price there is EUR 1000 / sq m.
Strelbishte is located in the southern part of Sofia. The region is located in a close proximity with the Southern Park and is very well connected with the other parts of Sofia.
Strelbishte is preferred by 2,31% of the people who look to buy a property in Sofia. However, the average price of the real estate there (EUR 1300 / sq m) is higher than in Mladost 1.