After five long years of debating the ‘Central City Plan’ for Sofia, the government of Bulgaria and the mayor of Sofia have finally agreed the terms for the future development of Bulgaria’s capital city.
For the next five to ten years the vision for the incredible redevelopment, reconstruction and re-creation of this beautiful and charming city has been set and as a result property investment potential in Sofia has surged.
The plans for Sofia are undoubtedly ambitious, but the government have been assured that the budgets can be met, targets can be achieved and a brand new Sofia can be built in time for the 2014 Winter Olympics for which Bulgaria is a strong candidate.
The most fundamental aim of the plan is to bring Sofia up to date and in line with other European capital cities like London, Rome and Paris and for this to create a threefold increase in tourism numbers which will in turn boost Bulgaria’s already strong and growing economy and strengthen its position as it moves into the EU.
From the gilding of church domes to the complete redevelopment of Borisovata Gradina Park, from the building of new museums to the creation of skate and snow board parks - the plan covers almost every inch of the city of Sofia and the key elements are to preserve nature, to enhance culture and to embrace history.
For those looking to invest in property in Bulgaria now might be a good time to look at the city of Sofia with a fresh perspective. The plans for the city will involve significant construction - on the one hand this will mean a certain period of upheaval when potential returns on an investment are possibly reduced, this could also mean property bargains will be available - on the other hand this means that in the longer term rental returns will be far higher, demand for property will intensify and the investment returns will increase.
Within the plans for the city there are proposals to construct entire new neighbourhoods, to build high rise office blocks, underground car parking, pedestrian zones and to create a city with an impressive sky line, streets free from parked cars where tourists and workers can enjoy shops, cafes, museums, galleries and wide open green and natural areas.
Significant development of residential property is also planned to accommodate the growing numbers of local and international business men and women relocating to the city for employment. Potential rental returns on accommodation in Sofia are set to rise sharply as long and short term demand rises from business, student and tourism sectors.
Bulgaria has so much going for it that investors are flocking to the country and pouring in millions of dollars worth of investment and yet property in the country remains highly affordable. With one of the highest economic growth rates in Europe of 4.5%, with annual inflation at 3.8%, with a democratically elected government, economic stability, EU accession expected in 2007, property prices increasing around 25% yearly Bulgaria is considered a safe bet, it is considered a wise bet and now with the Central City Plan for Sofia in place the capital city and the country as a whole can only go on to benefit further.
For those looking for significant investment property returns, now could be the right time to make a move into Bulgaria, and Sofia might be the best place to begin a property search.
