Areas in Sofia where home value could rise
Sofia is a bustling city which often finds itself in lists that feature the top tech hubs in Europe. Besides being a magnet for entrepreneurs, it has been attracting people from the less developed Bulgarian countryside for years, leading to a significant increase in its real estate prices. Still, there are areas in the capital that are yet to experience noticeable price increases. This is due to several factors:
- The subway
The citizens of Sofia take pride in their beautiful subway which has been seeing new stations open at a remarkable pace. And whenever a new station pops up, the property prices around it surge. The reason for this is simple – the metro is (and will most likely continue to be for a long time) the fastest and most convenient way to travel around this city, which is notorious for its traffic jams. Some neighbourhoods in the city are literally considered to be isolated from the rest of the metropolis due to the lack of subway access to them. Such is the case with the South-Western Ovcha Kupel district – but not for long.
Stage 2 of the third metro line is to be completed in the not-too-distant future. It will cover the section from Zhitnitsa Street via Ovcha Kupel to Ring Road (at the railway station in Gorna Banya).
- The Ringroad
Sofia’s ring road has been developed with less impressive speed – but it is having more lanes added to it at places that usually experience significant traffic congestion at rush hour. Currently, the road is under construction near Gorublyane, which will make the neighborhood a lot more accessible for its residents. As a result of that, and due to its proximity to the beautiful Pancharevo Lake, the region could enjoy some serious interest in the future.
- Nearby villages
Everyone wants to escape from the noise, the smog and the crowds – which is why villages have been becoming more and more attractive to the people of Sofia. Bistritza, Lozen, Pancharevo and Zheleznitsa have seen immense appreciation in the land and some of the locals have literally become millionaires thanks to properties that they’ve inherited from their families. All of the small settlements that are an hour away by car from Sofia could lure the city folks and experience the same shift in value.
- Northern Sofia
It is a well-known fact that the north of Sofia has been somewhat neglected. This is especially evident by the lack of infrastructure in a lot of the neighbourhoods – electrical substations, plumbing, gardens, asphalt pavements, etc. This is partly due to the South’s proximity to the Vitosha mountain, which makes it especially appealing to all the homehunters.
There have been some plans to develop the North of Sofia as well though – the terrain allows for a swift expansion of the city. Purchasing an apartment in a newer building there can prove to be a great investment for the future. It should be noted that the North itself is also not too far away from the gorgeous Stara planina mountain.
Naturally, there are a lot more factors to consider when wanting to purchase a property – such market cycles, property specifics, etc. Make sure to get in touch with us and we will guide you through the entire process.