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Right Place to Rent? - Choose the Area Carefully

Sofia is still the cheapest capital in Europe in which to buy property and one of the few capitals, which has ski runs just 20 minutes away from the city centre and a golf course within a short drive of the city; but before investing, it is important to determine, which the best areas are. Sofia is easy to get around on foot and taxi fares are still very cheap, which makes good quality property in downtown very popular.

Nevertheless, buyers must choose carefully and avoid anything close to the old communist panel blocks.

Doctor’s Garden is highly sought after, as is quality property on the Yellow Brick Road route, but many agents are marketing properties close to Doctor’s Garden under this name. The actual Doctor’s Garden area is ctually very small, but is in easy walking distance from the centre. This area is very popular with people employed at the foreign embassies and top-level business executives. The property here is expensive to buy, but does yield good rental returns.

On the outskirts of the city, buyers must take into account how easy it will be for tenants to reach the city centre. Sofia has a heavy flow of traffic and at peak times, a short journey will take much longer than anticipated. The city is also lacking in ample parking space.

The most popular city suburb is Lozenets. It has many newly built properties, good pavements, many restaurants and cafes and is only a few minutes from the centre by taxi. Bulgaria Boulevard is also more popular because of its increase in new developments combined with its easy access to the city centre via public transport.

Varna has also experienced increases in long-term city rentals, with apartments in close proximity to the centre being the most popular.

Again, choose your area carefully. Don’t buy a “luxury” apartment because the agent tells you it is close to the centre or new retail facilities; Orchid Hills development is one such example, where the developers and agents are marketing the luxurious blocks as being easily accessible to schools, hospitals, retail and transport links.. All of these statements are true, but not mentioned is the fact that the development overlooks rows of old Communist panel blocks and the retail community so far is the German discount supermarket chain, Kaufland; this doesn’t mean that the apartments are not good to invest in; such apartments are ideal for renting to young Bulgarians.

Pride Property Services reports that, “Many apartment owners only require short-term letting contracts, but unless the apartment has a good view (in the case of Varna, the sea) and a central location, this is not as easily achieved.”

Golf, the Next Rental Boomer? The construction of some fantastic professional golf courses is sure to increase the demand for rental properties on more of a year round basis. This market is not yet established, which offers some great possibilities to get in at the start. The profile of the future golfers in Bulgaria, is likely to be multi racial and those intending to rent to the golf market need to market their properties accordingly.

Accessibility to the golf courses will also help determine who will rent and at what times of year. Accessibility is the key in determining a potential audience; what is the nearest airport and are there any low cost airlines flying in there? Many foreign low cost airlines like Germanwings are bringing visitors to Bulgaria – make sure your marketing efforts take advantage of this.