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Off-Plan Investment - the pros & cons
Of course, there are a lot of properties offered off-plan. This has its benefits and risks.
The positives include better prices - the earlier you buy the better price you can get. Buildings are often at least 80% sold by the time they are put into use and the best apartments are usually gone. If you plan to re-sell, there is potential to make a good profit, as the buildings appreciate substantially by the time they are finished.
Unfortunately, the biggest risk is that a building is never finished. Also, there is a big variety of building quality. Make sure you are buying from a reputable builder. We know the history of most of the development companies in Sofia and we can help you check the financial status of the project and the builder's reputation. There is always risk involved, hence the potential for profit. If you want to sell quickly you have the advantage of offering a ready-made property as well as the potential to rent to locals.
Rental is an interesting prospect because in general, Sofia has a lack of higher-standard rental properties and an emerging middle class seeking a better lifestyle.
The main shortcomings of the newly developed areas are the infrastructure. Often the roads are not good or wide enough. You will need a garage (usually not included) because there is little street parking. However, the bar for quality is only going up. Neighborhoods are being renovated and growing and new areas are producing elegant residential complexes.
Neighborhoods to Watch
- Manastirski Livadi
- Boulevard Bulgaria
- Krastova Vada
- Studentski Grad
- Center (Under Dondukov, Todor Alexandrov)
Sofia, Center - Under Dondukov
Sofia, Russian Monument
Sofia, Krastova Vada