Bulgaria Property Finally Making the News for the Right Reasons

The Bulgaria property market has been getting a lot of attention lately, most recently because the government has stopped allowing people to pay in cash when buying property, and because a major new developer is currently assessing buyer demand with the launch of a new development that has been in the pipeline since 2007.

The announcement from the government is undoubtedly an attempt to reduce corruption and money laundering in the property market, which will no doubt be reassuring for foreign buyers in the long run.

The developer, Immorent has launched a new 200 unit apartment development in the high end Simeonovo district of Sophia. Immorent will only be starting construction on the development if sufficient demand emerges from the domestic and international markets. They are not aking deposits or anything like that, just allowing people to register their interest at this stage.

Managing director of the firm Milen Petrov told Overseas Property Professional magazine that despite Bulgaria's dramatic price falls, there was still a lack of good quality product on the market. But the company wanted to assess demand before starting construction.
"We don't need the money from sales to start building," he said. "We purchased the land in 2007 and the project has been in the design stage since. But the big question now is whether to start or to wait."
The company are planning to target the upper-middle end of the market both in Bulgaria and abroad, Petrov added. "We would prefer local buyers who want to live in the properties but we are also marketing to Russian buyers, as well as UK and Scandinavian investors and even nearby Macedonians."

The commercial and retail sector of the Sophia property market have also been making the news recently, including the opening of the European Trade Centre, a five building office complex and shopping mall, now scheduled for Spring 2010. Those sectors ultimately stimulate demand in the residential sector, and my gut tells me that the Immorent development will go ahead.

View Bulgaria property for sale