Guide to Bulgarian Cities

Introduction

Properties in Bulgaria’s cities are proving increasingly attractive to international buyers, many of whom are from the UK.

As well as the Black Sea resorts of Varna (Bulgaria’s third largest city) and Bourgas (a major fishing port), popular locations include the medieval settlement of Veliko Tarnovo (or Turnovo), former capital of Bulgaria, situated in the hills above the Yantra River in central Bulgaria, and Plovdiv, the country’s second largest city and one of Europe’s oldest, located 130km southeast of Sofia, on the banks of the Maritsa River. At present, both Veliko Tarnovo and Plovdiv have limited rental markets. Plovdiv has the bonus of an international airport, though services to the UK are currently restricted.

Not surprisingly, Sofia, Bulgaria’s capital, is the city attracting the most attention from overseas purchasers, thanks to its improving transport links, thriving rental market and potential for capital growth.

Sofia

Located in western Bulgaria, Sofia is the country’s largest city, its seat of government and the epicentre of its economic and cultural activity. Though not renowned for its architectural splendours (communism having left a legacy of ugly, utilitarian structures), it has its share of historic buildings, including the St George Rotunda, originally constructed as a Roman temple, and the elegant 19th-century blocks that flank the gracious, tree-lined boulevards of its centre. The beautiful Vitosha National Park lies just outside the city.

Sofia is fast sloughing off the lingering traces of communism to become a modern capital with an international outlook. Attracted by low costs and evolving infrastructure, multinational companies are relocating there, with resulting benefits to the local economy. Investment, both domestic and foreign, is being channelled into regeneration projects that will benefit the whole of Bulgaria.

The city provides a wealth of leisure opportunities, including skiing on Vitosha Mountain, just 10 minutes away. It offers shopaholics everything from the exclusive designer boutiques of Vitosha Boulevard to independent specialist retailers to market stalls and colourful street vendors. Its many excellent restaurants serve international and traditional Bulgarian cuisine, and its vibrant nightlife, which includes theatres, cinemas and concert halls as well as casinos, bars and clubs, caters for every taste.

Climate

Winters are cold and snowy, January temperatures varying from around minus 5 to plus 2 degrees Celsius. Summers are moderately hot – July temperatures range from 14 to 26 degrees – and humid.

Getting there

London and many of the UK’s regional airports offer services (including both charters and scheduled flights from BA and Bulgaria Air) to Sofia International Airport. Budget airline Wizz Air flies between Luton and Sofia four times a week.

Flight time between Sofia and the UK is around three hours.

Property

Like so much of Bulgaria, Sofia is experiencing a construction boom. Property prices there have shot up, particularly since EU accession in January 2007. Many of the new residential properties are apartments intended primarily for the buy-to-let market, but villas are also available in some parts of the city, mainly the outlying ones. Older homes are being renovated, often by developers.

As in any large city, prices vary widely according to location and condition, but apartments close to the city centre can be bought off plan for around £46,000. One-bedroom apartments in the upmarket Boyana district, at the foot of Vitosha Mountain, are available for around £40,000, and two-bedroom apartments for £57,000.

For buy-to-let investors and second home purchasers planning to rent out their property when not using it themselves, Sofia has the big advantage over Bulgaria’s coastal and mountain resorts of having a genuinely year-round rental market, courtesy not only of tourists on city breaks but also of the increasing number of expats and people from other parts of the country who are now working in the capital.

Local life

To avoid misunderstandings, it’s worth knowing that, in Bulgaria, nodding one’s head signifies dissent, while shaking it indicates agreement.

Smoking is something of a national pastime in Bulgaria, though some cafés and restaurants have non-smoking areas.

Conclusion

Despite hefty price rises in recent years, property in Sofia still offers good prospects for capital growth and rental income. The more adventurous potential purchaser, however, may want to consider a city with a less established property market, such as Veliko Tarnovo.

© Buy Associates Limited 2007

All circumstances vary. BuyAssociation provides general advice for guidance purposes only. It is strongly recommended that you seek professional advice before making any purchase.