Sofia's Students' city in the focus of investors and home buyers

propertywisebulgaria.com, 2007-11-20

     Studentski Grad (Students City) borough in Sofia's south saw a dynamic and interesting development in the last 10 years. At the moment, the neighbourhood is a colourful mixture of ugly, communist-era students' hostels, newly built apartment blocks, and fashionable bars.
     Studentski grad remained untouched by the construction boom until 2000, when smart investors started building stylish cafes and shops, Kapital Weekly reports. Heavy construction in the borough took place three years ago. The number of free plots in Sofia's other southern residential districts has decreased significantly, so investors turned their interest towards the university city.
     Now projects for single apartment blocks have turned into small residential complexes comprised of several buildings. There is a great possibility that, in the near future, the number of year-round residents of the borough would outpace the number of the students. At the moment, there are 50 000 students living in Studentski Grad from all around the country and another 30 000 with permanent residences.
     Newly built apartment buildings are sprouting up in the former "green areas" between the hostels and in the district's periphery. New apartments are offered for off-plan sale mostly. Although there are finished apartments, owners do not offer them for sale or rent, thus causing limited supply and price hikes.
     Those who choose buying a home in Studentski Grad are young couples, with one partner working in the area, or students' parents who want a home for their child during university. There are foreign buy-to-let investors in the area as well.

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