World superstars boost Sofia property prices, according to Obelisk

propertywisebulgaria.com, 2008-02-16

     Obelisk says Sofia property investments are attracting the attention of Hollywood celebrities and pop icons, prompting the emergence of a new luxury market.
     Cheap holidays, cheap skiing, cheap flights, cheap food and drink, and of course cheap property - 'Cheap' has been the main attraction for British investors buying into Bulgaria. However, big changes are in the air with an increasing number of foreign investors and Hollywood A-listers buying up the more exclusive high-end property.
     Antonio Banderas, who already owns property in Spain, is amongst "Hollywood royalty" spending many months in the capital filming The Code, due for release this year, along with Morgan Freeman who has revealed his interest in purchasing a block of executive apartments in Sofia.
     The newly renovated film studio in Sofia has created a house-hunting frenzy from top filmmakers and celebrities. New Image has strategically snapped up the previously state-run film studio in Sofia for 9.2 million dollars in a bid to cut massive production costs that the company faces in the US.
     Sofia is home to the majority of the country's 200 000 millionaires with many ready to pay over 3 000 euro a sq. m. for a city centre complex.
     The need for larger, more luxurious properties in prime city, beach and ski locations dictates the market evolution. Additionally, rising demand is originating from foreigners working for the big multinationals in Sofia and from Bulgaria's emerging middle to high classes, for properties within commuting distance of the capital.
     James Gonzalez, Market Analyst at Obelisk comments, "Luxury properties are still within an affordable range for many overseas buyers, compared with more traditional markets (such as Spain or Portugal). A luxury apartment in Sofia's commuter belt averages around 135 000 euro - you would be hard pressed to find a good apartment in the Costa del Sol for that price."
     Sofia is an excellent commuter base with budget airlines, such as Wizz air, servicing routes all across Europe. The airline will also be offering internal flights to the town of Kavarna - known as the 'Rock Capital of the Balkans', with headline acts such as Motorhead, Led Zeppelin's front man Robert Plant and musicians from Black Sabbath, all kicking off the Kaliakra Rock Fest in July.
     The country is also upgrading ski facilities including a 550 million euro Super Borovets project - a major development in the country's most popular ski resort. Spa tourism is also on the up and steering the market further towards the more upmarket investors and holidaymakers.
     James goes on to comment that "Since Bulgaria's EU accession foreign buyers' confidence in the country has grown immensely. British buyers, who still believe Bulgaria to be a destination for low end investment rather than a second home or luxury rental investment, need to revisit the market."

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