Interest in Sofia property investment projects is continuing to rise despite fears that there are already too many players on the market, a recent report suggests. A survey conducted by real estate investment company Karrat Group suggests that while demand for homes in Sofia is growing, it is not as easy to meet buyers' expectations as it was several years ago.
According to Karrat Group's research, people now have an entirely different approach to home-seeking. They are more educated and discerning and have higher expectations.
Construction companies are therefore advised to curb their tendency to simply build as many homes as fast as possible because current Sofia's property buyers have numerous requirements for location, landscape, interior design, quality of construction materials, nearby amenities and many other factors. People realise that buying an apartment is a crucial investment and they want a home that can meet or boost their lifestyle.
Investors should attune to this shift in consumers' attitude. Karrat Group is currently developing a project called City of Fountains, located in the Mladost 4 neighbourhood. The complex will comprise 18 residential and 2 office buildings, on a total area of 35 000 sq m., located 400 m from Business Park Sofia. The construction of the complex started on March 15 2007, with the first phase due for completion in January 2009.
(Press release: Karrat Group Ltd)
