New Buildings Replace Older Property In Bulgarias Capital

Experts predict a construction boom in Sofia's centre.

In two years at most new luxurious complexes would replace the old buildings in the capital, real estate companies said.

Yavlena real estate company representative Strahil Ivanov said that the process of replacing old constructions with new ones would start by the end of this year.

According to Adress Group predictions, the boom would start two years from now, when construction in the capital's suburbs would be completed.

Investors prefer plots surrounded by buildings less than four floors high, 24 Chassa reported. The new complexes usually have underground parking lots to deal with the parking problem in the capital.

Purchasing an old building may cause troubles like additional destruction expenses and construction waste disposal, property agencies say. These costs are a setback to most investors, 24 Chassa reported.

One option for the purchase of such plots is the buying of land together with the building on it, experts say. Another opportunity is compensating the original proprietors through ownership rights over a part of the new complex.