The condominiums remain an excellent investment.The tendency is for them to be built on the outskirts of the capital.
Published in Imoti Bulgaria Magazine
25.03.2008

Interview with Plamen Putsov - Sales manager, Winslow Gardens:

Mr. Putsov, the concept of residential complex of “closed type” gains an increasing popularity in Bulgaria. Why do investors orientate toward the realization of such projects?

- It is more correct to talk about “condominiums” which are a world standard. They emerge for the first time in the USA after the World War II. Condominiums represent a complex of buildings with a similar architecture settled in a common developed environment which is complemented by utilities for the residents – security, swimming-pool, parks, children’s playgrounds, parking lots, etc. Maintenance and management are envisaged for the common parts and the green areas.

Condominiums remain an excellent investment on the market of real estates in Bulgaria. On one hand, they give very good opportunities for long-term letting out of apartments as they attract the potential tenants with utilities such as a fitness and SPA centre, swimming-pool, commercial areas, services regarding maintenance of homes, etc. On the other hand, the medium-term and long-term forecasts for the prices of apartments in these complexes indicate a sustainable growth. There are many reasons for that – location in attractive regions, high quality of construction, organized maintenance of the whole complex, value added by the general planning of the surrounding environment and the exterior.

Does the preference of the clients for these complexes increase? What are their social advantages?

- The increased living standard in large cities imposed the emergence of this type of complexes. People search for a substantially new living environment in proximity to their workplaces. The condominiums offer an opportunity for recreation after the hard working day and a tranquil environment for raising children. These advantages are combined with the proximity to the economic and financial centers, offices and international companies and convenient transport links.

The condominiums distinguish with low to medium construction, lower density of construction and planting with tall trees which creates a feeling of spaciousness. It is good for parking lots to be settled in underground levels so that there is no access and movement of automobiles in the spaces between the buildings. It is compulsory to envisage parking lots for the automobiles of guests as well. The service zones should not be excessive but they must include at least a supermarket, sports center, playground and a pharmacy.

Where do the investors who want to build such complexes aim at?

The investment interest at the moment is aimed at the zones offering terrains that are large enough. The choice of a parcel for the construction of such a complex must be conformable to the financial resources of the investor, the urbanistic parameters of the district as well as the requirements of this type of construction. It is hard to build a complex envisaging at the same time public service zones and park area that is large enough on an area which is less than 5-6 decare.

Are there still suitable terrains with developed infrastructure in Sofia?

- There are very few attractive terrains left for construction of condominiums in Sofia. There is offering of parcels of suitable area on the outskirts of the city, in the districts of the so called Vitosha collar – Boyana, Dragalevtsi, Simeonovo, Bistritsa, Kambanite. Their advantage is the location in proximity to Natural park Vitosha and the ski lifts in the mountain. The districts Manastirski livadi, Krustova vada, Vitosha – HPP Simeonovo, Malinova dolina are also suitable because they combine the proximity to Vitosha with that to the center of Sofia where the major administrative, financial and state institutions are situated.

Most of the parcels are situated in zones with poorly developed infrastructure. Usually the investors undertake its development. In these regions it is possible to purchase and consolidate land at a lower price. The large scale of the project allows the investor himself to take actions regarding the regulation of the terrain and elaboration of a detailed development plan for the whole region.

Since the parcels within the capital are becoming less, the expectations are that investors in this type of complexes will soon aim on a mass scale at the regions around the city. There are already a few condominiums that are being constructed at 15-30 km away from the capital. This is a global tendency and it will soon establish in Bulgaria. The advantages of the regions out of Sofia refer to the calm atmosphere, clean air and large courtyards that make the estates there attractive for families.