The Investors aim at regions on the outskirts of the capital
Published in Cash Newspaper
07.04.2008

The complexes of “closed type” are among the preferred urban concepts for residential construction by investors. The interest at the moment is orientated toward the zones which offer terrains that are large enough. The choice of a parcel for the construction of such a complex must be conformable to both the financial resources of the investor and the urbanistic parameters of the district. This type of construction has its own specifics, as explained by Plamen Putsov, Sales manager of Winslow Gardens. One of the requirements for these projects is the availability of an area which is not less than 5-6 decare. Otherwise it would be difficult to build a complex envisaging at the same time public service zones and park area that is large enough, courts and children’s playgrounds.

There are very few attractive terrains left for construction of condominiums in Sofia. There is offering of suitable parcels on the outskirts of the city, in the districts of the Vitosha collar – “Boyana”, “Dragalevtsi”, “Simeonovo”, “Bistritsa” and “Kambanite”. The advantage of these regions is the close proximity to Natural park Vitosha and the ski lifts in the mountain. According to Plamen Putsov the districts “Manastirski livadi”, “Krustova vada”, “Vitosha” and “Malinova dolina” are also suitable because they combine the proximity to Vitosha with the quick access to the center of Sofia. When constructing such complexes it is imperative to search for a link with the center of the city because the major administrative and financial buildings, state institutions and schools are situated there.

Practice in Bulgaria shows that a large amount of the suitable terrains are situated in zones with poorly developed infrastructure and usually the investors undertake its development. Plamen Putsov said that in these regions it is possible to purchase and consolidate land at a lower price. He also added that 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.

However, the parcels within the capital are becoming less. The expectations are that the investors in this type of complexes will very soon aim at the regions around the city as well. There are already a few condominiums that are being constructed at a distance of 15-30 km away from the capital. Putsov forecasts that this is a global tendency and it will soon establish in Bulgaria.

People have already started to search for substantially new living environment. A major requirement is for it to provide quick access to their workplace. The condominiums offer tranquil environment and security when raising children. These advantages are, of course, combined with the proximity to the economic and financial centers, offices and international companies and convenient transport links.

Among the advantages of the regions on the outskirts and out of the big city are the calm atmosphere, clean air and large courtyards that make the estates there attractive for families.

People have already started to search for substantially new living environment. A major requirement is for it to provide quick access to their workplace.

The Concept

The world standard of the so called complexes of “closed type” is the “condominiums”. They emerge for the first time in the United States of America after the World War II. Their concept includes buildings with similar architecture which are incorporated in a common developed environment. They are complemented by additional utilities for the residents such as security, swimming-pool, parks, children’s playgrounds, parking lots, commercial areas, etc. These complexes distinguish with low or medium construction, lower density of construction and planting with tall trees. The parking lots are constructed in underground levels so that there is no access and movement of automobiles in the spaces between the buildings. Maintenance and management are envisaged for the common parts and the green areas.

The Investment

The residential complexes are very suitable for investment as well. On one hand, they give very good opportunities for long-term letting out of apartments. These estates attract the potential tenants with different utilities – a fitness, SPA centre, 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 trend for sustainable growth. Some of the reasons for that refer to their 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.