Sofia business centre shows promise for 2010
Construction of real estate in Bulgaria had virtually ground to a halt by the end of 2009, with many developers and construction companies facing bankruptcy. But shards of light break through the gloom, as news of various projects reaching completion surface.
One such project is the Tsarigradsko Chaussee, well underway in its development, set to become the main business centre for Sofia by the end of this year. Throughout the economic low, property in Sofia has fared better than most in Bulgaria, thanks in part to a large foreign population of professional workers. Many projects such as this that continue to move towards completion are able to do so as contracts and financing were arranged before the fall of the global market.
There is already a glut of office space within the Bulgarian market place, and as such completion of such projects as this one, may serve to push rents further south, but at the moment the completed units that have been rented out are attracting a higher rental value than elsewhere in Sofia.