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Locations - Sofia

Historic significance

Sofia has been renowned for its thermal springs for centuries and the springs are still in public use today as a water source. Its strategic location on military and trade routes made it an important administrative centre in Roman times. However, arguably its period of most historic importance was as an early centre of Christianity during the reign of Constantine in the fourth century.

Varied architecture

Sofia town centre is dominated by neo-classical Stalinist architecture and is surrounded by rather stark Socialist-era block housing. However, the century-old commercial quarter is home to more aesthetically pleasing balconied buildings by 19th-century Russian and Viennese architects. The commercial quarter also has neo-byzantine Orthodox churches.

Modern-day Sofia

Sofia today feels very much like the European city it has recently become. It has tree-lined boulevards, a bustling street life centred around the city’s many open-air cafés, and large markets offering local farm produce. Like any capital city, Sofia has a vast number of bars and restaurants and many museums and galleries to offer cultural entertainment.

Demand for accommodation

Sofia has a well-educated and young labour market, and a number of large employers are moving into the city, which is in turn encouraging further immigration. The result is an increased demand for good quality accommodation, especially considering the glut of poorly constructed property in Sofia, dating back to Communist rule.

Base for multinationals

The arrival of such large multinational companies as PricewaterhouseCoopers, Ernst & Young, Porsche, Ericsson, Johnson & Johnson and Carlsberg, all of whom have set up bases in Sofia, means that both the population and the salaries of Sofia residents will be rising, and these professionals will want well-located, quality residences.

New apartment blocks

Given the quality of the current housing stock, the demand in Sofia is for new developments which are appearing in the form of apartment blocks. Prices are among the highest in the country, but growth is also high and for the right property, the potential returns from capital growth and rental yields will make the higher price worthwhile.

Future plans

Sofia is to see significant reconstruction and construction to bring it up-to-date with other European capital cities. As well as the aforementioned apartment blocks springing up around the city, entire new neighbourhoods are planned, as well as high-rise office blocks. Parts of the city are to become pedestrianised and more natural city park areas are planned. All of this is planned to be finished by 2014; while this is ambitious it does indicate a positive future for the city, and make it a more attractive option for those considering an investment property in Sofia.

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