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Bulgaria Property Investment News
Sofia to expand due to further real estate growth
Sofia is expected to expand from the north of the city to help meet growing demand for real estate, largely from overseas investors. According to reports in the Bulgarian paper ‘24 Chassa Daily’, local city planners will present plans to the Sofia Municipal Council to build a number of high quality residential developments to the north of Sofia. Demand for property in and around Sofia is rising and planners are keen to ensure the region has approval for long-term projects to help supply meet this demand.
There are also plans to improve the transport infrastructure of Sofia and its surrounding regions. This is likely to include the construction of a new motorway connecting the current Trakia and Hemus highways to the east of the city and improving links to the Kalotina border to the west.
Since Bulgaria joined the European Union it has received a boost not only to its real estate sector but to its economy and tourism; the Center for Economic Development reports that Bulgaria will see tourist numbers double by 2016. The expansion plans for Sofia are part of a wider commitment from the country to ensure that the real estate growth continues and to secure ongoing investment from overseas.
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