Skip to main content

Malls In Bulgarias Capital To Affect Property Market

The latest property market tendencies in Bulgaria show the demand for stores on the capital's main boulevards is growing.

Because of the high demand and scarce supply, monthly rents on Sofia's Vitosha Boulevard reached 110 euro a sq m, Capital newspaper said. The situation was about to change with the opening of the three shopping malls in the capital, experts predicted.

Many brands may like to open a second store in the shopping centres. Others might even transfer their old stores to the malls because of the lower rents, from 30 to 60 euro a sq m a month, Capital said.

City Centre Sofia, near the Hemus Hotel, will be the first one to open, some time in mid-May. Most of the shopping centre's 20 000 sq m have already been rented. Mall of Sofia will open by the end of May, offering a variety of 130 stores. Sky City will open this autumn. Ten thousand sq m are still on offer.

The advantages of such centres are that they offer various goods, services and entertainment to the customer, all under the same roof. In the next three years at least three other malls would open in Bulgaria's capital only, Valeri Vulchev from the Forton International agency said.

As a result, the demand for stores on the capital's boulevards would remain high, but the type of brands searching for such property would change, Capital reported. Such stores would be hired only by the leading luxury brands and all the other shops would simply disappear, Vulchev said.

At present Vitosha Boulevard ranks 22nd in a survey of the most expensive streets in Europe. After the opening of the malls, it would fall down to the 30th position, experts predicted.