A recent survey conducted upon the request of the real estate investment company Karrat Group Ltd. shows that more real estate purchases are planned for 2008 as compared to last year.
Several factors contribute to this favorable development. First, a report by UniCredit Group suggests that there is still real estate shortage in Central and Eastern Europe, enhanced by the population's growing income. Therefore, expectations are that there will be a moderate growth in the sector despite the global credit crunch.
Second, analysts point out that 15% of Bulgaria's population plans to purchase residential property in the next 10 or more years. Demand is highest among young to middle-aged people, mostly business professionals with income above the country's monthly average.
Finally, a recent online survey conducted by the British Global Edge suggests that UK buyers are still interested in Bulgaria's property market.
Karrat Group Ltd. is currently working in close collaboration with Colliers International and some of Sofia's leading construction and design companies to implement a project called City of Fountains, which aims to change traditional apartment building conventions and create the first up-market complex of its kind.
The project's main benefits are excellent location (only 350 m from Business Park Sofia, with great transport connections to the city centre, airport, and other areas), unrivalled sports, recreation, and social amenities, as well as outstanding design and quality implementation.
The complex comprises a territory of 35 000 square meters. There will be 18 residential and 2 office buildings. The total number of apartments will be 750. The construction process is divided into four main stages.
The first stage includes the construction of 6 residential buildings, and the Restaurant building, which will have a 2-level underground garage. Construction started on 15 March 2007 and is planned to end on 15 July 2009.