Strategic EU investors are scouting for locations in the greater Sofia area suitable for the construction of satellite residential communities, Dnevnik learned from real estate portal imoti.bg.
Most of the in-demand sites with an area of around 10 ha are located west of the capital, in the Bankia and Bozhurishte boroughs, said imoti.net.
The satellite residential developments will begin to take shape in a couple of years with the first land purchases expected no sooner than this fall, said the Internet portal. Construction work will not begin before next summer due to the tardy administrative procedures preceding the launch of such projects.
Bankia and Bozhurishte top the wishlist of the developers due to their proximity to the Sofia downtown and the good road infrastructure. The going prices for land plots in the 2 boroughs range from 17 to 100 euro per square meter. The tentative estimate for a 100 sq m single-family house in either borough will be 150,000-200,000 euro, according to imoti.bg.
The hectic pace of residential construction over the last couple of years has depleted the supply of average-sized land plots in and around Sofia but some 30 suitable sites are yet to be had in the Banishora, Borovo, Gorna Bania, Boyana, Simeonovo and Dragalevtsi boroughs, said another local real estate portal, imot.bg.
The supply of land plots suitable for residential construction in other major cities like Bourgas, Varna, Plovdiv and Rousse is also down to a trickle, said