Sofia's Construction Boom Spanned 1 Million m² by 2017

The construction boom is Sofia is said to have taken 1 million m² by the end of 2017.

The bulk of the construction happened in the southern neighbourhoods of the capital, with the largest number being in the district of “Vitosha,” where last year 137,000 m² were covered. Capital.bg reported on the statistic, citing the real estate consulting firm Forton, a local partner of Cushman & Wakefield.

The Forton report spanned 270 construction projects. The next busiest area after “Vitosha” is the district of “Malinova Dolina” with 112,000 m², followed by “Manastirski Livadi - iztok”, “Mladost 4”, and “Studentski Grad.”

The real estate prices in those areas tend to be somewhere in the reported middle of the Sofia market, between €1020 to €1160 per square meter for Studentski Grad and Malinova Dolina respectively.

Plamen Bachev, the manager of “Consulting and Assessment” for Forton said: “As a whole, the construction of housing buildings remains concentrated in the south and south-east areas of Sofia, where in the past years there were more significant deals for the acquiring of parcels.” He also added that: “The interest is primarily aimed at the larger, unconstructed sectors and old industrial areas in that part of town, that with the development of the metro and the infrastructure, are on the path of changing their look.”

According to Capital, the aforementioned development of the metro system brings new business to the areas the will be covered, mainly the district of “Ovcha Kupel” and “Krastova vada.” Forton also expects an increase in the interest for “Ovcha Kupel 1”, “Mladost 1”, “Mladost 3”, and the former industrial areas of “Hladilnika” and “Druzhba 2.”

While the construction boom in Sofia certainly helped the town shed some of its grey old socialist skin, the process isn’t left without controversy and accusations of over-construction. Last year, the massive skyscraper complex “Grand Kanyon” caused protests by the locals.

Alex Dimchev

Alex Dimchev is a writer, editor, and weapons master for EUscoop.com

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