Sofia Rated 17 in Europe by Investors Real Estate Lure
Sofia has been rated 17th by attractiveness for real estate investments, according to a ranking of the British newspaper "Daily Telegraph."
The information was reported Wednesday by the Bulgarian news agency BGNES and the private TV channel bTV.
The publication lists as advantage for the Bulgarian capital the rent market as lucrative and profitable for investors.
Disadvantages include low profits, high expenses for transactions, moderate tax on rent income, corruption and crime.
Sofia is ahead in the ranking of Prague, Helsinki and even Paris, which is 20th.
However, Brussels is number one. Vienna, Ljubljana, Bratislava, Bucharest, Warsaw, Chisinau, Riga, Rome, Berlin, Tallinn, Zagreb, Istanbul, Skopje and Budapest are all rated higher than Sofia while the Macedonian capital is even second by attractiveness for investors. The Bulgarian capital is actually last among all Balkan ones.
Before the economic crisis, construction was the main sector of Bulgaria's economy. A large number of Brits invested in Bulgarian real estate, but when the crisis dimmed their hopes for profits, they started selling and leaving the country. The Brits were replaced by Russians, who buy property used mostly for vacation and secondly – as permanent residence.
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