The euphoria of the housing market and rising prices led to a boom in investments in Sofia last year. According to data from Sofia municipality's Department of Architecture and Urban Planning, the construction of almost two million square meters of residential area was permitted in 2021, which is up 34% compared to 2020.
Here are the biggest investors by district:
- The star: Studentski Grad
The largest project among 61 permitted with a total area of 342 800 sq.m.) belongs to Park Estate. Its area is 51 800 sq.m. The company is related to a construction group connected to Krasimir Georgiev (known as Krasyo The Black from the staffing scandal in the Supreme Judicial Council over a decade ago), and Ambar, a company with Israeli owners. The second largest construction project (25 980 square meters) is in the old part of Studentski Grad district. Rumen Gaitanski's Wolf company sold the project to Plovdiv-based transport company PIMK (read more about the deal on p). . The second largest construction project (25 980 square meters) in the old part of Studentski Grad district. Rumen Gaitanski's Wolf company sold the project to Plovdiv-based transport company PIMK (read more for the deal on p).
2. Vitosha: many houses
More and more houses pop up in the Vitosha district. Housing permits are up 14% on an annual comparison basis. They are 185 with a total of 250 000 sq.m in Simeonovo, Dragalevtsi and Vladaya neighbourhoods.
The biggest project is Fohar's that envisages a residential complex with 34 900 square meters on the site of the former paper factory in Boyana. The second biggest project is Yes Invest's, for a 12 700 square meters development at the northern side of Dragalevtsi neighbourhood.
3.Lozenets district: Krastova Vada is still in focus
The issued permits in the district (in sq.m) are up 127% compared to 2020. The investors are focused mainly on the Krastova Vada and Vitosha VEC Simeonovo areas, which are part of the so-called "new neighbourhoods". Last year, 41 permits were issued. The largest project is for 45 000 square meters in Krastova Vada. It is owned by a consortium of three investors - Cherni Vrah Invest, Massivi Incorporated and BSB 2018.
4. Construction is back again in Ovcha Kupel
It is fourth in the ranking in terms of permitted square footage - 46% more than in the previous year. Among the 46 building permits, the largest buildings are owned by Quatuor and spread on 22 400 square meters. The second biggest project is for 16 500 square meters - a group of three residential buildings owned by Shalev Investment Group.
5. Iskar area: Megabuildings in the Druzhba neighbourhood
The largest buildings in Sofia for both 2021 and 2022 are located in Druzhba neighbourhood. Last year only 20 permits were issued, with an average area of 7,374 sq. m. But in 2021 the project of Artex for a new building with 27.7 thousand sq. m., has been given a go. Another project is Aldia 2000's - for 18 700 sq.m., and Greenlife's for 12 600 sq.m. In addition, Va Bull Service has a permission for 20 700 thousand square meters in Druzhba 2.
6. Serdika: Capitol Residence is shining
The sixth place in the ranking goes to the Serdika district thanks to one project: the megacomplex Capitol Residence by PIMK.
Last year, permits for 141 000 square meters were issued for the entire area, including two for a total of 108 000 square meters for the Residence. So far, the investor doesn't seem to have many followers.
7. Pancharevo: Four large house complexes of houses
The construction of houses continues in Pancharevo district. The increase in permitted area is only 7% higher compared to the previous year. Of the 151 permits issued, almost half are for projects in Bistrica. The others are for housing projects in Lozen, Pancharevo, German, Kazichane, Kokalyane, Zheleznitsa, Passarel, Krivina and Plana.
Out of the permitted slightly over 100,000 square meters, 60% will be occupied by four large housing complexes. Swiss citizen Adolf Gast, for example, plans to build 21,000 square meters in the Dupkite area of Pancharevo. His company Goldhurst Real Estate has received permits for the first phase of the Bells Residential Park. Lanka, in which the owner of Agroplychim Philip Rombout is a partner, has a permit for 20 000 square meters in Malinova Dolina - Gerena. Elite Style Engineering, owned by Krasimir Velikov, has received a permit for a complex of 12 700 square meters in the Kosanin Dol area near Bistrica. And Flavia Consult, a company, associated with Evelin Banev-Brendo and represented by Yana Haddam, continues to develop the Detski Grad area near Pancharevo.
8. Triaditsa: Concentration in the Manastirski Livadi-East neighbourhood
One large building encompasses nearly a quarter of the permitted construction area in the Triaditsa district, which is down 16% compared to the previous year. This building is Soft Build and Co's 26 000 square meters project in Manastirski Livadi- East. In 2022, two more large-scale construction projects were allowed in the same district - BLD's project of 29,201 sq.m. and Dee Gee and Mason Engineering's project for 20.5 thousand sq.m.
9. Mladost district: 25 new construction projects
In 2021, 18 permits for residential buildings with a total area of 105 000 square meters were issued in the Mladost district. The three largest among them are for nearly 12 000 square meters each. The projects of Vaklin Group (12 800 square meters) and Property Management Stoletov" (12 100 square meters) are situated in the Kambanite - Mladost 4 district. A group of individuals will build 12 400 square meters in the Iskar Kuro Refinery.
The euphoria of the housing market and rising prices led to a boom in investments in Sofia last year. According to data from Sofia municipality's Department of Architecture and Urban Planning, the construction of almost two million square meters of residential area was permitted in 2021, which is up 34% compared to 2020.
