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Winds of Change in Sofia`s Rental Market
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Sofia’s apartment rental market is in the throes of transition. The world’s economic crisis has reduced Sofia’s expatriate population, with numbers falling from 2008 when 12,000 expatriates lived here.
“Today we estimate the true figure is around 7,500”, says Vesey Crichton. “Surprisingly, though, Cleves occupancy is still very healthy, with 87% of our units taken.”
Cleves, which is building a portfolio of 140 up-market rental apartments across Sofia, says the profile of its tenants has remained broadly consistent - with bankers, diplomats and multi-nationals heading the list.
“Expatriates from Greece, UK and Germany still feature strongly. But the big change over the past 18 months has been a rise in the number of Bulgarians choosing to rent.”
Crichton says customers’ priorities remain much the same, with issues like location, price, parking and security still on most peoples’ lists.
“But these days there are two additional requirements that we see more often. People are much more design-conscious – they want a thoughtful layout, stylish furnishing, and creative lighting. Secondly, more customers demand professional support – a landlord able to provide proper service and back-up.”
Cleves is sanguine about the downturn.
“It is true that the market has reduced in size. But at the same time the flow of new luxury projects has slowed, so there are still very few top-quality rental portfolios in Sofia to choose from.”
The proof of the pudding is in the eating, he says.
“We’ll be launching a new project in Oborishte soon. Normally tenants don’t consider renting until after the launch. But with a month still to go, already 25% of these units are taken.”
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