• Apartments in a fast growing European capital city location at excellent prices exclusive to Property Secrets clients. Starting at £53,796/ €67,783 including white finish and kitchens (excl. VAT and parking).
• The units are priced at 12% below market value according to an independent valuation by Amrita Consulting House. This includes an 8% discount off the developer's list price.
• This is a landmark development in Lyulin, an area of massive regeneration, which includes one of Bulgaria's first retail parks.
• Long completion time of approximately 24 months - allowing investors to enjoy an extended period of 20-25% per annum capital growth until final payments are due in 2010.

Lyulin is the largest district in Sofia with 100,000 inhabitants. It's also the most densely populated. It is currently undergoing massive redevelopment, which has driven up property prices by an average 15% in 2007.

Our partner in Sofia reports that prices for new build apartments in Lyulin rose by 39% last year, albeit from a low base - therefore leaving plenty of potential for more growth.

We forecast 20-25% capital growth for Sofia property overall in 2008.

Units in the Lyulin Bridge development are available at a price that is 12% below market value, according to an independent valuation by Amrita Consulting House. This includes an 8% discount on the developer's list price - exclusive to PS clients. Amrita, one of Bulgaria's leading valuation companies, received an award in 2007 for its quality management system.

Payment terms are 25% down with the remaining 25/35/15 financed by the lender Raiffeisen Bank as part of their agreement with Developers Sunny VIP Tours. This will mean that investors can effectively benefit from payment terms of 25/75.

These are excellent terms given that multi-staged payments during the build process are the norm in this fast growing emerging market.

For a down payment of as little as €22,585/ £17,924 (including VAT and parking) and with the remainder available through a 75% LTV mortgage, it is now possible to buy into Sofia, one of the most exciting and dynamic property markets in central and Eastern Europe.

Lyulin Bridge will be a unique, gated development. The magnificent building will consist of two residential towers and a bridge link between them containing three levels of commercial space, including three cafes. We have secured 20 of the 119 residential apartments at prices exclusive to PS clients. Selected apartments at higher levels will have views beyond the city towards the Vitosha Mountains.

Prices for the units at Lulin Bridge start at just £53,796/ €67,783 including white finish and kitchens (excl. VAT and parking).

White finish and kitchens are valued at an average €7,346 / £5,830 per unit. Having them included in the price means their cost can be mortgaged - a very important consideration.

An added bonus, and indeed one of the main attractions of this deal, is that units are available at an average €911 psm (excl. VAT), including white finish and kitchens.

The developer has released units for sale on the local market with just a basic black finish at €900 psm (excl. VAT).

Kitchens and white finish are generally not included in the price of a unit in Bulgaria. Kitchens for the units are priced at an average €7,346 / £5,830 extra on top of the list price of €900 psm for non-Property Secrets buyers.

13% of the units have already been sold or reserved by the local market at prices 8% higher than the black finish price of units offered to PS clients, even though building work only started in January 2008.

Lyulin was a former industrial zone of Sofia during the Communist era and Lyulin Bridge will be an integral part of a totally rejuvenated district, along with major retail and commercial developments planned for the area.

Huge investment in local infrastructure means transport links from the Lyulin Bridge development to the city centre are excellent. The metro station, which was opened as recently as 1998, is just 460 metres from the development. This means a journey to the city centre takes just 10 minutes from Lyulin Bridge.
The main traffic arteries into and out of Sofia are also close by - journey time to the city centre is approximately 20 minutes by car.

Lyulin's large population of 100,000 residents means there are plenty of amenities and facilities already in place. And the area has experienced huge demand in the rental and resale markets. There are currently few new residential developments here with most still at the planning stage or awaiting completion. The majority of housing is largely communist-era panelak buildings.

This shortage of supply has made demand very strong for panelak buildings - therefore we expect demand for new residential developments will be significantly greater, simply because they offer a far superior standard of accommodation at an affordable price relative to alternatives on the local market.

With approximately 24 months to completion, investors are likely to see significant capital growth as the market matures prior to 2010 of 20 to 25% per annum.

As a landmark development in a densely populated area of the district with strong rental potential, and at 12% below the current market value, Lyulin Bridge, represents a sound, long-term buy for PS clients who are looking to hold their investment.

We believe Sofia is a city that will enjoy substantial capital growth in 2008 as FDI continues to flood into the city, boosting employment and increasing wages and the affordability of new properties. Sofia has absorbed nearly half of all the FDI coming into Bulgaria in recent years. Major investors in the city include Hewlett-Packard, Microsoft, Bank of Austria, Kaufland, Hyundai and Nestle.

The finance market has improved dramatically in recent years, driven in part by extensive property development on the coast. Sofia's inhabitants are starting to buy property with mortgages in ever increasing numbers, which will continue to fuel property price growth. At the same time, new-build units are under-supplied and in huge demand.

Growth in central and Eastern European capital cities like Bucharest, for example, has been spectacular and we predict that Sofia will be no different in following the same growth pattern. Sofia is set to take off in 2008. Now is the time to invest in this city.

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