• We have secured pre-launch prices with the developer expected to raise prices by 16% for the local market
• Only €664 per square metre and with payment terms of 20/80 this means low money down starting at just £6,202
• Long completion time of 27 months, allowing investors to enjoy an unusually long period of capital growth before making final payment
• Excellent transport facilities from the development – less than 10 minutes journey time to city centre via only current metro line in Sofia
• Strong rental and resale market in the district of Lyulin where the development is located
• Property Secrets has first choice of units on this development
• Well developed and established amenities and facilities in the district to cater for the large local population of 120,000
• Massive development plans earmarked for the district including one of the first retail parks in Bulgaria

The location and price of our latest deal in Sofia, Selene, is exceptional. Lyulin, the area the development is situated in, is currently undergoing massive redevelopment. The district was a former industrial zone during the Communist era, however it is now undergoing rejuvenation with further major retail and commercial developments planned for the area.

There are excellent transport links from this district to the city centre. Residents in the district (Lyulin) can be in the city centre in under 10 minutes via the metro, which is the only metro line currently in operation in Sofia. Transport links into the city centre are also possible via tram and bus, and journey time by car is only circa 15 minutes. The nearest bus, tram and metro stops are just two minutes walk from the Selene development. There is also a Billa supermarket just two minutes from the development. It is aspects such as these that will really drive rental demand for Selene.

Due to the large population in the district, 120,000 residents, there are plenty of amenities and facilities already in place to support this large population. Along with great transport links, very affordable accommodation and existing facilities, the area has experienced huge demand for rentals and sales. There are few new residential developments in the area with the majority of housing being panelak buildings. Demand is very strong for panelak buildings and we would therefore expect demand for newer residential developments to be even greater – especially at the prices we have obtained these brand new units at.

We had first choice of units in Selene with actual development not commencing until March 2008. The developer is expecting to launch these units on the local market at over €800/sqm giving us an effective market discount of circa 16%. The development will then not complete until May 2010 thus giving investors 29 months of capital growth before they have to draw down a mortgage. These two factors give investors significant capital growth in the first two years, with sustained capital growth after that.

A number of big development plans have been announced for the area which will further attract people to move to the district. We are offering investors the opportunity to invest in one of the first new residential developments in the district and enjoy a very long completion time to capitalise on the rising prices in the district. We forecast significant capital growth from this deal due to the combination of low prices and great transport links in an already thriving and growing residential area.

We believe Sofia itself 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 affordability. The blossoming finance market, with locals starting to utilise the mortgage products, will fuel property price growth. New build units will be under supplied and in huge demand – and therefore at a premium.

Growth in other EU and Central and Eastern European capital cities has proved consistently strong – Prague, Warsaw and now Bucharest as examples, and we forecast Sofia will be no different and 2008 will be the key year. Now is the time to invest in Sofia.