Konstantin Bobchev: Luxury residences reach a healthy balance between price and quality

Кonstantin Bobchev is managing partner at Home for You, real estate consultants that started operation in 2004 and advises its clients on the whole property acquisition process: from the purchasing stage to the interior design.

People began to discern low from medium and premium class properties three or four years ago. Price divergences back then were mostly determined by the location or whether people dealt with old or new builds. Location was more important than the property quality.
Nowadays, we can notice a slightly different process coming our way. There are now plenty of locations and new residential areas, which have become more expensive than the so called prestigious neighborhoods thanks to the good quality of both projects and infrastructure.
Contrary to the common opinion, I believe that the average Bulgarian is getting richer. Bulgarians tend to travel more abroad; they can clearly distinguish which projects are of good quality and have begun to look for it in Bulgaria too. Wealthy clients who look for prime homes consider architecture, quality materials and construction the most important factors for the choice of the exact property. Spacious units are in demand as well as developments, which offer large common areas and professional property management. Customers require what their daily routine demands and developers should be able to answer this need as they now do not pursue rather particular target groups than just quantity of customers.
In terms of quality we can say the Bulgarian market is competitive enough to the European ones. We still have significantly lower real estate prices, but I assume this will soon change and prices will equal those in the EU. Investment in luxury properties carries little risk as the price is bound to rise. Thus, we may conclude that there is and there will be demand for luxury properties in Bulgaria. The future belongs to this segment.

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