We are partners in every step - New Estates

Dora Keremidchieva is the Account Manager of New Estates, the specialist company for the sale of new-build residential properties, comprehensive implementation of exclusive projects, services, and analysis in the real estate sector.

In recent years, the new construction market has been extremely dynamic. What is the current situation and where is it going?

Over the last year, the market for new construction has been extremely dynamic. Investors are active, growth is commensurate with that of previous years, and projects are ambitious and large-scale. In 2022, building permits increased by 31.5% and their total area reached 2.62 million sqm. The average building permit almost doubled, from 2,177 sqm in 2021 to 4,292 sqm in 2022. At the same time, there are more and more projects for houses. The most preferred by developers remain the southern and southeastern regions of the capital - "Lozenets", "Triaditsa", "Manastirski Livadi-East", "Mladost" and "Vitosha", Studentski grad in the part "Malinova dolina". There are also large projects in the western southwestern and even northern districts. It is also important for us that we have the opportunity to offer our clients new construction projects in the city center - in Oborishte. There are also interesting concepts and activities in Boyana, Knyazhevo, and Bankya.

New construction property prices are stable, with a year-on-year growth of 18%. We expect it to slow in 2023, but how significant this will depend on inflation, and rising labour, and material costs. In Sofia, the average prices of apartments under construction are EUR 1,800 and 2,500 per sqm. Prices of exclusive properties, such as houses or apartments with an exclusive location are increasing per property, not per sqm. They are determined individually in specific negotiations - a standard that has been imposed for luxury properties for years.

What must we keep in mind when looking for a new construction property?

There is one indispensable advantage when buying a new-build property and that is the method of financing and payment - you can use your funds without having to take out a loan. Investors offer flexible payment schemes and the practice in recent years has been for the buyer to pay no more than 10% of the price at the start of the transaction, which reduces the risk of financial loss to negligible. Another advantage is that you choose the properties of the future - they fully meet the requirements of the new buyer. The finishes are high quality to the latest refinements, the properties incorporate technology and extras such as modern lifts, new joinery, fixtures, and fittings. There is no way to compare a newly built property with a home in an old building. When you get involved during construction, you have the opportunity to choose and plan the layout right at the construction stage, instead of then tearing it down or fitting it into the constraints of a particular given. You can choose the floor, the exposure, the style of the common areas, and in some projects even consider whether the neighbors will like you - all important features for the quality of life. New apartments in a new building are also suitable for investment, they can be bought and resold after Act 16. Another option for investment is long-term rental. It is a good solution to save from inflation and to preserve your savings.

At New Estates, how do you select the new-build properties to front and transact? What are your criteria to enter into a contract with an investor?

As a company of Realto Group and Unique Estates - the leader in the luxury real estate market in Bulgaria, we know well the requirements and expectations of the clients. At New Estates we offer properties from selected investors who have proven their stability and quality of work over the years. It is important that the client is relaxed and sure that by investing his money in a property as he sees it in a picture, he will see it in reality and invest his money in quality. We have enough experience and recognize the serious and secure investors in the market. At New Estates, we are not just an intermediary between buyer and seller, but a partner to investors from the start - planning the project to meet demand, marketing to best reveal the property's benefits, and even advising on pricing. We offer professional service to both parties at every stage of the project.

As an intermediary between a new construction property developer and a client, how do you prepare New Estates consultants? What qualities and skills do you nurture in them?

Our profession has its specific features. We are expected to know the market, and the specifics of each project, often to be financial advisors to buyers, and psychologists, and not infrequently we become friends of our clients. Bulgarians are conservative, we rarely change our homes - two to three times in our lifetime. This gives the property transaction special importance. And it increases our responsibility as advisors in it. The Realto Group holding company has specialist companies with trained staff who can meet client expectations and offer additional services. Our team receives ongoing training, with many of our skills acquired through exchanges with colleagues across the country, as well as the international network of Luxury Portfolio International.