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Plovdiv property market
09:00 Mon 13 Mar 2006
 

The property market in Plovdiv can be divided in two, each sector on its own side of the banks of the Maritza river. Average prices vary between the two considerably, but neither district can be argued as being a better investment than the other.

The older district - the “old town” - best conveys the atmosphere and the culture of the city while the relatively newer district tends to appeal to those fancying entertainment, fashionable shops and recreational centres. In the old town, property is very expensive and it is not uncommon for a house to be sold at a price of about 400 000 euro. This district is not only considered upmarket by Bulgarians, but also by the rest of the world. At present, an Italian firm is interested in buying a sizeable chunk of this area, but is facing considerable obstacles since the old town has been noted as a world heritage site and is protected by UNESCO.

Construction around the old town has, since 2004, seen the development of modern apartments on a fairly large scale at relatively affordable prices. A one-bedroom flat costs about 45 000 euro.

Around the Seven Hills Hotel, which is just outside the old town, there are rows on rows of nearly completed four-storey apartment buildings that contrast sharply with the old communist-style tower blocks situated nearby.

The other side of the river is predominantly a modern business district. New, stylish apartments have been built opposite the Novotel Hotel, and while expensive, are not anywhere near the cost of an apartment in the old town - about 140 000 euro. Average prices in euro a sq m for apartments around the business district are from 350 to 750. The least expensive apartments seem to be encased by the old, tall 1970s communist panel-block flats.

A nicer area exists close to the main police station on the road towards the large sports complex. Apartments there look stylish. The police station itself is an attractive building in the middle of a pleasant square consisting of many shops, restaurants and apartments. Houses in and around this area tend to be expensive - a duplex around here can cost about 90 000 euro. In general, the rule in Plovdiv is this: the closer to the centre, the more expensive it is.     

 
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