Market trends in Ovcha Kupel, Sofia
Sim Property manages a lot of apartments in the south-west of Sofia, in particular, in an area called Ovcha Kupel. We’re often asked by clients owning property in that area how the market is, how it might change in the future and if they should sell or hold on to it a little longer.
The property market in last two years has been steady for most property in Sofia and some areas even showed signs of recovery. The areas, which showed such recovery are mainly in the centre of the city and also well developed areas with good infrastructure, good transportation links and near large business parks.
Unfortunately Ovcha Kupel is not in such area. The municipality just started a project to build a new Metro line, which will eventually get to Ovcha Kupel, but it will happen no earlier than 2020. For now the transportation links are very limited. The part of the circular road, which is neighbouring Ovcha Kupel is not renovated yet, it is a single lane and therefore very congested almost 24 hours a day. Again it there are plans to renovate it in the near future. Both the transportation and the infrastructure will be improved in the future, which will help the area a lot, but the biggest problem lies in the largest Sofia refugee camp situated in the area. As the population of the refugees started to rise they started causing trouble in the neighborhood, and thus the area picked up an even worse reputation among locals.
All this combined has a negative impact on property prices in the area, which are already low. Generally, if you don’t really need to sell it may be better to hold on to your property in Ovcha Kupel and over the next few years see how the improved transport helps the area and if the refugee camps get resolved in some positive way. Please contact us for more detailed information and advice about your particular property.