Sofia is the capital city of the Republic of Bulgaria, where it is found at the western region of the country and at the foot of the mountain massif Vitosha. It is the largest city in the country, with a population of 1,346,665 that is spread over a total land area of 1,349 square kilometers. Sofia also serves as the administrative, economic, cultural, and educational center of Bulgaria. The city is found 130 kilometers northwest of Plovdiv, 340 kilometers west of Burgas, and 380 kilometers west of Varna. It is also situated less than 200 kilometers from the borders of three countries, namely Kalotina, on the Serbian border, at 55 kilometers; 113 kilometers from Gyueshevo, on the border with Macedonia; and 183 kilometers from the Greek Border at Kulata.The city is situated at the northern foot of the Vitosha Mountain, sprawled over the Sofia Valley, and surrounded by mountains on all sides. Ancient major roads that connect the Adriatic Sea and Central Europe with the Black and Aegean Seas pass through the city. Also crossing the city are several low rivers, including the Rivers Vladaiska and Perlovska. Flowing near eastern Sofia is the Iskar River in its upper flows. Mineral and thermal springs are found in abundance in the city.
The city has a moderate continental climate that features high temperature ranges. The hottest temperatures are experienced during the month of August, while the coldest temperatures are experienced during the month of January. The city gets about 650 millimeters of annual precipitation, with rain falling, the most during the summer and the least during winter. Summer temperatures in Sofia generally remain much cooler than in other parts of the country due to the valley’s high altitude, in which the city is situated. Occasionally, temperatures can rise to 40°C.
Sofia is an important international railway center, as well as a vital European automobile route. Found within the city is the Central Railway Station and the Center Bus Station, both of which are the largest and most modern of their kind in Bulgaria. The city is serviced by air through the Sofia Airport that features a newly-built second terminal. Also relatively well-developed is the public transport system in the city, wherein bus, 153 six kilometer tram network, and a 97 kilometer trolley network lines run in all areas of the city. The Sofia underground, however, is relatively undeveloped, with only one line and 6 stations in operation, whilst the other 2 lines and additional 41 stations still under construction. Clearly, all types of transport are represented in the city, with the exception of water transport.
As the chief economic center in Bulgaria, the city is home to most major Bulgarian and international companies operating in the country. The city also serves as the country’s financial hub, where it is home to the Bulgarian National Bank, the Financial Supervision Commission, the Bulgarian Stock Exchange, as well as the headquarters of all the commercial banks operating in the country. The local economy is largely moved by the construction, trade, and transport sectors. In recent years, Sofia has been becoming an ideal outsourcing location for multinational companies, such as Hewlett-Packard, IBM, and Sony. The unemployment rate in the city is low at 2.5% in comparison with the Bulgarian average of 6.25% and with the levels of other European countries.
Sofia is one of Europe’s oldest cities with a history dating back to 7,000 years ago. The civilization that supposedly had first established their settlements over the present location of the city were the Thracians. For a short period, during the 4th century BC, King Philip of Macedon and his Son Alexander the Great had ruled the city. In 29 AD, the city came under Roman rule where it gained significant political and economic prestige, and where Christianity was first recognized as an official religion. During the middle ages, the city became part of the first Bulgarian Empire, wherein it was called Sredets and grew into an important fortress and administrative center. In the course of the Bulgarian-Ottoman Wars, the city was seized by the Ottoman Empire who held power over it until its liberation in 1878.
Given the rich history of the city and the various civilizations that had passed through it, Sofia is undoubtedly a city laden with historical and cultural monuments and attractions that would satisfy any history and art lover. Sofia houses several well-preserved centuries-old churches as a testament to its past where Christianity was first declared as an official religion. Some of its most well-known churches include Church of St George, which is a late Roman rotunda that dates back to the 4th century and known for its medieval frescos in its central dome; the 6th century Byzantine Church of St Sophia; the Alexander Nevsky Cathedral, which is the largest church in the Balkans and second largest orthodox cathedral in the world; the medieval St Nedelya Church; and the Church of St. Nicholas the Miracle-Maker, or more popularly known as the Russian Church.
As the country’s cultural center, Sofia abounds with museums and galleries that showcases various exhibits from antiquity to contemporary times. Some of the city’s museums and galleries are the National Historical Museum, which houses more than 600 artifacts of Thracian treasures, old armory and weaponry, and medieval plates; National Archaeological Museum, which houses archaeological artifacts from all over the Balkans; and the National Gallery of Foreign Art, which features permanent exhibitions from European, Asian, Buddhist, Indian, Japanese, and African art.
Other notable cultural and historical attractions in the city include the Vazov National Theatre, National Palace of Culture, Slaveykov Square, Monument to the Tsar Liberator, and Borisova Gradina.
The country’s educational center houses no less than 16universities, some of which are Saint Clement of Ohrid University of Sofia, which is regarded as the most prestigious Bulgarian University, the Technical University of Sofia, the Sofia Medical University, the National Academy of Arts, the New Bulgarian University, the Krastyo Sarafov National Academy for Theatre and Film Arts, and the University of Architecture, Civil Engineering and Geodesy.
Aside from being the economic, financial, and cultural center of Bulgaria, Sofia is also the forerunner in terms of the country’s property markets. Sofia used to lag behind other Central and Eastern European capital cities in terms of the level of price increases and the number of new residential developments that were being constructed. This situation changed when Bulgaria joined the European Union and investor confidence increased markedly. Consequently, Sofia was perceived as a great investment opportunity with an emerging market set to boom.
Sofia’s attractiveness to property buyers and investors is due to the permanent growth potential and the possibility of a long-term upward price trend. In fact, by end of 2007 until the first quarter of this year, Sofia led the residential prices increase by 35.21% in comparison with the 31.55% increase countrywide. This proof of brisk demand certainly makes Sofia the best investment in Bulgarian property.
Other factors that facilitates a permanent growth potential of the properties in Sofia is the demand for larger, more luxurious properties by the city’s resident millionaires, of which a majority of the country’s 200 wealthiest reside in the city. Demands for properties within commuting distances of Sofia, from Bulgaria’s emerging middle class, as well as from professional expatriates who work in the multinational companies in the city, also added to Sofia’s enormous potential for capital growth. Thus, analysts predict that property prices in Sofia will grow by 20% to 25% in 2008.