We are reviving abandoned industrial areas while thinking about the future of the city
The company has undertaken the largest investment in a construction site in Sofia
Konstantin Boyadzhiev has been the manager of Galaxy Investment Group OOD since the beginning of 2016. Under his leadership, over the last four years the company has established itself as a leading investor with diversified portfolio in various real estate properties with potential. He has been with the company for 13 years, during which he has been part of the management, responsible for the development of sales and marketing. In 2005, he graduated in International Business in the US.
Mr. Boyadzhiev, would you tell us about the biggest investment in a construction site in Sofia that you made in 2019?
The investment of Galaxy Investment Group in the area of the former “Balkankar 6th September” turned out to be the largest deal for a land plot in Sofia for the year due to the size of the area – 193 decares. It allows for a small neighbourhood to be built. You know that our company has 20 years of experience in extremely successful projects that integrate urban development, as well. We plan our investment in infrastructure and reorganisation with very clear architectural concept. In view of the growing needs of the capital for quality modern housing, we have decided that in the place of the deserted area of the former “Balkankar 6th September”, we can develop our big idea.
What was your main motivation for this large-scale concept?
To renovate the area and to create a mixed multi-functional area with a shopping zone, housings and offices that meets the latest architectural and development ideas. It is great that in this part of Sofia, a business space could be created. Situated between Nikola Mushanov Blvd. and Zhitnitsa Str., on the border between Krasna Polyana and Ovcha Kupel neighbourhoods, the place has excellent connections along the main street network with the Sofia Ring Road and the main office centres of the city; and nearby, a new metro line will be opened at the beginning of spring. The location of the area makes it particularly perspective. Our idea will transform the region by turning it into a new social and cultural catalyst. We are changing the look of the place in order to create an urban oasis, a combination of practicability and a sense of belonging to a community with its dynamics and cultural life, found amidst an attractive landscape. The region will have lavish green spaces, which will contribute to cleaner air and healthy climate, and will significantly improve the lives of the citizens.
Is this the mission of Galaxy Investment Group – to renovate abandoned lands? You do have experience with similar projects in Plovdiv?
The revival of former industrial territories is the future of urban development, especially in cities where the increase in the population is greater than the available land for development. The former industrial areas, located in the inner city, are a good resource for urban generation and compaction, while preserving the natural balance between residential and park environments. Each one of our investments is made with the thought for the future of our children and the balance between the traditional outlook of the city and the modern development. It is a fact that we are working on several significant projects, such as Office Park Plovdiv, Industrial Park Markovo and Royal Garden Residential Park, which improve the environment, and also create many opportunities for the implementation of successful business projects, according to the requirements of every modern company of today. Last but not least, the effects of our activities are also positive for the thousands of highly qualified personnel who find their career development in the large companies that rent our premises.
What are the factors that are driving the housing market in 2020?
The rising income and the low interest rates are the main driver of the market this year. The favourable economic conditions create optimism that predisposes to buying a new home and investing in real estate. Plovdiv and Sofia are the two economic centres where net migration to the city is observed, which further supports the housing market.
What changes can we expect in the real estate market?
A new development in the sector is the sale of homes with a higher volume of finishing work than the standard one, which is plaster and putty. Examples of homes, purchased from the investor entirely completed, can now be observed. The rise in prices in a city like Plovdiv, which is shaped by the increasing quality of newly built buildings and the increasing supply of furnished properties, which naturally have a much higher selling price, can be explained in this connection. As a whole, I expect more moderate growth – up to five percent of the total market.