Real Estate Prices at Bulgaria's Potential F1 Track Skyrocket

Properties | September 7, 2010, Tuesday // 13:40|  views

The village of Dobroslavtsi is located to the northwest of Sofia (upper right corner of the map). Map by Google Maps

A week after it was announced that Bulgaria might built a Formula 1 circuit, the real estate prices at its future site near Sofia have skyrocketed despite the fact that the initiative has been troubled by an international scandal.

The properties near the village of Dobroslavtsi right outside of Sofia to the northwest, which is expected to host the Formula 1 racetrack on a former air base plot, increased by 50%-75% overnight, according to bTV.

The private channel reports that the rumors around the future F1 site are not the only the locals at Dobroslavtsi have been targeted by buyers for their land as three years ago a Spanish company bought 40 hectares close to the village at about EUR 10-12 per square meter.

The same land would cost some EUR 40 per square meter if it was sold now, after the Formula 1 announcements, according to real estate brokers.

At the same time, the number of houses and other properties on sale increased several times, while the prices of the existing house offers jumped by up to 75%.

"2012 will be the end of the world. When are they going to drive these Formulas? Is it December 2012?" locals are quoted as joking as Bulgaria has a chance to host its first grand prix in 2012 if it manages somehow to come up with the racetrack.

The local people are reported to say they will not be bothered by the noise from the Formula 1 and Moto GP races as they had been used to it because of the former military air field.

On Sunday, representatives of several Sofia-based NGOs slammed the plans to build a F1 circuit at Dobroslavtsi because of the characteristics of the location, and suggested the plot of the now bankrupt steel-making giant Kremikovtzi instead.

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Tags: Formula 1, Dobroslavtsi, F1, property prices, real estate

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