Pop icons and Hollywood celebrities are driving the emergence of a new luxury property market in the Bulgarian capital of Sofia.

Property investments in Bulgaria, particularly in the capital Sofia, are attracting the attention of Hollywood celebrities and music stars and prompting the emergence of a new luxury market, according to real estate analysis.

Antonio Banderas and Morgan Freeman, who spent time in Bulgaria filming The Code, due for release later this year, are among the personalities contributing to the trend. Reportedly, Freeman “has revealed his interest in purchasing a block of executive apartments in Sofia.”

Other celebrities who are said to “put Sofia firmly on the superstar map” are Lenny Kravitz, Pink, Michael Bolton, and Vanessa Mae, who all have scheduled concerts in the capital in July.

“Luxury properties are still within an affordable range for many overseas buyers, compared with more traditional markets (such as Spain or Portugal),” James Gonzalez, Market Analyst, commented.

Sofia’s properties are also attractive because the city is a convenient commuter base. On the one hand, it is easily accessible from throughout Europe, through regular and low-cost airlines. On the other, other prominent destinations in the country are within easy reach from the capital.

The capital is also close to winter and spa resorts in the country, which are “steering the market further towards the more upmarket investors and holidaymakers”.

The analyst advises British investors, who – according to its own data, make up 67 per cent of all foreign buyers in Bulgaria, to reconsider their notions of the country’s real estate market. “Since Bulgaria's EU accession foreign buyers’ confidence in the country has grown immensely. British buyers, who still believe Bulgaria to be a destination for low end investment rather than a second home or luxury rental investment, need to revisit the market,” Gonzalez stated.