General Information

Sofia Municipality is the biggest owner of immovable property after the state. The municipality has the right to ownership on its property and is completely autonomous in deciding its fate. In exercising its powers it does not require the approval of other bodies, and of state bodies, in particular.

According to the LSGLGA Sofia Municipality is an administrative and territorial unit with status of region. It combines self-government of the community with the implementation of government policies for the development of the capital city.

The Municipal Property Act stipulates that Sofia Municipality may sell its land or buildings, grant the right to construction and the right to use, and for sites which represent public municipal property it may grant concession for a term of up to 15 years or, in exceptional cases, up to 25 years. Public municipal property includes municipal administration buildings, publicly used property such as, for example, parks and gardens, as well as parts of underground or above-ground infrastructure, monuments of culture of local significance, and social and cultural institutions - municipal hospitals, polyclinics, kindergartens and schools.

In addition to being an owner, Sofia Municipality is also an entrepreneur who, either independently or through its companies, conducts economic activity and invests in infrastructural or other projects. Being an investor itself, Sofia Municipality creates conditions for and is conducive to the attraction of foreign investments.

Foreign investors are welcome on the territory of Sofia since, due to the general economic situation in the country, the financial resources of the municipality are restricted to some extent. The present leadership of Sofia Municipality has set itself a number of ambitious tasks, among which attracting foreign investments are a priority.

The economic initiatives of Sofia Municipality are supported by its own municipal financial institution - the Sofia Municipal Bank. It is one of the country's most stable ones, with good financial and other resources. The bank's advantage is that it is backed by Sofia Municipality which, as an institution, enjoys the confidence of the population, i.e. of potential bank depositors. Sofia Municipality also has its own insurance company whose services are used by more than 100 municipal companies.