New construction in Sofia: How to choose a trustworthy developer?

I am currently looking to invest in a new apartment in Sofia, but the sheer number of ongoing construction projects is overwhelming. I've heard many horror stories about delays and poor finishing quality, so I want to make sure I do my due diligence before committing to an off-plan purchase. What criteria should I prioritize when vetting a developer's track record, and are there specific public registries where I can check their financial stability? Any advice or personal experiences with reliable construction companies in the city would be greatly appreciated.

Always check the Commercial Register (Trade Register) at the Registry Agency. Look for the company's annual financial statements to see if they are actually making money or if they are heavily leveraged. If you are a foreigner, you might also need to handle local banking, so check this guide on opening a Bulgarian bank account to ensure your funds are ready for the deposit.

Don't just look at their website. Visit their past projects, ring the doorbells, and ask the residents if they are happy with the heating, insulation, and common areas. Real residents are the best source of truth.

Look for developers who have their own construction machinery and a long history of projects. If a company is 'shell' and subcontracts everything, the quality control is usually non-existent.

Check the 'Akt 16' (Usage Permit) history. If a developer consistently takes 2-3 years longer than promised to get the building officially finished, walk away. Time is money in real estate.

I always tell people to compare new builds with older stock. Sometimes, the quality in new buildings is so poor that you are better off buying a resale. It is worth reading up on new build developments vs resale apartments to see if the premium for 'new' is actually justified in the current market.

Be very careful with the payment schedule. Never pay more than 50-60% before the 'Akt 14' (rough construction) stage. If they push for 90% upfront, it is a huge red flag regarding their cash flow.

Check the developer's portfolio on the Bulgarian Construction Chamber website. They have a public register where you can see if the company is actually registered as a construction entity or just a real estate investment firm.

Ask to see the building permit and the technical design. If they refuse to show you the architectural plans or the specific materials they intend to use (like brick type or insulation thickness), run.

Hire an independent lawyer who specializes in real estate. Do not use the lawyer recommended by the developer, as they are not acting in your best interest. A good lawyer will flag any 'clauses' that allow the developer to change the square footage or finishing materials without penalty.