Key Takeaways
- Transforming a Sofia hotel into a digital nomad hub with 200 apartments and shared workspaces.
- Seeking $6 million through $16,000 apartment sales in a crowdfunding campaign.
- The affordable, well-connected, and scenic location in the Rila mountains attracts digital nomads.
- Reflects a 17.0% CAGR projection, showcasing the rising trend in co-living spaces globally.
Sofia, Bulgaria–Coliving Banko, an established co-living spaces company in Bulgaria, announced that it is working on a project to turn a former communist party hotel into a community-owned digital nomad co-living hub in a news release published on February 22.
The project, known as Coliving Semkovo, is spearheaded by Mathias Zeitler and a group of Bulgarian entrepreneurs who see real potential in turning the derelict resort into a hub for digital nomads.
Renovation and Funding Strategy
Per the release, Coliving Semkovo, once re-modeled, will have 200 apartments and aims to provide remote workers with shared living spaces and working facilities and host events and workshops.
However, Zeitlers must first find $6 million to cover renovation costs.
Zeitler is already running a crowdfunding campaign, putting apartments up for sale (to both individuals and corporations) for $16,000 onward, and is optimistic that they will meet the June deadline of acquiring the building (visit the website if interested).
Appeal and Global Interest
The 16,700 square meter hotel property, located in the city of Sofia, was used by high-ranking members of Bulgaria’s Communist Party in the 1980s but had been lying abandoned for years.
Bulgaria is an ideal location for digital nomads due to its affordable cost of living, fast internet, and strategic location in Europe.
Additionally, Coliving Semkovo sits in the western mountainous regions and is located in a central yet remote part of the country.
“Semkovo is in a unique position, as it is located in the heart of the Rila mountains, surrounded by stunning nature and outdoor activities. It provides a perfect place to escape the city, and the environment creates the perfect balance between work and leisure,” said Zeitler in the release.
The project has attracted interest from remote workers worldwide, with many expressing their enthusiasm for participating.
Per the website, project organizers hope to have the facility up and running by the end of the year.
Co-Living Sector and Future Trends
The co-ownership model was previously used by US-based co-living company Outsite, which raised $1 million through crowdfunding.
According to a report by Cushman & Wakefield, the global co-living sector is expected to grow at a compound annual growth rate (CAGR) of 17.0% between 2019 and 2028.
Also, considering how much the gig industry has grown over the last two years and how an increasing number of countries are releasing digital nomad visas, it seems only inevitable that co-living spaces become the next big thing.
What We Think
The initiative to transform a historic property into a digital nomad haven aligns with the growing trend of remote work.
Coliving Semkovo’s approach to community-owned spaces taps into the rising interest in shared living among remote workers.
As the gig economy expands and countries introduce digital nomad visas, this venture could set a precedent for repurposing unused properties into thriving co-living spaces, catering to the evolving needs of remote professionals globally.
What a cool looking place Victor. I love that Soviet era design. Reminds me of the news I watched as a kid in the USA during the tense times in the early 80’s. We’d see buildings like this on TV amid some Russian music. Neat.
Ryan