Considerations for investing into Coliving Semkovo:
Is this going to be a great investment? And if so, how much?

We are building a Nomad Utopia together in an iconic building at a very special place. So let’s take a look at the numbers and assumptions.

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This document and its contents are provided for informational purposes only and should not be construed as investment advice, financial guidance, or an offer to buy or sell any securities or real estate properties. The information contained herein is based on sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Investing in real estate and participating in cooperative (coop) business models involve risks, including but not limited to market fluctuations, regulatory changes, and environmental factors that could impact the value of the investment and the returns from rental income and cooperative dividends.

Potential investors are strongly advised to conduct their own due diligence, consult with professional financial advisors, and consider their financial situation, investment objectives, and risk tolerance before making any investment decisions. The potential for property appreciation, rental income, and dividends from cooperative membership discussed in this document are speculative and dependent on various factors that cannot be predicted with certainty.

investment model

The project has two aspects:


People buy an apartment either in Block A & B. This is your private property. You can do with it whatever you like (use it, rent it out, sell it, refinance it etc.)


All apartment owners together form the Coliving Semkovo Cooperative (coop) that owns the coliving areas (Block C).
This means that the community owns the coliving business together and everyone benefits from its success.

So any returns on the investment will come from four different sources:

Income from renting out your apartment
Appreciation in value from your apartment
Dividends from the coliving operations
Personal use of the coliving space and the value that it brings to owners

Let’s look at this in more detail:

Rental Income

While we aim to start with a low monthly fee of just €500 for our smallest units to make sure we can fill the building with life, the goal is to increase rents afterward to regular European coliving price levels, which would be at least double that amount. 
The owners will receive roughly half this fee as rent, while the coop will keep the other half to cover its the costs (coliving, marketing, cleaning, utilities etc.)

We target an 80% utilization after the initial ramp-up period. 

ROI on rent sample calculation (excluding transaction/legal costs):


Purchase of the apartment:
€23.700  (e.g.: B206: 25m2 net / 30m2 gross)
€11.300 (fully furnished, without kitchen)
€35.000 (fully furnished, without kitchen)


Income from rent per annum
€2.400 - €4.800
Annual service fees
- €900
Annual property taxes/insurance
- €200
Rental profit
€1.300 - €3.600
Rental yield
3.7% - 10.2%
A realistic expectation is probably the first 2 years at the lower end and after that on the higher end of rental returns.

To conduct more research on this, please look at other coliving spaces around the world (start here) and take a look at their pricing. Generally single bedrooms with en-suite bathrooms are well over €1.000 per month.
Our planned coliving amenities cannot be matched by many other coliving destinations. They include: en-suite bathrooms, some private kitchens, an iconic building, swimming pool and sauna, communal kitchen, on-site private restaurant, on-site grocery shop, a self-serve cocktail bar,  gym, movie room, generous workspaces, a large space for special event space, a sizable community, a natural setting with sports (skiing. snowboarding, mountain biking, hiking, trail running etc). And of course, out building is truly iconic. We are getting a lot of attention from the media, and our chairman is well known in the nomad community. Taking all this into account, what do you think are the odds to successfully build nomad utopia in Semkovo?

Real Estate Appreciation

In the recent years, Bulgarian real estate prices have grown year over year by about 10% (see here).
Our apartments are priced competitively at around €1.000 per m2, after renovation, and including a share in the coop.

There are several local as well as national factors that might contribute to higher increases:
  • The municipality of Belitsa is planning a significant expansion of the ski area in Semkovo, with a new chairlift that would start very close to our building, making our building ski-in/ski-out. This will make our building significantly more valuable. Also, since Semkovo is located at 1600m and above, it has good conditions for winter sports. (see here)
  • Bulgaria has joined the Schengen Zone in April 2024. This makes border crossings easier and increase the economic development of the country due to easier transportation of goods.
  • Bulgaria is poised to join the euro currency in the not-too-distant future. The Leva has been pegged to the euro for many years and the country is eager to adopt the euro. This will most likely happen in 2026. This will further increase the economic development of the country and will have an impact on real estate prices.
  • There is also talk about a Bulgarian digital nomad visa that would allow non-EU citizens to stay in Bulgaria for more than 90 days. (see here)
  • We managed to buy the building at a very favorable price. Once  operational, there will not be many other hotels/coliving spaces around the country or continent that offer a similar experience.
  • We are trying to buy about 40 acres of land around the building. This will help us guarantee that even if Semkovo grows in the future, we will always keep a healthy distance from any new neighbors we might get. The extra land may also allow us to expand in the future if it makes sense to do so.
  • Bulgaria is growing faster than the average EU economy and is one of the poorest EU countries. In other words: the economy has a lot of growth potential. GDP is constantly rising.
So expecting 10% increase annually for the next 5 years seems pretty likely, with 15%+ for our project attainable.
For the small sample unit this would mean about €3000 per year as increase in value.

Dividends (coop)

We do not expect to pay out any dividends in the first two years as we are ramping up operations and will probably have many things to invest in. After that it should be possible to start distributing dividends.

Based on our previous examples the coop should generate revenues of ~€1.1m per year. A profit margin of 10% would allow to distribute about €350 in dividends to the owner of our small sample unit.

Value of Personal Use

The coop has decided that owners should be able to use the coliving space without additional payment and also get 20 days per year to bring their friends for free. Assuming that the average owner will stay about 2 months per year this personal use is valued at about €600 per year. Owners can also use their apartment (Address: Nomad Place 1) as their personal tax residence and receive mail there even if they are away. This is probably a €500 benefit for owners that use this compared to using a paid service for this.
In addition owners are part of the exclusive owners community where they will be able to forge deep connections with others. They also have more input into the direction and governance of the community than a regular guest - and they get invited to exclusive owner events. It is hard to put a price tag on this, but related online communities like Citizen Circle or Dynamite Circle charge about €500 per year for membership.
So let’s put the total value of this at €1.000 per year.

Additional Benefits of Investing in Coliving Semkovo:

A Home Base for Digital Nomads

If you're always on the move for work or adventure, owning an apartment in Coliving Semkovo can give you a stable place to call home. It's comforting to know you have your own space waiting for you, no matter where you are in the world. And if you can move your tax residency to Bulgaria then there is an attractive 10% flat income tax.

Protect Against Rising Prices

Buying property, like an apartment in Coliving Semkovo, is a clever way to guard your money against inflation. When prices go up, so does the value of your apartment and the money you can make from renting it out. This means your investment can help keep your money's buying power strong over time.

High Elevation Advantage: Climate Change Resilience

Investing in Coliving Semkovo, nestled at an elevation of 1600m, offers a unique hedge against climate change. Properties at higher altitudes are less prone to extreme weather conditions and flooding, a key consideration as climate patterns become more unpredictable. The cooler temperatures and cleaner air at this elevation not only ensure a comfortable living environment but also attract a growing demographic seeking refuge from the heat and pollution found at lower levels. This natural barrier against some of the adverse effects of climate change not only preserves the value of your investment but could enhance its desirability and, consequently, its long-term appreciation. 

Transparent and Democratic Governance

The cooperative ownership structure of Coliving Semkovo offers a unique advantage in terms of transparency and governance. As an investor and part-owner of the cooperative, you gain a say in the management and future direction of the property. This democratic approach ensures that decisions are made openly and with the collective best interest in mind. It fosters a sense of community and accountability, making it a more attractive investment opportunity. This level of involvement and oversight can provide peace of mind, knowing that you have a direct impact on the sustainability and success of your investment.

Make Your Money Work Harder

Putting some of your money into Coliving Semkovo is a smart way to spread out your investments. Real estate is different from things like stocks or digital currencies because it doesn't go up and down in value in the same way. It's a good move to keep your savings growing steadily.

Ease of Maintenance and Management

Investing in Coliving Semkovo simplifies the often complex task of property management. With a dedicated team handling the day-to-day operations, from maintenance to tenant issues, investors can enjoy the benefits of real estate ownership without the usual hassles. This setup is especially beneficial for those who live far away or prefer a hands-off investment approach, making your investment both stress-free and potentially more profitable.

Affordable European Living: Bulgaria's Cost Advantage

Investing in Coliving Semkovo leverages Bulgaria’s status as one of Europe’s most cost-effective destinations. The country’s low cost of living means your investment goes further, covering everything from daily expenses to leisure, offering significant savings without compromising on lifestyle quality. Despite potential future price increases, Bulgaria is expected to retain its relative affordability compared to other European nations. This makes Coliving Semkovo an appealing choice for those seeking value and a high-quality lifestyle, ensuring a smart, economical investment in a scenic, high-altitude haven.

ROI Calculation

Annual Financial Performance Model of a €35.000 Apartment Investment

Income Source

annual return

(after initial 2 year ramp-up period)
Rental Income
Capital Appreciation
Dividend Income (coop)
Total Annual Return

20% p.a
Additional Value of Personal Use

It's crucial to emphasize that the anticipated returns are speculative and contingent upon several underlying assumptions. Foremost among these is the expectation that our ownership framework will incentivize over 100 people to actively promote the project and the rental of their units to our target audience, thereby ensuring optimal occupancy rates. The viability and profitability of the investment are intricately tied to the effective implementation of our business strategy, the prevailing market demand for coliving spaces, and a range of external influences that may affect real estate valuations and the broader trends within the co-living sector. We are also renovating the coliving areas at the moment and while we have a generous budget the final level of amenities can change. Investors should be aware of these factors as they consider the potential risks and rewards associated with this venture.

Visit Our Reservation Site to Buy Your Apartment

Go to the Apartment Sales Page

Buy an ApartmentGo to the Apartment Sales Page

Contracts and Legal Documents

You will be required to sign several contracts as part of your apartment purchase at Coliving Semkovo. We have compiled all the necessary contracts in this PDF for your review:

Coliving Semkovo Contracts PDF

Please examine these sample contracts carefully before selecting your unit. These documents are crucial as they outline the specifics of what is included in your purchase. The main contracts include:

Purchase Agreement


This is the contract between you and the Coliving Semkovo Cooperative for buying an apartment. The payment terms are as follows:

1. A €500 non-refundable reservation fee is required when you select your unit.

2. A 25% initial payment upon signing the preliminary contract, about 7 days later.

3. The remaining 75% is due before the transfer of the deed at the notary, which is expected to happen in July.

If you are a Bulgarian citizen or Bulgarian resident then we can introduce you to one of our banking partners for possible financing.
Please email for more info about financing.

Service Contract


This agreement between you and the Coliving Semkovo Cooperative covers the annual owners' fee for repairs and maintenance of the apartments in Block A and Block B.

It is a strict contract designed to ensure all members contribute to these expenses, which is a common challenge with apartments in Bulgaria.

Registration Documents of the Coliving Semkovo Cooperative


You can find these documents on the Bulgarian Registry Agency's website: Coliving Semkovo Cooperative Registration

"Distraction-Free" Policy


Please note that Block C, which houses all the coliving spaces and amenities, is restricted to adults only.

Therefore, this project may not be suitable for families with children.

Unit Size and Common Areas


In Bulgaria, the net unit size is calculated from the outer walls, meaning the actual usable area inside is smaller.

The term "common area" refers only to spaces in Block A or Block B, while Block C is owned collectively by the cooperative.

Buying Multiple Apartments


At this point you can only purchase one unit and the adjacent unit if available.

We believe that the community is stronger if we have more individual owners.



After all other apartments are sold, we will auction one special premium unit - B228 with the option to also buy the adjacent unit B226.

If you win the auction but have already reserved another unit, then you can transfer the paid deposit.

Private Storage


We will have 36 private storage units available for sale once all apartments are sold.

This will allow all interested owners to purchase a storage unit.

Planned Price Increase


As the project progresses and therefore reduces risk for buyers, the apartment prices slowly increase to reflect that.

If you want to own an apartment at Coliving Semkovo, then getting it now is the best deal.

Renovation & Furniture


All apartments are sold in their current condition. They will require renovation and furnishing!

We estimate about €12.000 in additional cost for a small studio and more for larger units. The coop will make a proposal and arrange this if you like.

Click here for our modular furniture design concept

Important Reminders

Legal Foundation

The contracts you sign provide the legal basis for your purchase. Although various concepts, ideas and plans for the project have been discussed in meetings and on social media, only details explicitly stated in the contracts are legally binding and guaranteed to future owners.

Language Accuracy

The contracts are available in both Bulgarian and English, translated by the lawyer who drafted them. In case of any discrepancies, the Bulgarian version takes precedence.

Coliving Semkovo Cooperative

As an apartment owner, you are also entitled to join the Coliving Semkovo Cooperative that operates the coliving and get a share of its profits.

So you are not only buying an apartment but also become part of the business.

We encourage you to review these documents thoroughly to ensure you understand all aspects of your purchase at Coliving Semkovo.
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More Information

Join Our WhatsApp Group

Join our dedicated WhatsApp group for backers and investors to engage in discussions, ask questions, and connect with fellow participants. It's a great platform for last-minute inquiries and to understand the motivations of others who are investing.

Join Here

Contact Matthias

For specific queries, feel free to reach out to our chairman, Matthias, at:

Schedule a Zoom call

Floorplans & Pricing

Access the latest pricing and availability information online. The most recent pricing and availability is on our reservation site.

Walkthrough Videos

Visit our YouTube Channel:

@Coliving Semkovo

Sample Contracts

Review these sample contracts for a better understanding of the legal aspects of your purchase.

Sample Contracts PDF

Frequently Asked Questions

We have summarized the most important questions in our FAQ. Click the button below to see all.


To Purchase an Apartment:

Go to the Apartment Sales Page

Go to the Apartment Sales Page