Sat, Feb 11 2012
Photo: Georgi Kozuharov
Colliers Intenational expects that prices Bulgaria will stabilise in late 2009 or by the latest, the first quarter of 2010, in large part because construction levels have dropped significantly in Bulgaria.
Total housing inventory increased to 240.706 million square metres, a 0.7 per cent increase from a year earlier.
Company remains optimistic that Bulgaria's real estate market is stable, even in the luxury segment
Residential prices will slip to their lowest in the third quarter of up to 30 per cent on an annual basis, analysts say.
The current global financial crisis could affect Bulgaria in two particular ways: one would be a chance for the country to brave the strong winds and sail the rocking boat ahead; the other - not so heroic - would be to hit rock bottom, buried under a landslide of financial misfortune. This was the view of property specialists at a recent conference.
Balkan real estate expo BalPEx, one of the largest of its kind in South-Eastern Europe, opened its doors on April 18. For three days, the event will showcase more than 150 urban and vacation developments, office, commercial and industrial space worth in excess of two billion euro. The event has gathered investors, lenders and non-banking financial institutions, consultants facing the real estate sector as participants.
Real estate developments worth a combined two billion leva will be presented at this year's spring edition of Balkan Property Exhibition (BalPEx), which will be held on April 18-20 at Inter Expo Centre in Sofia, event organisers said on April 14 2008.
This year's edition of the Balkan Property Exhibition (Balpex), to be held from between April 18 and April 20 in Sofia at the Inter Expo Centre, 147 Tzarigradsko Chaussee Blvd, will highlight a number of retail and office projects, including eight large mall projects, the event's organisers announced, as quoted by investor.bg. The exhibition is a part of the Balkan Property Week, which will take place from April 14 to April 20 in Sofia. Balpex, in partnership with Colliers International consultants and Pricewaterhouse Coopers, will also organise the second regional conference Balkan Real Estate Conference (Balrec) on April 15-16 at Kempinski Hotel Zografski, which will focus on business opportunities offered by the property markets in Bulgaria, Romania and Serbia.
A third of foreign investment in Bulgaria is going into the country's construction industry, according to an Industry Watch survey that coincided with the Balkan Property Exhibition (BalPEx). The think-tank's report said that the construction industry was currently worth about 2.3 billion to 2.6 billion euro annually, and there was every indication that the industry's strong growth would grow. The projects on show at
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.
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