Sun, Nov 22 2009
Photo: Assen Tonev
The number of vacant offices in Sofia is increasing, reports say, the latest in a series of indications that Bulgaria’s real estate market is slumping.
Debts force owners to attempt to recoup by selling hotels at high prices
Real estate transactions in Bulgaria have tumbled by 35 per cent year-on-year in the first half of 2009, data from the Registry Agency showed.
Processed real estate deals have decreased by 42 per cent in Bulgaria and 58 per cent in Sofia for the first six months of 2009, as opposed to the corresponding period in 2008, according to a research conducted by Raiffeisen Imoti
House prices in Bulgaria in the first half of 2009 were 23 per cent lower than those in H1 2008, with decreases higher in towns where properties were overpriced, real estate company says.
A total of 3897 new flats in 547 new buildings were developed in Q1 of 2009, mostly in the seaside cities of Varna and Bourgas, followed by Plovdiv and Sofia.
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?
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