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Bulgaria's real estate construction sector marks 24.1 per cent growth in Q2

Thu, Sep 03 2009 14:06 CET

byNick Iliev

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Bulgaria's real estate construction sector marks 24.1 per cent growth in Q2

The amount of newly constructed real estate apartment blocks across Bulgaria increased by 24.1 per cent in the second quarter of 2009, according to National Statistics Institute data.

The statistics show that, on an annual basis the growth of buildings completed accounts for 6.9 per cent, while the increase of new apartments has soared by 30.2 per cent. For the period May – July 2009 alone, 679 properties were erected with 5888 flats in total. For that period alone, there is a 51.1 per cent increase new apartments nationwide.

Varna leads the charts with the most new buildings constructed, 157 with a total of 1204 new units, followed by Bourgas, 134 buildings with 1665 new units and Sofia with 35 new buildings and 549 new apartments.

The report indicates that there was no new construction in the towns of Razgrad, Montana and Haskovo in the same period.

The figures indicate that the total new marketable area consists of more than 411 000 sq m of apartment space, or a 15.9 per cent increase compared to to the corresponding period for 2008. The building in 2009 took place in spite of the economic stagnation and dwindling demand on the market.

The report indicated that on average, flats are becoming ever smaller. In the first quarter of 2009, the average living area in new construction amounted to 75.5 sq m, which in the second quarter decreased to 69.9 sq m.

Source: propertywisebulgaria.

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