The residential market is yet to progress
Somewhat out of touch with global financial issues and foreign buyers' chill, developers are still the active side on the first and second home markets. Some of them reckon that the strong market development will follow in the next 2-3 years, especially in the urban residential segment.
Blog Posts from Google
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- SOFIA (AFP) - Bulgaria denied the right to education for up to 3000 children with learning disabilities placed in institutions across the country, according to a Council of Europe decision announced yesterday in Sofia. ...
- Route One Does Bulgaria. Part 1
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- Global Economic Crisis Predicted to Slow Bulgaria's Economic ...
- Bulgaria's Deputy Prime Minister and Foreign Minister Ivaylo Kalfin predicted Sunday that the country's economic growth, which currently stands at 7%, would likely be slowed down to 5-5,5% as a consequence of the global financial crisis ...
- Route One Does Bulgaria. Part 2
- The rest of the day was spent either skating, filming or purchasing endless drinks due to the sweltering sun, leaving me with pockets full of Bulgarian receipts ? well, you've gotta keep the finance folks happy! ...
Supply and Demand
"Supply in Sofia has grown by 40% compared to last year. While in 2003 we had only 2 000 apartments on the market and 5 000 in 2007, this year we expect this number to grow to 8000 units," said Rosen Plevneliev, General Manager of Lindner Immobilien Management.The General Manager of Winslow Developments, Ivan Mekushin, agrees that the country has still a way to go before the residential market peaks.
Mr.Plevneliev said
"The combination of more proper investors and more cautious financial institutions will bring prices back to normal levels,"
The Guardian Unlimited
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Stara Planina
Problems facing investors
Besides problematic infrastructure, land price is also and issue that comes to the fore. All this makes projects more expensive some business plans inefficient.According to Liron Or, of Engel East Europe, a residential development company in Eastern Europe, the problem with high land values root into the fact that prices are formed on the basis of buildable square surface. Vendors boost prices to their maximum levels, which do not quite correspond to whether the market needs that much space.
Restricted lending will probably reduce the number of projects of poor quality and riskier developments as there will be a wide scope of projects to select from.
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Who invests?
And where?
Although foreign investors are active in the domestic residential market, they mostly influence the holiday homes one. After Some very successful years of investing in Bulgaria, UK buyers seem to show less interest since the beginning of 2007. A slow - down and oversupply are also observed. Russian buyers, however, are a flicker of hope for the recovery of the segment.The Executive Director of Bulgarian Land Development, Dimitar Savov, said Romanians and some Central European buyers also started to take interest in the holiday home market. Bulgarian investors, however, are still very few.
Stara Planina
News from Bulgaria
- Bulgaria lack any ambition
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- Bulgaria: Inflation slows to 11 pct in September
- AP 10.13.08, 6:50 AM ET Bulgaria's annual inflation slowed to 11 percent in September, down from August's rate of 13.8 percent, the government said Monday. ...
- Global Economic Crisis Predicted to Slow Bulgaria's Economic ...
- Bulgaria Global Economic Crisis Predicted to Slow Bulgaria's Economic Growth to 5,5%: Bulgaria's Deputy Prime Minister and Foreign Minister Ivaylo Kalfin ...
- Controversial Bulgaria film screened in Amsterdam
- Controversial Bulgarian film Baklava received its first European premiere at the Balkan Snapshots Film Festival in Amsterdam, The Netherlands, on October 11 ...
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