November 3, 2007
Bulgarian Real Estate Market Starts to Mature
Analysts are seeing the maturity of Bulgaria’s real estate market into a slow growth/high quality market, specifically in the residential and office space segment.
A report presented on October 30 by the Oxford Business Group also mentioned that the underdeveloped holiday homes and retail segment remained strong but potential problems persist. According to Andrew MacDowall, editorial manager of the Emerging Bulgaria 2007 report, the less developed retail market in Bulgaria is a function of Bulgaria’s population which is considerably smaller than other neighbouring countries.
“Property has, in the past decade, appreciated 25 per cent or more a year, but that rate is falling into single digits – between seven per cent and nine per cent in the office-space segment in 2006, for example, compared with 9.5 to 10 per cent in 2005. The residential market is also maturing, and the only major growth story left is in holiday homes, where a cooling off still has not put yields below 10 per cent.”
The report recommends that developers start making good investment decisions to support the overall Bulgarian property investment market. “Some have yet to break ground on projects announced as much as three years ago. Other developers are considering scaling back their projects,” the report said.
To boost the Bulgarian real estate market into the future, developers are banking on an integrated new city design, one that features residential developments, malls and office spaces with city centres focused on government offices, entertainment and high-end private developments.
Posted on: Bulgaria
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