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| Bulgaria Real Estate Market to Upswing in 2011 - Colliers | ||
| Friday, Jan 28, 2011 | ||
| Following a year of stagnation, in which Bulgaria's property market went from being one of the best performing in Europe to one of the worst performing, it is due to rebound again, according to a report of Colliers International. "Our expectations for the first half of 2011 are to be as challenging as 2010 was. The second half of the year will mark the upswing in almost all real estate segments", said Atanas S. Garov, Managing Director of Colliers International, Bulgaria. "We are positive that new players will be seen this year, which will bring liquidity on the market and will define its development in the medium term". In 2011, demand in mid-plus and high-end residential real estate will continue to grow as the Bulgarian economy gradually improves, according to Colliers experts. However, with the increasing absorption, there is a genuine risk of the market becoming qualitatively undersupplied. According to Colliers, there is a clear expectation that the residential market has reached the bottom in terms of sales prices. Some developers might even consider adjusting prices in 2011, reflecting the steady demand and what is seen as a potential lack of supply as the pipeline empties. The improving economic indicators, favorable lease rates and the general positive outlook for businesses are likely to further lead to expansions of office premises. The majority of the demand was driven by relocation needs. Many occupiers took advantage of the attractive rental rate level for high quality office space in communicative locations, and this trend is likely to continue in 2011. Supply of new office space in Sofia reached a new peak in early 2011. The market grew by 150,000 sqm, predominantly Class A premises. According to Colliers, inventory is expected to mark the same increase during the first half of 2011. As a significant number of lease contracts expire in 2011, the number of transactions is certain to increase, according to Colliers. In the retail sector there are two projects in the pipeline for 2011 - in Plovdiv and Rousse, while in Sofia, the focus will be on positioning the operational schemes. The High Street is expected to make a come-back in the coming period. Discount retailers will continue to be the most active within the Big Box format, which will be defining the retail market. The large international players stick to their expansion plans, while the local and smaller operators are more cautious, focusing on optimizing costs. Future demand is expected to come from three main segments; soft cash & carry, convenience stores and lower-end fashion retailers. |
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| Source: novinite.com | ||
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