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| Bulgarian real estate prices will drop this year | ||
| Thursday, Mar 06, 2008 | ||
| The prices of plots are expected to drop this year, said Vendi Pivodic of the company Immorent at a seminar for Austrian investors in Bulgaria. “In the last months of 2007 I noticed that investors and buyers started to pull away from Bulgaria. They are waiting for the prices of plots to drop.” Pivodic is working on Immorent’s projects in CEE countries. This company has followed the development of the Bulgarian real estate market for two years. “The prices are unreasonably high and 2008 may well prove a turning point. The buyers are reserved. Despite that I expect the market to keep developing at a high rate. Investments in this sector will double by 2011.” Immorent is a leading enterprise in the Austrian leasing and real estate project segment. The company is a member of the group of two major Austrian banks - Årste Bank and Sparkasse. Immorent’s Bulgarian branch is working on 4 big projects – construction of two office buildings, a mall and residential building in Sofia – worth EUR 230 million. Pivodic sees the unutilized potential of developing logistic centers in Bulgaria. “Construction of production facilities and logistic bases is a particularly interesting element. Bulgaria has a good geographic location. Five of the ten European transit corridors pass through this country, and yet there are too few logistic centers." |
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| Source: www.frognews.bg | ||
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