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| Some very positive news for the bulgarian property market | ||
The Bulgarian statistics office has put out its figures on construction in Bulgaria in the third quarter of this year. The figures show a 2% year on year increase in the number of flats constructed despite the fact that construction was down on last year overall. On a quarterly basis there was a 0.9% increase in construction which is a positive sign.The bulk of residential construction went on in the coastal region of Bourgas in the quarter, while the most buildings of all types was in the larger coastal town of Varna. This is quite surprising, and very positive news for the Bulgarian economy. In emerging markets like Bulgaria, most of the construction, especially commercial and retail construction will be in the capital. So this either indicates very positive news for Varna or very negative news for the capital Sofia. It is most likely the former, given the recent positive news that has been in the industry press regarding the capital, not least the opening of the massive European Trade Centre, a five building office complex and shopping mall, now scheduled for Spring 2010, and in the residential sector a new 200 unit apartment development in the high end Simeonovo district. Another reason to suspect that it would be the former is the fact that private investors from around the world have been advised to try new areas of Bulgaria for better returns. So, if this is indeed a reflection on the construction industry really opening up new areas of Bulgaria at a time when the capital is receiving its fair share of positive news, then it is champagne all round the for the Bulgarian construction and property industry. |
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| Monday, Dec 14, 2009 | ||
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