Real Estate Market in Bulgaria

Countries covered: Bulgaria In 2010 the Bulgarian real estate market continued to be under the pressure of the global economic downturn but showed first signs of recovery. The residential market went down on an annual basis in terms of issued building permits, completed residential buildings and price levels. However, the number of residential property deals started to grow with real estate agencies reporting a twofold growth in January 2011.

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Real Estate Sector in Bulgaria 2010 SeeNews releases a new report entitled ‘Real Estate Sector in Bulgaria’ SeeNews a business information provider for Southeast Europe, has published the report ‘Real estate sector in Bulgaria’. In 2010 the Bulgarian real estate market continued to be under the pressure of the global economic downturn but showed first signs of recovery.

The residential market went down on an annual basis in terms of issued building permits, completed residential buildings and price levels. However, the number of residential property deals started to grow with real estate agencies reporting a twofold growth in January 2011.

The number of building permits for the construction of residential buildings went down by 23.9% on the year in 2010. An annual drop of 43% was registered in the number of completed residential buildings in 2010. In the four major cities - Sofia, Plovdiv, Varna and Burgas the prices of homes fell by between 10% and 19%.

The total office area in Sofia grew by 28% year-on-year in 2010 with the fourth quarter of the year registering a record-high delivery of office space, according to real estate agencies data. The oversupply of office area raised vacancy levels and pushed down rents.

In 2010 retail space supply in Bulgaria grew almost five times compared to 2009 as large shopping centres opened doors in all major Bulgarian cities. The vacancy levels stood at between 5.0% in Sofia to 24% in the other largest cities with rent levels going down in all locations.

Modern industrial space in the Sofia area reached 538,551 sq m and more than 115,000 sq m were under construction at end-2010. Demand for logistics space was driven mainly by distributors of Fast Moving Consumer Goods (FMCG) and pharmaceutical companies. The combined land portfolio of Bulgarian real estate investment trusts (REIT) stood at 87,200 ha with almost all of them reporting a net profit in 2010. In 2011 the Bulgarian real estate market will continue to recover as market representatives expect transactions across almost all of its segments to increase, driven by the expected improvement of the country’s macroeconomic and microeconomic indicators.

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