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Vacation property market to remain unaffected
Saturday, Oct 04, 2008
The climate for investment in the Bulgarian real estate market would remain stable and attractive over the medium term. Regardless of the mortgage and financial strangulation experienced by North America and Western Europe, where on average real estate property valuations have plummetted by 16 per cent, the situation in Bulgaria would remain as "healthy as ever" Krustev said.
Local markets may experience smaller growth or stabilisation of the pricing in certain sectors, but this would actually be beneficial to the consumers and it would be healthier for the industry. The value of Bulgarian real estate would remain cheaper than in Western Europe and therefore will always be a magnet for foreign investment as well as of high local interest, he said.
The global crises will have a slight chilling effect on the industry, preventing prices from spiralling upwards and the Bulgarian real estate sector would maintain a healthy annual growth of 10 to 15 per cent, he said.
Bulgaria has kept a leading position in receiving investment in the industry, and whereas previously vacational real estate was purchased with an investment purpose, offering returns of between 30 and 50 per cent, the trend had changed and vacational real estate was purchased for operational purpose and to be used in the long run. Speculative buyers have been replaced by permanent buyers and this has modified the market, bringing smaller returns and stabilising property value.
For residential real estate and business real estate, Bulgaria and Romania remained Europe's best destinations for investment, Krustev said. Romania had an advantage in pricing in regard to sites for industrial development, but Bulgaria enjoyed superior geographical location. Additionally, Bulgaria had lower taxes, the lowest in the European Union, which made is irresistable for foreign investment.
Finally, there was still a lot of area for development around Sofia for trade and large offices, which until now hasn't been utilised due to speculation and artificially inflated prices, which until now have kept the investors away. However, with the cooling of prices which will inevitably come to Bulgaria, those plots of land will be open for industrial and business development.
Source: www.sofiaecho.com
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