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Real estate business in Bulgaria recovers

Monday, May 11, 2009

The real estate market has already reached the bottom and in the last several weeks there are signs for its recovery, said the chairman of the national association “Real estate” Luchezar Iskrov, cited by BNR.

Yesterday the delegates of the general assembly of the organization re-elected Iskrov as leader of the association.

According to Iskrov the existence of the crisis in Bulgaria is mostly in the rumours and not so much in the real sector.

There is money in Bulgaria. However, the real estate market in the country is much weaker. According to Iskrov it can be stirred up if the banks based on their reports understand that they have the possibility to reduce the interest rates.

The main problem in the real estate branch is the regulation of the profession, said Iskrov. According to him it is not clear whether this will happen through a law, but it is important the companies’ work to be certified in compliance with the EU standards. Iskrov added that on this occasion a technical committee at the Bulgarian standardization institute has already been established.

Source: News.bg