For sellers

Bulgarian Real Estate Market to Keep Expanding

20 May 05

Business: 19 May 2005, Thursday.

The supply of real estate property in Bulgaria will keep on the track of expansion because of the boom in new construction over the last few years, according to realtor agencies and analysts.

They gathered Thursday at the spring edition of real estate Imoti Expo 2005 in Sofia, to run by May 22, which was inaugurated by Deputy PM and Transport Minister Nikolay Vassilev.

The hustle on the market is gone now, participants said adding that a certain standstill is being observed in some fields of sale.

The majority of real estate purchasers come from the emerging middle class in Bulgaria, Bulgarians living abroad and foreign investors interested in industrial and administrative offices.

According to real estate experts, Bulgarian market is still undifferentiated and lacking clear segments with various regions differing in the trends of supply and demand. Prices of new construction areas in suburban Sofia equal those offered for downtown spaces in Pazardzhik, to the south, they quoted as an example.

The annual forum gathers at a unique venue not only leading real estate agencies, but also banking institutions and municipal associations working in the field of local administration reforms.