Bulgaria ‘buzzing’ after record year

Bulgaria’s Property market was the country’s economic superstar in 2007, with a record-breaking turnover of 11.36 billion euro, Yavlena real estate agency data showed...

The sum was the total value of deals with land and buildings in the country over the period. In 2006, turnover in the sector was close to nine billion euro. Yavlena said they expected price increase of 35 per cent for 2007 in residential properties.

By September 2007, it had reached 32 per cent. Company manager Strahil Ivanov commented: “The pace of price increase was twice faster than in 2006, thanks to a good mortgage market, relatively high annual revenue of properties and the weak impact of the world financial crisis in Bulgaria.

According to the Bulgarian Construction Chamber, the sector turnover would reach 11 billion leva. Bulgarian Entrepreneurial Chamber in Building President Nikolin Gavrailov said “The lack of modern apartments, retail and administrative buildings caused the construction boom. The investment growth in tourism, production and the need for a modern infrastructure also stimulated construction. Construction sector growth is expected to be between 12 and 16 per cent annually until 2010”.