The real property market was 'restarted'

sg.stroitelstvo.info, 2009-02-09

     The Bulgarian property market was "restarted", the investors will have to re-position their projects in order to see them completed. No sector is intact of the economic crisis. The main results of the decrease of the investors’ activity is the expected future slumps in the volumes of the transactions and the property prices. Last year we had a very serious price surge and maximum followed by a downturn. In H2 we started talking about the problems after the financial and economic crisis, commented Atanas Garov, executive director of the consulting company Colliers International in Bulgaria. The forecast of the analysis for 2009 is for viability of the quality projects and lack of financing as the main problem before investors. The major part of the processes on the office space market in the following months will be connected to the momentum from last years. The total volume of modern office space stock in Sofia registered 15% 2008 H2, twice more than H1. The GLA of the shopping centres reached 170,000 sq. m for 2008 H2 with an average of 22 sq. m per 1,000 persons which is far below the European level of 200 sq. m per 1,000. The logistic and industrial property is relatively the least problematic - new projects keep on starting at slower rates. In the end of 2008 the GLA in Sofia was 1.283m sq. m.

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