The new EU status will benefit both existing and future investors in Bulgarian real estate, and growth is expected to continue to increase for several years to come
Marbella, Spain (PRWEB) January 11, 2007
Following its accession to the EU on January 1, 2007, Bulgaria will see a positive impact on its property market, both residential and commercial. EU entry is expected to produce impressive foreign investment with companies from all over Europe setting up operations in Bulgaria, as well as increasing trade with European countries. The retail sector is set to experience rapid growth with construction underway for warehousing, business centres, logistics and hypermarkets in the capital city, Sofia and across Bulgaria.
Obelisk International has highlighted the country as capable of providing real estate investors with sustained profitability as well as diversity for their portfolio.
The demand for land from commercial enterprises and retailers will be matched by demand from residential developers who are wanting to cash in on the opportunities created by a growingly affluent population who are demanding more accommodation of a higher quality.
EU regulations will ensure that both quality and safety issues are high on the agenda of Bulgarian construction companies. The cost of upgrading materials and standards, as well as an increase to labour costs and amenities such as electricity are likely to add 5 per cent to the price of construction in 2007 alone (source: National Construction Federation).
Property experts predict that the competitive demand between commercial and residential sectors will push land prices up and inflate prices of Bulgarian properties.
In addition to the local demand for property, there is also the burgeoning market of international expatriates and retirees. The rental market in Bulgaria is also due to be fed by the increased number of tour operators serving the country.
Such factors auger well for the future of the Bulgarian real estate market, although some market analysts estimate that the boom set to start in earnest in 2007 may start to level off from around 2010. Investors are looking to gain the greatest profits by entering the market before demand is met by supply. Veronica Castro, Market Analyst at Obelisk International, comments, "The new EU status will benefit both existing and future investors in Bulgarian real estate, and growth is expected to continue to increase for several years to come".
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