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Bulgarian market enjoys record turnover in 2007
Turnover in Bulgaria’s property market reached record levels during 2007, and the country saw the greatest house price growth in the world, according to the latest figures. Meanwhile, the number of construction permits issued throughout the country indicates a construction boom in Bulgaria’s residential buildings, according to figures from the National Statistical Institute (NSI), reflecting the countrywide growth in the industry.
The turnover of the real estate market in Bulgaria reached €11.36 billion in 2007, according to figures from real estate agency Yavlena. This is up from the €9 billion turnover seen in 2006, according to reports in the Pari daily newspaper. The turnover figure relates to the sum of all deals involving buildings and land, which is said to be the best gauge of the state of the property market overall.
Investors in Bulgarian property will also note that, according to the ‘Global Property Guide: Market Reviews and Forecasts’ published in January 2008, house price growth in Bulgaria reached 30.6% (15.4% in real terms) from the previous year up to the end of September 2007. This puts Bulgaria in the number one position in the house price index worldwide.
The demand in Bulgaria’s property market has sparked a boom in construction, and construction is now one of the fastest growing industries in the country. Growth during 2007 reportedly reached 15%, and according to the president of the Bulgarian Entrepreneurial Chamber in Building, Nikolin Gavrailov, it will continue to reach 12-16% up until 2010.
The latest figures from the NSI show that 4,878 construction permits were issued just in September last year, with 3,110 of those relating to residential buildings. The areas where the highest numbers of permits were issued were Bourgas, Varna, Plovdiv and the capital city of Sofia. According to Gavrailov, construction has been fuelled by a shortage of modern residential, administrative and retail properties, along with growing levels of investment into tourism.
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