Mihail Chobanov, General Manager, Bulgarian Properties: Residential policies should stimulate young people and keep them in Bulgaria

Index Imoti, January 2009

Bulgaria is a market-economy state and is quite liberal regarding the development of businesses; taxes are among the lowest in Europe, which also favors economic growth. However, it is high time our country defined its most important priorities, showed some activity and protected them.

We observe a process of migration to larger cities while purchasing properties becomes harder for families with middle-size incomes. Therefore, I would like to stick to the most important residential policy – stimulating birth and keeping young, educated and intelligent people in Bulgaria. If they have the proper living conditions, owning real estate property will surely give them security. On the other hand, construction and development companies, the main driving force for the Bulgarian economy in the last several years, will receive attractive benefits too as the real estate sector has been the most severely hit by the global financial crisis.

Nevertheless, a liberal country such as Bulgaria should carefully intervene in businesses even if using only positive methods. I just have to note that the resources to help carry out state policies will directly come out of taxpayers’ pockets.


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