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Development of Agricultural Land Market in Bulgaria
Agricultural land has recorded a twofold increase over the last two years, experts say. They divide the evolution of Bulgarian land market over the past 18 years after the fall of the state socialism into three periods.
The "First Wave of land property relations" (1989 and 2001) is characteristic with land restitution processes, when no real land market actually existed and the land price varied between 40-75 euro for 1000 sq m.
The second period, defined as transitional, took place between 2001 and 2005. There was much supply, because there were many people who were willing to sell their land, and low demand. The price of the land though peaked at 50 to 80 euro for 1000 sq. m., Real Estate Investment Trusts - the first specialized investment vehicle for agricultural land, came into existence.
The "Second Wave of land property relations" took place over the last two years. A real land market was created. The presence of a sharp competition between institutional buyers of land pushed up the average price to 75-150 euro for 1000 m. sq.
However, prices vary, depending on different conditions. The most fertile areas of northeastern Bulgaria (Dobrudja) command the highest price. If the region's zoning plan provides for changing the purpose of land - from agricultural land into regulated plots for construction of holiday establishments, for example, bids tend to go up. Prices of land in coastal regions where profitable tourist complexes could be developed, could hit 400 euro for 1000 m. sq.
A large potential still exists for investing in land. Currently, there are six REITs, operating with agricultural land, their low-risk and high-liquidity shares are less susceptible to bourse fluctuations and boast a steady growth of 30 to 60 per cent year on year, Bulgarian Stock Exchange (BSE) expert comments. The market capitalization of the six funds investing in agricultural land is 380 million leva, or 1.4 per cent of the total BSE capitalization. They have invested 140 million leva in land during the first 9 months of the year.
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