Varna suffers shortage of retail spaces

Bulgaria’s seaside city Varna suffers shortage of retail spaces in the central part of the city, said real estate agents. According to them, there is a demand for premises less than 20 square meters and for those over 300 square meters. Small spaces are being seek for selling coffee, cigarettes, alcohol and sweets. Larger shopping premises are desired for hypermarkets, which want to open their “express" format in the city center.

At the same time the situation on the retail property market in Bulgaria is not rose-colored. Experts said that tahre are less signs “For rent” and “For sale” at the central street compared with a peak of the crisis, but this is due to much lower rents compared with previous years. A lot of rents in the central part have been renegotiated. If the owner of a shop has not decreased the rent, his premise is empty. This also applies to the shopping centers, commented specialists. According to them, the rental prices in the central part of the city are around 20-25 Euro/sq.m. The rents at the lower levels are stabilized and they do not expect another decline.

The developers sell quite tougher stores in buildings than apartments above them. Because they sell them tougher or even can not sell them, they rent out them at prices that can be paid. Developers are not interested to build properties and rent out them, said property agents. They agree that the shopping centres displace commercial streets. Meanwhile, the areas along the main street will continue to hold the price. The reason is that besides shops at the main street called Largo, there are still branches of banks, offices of mobile operators which are interested to be located in the city centre.

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