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Construction Boom Aftermath: Over 73,000 New Apartments
73,384 new apartments have been built in Bulgaria for the period 2004 – 2008 when the country witnessed a construction boom, the data of the National Statistical Institute show. During this period most apartments were built in 2008 – 20,924 which is 10.9% more compared to 2007.
Recently the data from real estate companies in Bulgaria showed that there are over 115,000 new and resale offers on the market but business is slow. The reason for that are the high expectations of the sellers and the almost non-existing lending as banks have tightened the lending procedure.
Statistics shows that in 2008 Bourgas was the city with most new buildings. Varna comes second with 4,298 new homes and Sofia is third with 3,725.
Although new apartments are growing in number they are decreasing in living area. The properties built last year had an average area of 78.2 sq.m. which is 2 sq.m. less compared to those built in 2007.
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