30.05.2011 Chief Operations Manager of Bulgarian Properties Presenting an Article at an International Conference
The theme of the article is the Bulgarian real estate market, the title being Housing Price Determinants and the Price Cycle: Are the Fundamentals Valid, What is Specific and What Steers the Cycle? This paper will also be published in the June issue of the Journal of International Business and Economics. The article, which is the first one focusing on the real estate market in Bulgaria, comes as a result of months of close observation of the Bulgarian property market, collection and interpretation of market data, all supported by BULGARIAN PROPERTIES and its Market Research Department.
Here is an abstract of the article:
The past decade was very dynamic for the real estate sector throughout the world and especially in Bulgaria, which was often ranked in top 3 of fastest-growing property markets. The housing prices in Bulgaria started the decade at much lower levels compared to all other EU countries in year 2000. Although house prices in Bulgaria still remain on average far below western European levels, they have been catching up rapidly, with real double-digit annual increases, followed by a huge drop of around 40% from 2008 to 2010. This market started developing, went through a boom and then a bust – all this in a period of just 10 years. This was actually the first decade of the existence of a proper real estate market in this post-socialist country, which is presently a member of the EU. Now a lot of questions are raised about how the property market in Bulgaria functions and what are the main determinants of the house prices. Are the fundamental determinants of house prices valid in Bulgaria or there is something specific in this country? What leads the cycle – the GDP and other macroeconomic indicators or the real estate? The current article provides analytical answers to these burning questions using enormous amount of originally collected data and other relevant sources.
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