BULGARIAN PROPERTIES Took Part in Construction and Real Estate Forum

BULGARIAN PROPERTIES’ Chief Operations Manager Polina Stoykova moderated a discussion forum on the topic of the current problems in the field of construction and properties, organized by Pari Daily together with the Bulgarian Construction Chamber. The forum took place in the Arena di Serdika Hotel in Sofia on November 2nd 2010.

The following topics were considered during the discussion:
• Has the unfreezing of office and trade center projects begun?
• Property prices – where to after 2 years of crisis?
• The challenges before the builders for absorbing EU funds and financing.

Some of the participants in the discussion included Sofia’s Chief Architect Petar Dikov, the Chair of the Bulgarian Construction Chamber Svetoslav Glossov and representatives of the biggest real estate agencies in the country.

According to the Chair of the Bulgarian Construction Chamber there is a slight stir on the residential properties market since August 2010. Svetoslav Glossov said there is also development in the road construction sector thanks to the three lots of the Trakiya highway. Next year development is also expected in the infrastructure construction sector – there are plans for building water and sewerage networks and dumping grounds. The sites will be built with financing from European funds.

Sofia’s Chief Architect informed the participants that off-plan property sales are long gone now and that buyers prefer to buy finished properties. Petar Dikov is convinced that after the crisis blows over there will be no new buildings without infrastructure and there will be no low-quality construction and projects. According to Mr. Dikov we could expect a new property construction boom in 2 years at the earliest.

At the end of the discussion Polina Stoykova summarized that the main problems in the real estate sector have been identified and that there is will for development.

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