New investors to stir up Bulgaria's property market in 2011 - Colliers International
Bulgaria's property market, particularly residential real estate, is expected to attract new investors in the coming months, which will open the way for a revival of the market, real estate consultancy Colliers International said.
According to Colliers, a rebound in property sales is likely to happen in the second half of 2011, in line with forecasts for an improvement of the country's macro-economic indicators, when the market should start to display signs of the new industry growth drivers.
The consultancy said, however, that there was risk of shortage of high-end property units, as no large-scale projects were started in 2010.
Currently, Colliers is in talks with several potential investors, who have expressed interest in housing, office and commercial space in the country. The consultancy declined to name the companies, saying only that most were European investors.
Demand for retail space will focus mainly on so-called "soft cash and carry" stores, small shops and fashion retailers selling products in the low price range (multi-brand stores).
According to Iglika Yordanova, retail manager at Colliers, 2011 will also see the opening of new hybrid stores that combine entertainment with shopping.
Text source: sofiaecho.com
Photo: Tim Wimborne
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