Real estate consultancy Colliers International predicts that the Bulgaria property market will most likely be seeing an increase in residential property sales in remaining months of this year, which will help pave the way for a revival of the property market.
Colliers International is the third largest commercial real estate services company in the world with 15,000 professionals working throughout the world.
Colliers estimate that the boost will most likely occur toward that latter half of 2011, as the country’s macro-economic status is forecasted to improve. As the economy grows and becomes stronger, the real estate sector normally experiences growth as well. The stronger the economy, the stronger the property market.
Due to lack of new development in 2010, there are not a lot of large-scale projects completed so there is always the risk of a shortage of higher priced property units. But with the economy picking up developers will take advantage of the economic boom and develop plans for such units.
According to Colliers, communication with several potential investors who are interested in the office and commercial sectors of Bulgaria. Colliers did not mention any names but added that these investors are from Europe.
There is also some demand for retail space but focus is mainly on “soft cash and carry” stores, small shops, and fashion retailers who sell lower priced products.
Retail manager at Colliers, Iglika Yordanoa, states that 2011 will begin to see hybrid stores opening. Hybrid stores are stores that combine entertainment with shopping and draws a significant larger amount of people in.