The agenda of real estate development in Bulgaria

“Something old… Better new one”: the agenda of real estate development in Bulgaria

The skyline changes – a noticeable shift in Sofia every month. The landscape is not the same too as far as numerous industrial and commercial buildings appear on the outskirts of the bigger cities located in zones previously thought to be deserted or dead end from the perspective to generate revenue. In terms of real estate development, Bulgaria goes not only through a process of facelifting and a make-up. The whole process which goes almost out of the everyday radar is about structural transforming to bring up functional benefits along the attractive outlook.

Relatively low in the expense column, the country is open to opportunities in every aspect of property business. Despite the continuing growth of the prices in most of the sub-branches of real estate development, Bulgaria has good prospects ahead. So this explains the changes in the scenery – investors, both local and foreign, put their assets in land and buildings for different purposes of employment. Most of the enterprises decide to launch entirely new construction projects rather than reconstruct the existing architectural objects. It’s easy to explain such approach since the old buildings are rarely compatible with the requirements of our time, so destruction and constructing from scratch cost less money and headache than renovating and making something “ancient” to fit in the contemporary environment.

Something old or… better new one? The focus in the living dwelling sector is also pointed to the construction of fresh houses and apartments. The trend of household real estate development Bulgaria is witnessing now is lack of will to invest in the old flats and even being more affordable such living space tends to decrease the percentage of occupancy. Aiming for modern structure and outlook serves as the incentive behind and driving force for the development of the property business in the country.

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