The property market in Bulgaria had a turnover of 11bn euro in 2007
The Bulgarian property market was the economic leader for Bulgaria’s economy in 2007 with a record-breaking turnover of 11.36 billion euro.
In 2006, the turnover in the real estate sector was close to nine billion euro.
The pace of price increase was twice faster than in 2006, thanks to a good mortgage market, relatively high annual revenue of properties and the weak impact of the world financial crisis in Bulgaria.
Bulgarian Entrepreneural Chamber in Building president Nikolin Gavrailov said that the lack of modern apartments, retail and administrative buildings caused the construction boom. The investment growth in tourism, production and the need for a modern infrastructure also stimulated construction, he said.Construction sector growth was expected to be between 12 and 16 per cent annually until 2010, he said.
Source: Sofia Echo
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