Bulgarian property market set for recovery

Bulgaria's property market could be set for a revival later this year, as a new breed of investor looks to take advantage of low costs and an improving economy in the country.

Real estate consultancy Colliers International has said that a rebound in sales is likely to occur in the second half of 2011, in response to an improvement in Bulgaria's macro-economic credentials.

However, the organisation has warned that there is a risk of shortage of high-end property units, as no large-scale projects were started in 2010.

"Our expectations for the first half of 2011 are to be as challenging as 2010 was. The second half of the year will mark the upswing in almost all real estate segments [residential and commercial]," said Atanas Garov, managing director of Colliers International in Bulgaria. "We are positive that new players will be seen this year, which will bring liquidity on the market and will define its development in the medium term."

Source: Property Showrooms