With Russian buyers dominating the holiday homes market on Bulgaria’s East Coast, the sector is vulnerable to foreign policy events and global economic trends, market experts fear
Bulgarian property experts are concerned the holiday home sector may be vulnerable because the sector is dominated by Russian buyers.
With so many overseas buyers, particularly from Russia, the vacation home sector is dependent on foreign policy events and global economic trends, which is unsustainable, Angel Zahariev, from A & A Architects, claims in the annual report of the National Registry for New Constructions and Reconstructions on the http://www.bcc.bg/ Bulgarian website.
Major construction industry figures have warned about a the risk of a real estate bubble, particularly in eastern Bulgaria in the next few years, according to a reports followed up by Sofia News Agency, Novinite.
Nikolay Bachvarov, from Baumit, and Mr Zahariev, say they are concerned that Bulgaria has no national strategy on housing policy and about the concentration of new construction in Varna, Burgas, and Dobrich, on the Black Sea.
In 2013, new vacation property projects exceeded 438 000 square metres of gross floor area, up 19% on the previous year, according to bcc.bg data.
Market experts say Bulgaria’s construction sector reached a low 2012-2013 …read more