Autumnal figures chill Bulgarian construction

Recent industry figures show that the value of real estate in Bulgaria has been falling with the autumn leaves, & that given the substantial fall in foreign investment, the construction industry is in for a very long winter.

Housing prices in Q3, were highest in Varna, Sofia, & Bourgas, with an average price fall value of 5% compared to the previous quarter. Compared year on year, the market has seen an average value slip of 28%, according to official figures.

The Bulgarian Chamber of Construction has 5500 members, all directly involved in property development. The BCC has announced that it expects 1500 of these firms to go bankrupt, with the government expecting 35 000 construction redundancies to take place in 2010.

With autumn comes darker days. As winter is just around the corner the market seems more depressed than ever.

The opportunity here is for cash rich and ready to go investors, who are looking for property to buy in Bulgaria, who can offer a shot of warming brandy to help stave off market hypothermia.