A record year for commercial real estate in Bulgaria

Several huge deals contributed for a record year in the business of commercial real estate in Bulgaria. The sales of more than half-dozen shopping malls in Sofia, Varna, Burgas, and Rousse summed for a total turnaround of those bargains rocketing into the stratosphere of 10-digit numbers – calculated in the local currency at least.

2017 result exceed the level of the last year before the crisis hit the market – 2008, says a report by Forton. Most of the funds involved in the change of ownership of retail and office spaces come from abroad – for example, four of the biggest shopping centers were bought by South African investment funds.

The substantial boost of the business properties sold this year in Bulgaria finds an explanation out of the growth in the economy of the country. And the demand for new buildings designed for business and trade is increasing which leads to the rise of the attractiveness of existing areas and thus the prices are rising too.

Well, it might be expensive for country’s standard, but it’s still cheap compared to the EU level. The average rental price of the commercial real estate in Bulgaria amounts less than 14 Euro per square meter while in Western Europe the price is double that number. And even the 46 Euro for the same on the most luxurious street in Sofia – Vitosha, is far from the figures in other major cities on the continent.

Looking for a place to suit your business, probably you would prefer to find one that costs below the average. Or maybe you search for some dwelling of higher value – not only in numbers but in quality too. It is tricky inquire since there might be many vacant spaces of commercial real estate in Bulgaria but many objects are overpriced or hide some flaws that aren’t detected at first glance. Forton (comercial real estae agency) has the detailed look on the market and is ready to help you in the search.