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New malls' purchases are worth billions

Date: 23.02.2007

This year about one billion euro can flow into the large business estates market in Bulgaria.  A couple of projects are in progress for construction of malls, office buildings and logistic parks that attract the attention of the big players on the European market - the conservative investment funds who play at a moderate profit on secure and balanced markets.

Although the first six or seven weeks of Bulgaria's membership in the EU did not live up to the expectations for price rise and deals boom, big investors' inquiries constantly increase, according to brokers. The market's security and balance are the main reasons for an increasing number of investment funds paying attention to Bulgaria, interested in completed and rented buildings or such in the last stage of construction.

Over 360 million euro were paid only for the three largest purchases in 2006 - Sofia Mall, Sofia City Centre and Business Park Sofia (13 completed and 4 buildings under construction spreading over an area of 190 000 sqm).  The worth of the deals totals over 600 million euro.

The total turnover of real estates market is about 8 billion euro, according to data of the Bulgarian National Real Property Association. The business projects investment returnability is between 8 and 9% but as investment funds presence on the Bulgarian market increases it will to 7%, expect experts of Fortune International business estates agency. The agency CEO Valery Valchev believes the conservative Austrian and German funds are the most active on the Bulgarian business estates market.
The fact that the business estates market in Bulgaria is still emerging and the profit is huge is one the main factors attracting more and more investors, another key factor is Bulgaria's central geographic position on the Balkans that facilitates connections with the markets of the Middle and Far East.

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