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Industry Watch Bulgaria poll: 2009 real estate prices to tumble

Date: 29.01.2009

Industry Watch released Tuesday the results of their poll about the nine most daring forecasts for Bulgaria for 2009, Industry Watch reported.

The leader in the poll, collecting the most votes, is the projection that prices of real estate in the country will go down significantly during the current year. The ratio is 5:1 for those who agree that the prices in at least three of the six major Bulgarian cities will go down. The majority of those polled also say that bank deposits will become more profitable than real estate investments.

Over two thirds agree with the forecast that the European Commission is going to block yet more funds from the European programs.

The data further shows that people in Bulgaria do not expect the Cabinet to reduce the number of employees in the State Administration, the Police and the Army and think that the Cabinet will not implement any reforms in the above areas as a sign of the overall lack of will to institute significant changes.

The majority of the poll participants believe that interest rates will continue to climb up in 2009.

There is a noted lack of consensus among the participants in the area of microeconomics - half of them favor the forecast that budget spending would be done accordingly. People are also split on the unemployment forecast with 50% believing that the number of unemployed in Bulgaria would reach 250,000 in 2009.

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