Eurozone Entry: Implications for Bulgaria's Real Estate Sector
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
The number of construction permits for residential buildings in Bulgaria is 40% lower in the first quarter of 2009 compared to the previous quarter.
This becomes clear from data released by the National Statistical Institute showing that the number of residential units was 49,3% lower, and the total all-out built-up area was 48,6% lower.
The number of administrative and office buildings also dropped by 21% in the first quarter but their total area increased by 21%. The number of the remaining types of buildings declined by 36%.
During the first quarter of 2009, municipal administrations in Bulgaria issued construction permits for a total of 1 470 residential buildings with 6 530 apartments, and a total built-up area of 895 173 square meters.
The permits for administrative buildings were 79 with a total area of 133 761 square meters.
In January-March 2009, the largest number of construction permits were issued in the city of Burgas - 185 new residential buildings, Sofia - 182, Varna - 170, Plovdiv - 158.
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