Bulgarian Construction Sector Emerging from Crisis
Bulgaria’s construction sector is adapting to the market situation and is clearly showing signs of overcoming the crisis, according to the National Statistical Institute.
The construction of 591 residential buildings of 286,640 sq.m. gross floor area began in Q4 2013, NSI data show.
Residential buildings construction decreased by 14% and their total area – by 2.6% compared to Q3 of the same year.
The issued construction permits for residential buildings in Q4 decreased by 12%, for apartments - by 2.8% and by 9.1% for gross floor area. However, the decrease was mainly due to seasonal factors.
On an annual basis, construction permits for new residential buildings increased by 4%, 15.6%, and 14.2% for apartments and gross floor area, respectively.
The number of administrative buildings under construction has increased by 20% and the gross floor area has doubled in Q4 of 2013, compared to the same period of previous year. Nonetheless, construction permits in this segment of the market have dropped by 25%.
The largest number of new buildings is reported in the districts of Burgas - 147 residential and 98 other buildings; Plovdiv - 77 residential, 7 administrative and 54 other buildings; Varna - 52 residential and 31 other buildings, Sofia - 33 residential and 35 others buildings, Sofia (city) - 37 residential and 23 other buildings.