More than 50% of realty companies in Bulgaria will go bankrupt acording to the prediction of Onik Latifian. Photo by BGNES
Around 3 000 of a total of 5 000 existing Bulgarian realty agencies are to go bankrupt due to the effect of the Global financial crisis on Bulgaria's economy.
That was predicted by Onik Latifian, CEO of the Bulgaria and Macedonia division of the international real estate company Century 21, as quoted by Pari Daily.
Latifian also predicted that around 7 000 realty brokers will loose their jobs.
The reason for the pessimistic expectation is the decline of the Bulgarian realty market by 12.5%. Mainly small companies are to shut down, Latifian says.
The average price of square meter of living area in Bulgaria is EUR 580.