Stability Reigns: Sofia Real Estate Market Thrives Despite Uncertain Times
The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
Real estate deals with business property in Bulgaria, signed over the period January-September 2016, amounted to EUR 225 M, showed a survey carried out by consultancy company Forton and unlisted company Cushman&Wakefield.
Nearly 70% of the contracts were signed for profitable assets – hotels, office buildings, commercial and industrial space, the biggest share being accounted for by hotel acquisitions.
According to the survey, the business real estate market has entered a new phase, moving from stabilisation to growth.
Office space rent prices maintain a level of EUR 13/sq m, while the rate of return is 8%. Rent office space in the capital varies between 126,000 and 154,000 sq m, with a 60% share accounted for by the IT and outsourcing sectors.
With respect to commercial centres in Bulgaria, a restructuring tendency of weak-performing malls has been recorded.
In 2016, rent prices in commercial centres went up from EUR 27/sq m to EUR 28/sq m. In spite of this, the rate of return decreased by 1%, compared to 2015, reaching 8%.
Data showed that, at present, commercial space in malls covers 718,000 sq m. Growing demand for and increased rent prices have been reported regarding industrial space in Bulgaria, since a mere 15% of total supply on the market is allocated for this purpose.
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The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
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