Bulgaria: Rental Costs Plummet, Pandemic Left Many Commercial Areas Vacant
Tenants’ rental costs have fallen by at least 10%. The decline is registered countrywide, explained Dobromir Ganev, Chairman of the National Real Estate Association in the "Before All" talk show on BNR
The occupancy rate of the apartments meant for short-term rental for tourism purposes has decreased dramatically, experts report.
Many real estates around universities have also remained empty. Some of the workers in the IT industry who are from other cities have exited this market in Sofia because of their new home office regime and return to their home places.
On the main shopping streets in large cities there are quite a few vacant commercial areas. Everything is explained by the current epidemic situation, commented Dobromir Ganev.
As regards realty sales prices in the fourth quarter of last year, the NSI reported an increase of 8.6% compared to the same period of 2019. For Sofia the increase stands at 11,3% for existing housing and a tad over 4,5% for the new. In Plovdiv, the growth in housing prices was 3.2%.
Ganev confirmed the trend towards relocation from major cities to villages and quieter settlements, where, in his words, people has access to nature friendly environment, more open spaces and healthier life.
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