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Bulgaria Construction and Real Estate Report - 2016

  • June 2016
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 27 pages

The report covers developments in Bulgaria's construction and real estate sectors over the period July 2015 - June 2016. It includes selected financial indicators for local REITs with total assets above BGN10mn (EUR5.1mn) as of end-2014.



The annual growth of construction output has been negative in November 2015 - April 2016. In 2015, construction production rose y/y in nine months. The Q1 2016 data on building permits showed positive annual growth in terms of both number and total gross area. The data about buildings, the construction of which started in Q1 2016 were ambiguous, with an increase in the number of buildings, but a decline of the total gross building area.



In real estate, the sector stock index BG REIT has performed significantly better than the Bulgarian Stock Exchange's blue chip index SOFIX over the period Jun 25, 2015 - Jun 24, 2016. There were no new shopping centre openings in the past year.



The housing prices continued to recover throughout 2015, according to statistics office data. The Q1 2016 data on newly built residential space were largely positive as well.





Key Points:

oThe annual growth of construction output has been negative in November 2015 - April 2016

oThe sector stock index BG REIT has performed significantly better than the Bulgarian Stock Exchange's blue chip index SOFIX over the period Jun 25, 2015 - Jun 24, 2016

oThere was M&A activity in both the construction and real estate sectors over the past 12 months

oThe report includes selected financial indicators for local REITs with total assets above BGN10mn (EUR5.1mn) as of end-2015

Table Of Contents

Bulgaria Construction and Real Estate Report - 2016
EXECUTIVE SUMMARY4

Macroeconomic overview5

World Bank keeps Bulgaria's 2016 GDP growth forecast at 2.2%5

Monthly data mixed so far in 20165

Construction6

Sector Developments6

Bulgaria's construction output decline worsens to 10.4% y/y in April 20166

Construction business climate indicator improves in May 20167

Building permits number up 1.5% y/y in Q1 20168

Starts of new building construction up 2% y/y in Q1 20169

Market News10

Real Estate15

Sector Developments15

Sector index BG REIT outperforms blue-chip index SOFIX over past 12 months15

Residential16

Data on newly built residential space largely positive in Q1 201616

Housing prices continue recovery in 201516

Retail16

Office17

Industrial17

Agricultural Land18

Market News20

Financial data of REITs with assets above EUR5.1mn25



Table 1 Financial indicators of REITs with end-2015 assets above BGN10mn (EUR5.1mn), BGN 000s25



Figure 1 Construction production index, % y/y, working day adjusted data6

Figure 2 Business climate in construction, %7

Figure 3 Building permits issued for construction of new buildings, % y/y8

Figure 4 Performance of stock indices SOFIX and BG REIT over period Jun 25, 2015 - Jun 24, 201615

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