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Bulgaria Construction and Real Estate Report - 2014

  • June 2015
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 27 pages

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



Construction output recorded negative annual growth in the first four months of 2015 after mainly positive overall performance in 2014. FDI in the sector tripled in 2014. The Q1 2015 data on building permits are somewhat ambiguous, with a decline in the number of buildings, but an increase in gross building area. The data about buildings, the construction of which started in Q1 2015, are ambiguous as well, with a drop in the number, but strong growth of the total gross building area.



FDI in the real estate sector turned positive in 2014. Despite a decrease, the sector stock index BG REIT has performed significantly better than the Bulgarian Stock Exchange's blue chip index SOFIX over the past 14 months. Over the period covered by the report, two new shopping centres opened to visitors in Sofia.



The statistics office's newly introduced house price index showed consistent recovery, both in quarterly and annual terms, throughout 2014. Also on the positive side, the average price of agricultural land registered double-digit growth in 2014.



Key Points:

oConstruction output recorded negative annual growth in the first four months of 2015

oThe sector stock index BG REIT has performed significantly better than the Bulgarian Stock Exchange's blue chip index SOFIX over the past 14 months

oOver the period covered by the report, two new shopping centres opened to visitors in Sofia

oThe report includes selected financial indicators for local REITs with total assets above BGN10mn (EUR5.1mn) as of end-2014

Table Of Contents

Bulgaria Construction and Real Estate Report - 2014
EXECUTIVE SUMMARY4

Macroeconomic overview5

World Bank keeps Bulgaria's 2015 GDP growth forecast at 1.1%5

Monthly data mixed so far in 20155

Construction6

Sector Developments6

Foreign direct investment in Bulgaria's construction triples in 20146

Bulgaria's construction output decline softens to 0.5% y/y in April 20157

Construction business climate indicator improves in May 20158

Building permits number down 6.9% y/y in Q1 20159

Starts of new building construction down 1.5% y/y in Q1 201510

Market News11

Real Estate15

Sector Developments15

Foreign direct investment in Bulgaria's real estate sector turns positive in 201415

Sector index BG REIT outperforms blue-chip index SOFIX over past 14 months16

Residential17

Retail18

Office18

Industrial18

Agricultural Land19

Market News21

Financial data of REITs with assets above EUR5.1mn25

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