At least 10% of Bulgarian realtors have shut down as a result of the effects of the crunch in the past 2 years, according to data provided by a properties expert.
Two years ago, there were some 4 500 real estate brokers in Bulgaria, while their number has declined by between 10% and 12%, Orlin Vladikov, a former head of the Bulgarian National Real Estate Association, revealed, as cited by BTA.
Vladikov expects an increase in the demand by foreign companies for real estate properties in Bulgaria within one year but primarily in the fields of logistics, commercial space, and industrial properties.
He does think, however, that in order to reach the pre-2008 levels, Bulgaria's real estate market will need at least 7-8 more years.
The expert who was in charge of the Bulgarian Real Estate Association in 2002-2007, and is the owned of a real estate company, further says that because of the inflation in some European and non-European countries, part of the people's savings will once again be directed towards real estate properties.
"I want to believe that Bulgaria will be rediscovered by many economic entities that will relocated their business activities from Western Europe, the Middle East, Greece to Bulgaria," Vladikov is quoted as saying, adding that he thinks a relocation to Bulgaria can also be profitable because of the good "tax climate" as the country has the lowest taxes in the EU.
He points out that Bulgaria does not have a register about property purchases by foreign citizens and that it is even harder to keep track of the purchases because most foreigners buying Bulgarian properties do that through local firms that they create for this purpose. (Source: Sofia News Agency)