ARTICLES LABELLED WITH TAG Bulgaria

Sofia's office market faces shifting demand and moderating construction, according to a report by the real estate company MBL for the second quarter of 2023. Changing work patterns and preferences for hybrid models have raised concerns about the future demand for office space. The capital's vacancy rates decreased slightly, while rental rates remained stable. Investors are approaching the market with caution due to inflation and remote work practices. Despite the moderate activity, there is a potential for modern, well-located office spaces to attract higher occupancy and investment interest.

Local company Glavbolgarstroy is building a new residential project named Ѕmаrt Тоwеr іn thе nеw buѕіnеѕѕ сеntre оf Ѕоfіа, іn thе аrеа оf Нlаdіlnіkа, nехt tо Раrаdіѕе Mall аnd Ѕоuth Раrk.

The first commercial park in northern Bulgaria is being built in Ruse next to the sports hall OZK Arena. There is around nine mоnthѕ left until the opening and some оf thе tеnаntѕ аrе аlrеаdу knоwn, lосаl mеdіа rероrts.

Turbo Garant, the Bulgarian subsidiary of Belgium's Turbos Hoet Group, opened a remanufactured turbocharger plant near Sofia on June 15th, an investment project worth €2.8 million, the company said in a press release.

Bulgarian retail group Videolux Holding has opened a retail park in the city of Pernik following an investment of some €20.45 million, the company announced in a press release,

Despite the COVID-19 pandemic and the introduction of hybrid working, the office market in Sofia has been developing extensively in recent years. Demand continues to increase, mainly due to IT and outsourcing sector representatives, and supply still cannot fully meet it. However, property developers in regional markets are still exercising caution when initiating new investments. These are some of the main conclusions of Colliers' latest report on offices in regional cities in Bulgaria.

Brokers report a 30% drop in inquiries for purchasing a new home in Sofia. On an annual basis, the decrease in concluded deals is 15 %.

In 2023, the residential real estate market in Bulgaria is expected to remain calmer and more balanced than during the dynamic previous year. According to real estate agency Arco Real Estate, the forecast is for a slight cooling of interest due to factors such as inflation, the change, and the rise in mortgage rates, as well as the ongoing war in Ukraine.

Bulgaria, with its growing economy and increasing consumer spending, has witnessed a recent surge in the construction of retail parks across the country. A total of 13 projects are under active construction and another 9 are at different stages of planning. The outlook for the retail park market in Bulgaria over the next year is positive, according to the latest report by Colliers.

Danish retailer JYSK announced the opening of six new stores in Bulgaria by August 2023, along with the renovation of five existing branches