Key regions: United States, China, Japan, Germany, United Kingdom
The Real Estate market in Bulgaria has been experiencing significant growth and development in recent years. Customer preferences in the Bulgarian Real Estate market have been shifting towards urban areas, particularly in the capital city of Sofia. This is due to the increasing number of job opportunities and the desire for a modern lifestyle. Additionally, there is a growing demand for properties with amenities such as parking spaces, green spaces, and proximity to public transportation. One of the key trends in the Bulgarian Real Estate market is the rise of the rental market. Many young professionals and students are opting to rent rather than buy properties, as it provides them with more flexibility and freedom. This trend has led to an increase in the construction of rental properties, particularly in urban areas. Another trend in the Bulgarian Real Estate market is the growing interest in eco-friendly and sustainable properties. Buyers and renters are increasingly looking for properties that are energy-efficient, use renewable materials, and have a minimal environmental impact. Developers are responding to this demand by incorporating eco-friendly features into their projects. Local special circumstances in the Bulgarian Real Estate market include the availability of affordable properties. Compared to other European countries, Bulgaria offers relatively low property prices, making it an attractive destination for both domestic and international buyers. Additionally, the government has implemented various initiatives to encourage foreign investment in the Real Estate sector, further driving the market's growth. Underlying macroeconomic factors that contribute to the development of the Bulgarian Real Estate market include a stable economy and favorable interest rates. The country's economic stability has attracted foreign investors and increased consumer confidence. Additionally, low interest rates have made it more affordable for individuals to obtain mortgages and invest in properties. In conclusion, the Real Estate market in Bulgaria is experiencing growth and development due to customer preferences for urban areas, the rise of the rental market, and the demand for eco-friendly properties. Local special circumstances, such as affordable property prices and government initiatives, further contribute to the market's expansion. The underlying macroeconomic factors of a stable economy and favorable interest rates also play a significant role in the market's development.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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