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Entertainment Property Projects In Bulgaria Have Potential, Retail Market Saturated Soon

Sofia offered some good opportunities for investment in the property sector, chief architect Petar Dikov said.

The land market has potential to develop, Dikov said. Though a zoning plan was accepted last year, it will be updated soon to give potential investors a clearer picture.

“Though some parties are beginning to say that the residential market is beginning to get saturated, I believe it is still quite open,” Dikov said. Sofia formally has numerous residential buildings but the quality is very low, he said.

Change is needed and the residential market will be attractive until all older constructions are replaced.

Despite the intense construction, the office property market also features some gaps, Dikov said. Low quality and buildings failing to meet European standards affect the office property market just like the residential sector.

One sector that is underdeveloped and offers major opportunities is the entertainment property market, Dikov said. Sofia lacks almost entirely entertainment centres.

The retail property market is also developing fast. A number of major projects have been launched and completed. Sofia needs 10 to 15 malls and at the moment at least six such projects are executed. The sector could be saturated within the coming three to four years, Dikov said.

 
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