Shopping Mall Construction In Bulgaria More Than Doubles In First Half Of 2007

The gross leasable area of shopping malls under construction in Bulgaria has doubled in the first half of 2007 to 201 000 square metres, real estate consultants Colliers International said on August 8.

Retail is the most dynamic commercial real estate sector in Bulgaria. Six malls currently operating in Bulgaria have a gross leasable area totalling 105 500 sq m. Three of them are located in the capital of Bulgaria, Sofia.

Over the past year, many foreign and domestic investors have announced plans to build more malls in Bulgaria, according to See News.

The investors count on the growth of the Bulgarian GDP, which increased by over 6.0 per cent in each of the past three years.

Varna, the third largest Bulgarian city, "is shaping up as a very competitive market with five projects within a one km radius".

In terms of prices, high street locations in Sofia range between 20 and 125 euro per sq m per month compared to 30 to 55 euro per sq m in the shopping centers and malls.sofiaecho.com