BIA Warns of Corporate Failures in Real Estate Sector

BIA Warns of Corporate Failures in Real Estate Sector

 The management of the Bulgarian Industrial Association (BIA) has warned at a press conference today about the upcoming threat of series of chain bankruptcies in the real estate sector and related industries, which would affect the GDP growth, BTA reported.

The real estate market is saturated, according to BIA chairman Bozhidar Danev. There are more than 20,000 unsold apartments of the holiday village type in Bansko, while the number reaches 200,000 along Bulgaria's Black Sea coast. All these holiday villages were built with bank loans, Danev said.

The liabilities of the non-financial sector in the beginning of 2008 will amount to 100 billion leva, if the 20% average rate of growth is maintained, BIA's estimates show.

The liabilities exceeded 81 billion leva in 2006, while the figure stood at nearly 34 billion leva in 2001. The combined value of the corporate liabilities exceeds by 65% the GDP of the country, Danev said.

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