Bulgarian Construction Boom Second only to Lithuania

Bulgarian Construction Boom Second only to Lithuania

Bulgaria construction boom is outdone only by Lithuania. The growth in the construction sector in the first quarter of 2007 was 62.8 per cent, according to Eurostat.

There are 1500 construction companies in Bulgaria that employe 150 000 people, the Bulgarian Construction Chamber reports, cited by PropertyWise Bulgaria. This branch of the economy accounts for 7 per cent of the gross domestic product.

In light of the construction growth, it comes as no surprise that Euromarket Group will invest 30 million leva in the construction of the largest service centre for construction and industrial technology on the Balkans. The service centre should be completed by the end of 2008.

Apartments in holiday complexes have become a real goldmine at Bulgaria's realty market. The number of such complexes at the seaside of this country has increased by 82%.

In the western part of Slanchev Bryag (Sunny Beach) alone, 25000 apartments have been sold up to now at an approximate price of 1000 euros per sq. m. Eastern part apartment prices, respectively, cost up to 2600 euros per sq. m. And, not surprisingly, the clientele does insist on higher quality construction and uniqueness in return for their money, especially the Russians, who seem to fall for the most luxurious places possible.

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