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Industry revenue of »rental and operating of own or leased real estate« in Bulgaria 2011-2023

Over the past few years, Bulgaria has emerged as an important hub for economic activity, with multinationals such as Microsoft and IBM to name a few, establishing base in the country. This has augured well for its rental and operating of own or leased real estate market, with revenues projected to grow from 823 million U.S. dollars in 2011 to just over 1.4 billion U.S. dollars by 2023. Moreover, rising consumer incomes, stable economic conditions and low interest rates have further fuelled demand for residential and commercial properties. In fact, since 2009, the annual average interest rate of new residential loans has been declining constantly, from a height of over nine percent to a low of four percent in 2017, before slightly increasing in 2018.

The capital city of Sofia is one of the most preferred locations for domestic and well as foreign buyers, owing to its good connectivity and favourable business climate. Over 5,600 home purchases were recorded in the city, in the first quarter of 2019, as per data from the Yavlena real estate agency. However, the market is expected to suffer in the short to medium term, due to the outbreak of the corona virus, as consumers are expected to curtail their discretionary spending.

Industry revenue of »rental and operating of own or leased real estate« in Bulgaria from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Bulgaria. The industry “rental and operating of own or leased real estate“ has the code “L682“.

Details on the methodology can be found here.

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