Half of all new dwellings were built on the seaside

Nearly half of the newly constructed homes in Bulgaria over the past eight years are in and around Varna and Burgas.This is an analysis based on data for the period 2004 - 2011,announced by MKB Union bank .For those eight years 125,000 new homes were built, nearly 60 000 of them are on a sea territory. A significant part of these buildings are the so-called holiday properties. Their exact number can not be calculated, but it is assumed that they are more than 25-30 000.

The statistic shows that 75% of the newly build properties are concentrated actually mainly in five cities (Burgas, Varna, Sofia, Plovdiv and Veliko Turnovo).

The city of Burgas and the region remains a leader in newly built properties, over 28% of all new homes are located there ,which is over 35 000 apartments for the last eight years.The second place for newly build properties is for Varna and the region.Sofia is on a third place with 18,712 new homes, which is at about 15% share from all newly built properties. Plovdiv is on fourth position with 7704 newly build properties, which is a share of 6 %, followed by 5773 apartments for Veliko Tarnovo, which is 5% share of the new construction buildings.Properties, in cities and areas where winter tourism is developed, are around 3200, including holiday properties.

The peak of new homes was in 2009 when 22,000 new homes were led in exploitation. Again, half of them are close to the seaside towns and districts. The seriousness of the construction boom that the country has experienced over the last decade comes from the fact that new homes in 2004 (we take the beginning of the boom) were only 37% of new properties receiving Act 16 during the peak year of 2009.

In other words, the construction of new apartments has tripled in five years before starting to decrease rapidly with the economic crisis.

The optimistic news is that in 2011 the newly build properties is already 63 percent from their peak levels recorded in 2009 and continues rising up. This revives the real estate market and attracts more new investors to the country.