Annual office rent expenditure in Sofia reached $517.3 per sq m, or $43.1 per sq m per month.
London keeps its first place in the chart. Office rents in some of its most expensive parts reach $2596.5 on annual basis. Tokyo takes the next positions in the chart.
The chart’s top 10 remain almost unchanged. Delhi is a newcomer among the 10 most expensive office property destinations, ranking seventh.
Moscow, Paris, Dublin and Dubai also feature in the top 10.
Athens and Warsaw are the other two East European cities apart from Sofia to rank among the most expensive 50 office destinations. Athens ranks 36th and Warsaw occupies the 48th position.
Over the past few years, property supply has exceeded demand in Bulgaria’s leading resorts.
The vacation property market is reaching its saturation point and a number of resorts already suffer from over-construction and the lack of proper infrastructure, participants in the first Balkan real estate conference BalRec said.
In order to attract new clients, resorts should start offering unique projects and better infrastructure condition.
Vacation property developments in Bulgaria are more prominent than those located in neighbouring counties, conference participants said.
Colliers International data for 2006 shows that the number of vacation properties in Bulgaria’s coastal area increased 82% to reach 35 000 units. The biggest increase was registered in the regions of Kavarna and Balchik.
Romania and Serbia are currently trying to establish themselves as attractive tourism destinations in order to also develop the vacation property market.
At the same time, the quality of vacation property projects in Bulgaria varies greatly. Buyers now have higher demands, which also presupposed higher construction quality.
Vacation property prices in Bulgaria vary from 800 to 1600 euro per sq m. Colliers predicts similar levels or a slight increase in the future.
Investors in Bulgaria’s coastal regions are failing to find buyers for their newly-built hotels.
Nearly 30 new hotels were offered for sale over the past year, 24 Chassa daily reported. Only 250 hotels were on sale in southern coastal regions. The hotels are being sold in all stages of construction.
The average price is 856 euro a sq m.
Most of the hotels for sale were in the resorts of Sveti Vlas (St Vlas), Slunchev Bryag (Sunny Beach) and Chernomorets.
Experts said that there was a lack of buyers in these resorts, because the most tourists there were foreigners, who preferred buying apartments in complexes, instead of staying in hotels.
The biggest demand for hotels was in Slunchev Bryag, Nessebar and Primorsko was said in press.
Demand was biggest in Zlatni Pyasutsi, Sveti Konstantin and Slunchev Den (Sunny Day).
Information Source: Sofia Echo
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