Name: 彭博社採訪保加利亞新地產：保加利亞樓市是否進入新的保麗龍？ (Bloomberg interviews New Estate Bulgaria: Is the Bulgarian property market entering a new bubble?)
Uploaded: 2021-01-14T06:30:39.000Z
Duration: 9 min 55 s
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We are here this evening with the one of the partners of NewEstate, Christophe Gater

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So, to begin. What are the price trends you are currently seeing?

Of course it depends upon which part of the market you are focussing on

If we take Sofia for example and follow the national statistics,

these suggest that we have had a 6% rise in the past year,

this year so far  does not suggest anything different.

In reality, actually, in some specific areas we have actually seen increases up to 20% and even slightly more.

We as a company have experienced specific cases where

we are actually selling property, not just advertising it

real sales in some parts of Sofia up by as much as that.

But in other areas, unfortunately in rural areas it is not true.

That’s a very different market, a very specific market,

The holiday market is really very different.

Yes, it is, it is not driven by domestic demand.

If we look at the Sofia market, Plovidiv, Varna,

and therefore is effected by different influences.

There we have a more complicated structure

where, again in Sunny Beach, there are a lot of Russian owners

Those owners mostly bought between 4-5 years ago,

they bought in Roubles, which are now half the value of what they were

and therefore their Euros investment has effective doubled.

So, the holiday market is a very different one,

Is the property market really getting better, like everyone thinks?

I genuinely believe that it is getting better,

but of course it depends which perspective you are coming from:

if you are consumer looking to buy a property

I think you are going to find a lot more choice

on the Bulgarian market, now, by comparison to previously.

unlivable, poor quality, which are largely overpriced.

this is where developers can profit again

Not quite to the extent of 7-8-9 years ago

They are fortunately, I see from my experience,

much more functional, livable properties.

and this is a huge improvement for the market,

not just those seeking buy-to-let investment property,

and that is fundamental for any property market.

So, why should someone invest in Bulgaria?

except to say that Bulgaria still has amongst the very lowest barriers to entry

There isn’t really anywhere else that you can realistically say

with strong governance, within the European Union,

that is politically stable, relatively speaking, globally speaking.

Of course the corruption plays a role in people’s decision making,

but when you are looking on a global scale

I think you’ll find it very difficult to find a place

where you are going to get at 10% gross rental yield,

and a 5% net return, from that level of investment.

You will have other options of course, gold, shares, whatever it might be

but property is tangible, something owners can use,

so if you are in the market at this level

Bulgaria is still one of your only and best options.

So, from a barriers to entry perspective I still think that is one of its key strong points

Are foreign investor distorting the market?

I don’t think there is enough of them to distort the market.

Foreign Direct Investment in property is massively reduced

However, as with the example that I gave earlier,

of with Russian investment and currency fluctuation,

What I would say, where there is substantial change

and growth in the market is in the rental sector,

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彭博社採訪保加利亞新地產：保加利亞樓市是否進入新的保麗龍？ (Bloomberg interviews New Estate Bulgaria: Is the Bulgarian property market entering a new bubble?)

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