Bulgaria's Q3 Building Permits Down 11% Y/Y

The number of permits issued in the third quarter fell by 0.18% from the second quarter, NSI said in a statement.

Most of the permits issued in July through September - 2,744, were for housing projects. Their number was up 1.9% from the previous quarter.

The permits issued in the third quarter covered the construction of 13,190 apartments with a total built-up area of some 1.64 million square metres, compared to apartments with a total area of 1.65 million square metres for which permits were issued in the previous quarter.

Bulgaria’s real estate market has been in the focus of both domestic and foreign investors in recent years, mainly due to the stable growth outlook related to the country’s accession to the European Union in 2007. However, the construction industry was recently hit by global financial turbulences and is seen slowing down .