SOFIA (Bulgaria), March 10 (SeeNews) – The value of deals of real estate properties in Serbia jumped 709% on the year to $67 million (62 million euro) in 2014, representing the largest increase in Southeast Europe (SEE), Bulgarian real estate consultancy Forton said on Wednesday.
However, Serbia's growth started from a low base, according to Forton, strategic partner of Cushman & Wakefield for Sofia and Skopje.
Meanwhile, Bulgaria posted the highest annual increase of 226% in new real estate deals among EU member states. The combined value of deals with real estate properties in the country was $286 million last year, including deals on offices, hotels and industrial properties as well as shopping centres and construction sites.
“In 2014, the recovery of Bulgaria's business properties accelerated pace, driven by increasing demand and occupancy of office and industrial properties,” Forton executive director Mihaela Lashova said. “This led to increased investor interest in both starting new projects and acquiring operational and profitable investment properties,” she added.
Bulgaria's real estate profitability stood at 9% for office properties and at about 11.25% for industrial properties.
Details about the investment volumes in real estate in Southeast Europe follow (in millions of euro):
|
2014 |
2013 |
Y/Y change |
Bulgaria |
254 |
78 |
226.2% |
Croatia |
92 |
208 |
-55.9% |
Romania |
1,116 |
453 |
146.5% |
Serbia |
55 |
7 |
708.8% |
Slovenia |
29 |
86 |
-66.6% |
Slovenia joined the bloc in 2004, Romania and Bulgaria followed suit in January 2007, and Croatia became the EU's 28th member on July 1, 2013. The EU formally opened accession talks with Serbia in January 2014.
($=0.9254 euro)