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Sharp reduction in construction of real estate

the sofia echo 06/04/2009 15:48
Sharp reduction in construction of real estate - Construction - Real Estate - Developments


Construction of new residential real estate has fallen drastically, according to data released by the National Statistics Institute (NSI), published on June 3.



The data unveils that in the first quarter of 2009, the decrease in construction amounts to 42.8 per cent, as opposed to the fourth quarter of 2008, and is 12.9 per cent lower than the first quarter of 2008.

A total of 3897 new flats in 547 new buildings were developed in Q1 of 2009, the majority of which in Varna and Bourgas, followed by Plovdiv and Sofia. Not a single building was completed in Kyustendil or Stara Zagora, the report says.

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