Tishman Chairman: Bulgaria Real Estate Will Recover When Overbuilding Is Absorbed

The Sofia Airport Center is the major investment of Tishman International Companies in Bulgaria. Photo by sofiaairportcenter.com

Bulgaria's residential market will be impacted severely until the results of the overbuilding in the country in the recent years are absorbed, i.e. converted to other uses.

This is the forecast of Alan Levy, Chairman CEO of Tishman International Companies, that he made in an interview for Novinite.com.

Levy has noted that as a result of the crisis a lot of large-scale property development projects have been frozen or given up.

Yet, he believes that large-scale projects in Bulgaria will be executed primarily in the field of logistics, transportation, and warehouse development, and that exactly the logistics sector is going to lead to a rejuvenated interest in the Bulgarian properties market.

Levy has recommended that the new Bulgarian government diversify its attempts to attract foreign direct investment by being creative in various economic spheres.