Bulgaria Real Estate Investment Market to 'Take Longer to Pick Up'

Sofia Airport Center (SAC) is the first commercial, LEED-certified office building in Bulgaria. File photo

It is going to take a little longer before the real estate investment market in Bulgaria improves due to the opportunities available at the moment in western Europe, says the managing director of Tishman Management Company.

"A number of the American and European investors would prefer to invest in those markets than to be investing in the emerging markets like Bulgaria, where the additional risks are not truly reflected in yields," Julian Edwards, Managing Director of Tishman International Ltd. and Managing Director of Tishman Management Company, EOOD, said in an interview for Novinite.com and its "International Survey: Bulgaria-USA."

Asked about how Sofia Airport Centre, co-owned by Tishman International Companies and GE Real Estate for Central and Eastern Europe, remained on track despite Bulgaria's deteriorating market conditions, Julian Edwards said:

"When we commenced the development of Sofia Airport Center we had clear plans that we felt were achievable. We had financing in place, which has been maintained, and we have continued to be focused on the job at hand and have not varied from our business plan and goals."

He pointed out that Bulgaria offers foreign direct investors a good stable country to work within, a good, well educated work force, an attractive tax regime, lower or just the same risks and costs as in other parts of Europe.

Still the deteriorating economic climate has forced Tishman to stop looking at investment projects in both Bulgaria and Romania but the company is currently in the early stages of considering one or two potential investments.

FULL text of the interview with Julian Edwards READ HERE

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