13 Nov 2023

Glavbolgarstroy participated in a meeting of Build Europe in Dublin

Glavbolgarstroy was among the participants of the second regular meeting for 2023 of the regional organization of entrepreneurs and investors in residential construction in Europe, known as "Build Europe," which was held last week in the Irish capital, Dublin. Representatives from various European branch organizations and businesses from Germany, Ireland, Poland, the Czech Republic, Moldova, Norway, Great Britain, France, the Benelux countries, and Bulgaria discussed the residential real estate market, construction dynamics in the sector, and other relevant topics.

The event covered various crucial topics, including challenges faced by the investment housing sector, strategies to tackle these challenges, current trends in the housing market, methods of financing, property prices, supply and demand, and other factors affecting the construction industry.

According to Radoslav Kotlarov, the executive director of GBS Invest and manager of the housing construction brand of Glavbolgarstroy, "Ghome," Bulgaria is experiencing growth in housing prices. This growth, in percentage terms, surpasses the rate of inflation, despite the relatively stable levels of new dwellings put into operation and building permits issued in the first half of 2023 when compared to the same period in 2022.

Kotlarov also emphasized another interesting trend in the Bulgarian market, namely the increase in the number of loans granted in Bulgarian Lev (BGN) and the decrease in the number and volume of housing loans in other currencies due to lower interest rates on BGN-denominated loans. He believes that this trend is expected to continue until at least the end of 2023 and gradually decrease as interest rates in euros decrease. Additionally, he noted that a rise in interest rates on loans granted in BGN may be observed upon Bulgaria's entry into the Eurozone, if there is still a difference in interest rates.

During the discussions, Build Europe members also addressed requirements related to the Taxonomy and discussed the organization's opinions regarding the coverage of introduced regulatory requirements related to the "principle of no significant harm" (DNSH).