Mounting challenges for business amid uncertainty
Ongoing political instability, coupled with geopolitical upheavals and economic problems affecting key trade partners, is plaguing Bulgarian businesses when it comes to planning and investment, according to the 20th annual survey conducted by the Bulgarian Chamber of Commerce and Industry (BCCI). This year, 738 micro, small, medium, and large enterprises from across the country and various economic sectors participated in the survey.
Businesses are facing setbacks due to the absence of a regular government. They are also affected by the mandated increase in the minimum wage, which for many companies leads to a rise in wages across the board. Additionally, uncertainty over whether the country will adopt the euro and eliminate currency conversion costs makes things worse.
Most companies report they are forced to make short-term plans, significantly cut back on investment intentions, and deal with a growing volume of delayed long-term payments.
Vendors may have to curb expectations in 2025
Real estate agents are united in forecasting that 2025 will not see buyer euphoria driving the market, making it unlikely for vendors to achieve above-market prices for their properties. This means the market will likely cool in the near future.
Forecasts for the upcoming year also state that while the market has so far been dominated by sellers-some of whom succeeded in closing deals at higher price levels due to general excitement-this will be much harder to achieve in 2025.
According to their projections, the balance between vendors and buyers will even out next year. This means buyers will no longer feel pressured by continuous price increases and will have the opportunity to conduct more property viewings, take their time making decisions, and be wary of inflated prices, which will eventually force vendors to lower asking prices.
Kaufland opens 67th hypermarket in Bulgaria
Kaufland has opened its 67th hypermarket in Bulgaria, namely Kaufland-East, located at 12 G. M. Dimitrov Boulevard in Iztok, Sofia. This is the brand's 17th store in Sofia, with an investment of 54 million levs, announced the company's Executive Director, Ivan Chernev.
The property's land required a large investment. The deal between Kaufland Bulgaria & Co. and Sofia Real Estate for the purchase of the 15.4-decare plot was finalized on December 3, 2021, at a price of 21.5 million levs (571 euros per square meter, excluding VAT).
Mounting challenges for business amid uncertainty
Ongoing political instability, coupled with geopolitical upheavals and economic problems affecting key trade partners, is plaguing Bulgarian businesses when it comes to planning and investment, according to the 20th annual survey conducted by the Bulgarian Chamber of Commerce and Industry (BCCI). This year, 738 micro, small, medium, and large enterprises from across the country and various economic sectors participated in the survey.
