biggest shopping mall in bulgaria announced show of confidence in market
News Posted On: 01 September 2009
Turkish contractors KAYI construction are to build the largest shopping mall in Bulgaria in the capital Sofia.
KAYI have recently made headlines for completing the OZAS Shopping and Entertainment Centre in Lithuanian Vilnius; the largest shopping mall in the Baltic Region.
The Bulgarian economy and property markets (well those exposed to and reliant on foreigners anyway) have taken a battering in recent months as the country spirals deeper into a recession expected to last for at least 2 years.
This project by the successful KAYI construction shows a great deal of faith in Sofia's growth potential and in the commercial property market as well.
Things like this can change the direction of a property market or even an economy; not least because they provide thousands of jobs for the local population, and because their show of confidence will likely bring in further investment from other companies and private investors.
According to the report some 80% of the retail units have already been rented out. This will again increase the faith in Sofia as a destination for commercial operations.
Economic potential is very important for property markets in emerging market economies like Sofia and Bulgaria so reports of new endeavours like this are somewhat of a light at the end of a very dark recessionary tunnel.
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