Kalin Peshov, executive director of Glavbolgarstroy: In one-year time the market will stabilize

In Bulgaria, the crisis affects different investment projects differently in terms of location, quality, developer’s image, etc. But the crisis in our country is different from the crisis in the US or in other corners of the world. There is an expectation that electricity supply might stop in March. But we have to realize that this can hardly happen. This year will gradually pass marked by considerable slow-down in real estate growth, but by the end of 2009 the slow-down will fade away as will people’s psychoses about the crisis. I believe that at the end of 2009, or the beginning of 2010, everything will go back to normal, although the property boom typical of the past 5 years will not repeat. At that time quality projects that involve proper strategies and no fast gains will benefit the most.
What the state could do, however, is work hard to facilitate the reclamation of all resources that can contribute to larger volumes in the business - but not for the sake of the real estate sector because the latter is no better than any other industry. It is good to work for a healthy assimilation of European funds because these resources flow into our economy and construction alongside all its fields is part of the beneficiaries. Higher infrastructure expenses stipulated in this year’s budget are also more than welcome as they will drive our economy. 
If the tax system is amended, it will affect the business in 2010-2011 the earliest. The accelerated restoration of VAT, for example, would be good and beneficial as this is working capital which is now a major problem for the business. Such measures, however, should be moderately used. The business should be realistic and not ask for things that cannot happen.

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