BalREAct: Anti-crisis solutions wanted

After a period of massive investment, to a large extent financed with foreign money, the real estate sector in Bulgaria entered a period of correction of prices and profits. But as everything looked fine until recently we find it hard to believe that the crisis is unfolding with such a speed. Yet, if the process has a positive side, it is that it would eventually make the real estate industry declare its place in the broader economy more emphatically. This was seen at the BalREAct conference, held as a response to the crisis. Real estate developers, investors, consultants, financiers and authorities discussed the situation and measures to tackle the downturn. Administrative burdens, lack of ideas for the economic development and a financial freeze were seen as the main obstacles that had to be overcome with the efforts of the state, private business and municipalities.