Table of Contents
Executive Summary
5
Key Features Of This Report6
SWOT Analysis7
Bulgaria Real Estate/ Construction SWOT 7
Bulgaria Economic SWOT 8
Bulgaria Business Environment SWOT 8
Key Projects9
Construction Overview 9
Residential Construction 9
Commercial Construction 10
Tourism Construction 10
Major Projects 11
Table: Bulgaria Major Infrastructure Projects - Construction 11
Real Estate Investment Trusts, Q20914
Introduction 14
Table: Global REITs At A Glance, Mid-2008 15
A Note On Unlisted Real Estate Funds 17
Table: European Unlisted Funds At A Glance, 2008 17
2008: A Disastrous Year For REITs 18
Table: Investment Total Returns (%, in EUR terms) 18
Table: Gross Total Returns, 2008 (%, in EUR terms) 18
Table: Gross Total Returns, 2008 (%, in EUR terms) 19
Table: Gross Total Returns, 2008 (%, in EUR terms) 19
Table: Substantial Property Sales, 2008 (US$bn) 20
Table: Capitalisation Rates And Spreads Versus Risk-Free Rates 22
Pointers For 2009-2010 23
Industry Finance Outlook25
International Financing 25
Table: Interbank Rates and Bond Yields 27
Table: Comparison of Total Assets, Client Loans and Client Deposits (US$bn) 28
Monetary Policy 28
Industry Forecast Scenario 31
Table: Housing prices at a glance - Central and Eastern Europe 31
Table: Office Rents - Central & Eastern Europe - Various Sources 32
Table: Bulgaria Economic And Construction Data, 2006-2013 33
Macroeconomic Outlook 34
Table: Bulgaria - Economic Activity, 2004-2013 35
Real Estate/ Construction Business Environment Rating36
Table: Europe Real Estate/Construction Business Environment Ratings 36
Bulgaria' s RECBER 37
Project Finance Ratings: Outlook for Europe 38
Table: Design And Construction Rating 40
Table: Commissioning And Operating Rating 41
Table: Overall Project Finance Rating 43
Bulgaria' s Business Environment 44
Company Monitor50
Glavbolgarstroy 50
Holcim (Bulgaria) 51
Mott MacDonald 52
Landmark Property Management 53
GTC Real Estate 54
TriGranit Development Corporation 55
Equest Balkan Properties 56
Colliers International 57
BMI Forecast Modelling58
How We Generate Our Industry Forecasts 58
Construction Industry 59
Bank Lending 59
Real Estate/Construction Business Environment Rating 60
Table: Weighting Of Indicators 61
Project Finance Ratings Indicators 63
Table: Design And Construction Phase 63
Table: Commissioning And Operating Phase - Commercial Construction 64
Table: Commissioning And Operating Phase - Energy And Utilities 65
Table: Commissioning And Operating Phase - Transport 67
Sources 68
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