BULGARIA
In H1 2024, foreign investors were the main driver of Bulgaria’s property market accounting for 77% of the total investment volume of 92.6 million euro, according to a report by Colliers Bulgaria. Income–generating transactions contributed over 81% of the volume while speculative properties accounted for the rest. Industrial and logistics space deals dominated the market in the January-June period, representing 74% of the overall investment volume, followed by hotels (15%), offices (8%) and development land (3%).
ALBANIA
In Q2 2024 Albania’s construction cost index increased by 2.5% on an annual basis, the country’s statistical office INSTAT said. The increase is mainly attributed to energy expenses, which in April-June 2024 saw a 5.9% annual increase, followed by personnel expenses, which grew by 3.8%, and transport expenditures, which went up by 3.5%. On a quarterly basis, the construction cost index increased by 0.2%.
CROATIA
In H1 2024, the average price of new dwellings sold in Croatia reached EUR 2473 per 1 m2, the Croatian Bureau of Statistics said. It was 4.8% higher than the price in the second half-year of 2023 and 6.3% higher than the price in the first half-year of 2023. The average price per 1 m2 of dwellings sold according to POS (based on the Programme of State-Subsidised Housing Construction) amounted to EUR 1342 in the first half-year of 2024.
CYPRUS
In Q2 2024, the Cypriot property market saw apartments emerging as the most preferred choice among buyers, a new report by the Cyprus Real Estate Agents Registration Council reveals. “This is primarily due to the significantly higher costs associated with purchasing a house, as well as the fact that local buyers’ incomes often do not allow them to secure bank loans for home purchases,” said Marinos Kineyirou, President of the Council. ““We are seeing a growing interest from land development entrepreneurs in acquiring plots and residential fields” he added.
GREECE
Greece paved the way for thousands of private citizens to obtain legal ownership titles for squatted public properties. The process for purchasing approximately 90,000 squatted properties is set to start Sept 30 and involves payments that may be significantly reduced, even down to 20% of the property’s assessed value, To Vima reported.
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ROMANIA
In H1 2024, leasing activity was strong in Bucharest, with 168,000 sq. m being transacted in the capital city, thus marking a decrease of only 11% compared with the same period a year ago. The net demand accounted for 82,100 sq. m, an area which could accommodate around 8,000 employees. The average new lease transaction size was of more than 1,100 sq. m. data provided by Cushman & Wakefield Echinox showed.
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