Some 200 real estate agencies closed for business
17 February 2009
Some 200 Bulgarian real estate agencies have gone out of business in January, laying out around 350 employees, mainly on low demand due to the global international crisis, said Teodora Dimitrova, head of ERA Bulgaria, unit of international firm ERA Real Estate.
Dimitrova added that real estate prices declined by 40% in January as compared to the respective period last year.
Moreover, a total of 3.000 local real estate companies would halt operations by the end of 2009, stated Onik Latifian CEO of the Bulgarian and FYROM’s units of international real estate company Century 21.
Analysts see some 7.000 employees facing unemployment in 2009.
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