State and Determinants of Real Estate Market Development in Central and Eastern European Countries on the Example of Poland and Bulgaria

Izabela Rącka 1 , Sławomir Palicki 2 ,  and Ivo Kostov 3
  • 1 M.Sc. Department of Public Management and Law Faculty of Management The President Stanisław Wojciechowski Higher Vocational State School in Kalisz
  • 2 PhD Department of Spatial and Environmental Economics Faculty of Management Poznań University of Economics
  • 3 PhD Department of Economics and Management of Construction Faculty of Economics University of Economics – Varna (Bulgaria)

Abstract

In this paper, the specificity of release and transformation processes of real estate markets in two postsocialist bloc countries, i.e. Bulgaria and Poland, was diagnosed. Comparative analysis of the conditions and directions of change was used as a tool to clarify the current situation, current status and characteristics of these markets. Comparison of Poland and Bulgaria also indicates the prospects for the development of real estate markets. The article is an attempt at assessing the condition and evolutionary progress of the residential segment. The authors also selected obstacles and factors promoting the development of real estate markets in the analyzed countries. This will either enable the critical assessment of changes observed in the past, or prove helpful in the context forecasting market phenomena.

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