According to the increasingly popular narrative, apartments purchased for investment purposes are almost synonymous with unoccupied buildings, that is uninhabited properties. The villains are investors, both institutional (apartment funds) and individual (wealthy individuals). They allegedly buy apartments from the market in order to “speculatively” refrain from placing them on the market in anticipation of a further increase in real estate prices.

There is nothing better than a press conference of a minister announcing a new investor who has chosen Bulgaria for their new investment venture. This is also the dream of every mayor, although mayors do not have much to offer to potential investors. Ministers have the arsenal of the State budget at their disposal. Thus, they can use taxpayer money to offer incentives for companies and offer resultant advantages to a selected sector or region.

Just recently the Ministry of Finance issued 5-year external debt in euro, with annual coupon of 4,25% and annual yield of 4,436%. The total value of the issue was EUR 950 million, while the submitted bids stood at over EUR 6 billion. The issue was oversubscribed in just 30 minutes from hitting the screens and the investors’ interest was sizable. The debt issue was successful by all indicators – attracted investors’ interest, easily oversubscribed and…