Friday, December 14, 2012
Current Market Trends: Ambassadors Weigh in on Europe in the Context of Global Real Estate

H.E. Elena Poptodorova, Ambassador of Bulgaria to the United States
H.E. Nuno Brito, Ambassador of Portugal to the United States
H.E. Christos Panagopoulos, Ambassador of Greece to the United States

Moderated by:
Stephen R. Collins, Managing Director, International Capital Group, Jones Lang LaSalle

The esteemed panel of Ambassadors shared their views on current market trends in Bulgaria, Portugal, and Greece.

JLL Capital Markets

  • $317B of transitions/year
  • specialize in transactions over $400M
  • large global interest, and often used as a broker because they have “political clout”


  • 1 of 3 fastest growing property markets
  • real estate used to be all state owned, transitioned to market economy in 1990
  • tempestuous economy
  • modern Bulgarian property market is known for technology parks and high tech industries
  • not part of euro zone


  • resilient property market is highly developed, highly transparent, and there is a strong international contingent of developers and investors
  • retail/office = largest markets; industrial market is small but important
  • more than 4B European investments
  • golden residence permit - special 1 year residence with renewal ($500,000 E RE Invst/person)


  • real estate is one of the main drivers of the economy
  • a pretty mature real estate market
  • shortage of shopping centers, distressed hospitality and medical equals an opportunity for construction
  • 9,500 hotels, lots of tourism

Overall message was that there is a lot of opportunity for foreign investment, so lookout for upcoming deals.