The first 'green' buildings in Bulgaria will be constructed within the next three years, forecasts Atanas Garov, managing director of Colliers International Bulgaria.

The first 'green' buildings in Bulgaria will be constructed within the next three years, forecasts Atanas Garov, managing director of Colliers International Bulgaria.

Speaking at an international conference on sustainable development hosted by Colliers in Bulgaria, Garov said, 'the development of a carbon-neutral project is already in progress in a resort on the Black Sea Coast.' Garov added that 'green building development leads to direct benefits for developers and occupiers alike. If conceived and implemented professionally, the financial return on investment for such buildings could be recovered more than ten-fold.'

The Bulgarian Minister of European Affairs Gergana Grancharova pointed out that the introduction of European construction standards by 2011 would dictate the pace of change. The panel, which included representatives from Environ, BDSP Partnership Ltd. and Ferry Group, agreed that the time is just right for the Bulgarian real estate sector to focus on sustainable development.