The Impact of Long-term Development Territories on Local Real Estate Markets

Abstract

The article explores the potential of long-term development zones in providing new land for construction projects in areas with high demand, as well as the impact of lifting restrictions on the development of these territories on the real estate market. Bulgarian and foreign publications on the topic are reviewed. An analysis is conducted on several key indicators related to the demand, supply, and prices of properties in the studied locations. A market study is performed on specific examples of long-term development zones and the areas surrounding them. Conclusions are drawn about the potential of these zones to meet the growing demand for construction land, as well as the positive and negative effects of urban planning on the market, investors, and society. A forecast is made regarding the state of two local real estate markets around long-term development zones, which are expected to be "released" for development after 2025.