An interesting fact: the last 10-12 years were acknowledged as the warmest in158 years. Average temperature in the last 50 years increased twofold. As a result on the territory of the North and South America, North Europe, Central and North Asia there are more rains than ever, while in Africa, Mediterranean countries and in South Asia the climate is becoming more and more dry. Together with it the level of the world ocean is increasing.
Do all these factors influence property market? It appears that they do.
Globally climate warming results in problems with water supply. This makes investors to avoid certain areas. For example, this spring in Spain and in Cyprus they had to impose restrictions on water and the water was supplied by the tankers from the continent.
In the USA the anxiety was on such a large scale that it was impossible to provide property insurance according to the standard cost. Constructive and architectural requirements are changing, transactions are being canceled. Canada, Alaska, the Baltic states, Turkey and Bulgaria seem to be in a better position.
It’s foretold that due to the global increasing of temperatures in the last two countries tourist season will last seven months. In Bulgaria particularly, according to the data of the National meteorology and hydrology institute of Bulgarian Academy of Science, by the year 2005 the temperature will increase 2-5 degrees.
Obviously investors can’t depend on such predictions; however they have to take into account policy of the global temperature increase which is carried on in a particular country.
At the same time it’s natural that investors’ interest is shifted from hazardous countries to more sustainable ones. Thus at the end of September within the framework of the forum that was held by the chamber of Bulgarian constructors and АNCE (Italian National Association of constructors), partnership agreement relating to construction industry was signed. As the chairman of the chamber of constructors says the projects which are going to be carried out within the period of 5-10 years have been discussed.
