The Bulgarian Parliament Approved on First Reading the Draft Act for Management of Multifamily Residential Buildings

Today the Bulgarian Parliament approved on first reading the Draft Act for Management of Multifamily Residential Buildings. The future act aims to stimulate the 4 million Bulgarians living in multifamily blocks – around 80% of the urban population, to cooperate. The draft act describes the way the residents can form associations in order to manage the commonly owned parts of the buidings in a more efficient way.

According to data from the Minsitry of Regional Development and Public Works, the number of large panel pre-fabricated blocks of flats in the country amounts to 18 900, situated in 120 housing compounds. They were built between the 60s and 80s of the 20th century, whereby about 96.5% are privately owned. The main weaknesses of the pre-fabricated panel blocks are connected to the law quality of insulation on all levels – roof, facade, etc. The insulation of these blocks is important so as to decrease the energy expenses of the country, where half of the overall energy expenses are caused by the residential sector. In the current situation some of the owners of apartments in panel blocks pass over the problem by independently investing in insulation of the outside walls of their own property. However, as experts point out, the effect of such measures is insignificant because the heat “escapes” through the neighbouring apartments that are not insulated.

In this context, the Bulgarian Energy Efficiency Fund offers its innovative product portfolio guarantee that was especially designed in order to correspond exactly to the specific needs of the residential sector in Bulgaria.