A mix of global slow-down, restricted financing and withdrawing investors have brought Bulgaria's construction sector to a stalemate, but entrepreneurs hope that the first green shoots of revival will emerge in the spring next year.

"We are in for a tough winter, but hope that the spring next year will bring the first signs of recovery," Svetoslav Glosov, chairman of the Bulgarian construction chamber, commented on Tuesday as the sector celebrated its professional holiday.

"This year the construction sector suffered its heaviest blow, marking a more than 20% decrease over last year," says Ivan Boykov, Executive Director of the chamber.

Just two years ago Bulgaria, a confident European Union new member, was celebrated as a property hotspot with healthy growth in all segments. These days, frozen projects and bankrupt investors paint a gloomy picture and there is growing alarm that the big boom is on the brink of becoming the big bust.

"The construction business is moving at a snail's pace now," says Ilia Hristov, one of the many owners of construction companies, who has been hit by the crisis in the sector. Delay or cancellation of tenders for major projects has forced businessmen like him to heavily cut down on expenses and lay off workers.

"Agony is too harsh a word to describe what we are experiencing, but the crisis has definitely affected all construction companies in Bulgaria."

The people in the sector now hope to bottom out of the crisis next year and say they rely entirely on European Union funds, which may finance transport, environment, regional development and agriculture projects.

The expected launch of construction works at Belene nuclear power plant on the Danube river will create 15,000 new jobs.