Real Estate & Commercial News in Bulgaria from Propertyshowrooms.com

Rousse: Bulgarian Property Developments builds 2nd ogistic park in Ruse

Tue, 27 Jan 2009 00:00:00 GMT

Real estate investment firm Bulgarian Property Developments, which is listed on the alternative segment of the London Stock Exchange, unveiled plans to build a second logistic park in Bulgaria. The company has been granted construction permit for the sche...

Pomorie: Country to be divided into 8 tourist regions was proposed at seminar in Pomorie

Fri, 16 Jan 2009 00:00:00 GMT

Country to be divided into 8 tourist regions with own regional management - this is the idea in the concept of the National Agency for Tourism provided yesterday at a seminar in Grand Hotel Pomorie. There are not exact defined borders yet but the suggest...

Albena: Albena attempts to coax BG holidaymakers back from Greece and Turkey

Fri, 17 Oct 2008 00:00:00 GMT

Local resort operator Albena AD has launched juicy all-inclusive packages to coax Bulgarian holidaymakers back from Greece and Turkey, said investors’ relations director Yovka Strashilova. The packages will cost EUR 28 a day for June and September, and ...

City Center Sofia mall sold to Heitman for 101.5M euro

Tue, 23 Sep 2008 00:00:00 GMT

Equest Balkan Properties sold its City Center Sofia shopping centre to US real estate investment management firm Heitman for 101.5 million euro, Dow Jones news agency reported. The deal was announced on September 19 and should be wrapped up in November.Equest bought the shopping mall offplan in 2006. It paid 94 million euro to the seller, Stroitown, a company linked to Roumen Gaitanski, the former owner of Sofias refuse collection companies...

Investra to take on Plevens stopped industrial project

Mon, 8 Sep 2008 00:00:00 GMT

Sofiabased investment company Investra will spend some 20 million leva in the construction of a retail and industrial park in Pleven, in northern Bulgaria. The news was announced at a work meeting between mayor Naiden Zelenogorski and the firms executive director Georgi Roussev. The park will be built on a 2.5ha plot the investor purchased earlier this year. It will deliver 17 000 sq m of commercial...

Bulgarian real estate companies get out of breath at the stock exchange

Thu, 21 Aug 2008 00:00:00 GMT

BGREIT of real estate investment trusts, showing the movement of real estate shares, lost other 10 pct over the last three months, analysis of Pari Daily announces...

Outlook for Sofia office space market good CB Richard Ellis

Mon, 18 Aug 2008 00:00:00 GMT

Despite the effects of the credit crunch and forecasts for an overall slowdown in economic growth, Bulgarian gross domestic product defied the expectations of economists by recording seven per cent growth in the first quarter of 2008, real estate consultants CB Richard Ellis said in a Sofia office market overview for the first half of 2008. Bulgaria remains attractive to international companies that outsource and...

New logistics centre to be built near Varna

Mon, 11 Aug 2008 00:00:00 GMT

The construction of a new logistics centre has begun near Slunchevo village, in Aksakovo municipality near Varna, Stroitelstvo Gradut weekly has reported. The facility will be within a strategic proximity to Hemus Highway and Varna airport, and will have both industrial and storage functions, occupying a land plot of 6500 sq m. Investor is Izgrev Ltd, a company specialising in the building of industrial and storage complex...

New subsidiary to manage Bulgarian telco BTC real estate assets

Mon, 11 Aug 2008 00:00:00 GMT

BTC, the dominant Bulgarian fixedline telecom, will seek shareholder approval to transfer 100 real estate properties valued at over 281 million euro to one of its subsidiaries. The general meeting of shareholders is scheduled for September 23. BTC plans to transfer the assets as a noncash contribution to the balance sheets of one or more newly incorporated single proprietorships, according to the shareholder...

Another holiday resort springs up at Skorpilovtsi beach

Tue, 5 Aug 2008 00:00:00 GMT

Varnabased company Albatros Ve EOOD has erected the ground floor of the aparthotel Soley, which is the first concrete construction on the beach of the Black Sea village of Skorpilovtsi between Varna and Bourgas, close to the Stara Planina slopes. The only accommodation on the beach to date was the longstanding campsite but there are also other plans to construct hotels, Albatros office employee Ani Angelova...

New mountain resort set for Bulgaria (04 August 2008)

Tue, 5 Aug 2008 00:00:00 GMT

Despite project launches, drop in tourism is shutting three to four Black Sea resorts a week...

Italian CoVer Industrial to build Tishman and GEs Sofia Airport Centre

Thu, 31 Jul 2008 00:00:00 GMT

Italian company CoVer Industrial won the tender for the construction of a business centre near Sofia Airport, Italian news agency Ansa said as quoted by Dnenvik daily. Investors in the development, Sofia Airport Centre, were Tishman and General Electric Real Estates. The investment was estimated at 250 million Euro. Tishman launched the construction of the first building of the business centre, Marketing Suit...

Central Europe becomes top logistics, industrial property destination study

Thu, 24 Jul 2008 00:00:00 GMT

Three out of Europes top five markets with the best location for industrial or logistics facilities were in Central and Eastern Europe, according to the European Distribution Report 2008 published by real estate consultant Cushman amp;Wakefield C amp;W.Belgium retained the top spot in the rankings, published by C amp;W every two years, and is followed by the Netherlands, Hungary, the Czech Republic and Poland...

UniCredit to launch real estate fund report

Mon, 21 Jul 2008 00:00:00 GMT

UniCredit plans to set up a real estate fund, following the example of other major European banking groups, which would use parts of buildings that house the banks branches and other properties, Reuters news agency reported on July 20.The fund would be worth around two billion euro, Reuters said, quoting a report in Italian newspaper Il Sole 24 Ore. Contacted by Reuters, the group declined to comment...

Agricultural land prices rising in Bulgaria

Thu, 17 Jul 2008 00:00:00 GMT

Bulgaria is the latest country to report rising prices for agricultural and development land which offers investors another possible profit stream...

Riu Hotels to run Pravets golf resort hotel

Wed, 16 Jul 2008 00:00:00 GMT

International hotel chain Riu Hotels amp; Resorts will take over at the Pravets Golf amp; Spa resort in Pravets, northwestern Bulgaria, Terra Tour Service, the investor in the project, said.Riu has signed on to run a hotel with more than 200 rooms in the resort for a period of five years. The 70 million leva complex, which has an 18hole golf course, among other facilities, has an area of 100 ha and should open for business by the autumn of 2009...

Spanish developer with project in Sofia files for bankruptcy protection

Tue, 15 Jul 2008 00:00:00 GMT

MartinsaFadesa SA, the largest Spanish developer with a residential project in Sofia, has sought bankruptcy protection, Bloomberg agency reported as quoted by website investor.bg.With the 10year real estate boom in Spain beginning to die down, more companies fail to secure a loan for refinancing old debts. What makes it harder for developers to pay their debts is the sharp decrease in home sales in addition to rising borrowing costs, the agency said...

Chedi luxury hotel brand coming to Bulgarian golf resort

Tue, 15 Jul 2008 00:00:00 GMT

GHM, the owner and manager of a hotel portfolio of highly regarded properties such as The Datai and The Setai, said it would open a hotel in Bulgaira under its upscale brand Chedi. The local Chedi hotel will be part of the Thracian Rocks golf resort near Kavarna on the Black Sea, resort manager Josef Halbherr said.In addition to the 60suite boutique hotel, the Chedi complex in the resort will also feature 30 villas and nine apartment blocks. The GHMmanaged complex should be completed in two years...

Foreign investments reign over Bulgarian property developments

Thu, 10 Jul 2008 00:00:00 GMT

Foreign investors have a 97 per cent share of the total investments in Bulgarian commercial buildings, according to consultant company King Sturge, as quoted by website investor.bg.In Sofia and some other big cities there are pleanty of examples of completed developments, including numerous retail and office buildings. At the initial stage of those developments, there had been a partial share of Bulgarian investors, which was later sold to foreign players...

FairPlay Commercial to invest in new logistics park projects

Thu, 10 Jul 2008 00:00:00 GMT

FairPlay Commercial, an office property developer that is part of FairPlay International, said it plans to build distribution warehouses and a 120 000 sq m logistics park. The location of the new property developments was not named.The warehouses would most likely be in smaller cities with shortage of purposebuilt logistics properties, FairPlay Commercial board director Mario Zahariev said...

Low-cost airline launches new Bulgarian service

Wed, 9 Jul 2008 00:00:00 GMT

People in north-west England who own property in Bulgaria are being targeted by low-cost airline easyJet.

The budget carrier has confirmed that later this year, it will begin offering passage between Manchester Airport and Sofia.

This will help open up the Bulgarian capital to leisure travellers in the north-west, a development which could lead to more people choosing to visit the city.

However, easyJet also believes that the route will be useful for many foreign property investors, as Bulgaria is currently a very popular location among this group.

The airline commented: "The service to Sofia is ideal for the growing number of second home owners from the region investing in the Bulgarian market."

Passengers will be able to fly between Manchester and Sofia three times a week from December 2008.

This comes after analysts at Amberlamb said a number of strong fundamentals are supporting the Bulgarian housing market, such as the country's growing tourism industry.

Carrefour to build mall in Stara Zagora

Tue, 8 Jul 2008 00:00:00 GMT

Carrefour, the French hypermarket chain, announced plans to build a retailentertainment complex in Stara Zagora, weekly Stroitelstvo Gradut said. The total investment will amount to 10 million euro as the property itself will be situated on a land plot of 20 900 sq m. The project features a mall, whose retail space will be 14 575 sq m, as well as hypermarket on a further 6324 sq m.Architect Ilian Iliev of Planning Ltd. has been picked todesign the mall, with Carrefour currently still looking to select a construction company to build it. With the opening of the complex, Carrefour has promised to offer 400 new job positions when the project is completed by 2010 as planned...

Bulgarian commercial property sector grows

Thu, 9 Aug 2007 00:00:00 GMT

Bulgaria's commercial property sector is showing positive signs of growth, attracting increased investment activity from foreign and domestic investors.

New research from real estate group Colliers International suggest that notable growth is being evidenced across all commercial segments in Bulgaria's real estate market, led by the retail sector.

In addition, average rents are shown to have continued in an upward movement into the first half of the year. However, an increase in vacancies has been anticipated in the near future despite the entrance of international developers to the market.

Shopping mall construction in Bulgaria has more than doubled in the first half of 2007 alone, reports Colliers International.

Many of these developers are experienced investors looking for lucrative commercial property opportunities in emerging markets such as Bulgaria, offering strong levels of appreciation in the future.

Meanwhile experts at Off Plan International claim that some Bulgarian regions are nearing over-development, suffering from an excess of development interest and exploitation. This is due largely to the fact that Bulgaria is coming out of its emerging phase and is now fairly well established.

Equest Balkan Property benefits from buoyant Bulgaria market

Fri, 20 Apr 2007 00:00:00 GMT

Cheap property in Bulgaria has boosted the fortunes of a Balkan property company, a British newspaper has claimed.

According to the Independent, Equest Balkan Property "is fast becoming one of the biggest players in the Balkan commercial property arena" after it released its full-year results.

Last year, Equest bought properties in the Balkans that were worth 239 million EUR ? a figure that has now been revalued to 272 million EUR. More than 80 per cent of its assets are in Bulgaria and Romania.

"Property in Bulgaria and Romania is not only far cheaper than in western Europe, but is also cheaper than in the Czech Republic, another former Soviet bloc country that is now in the European Union," the newspaper stated.

According to Equest, which is now looking to Serbia, Macedonia and Croatia to increase its property portfolio, income-producing assets, in or around the Bulgarian capital of Sofia, present an "attractive investment opportunity".

It believes the Sofia market offers some of the best investment rental yields and long-term prospects for price appreciation in Europe.