Real Estate & Construction News in Bulgaria from Propertyshowrooms.com

Bulgarian property market predicted to improve this year

Wed, 2 Feb 2011 00:00:00 GMT

The property market in Bulgaria will begin to improve in the second half of this year, a major property consultancy has forecast.

Colliers has suggested that there will be a rebound in sales in the country in line with an improvement in the Bulgarian economic situation.

However, according to the firm, there still remains a risk that when the market eventually turns there could be a shortage of high-end properties as a result of a lack of new developments and projects in 2010.

Meanwhile, those interested in purchasing property in Bulgaria may be interested to learn that average prices in the country have fallen to less than 33 per cent of their market peak in 2008.

Added to this, the number of building permits and new buildings had also fallen to well below their peak.

Figures released by the National Statistics Institute show that the price of real estate last year fell to 964 leva per square metre, with the cheapest homes found in the town of Kyustendil.

Construction in Bulgaria 'on the road to recovery'

Tue, 24 Aug 2010 00:00:00 GMT

The number of construction permits issued in Bulgaria increased in the second quarter of 2010, compared to the first three months of the year, according to figures from the National Statistics Institute.

In news which may interest those looking for property in Burgas or homes for sale in Blagoevgrad, the data highlights that 1,441 residential permits were issued between April and June 2010 for a total of 3,933 apartments, reports the Novinite.

This represents increases of 46 per cent and 41 per cent respectively, compared with January to March 2010. However, it marked drops of 21 per cent and 13 per cent year-on-year.
In particular, construction is picking up in the Varna region, where 176 permits were issued, followed by city of Sofia, the Burgas region, the Plovdiv region and the Sofia region.

The highest number of residential units will be built in Varna, followed by Blagoevgrad, Sofia and Plovdiv.

Earlier this month, data from the National Statistical Institute highlighted that house prices fell during the second quarter of 2010 by an average of 0.8 per cent.

Sofia: 2nd attempt for sale of municipal construction company BKS-Center Sofia

Tue, 27 Jan 2009 00:00:00 GMT

Municipal construction company BKS-Center SPJSC Sofia will be sold at a 1-stage procedure. The minimal bid price will be BGN 5.2 mln and the deadline for purchase of documentation is February 16. The deadline for application is March 18. This is the se...

Plovdiv: Project "Sky Buildings" for EUR 50 million starts in Plovdiv

Sun, 4 Jan 2009 00:00:00 GMT

Yazov, a Plovidv -based construction company, announced that, on January 5, 2009, it would turn the first sod on a 50 million euro project called Sky Buildings, Dnevnik daily reported on January 3. The plan envisions 21 buildings on a land plot of 3.2ha...

Bulgaria investors warned of off-plan risk

Wed, 24 Dec 2008 00:00:00 GMT

Investors who purchase off-plan properties in Bulgaria may find their homes are never completed, one expert has warned.

According to Property Wire, executive director of building firm Green Life Nikolai Pehlivanov stated that low prices at a new site could be an indication that the developer is attempting to sell off a project that may remain unfinished.

Predicting that construction on large projects is likely to remain static for the foreseeable future, Mr Pehlivanov explained that large international development countries are being worst affected by the credit crunch, as they are likely to have invested in complex projects that require large amounts of infrastructure funding.

And he told the news source that buyers looking to make "safe" purchases should concentrate on property surrounding the Black Sea, as it is likely to remain in demand in the future.

In related news today, Quest property magazine stated that cheap property in Bulgaria can still be found, providing investors look away from the "predictable" areas.

Bourgas: Fraport seeks a company to design and construct Burgas Airport

Wed, 19 Nov 2008 00:00:00 GMT

Concessionaire of the airports in Varna and Bourgas - Fraport Twin Star Airport Management JSC, managed by its CEO Andreas Helfer, seeks a company to design and construct the expansion of Burgas Airport. The candidates may apply up to December 19. Co...

Pazardjik: Fountains residential complex in Pazardzhik

Wed, 19 Nov 2008 00:00:00 GMT

Construction of Fountains residential complex in Pazardzhik was started. Balkan trade house will invest EUR 10m. MS Prime Studio is the design company, the contractor is Garcy and Quint Stroi. The gross-floor area is 32,000 sq. m. The site of 34,000 sq....

March of Bulgarian road builders is slowing down

Wed, 10 Sep 2008 00:00:00 GMT

The total loss of the four road construction companies at the Bulgarian Stock Exchange for the first half-year of 2008 was BGN 1.8 million compared to the total profit of BGN 12.7 million a year earlier, survey of Pari Daily shows for Trace Group Hold, Roads Holding, Moststroy AD and Transstroy of Bourgas...

Arco Vara invests over EEK 100 mln in Bulgaria

Thu, 4 Sep 2008 00:00:00 GMT

Estonian real estate develoer Arco Vara signed construction contract in development project “Manastirski” in Sofia. Total value of the contract is EEK 101.5 mln without VAT...

Arco Vara took an additional loan for a project in Sofia

Tue, 19 Aug 2008 00:00:00 GMT

Arco Invest EOOD, a subsidiary of Estonian real estate developer Arco Group, refinanced the loan for “Madrid” project in Sofia...

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...

Parliament bans construction on green areas

Fri, 1 Aug 2008 00:00:00 GMT

On July 31, Parliament decided to impose a memorandum on construction on existing green areas, parks, playgrounds, sporting fields and areas between residential buildings in regional centres and in towns with populations of more than 50 000. In the zones allotted for multifunctional facilities, construction without abiding by the development plans that went into effect before the publication of this...

Environmentalists in Bulgaria protest ‘world’s first carbon neutral luxury resort’

Tue, 22 Jul 2008 00:00:00 GMT

When is an eco-project bad for the environment? Critics charge a development in northeast Bulgaria designed by Foster + Partners, the oft-praised creator of cutting edge sustainable developments, will destroy a virgin coastal landscape—no matter how many eco bells and whistles are incorporated into the project. Black Sea Gardens, described as the “world’s first carbon neutral...

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...

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...

New construction banned as concerns about over development in Bulgaria increase

Mon, 7 Jul 2008 00:00:00 GMT

Over development in Bulgaria is having a serious effect as various projects are being halted over concerns about quality, standards and a lack of planning and vision...

More delays for VidinCalafat Danube bridge

Thu, 3 Jul 2008 00:00:00 GMT

The project to build a second bridge over the Danube River between Vidin in Bulgaria and Calafat in Romania has run into new snags, which may delay its completion, Dnevnik daily reported on July 3.Rather than change the original design, Bulgarias Transport Ministry has decided to carry out a new assessment whether the original design of the bridge will be robust enough to withstand the test of time and elements, the daily said...

Sofia City Hall to ban construction in Studentski grad

Mon, 30 Jun 2008 00:00:00 GMT

Construction in Studentski Grad Students town borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikovs intentions to issue an ordinance to ban further construction of the area.It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be in effect, Monitor daily said. A random check in Studentski grad done by the newspaper in March revealed that there were close to 60 projects in the works and just as many planned to begin in the near future.

Investors 'should be tough'

Fri, 18 Apr 2008 00:00:00 GMT

Prospective investors should be tough when dealing with property sellers, according to property industry experts.

Analysts at Amberlamb stated that the credit crunch has led to many developers becoming desperate to sell their houses as consumer confidence is falling.

The organisation has suggested that people who are still considering an investment overseas should take advantage of this situation in order to negotiate a good deal.

This, it continued, could be particularly beneficial in countries such as Bulgaria, which has seen a drop in demand in the wake of the current credit crisis.

Amberlamb commented: "If you're tough on your vendor and force their hand in terms of selling low, you will still be able to profit from the property market in Bulgaria."

The group added that even amid the ongoing financial problems across the world, not every property market has "doom and gloom" for investors.

This comes soon after Foreign Property Buyer recommended that investors see what "freebies" are being offered by developers.

According to the website, prospective buyers could then use this information to negotiate for similar perks with the firm they are using.

Russians and Britons 'lead Bulgarian investment'

Wed, 5 Sep 2007 00:00:00 GMT

Investors from Britain and Russia are increasingly showing interest in purchasing Bulgarian holiday homes, new research has found.

A study by Green Life Property Development added that investors from other countries such as Romania and Kazakhstan were also looking at entering the market, reports Focus.

Specifically, the Black Sea region was highlighted as a hotbed of activity, as it was a popular tourist spot.

However, the influx of buyers from other eastern European countries was found to have placed English-speaking investors at a relative minority.

Although the number continued to grow, English speakers accounted for only 20 per cent of people buying into the region.

This is down from 80 per cent a year before, suggesting a sudden surge of interest in property investment among eastern European nationals.

Recently, Off Plan International recommended capital city Sofia as another good place in which to invest.

Sofia 'offers good investment potential'

Thu, 9 Aug 2007 00:00:00 GMT

Lucrative investment opportunities are available in the Bulgarian region of Sofia despite extensive development in other Bulgarian areas, according to experts at Off Plan International.

It is argued that Sofia has strong potential for investors taking a longer term approach, with properties that are likely to appreciate in value and high tenant demand for the foreseeable future.

Since joining the European Union in January, Bulgaria has enjoyed a higher profile and increased international interest - a trend expected to continue ahead.

This makes the present a good time for investors prepared to commit to the Bulgarian property market, according to the firm.

"Some of the coastal areas are over-developed or there's a high number of developments going up," commented Simon Walker, sales director.

"With Sofia being the capital... it would be very difficult to lose," he added. "You’d invest in Sofia in Bulgaria because you’d be looking at a longer term market."

Experts have highlighted eastern European city centres as offering positive capital growth and relative investment stability compared to other regions.

Bulgarian cities offer 'safe gains'

Thu, 12 Jul 2007 00:00:00 GMT

Cautious property investors should look to infrastructure development in Bulgaria in order to capitalise, according to a property expert.

A lack of solid data on the Bulgarian property market makes it tricky for purchasers, Lance Nelson of Jet2Let claims, though he says the major cities like Sofia are experiencing good growth in prices.

An increase in businesses, such as call centres, that have started up in Sofia have bolstered the local economy and he reports a ten per cent rise in growth in the city over the last quarter.

Speaking to Easy.com Mr Nelson said: "With a global market for labour it is this IT sector that could be responsible for a disproportionate contribution to the wealth of the city.

"Large infrastructure construction projects and all property related sectors will continue to contribute to increased earnings and disposable incomes helping to fuel demand."

Property-abroad.com's director Les Calvert said that he would recommend Sofia and Varna for safer investments, as they do not depend on tourists for rental incomes, and cities where people live and work are more reliable.

Investors 'should consider surroundings'

Tue, 12 Jun 2007 00:00:00 GMT

The Bulgarian property market has experienced rapid growth in recent years, but investors should consider whether the country's resorts are becoming overdeveloped, one expert has claimed.

Filmmaker Nikolai Chavdarov told the Guardian that the popularity of Bulgaria as a property investment market could lead to "overdeveloped and ugly" locations over the next few years.

However, people ought to consider the impact that developments close to their own property may have on the value of their investments, Mr Chavdarov argued.

"Let's hope that there will be balance between the reality of the profit seeking and the rule of reasonable urban and rural development," he remarked.

According to recent data produced by the Bulgarian National Bank, the amount of external investment in the country's property sector during the first three months of the years was 63 per cent higher than during the corresponding period in 2006.

In total, the bank found that EUR 310 million was invested in property, representing 40 per cent of all foreign investment in the country during the first quarter.

Bulgaria Property Boom

Fri, 6 Jan 2006 00:00:00 GMT

The last week has seen a number of key developments in Bulgaria that appear to have paved the way for the expected property boom in the coming years.
The popular ski town Bansko has been the centre of attention for some time and was boosted this weekend with the news that the municipality will invest more than BGL ten million in its infrastructure during the next year.
The Sofia News Agency reports that the mayor Alexander Kravarov revealed the plans at the official opening of the new winter tourism season when he also announced that procedures were underway to build an airport near the resort. All of this has added momentum to Bulgaria's rise to prominence as an attractive option for property investors.
Mr Kravarov said that Bansko welcomed over 200,000 tourists during the last summer season and around 500,000 had spent time there during the winter season. Of particular interest to buy-to-let investors is the strategy to increase the number of tourists by 20 per cent. It is also believed that demand for property will intensify further as Bulgaria steps up its bid for the 2014 Winter Olympics.
At a recent news conference, Bulgarian ski federation chairperson Tseko Minev said that the opportunity to host the Winter Olympics would have a significant impact on Bulgaria's economic development with increased employment expected in the years leading up to the event. According to the Sophia Echo, Mr Minev also stressed that winning the bid for the 2014 Games would improve Bulgaria's reputation for natural and cultural heritage and lead to a dramatic increase in the building of sports facilities.
With improvements also made to Bulgaria's transportation systems, it is believed that a successful bid would lead to investment of around €1,322 billion in and around Sofia, Borovets and Bansko.
The Sofia Echo reports that Pamporovo, one of the other successful ski resorts, is expecting a 30 per cent increase in the number of tourists this year, having built new hotels accommodating 1,000 guests and made developments to the ski runs. Georgi Georgiev, chairman of Pamporovo 21st Century, an association of hotel owners and restaurateurs, said that a figure in excess of €55 million had been invested in Pamporovo in the last two years alone.
British property investors will face strong competition from an increasing number of Greek tycoons who are also beginning to appreciate the potential of the Bulgarian property market. The Sofia News Agency refers to an article in the Greek weekly Pontiki entitled 'Balkan property rush in Northern Greece' in which it is claimed that property prices in towns like Sandanski, Petrich and Melnik are currently valued at only one tenth of their equivalents in Greece.
Assetz Property News Service www.assetz.co.uk