Real Estate & Economic News in Bulgaria from Propertyshowrooms.com

Bulgarian property market 'starting to pick up'

Wed, 11 Apr 2012 00:00:00 GMT

The real estate market in Bulgaria has begun to stabilise, with a rise in the number of transactions concluded recorded by local agents.

Figures released by property consultancy Yavlena revealed the volume of deals climbed by 22 per cent in 2011, compared to a year earlier, the Sofia Echo reported.

However, the organisation noted the majority of the sales were for agricultural land, with the number of purchases made with a mortgage climbing by just 4.2 per cent in the same period.

Yavlena also pointed out many people seeking a property in Bulgaria are keen to buy in the lower price bracket of €25,000 (£20,624) to €50,000, although there is little supply at this end of the market.

Meanwhile, data recently published by Bulgarian Properties indicated residential real estate values in Bulgaria are stabilising, with the firm recording positive month-on-month growth in Varna and Bankso in March.

The cost of buying a home in Sofia and Sunny Beach fell marginally in the same period, while the Bulgarian capital was the only location surveyed that posted an annual increase in property prices.

Bulgarian property prices drop

Tue, 25 Oct 2011 00:00:00 GMT

The third quarter of 2011 saw property prices in Bulgaria fall, the latest government figures show.

Quest Bulgaria reported on the data, noting that average residential real estate values dropped by 0.8 per cent in the three months between July and September.

Overall, house prices have slipped by 6.1 per cent since the same time last year, the news provider noted, adding that the Pleven, Yambol and Smolyan regions of the country have experienced the biggest declines.

In the recent Doing Business 2012 report published by the International Finance Corporation and World Bank, Bulgaria was highlighted for making it easier for people to register property in the nation by "offering expedited procedures".

Meanwhile, the country was also noted for its efforts to improve trading across borders and to assist with resolving insolvency, with the report stating that these measures improve the business environment.

The introduction of an online system for the submission of customs and declaration forms was one of the reasons given for its higher ranking in the trading across borders category.

Bulgarian house prices plummet

Fri, 7 Oct 2011 00:00:00 GMT

Residential real estate in Bulgaria has seen one-third of its value wiped out since 2008, new research has revealed.

The Sofia Echo reported on a study carried out by estate agency Yavlena, which showed that property prices in the country have dropped by 20.92 per cent compared to 2008, with values declining by 8.5 per cent since last year.

Manager at the firm Strakhil Ivanov told the publication that the bottom end of the market - homes priced between €25,000 (£21,744) and €50,000 - are attracting the most attention from buyers.

Last month, International Business Times highlighted data published by Bulgarian Properties, which indicated that one of the nation's ski resorts - Bankso - had seen real estate values plummet by 50 per cent since 2008.

The publication revealed that apartments could be acquired for an average of €760 per sq m during the first eight months of this year, with prices taking a further ten per cent tumble in May.

Bulgaria's property prices fall in Q2

Tue, 26 Jul 2011 00:00:00 GMT

The value of residential properties in Bulgaria dropped during the second quarter of this year, new data has revealed, compared to the same period in 2010.

Figures from the National Statistics Institute (NSI) were published by the Sofia Echo, showing that average real estate prices fell by 6.4 per cent during this time.

Meanwhile, the NSI research revealed that values declined by 1.6 per cent between April and June compared to the three months from January to March this year.

The publication noted that the largest quarterly drop was registered in Veliko Turnovo with 5.5 per cent shaved off housing values, while Sofia saw its residential prices slide by 2.1 per cent.

However, there were locations that saw real estate values rise, with Varna, Rousse and Blagoevgrad all reporting upward movements in their property markets.

This data is in contrast to one expert's predictions earlier this month that housing prices in the nation would increase by between five and six per cent over the course of the year.

Speaking to Novinite.com, chief executive officer of the Arceland asset management fund Curtis Coward stated that the country would experience "a stable annual growth rate" in its property markets in 2011.

Rising real estate sales reported in Bulgaria

Tue, 19 Jul 2011 00:00:00 GMT

The Bulgarian property market has improved since the beginning of the year, it has been reported.

Speaking to the Sofia Echo, chief operating officer of estate agency Bulgarian Properties Polina Stoykova revealed that real estate sales in the country have increased. This is attributed to falling prices that have attracted investors, as well as an upturn in Bulgaria's economy as a whole.

Ms Stoykova went on to state that Sofia and destinations along the coast of the Black Sea are the most popular locations for real estate transactions, accounting for 40 per cent of the total volume of sales in the nation between January and June.

The publication also cited data from Bulgaria's Registry Agency, which recorded a 27 per cent rise in the number of property deals carried out in the first half of the year, compared to the same six months in 2010.

Earlier this month, Curtis Coward, chief executive officer of the Arceland asset management fund, told the Sofia News Agency that he anticipates real estate values in Bulgaria to rise steadily and at a sustainable rate.

Residential prices fall in Bulgaria, report shows

Fri, 13 May 2011 00:00:00 GMT

Residential property prices in Bulgaria fell in the majority of regions in the fourth quarter of 2010, although there were some regional differences.

Home values in the capital Sofia fell by 9.4 per cent year-on-year and by 5.2 per cent compared to the previous quarter, while in Varna prices dropped seven per cent compared to 2009 figures.

However, the Black Sea location saw values climb 1.9 per cent compared to the previous three-month period, indicating a gradual return to strength.

The news could tempt a number of investors to look for property in Bulgaria, with some regions showing signs of improvement.

According to the analysis, by Raiffeisen Real Estate, the sluggish economic recovery, lack of jobs and rising inflation is affecting the domestic market.

“Buyers expect to get the best possible proposal within a pre-determined budget,” it said.

Meanwhile, earlier research from Bulgarian Properties found that over the past decade, residential property prices in Bulgaria have risen by an average of 200 per cent.

Bulgarian property market 'will recover in Q3 & Q4 2011

Thu, 24 Feb 2011 00:00:00 GMT

Bulgaria's property market could be set for a revival later this year, as a new breed of investor looks to take advantage of low costs and an improving economy in the country.

Real estate consultancy Colliers International has said that a rebound in sales is likely to occur in the second half of 2011, in response to an improvement in Bulgaria's macro-economic credentials.

However, the organisation has warned that there is a risk of shortage of high-end property units, as no large-scale projects were started in 2010.

"Our expectations for the first half of 2011 are to be as challenging as 2010 was. The second half of the year will mark the upswing in almost all real estate segments [residential and commercial]," said Atanas Garov, managing director of Colliers International in Bulgaria.

"We are positive that new players will be seen this year, which will bring liquidity on the market and will define its development in the medium term."

Bulgarian property prices set to hit 'rock bottom' in 2011

Fri, 7 Jan 2011 00:00:00 GMT

Property prices in Bulgaria are expected to hit rock bottom in 2011 before rising in value once again, it has been claimed.

According to a number of estate agents operating in the country, the future for the struggling market looks bright.

"Housing prices in 2011 will remain at historically low levels, but they are expected to stabilise in large regional cities and the overall decline to slow down countrywide," Teodora Dimitrova, head of the local unit of international firm ERA Real Estate, said.

After Bulgaria joined the European Union at the beginning of 2007, property values in the country increased, surging to EUR 1418 per square metre in the third quarter of 2008.

However, since that time, home prices have declined, with the latest statistics from Bulgarian Properties indicating that there had been a fall of around ten per cent over the course of 2010.

"Even if the market has not reached absolute bottom, it is certainly close to it," Polina Stoikova, chief operating officer of Bulgarian Properties, added.

Economic improvements needed to 'boost Bulgarian property market'

Thu, 16 Dec 2010 00:00:00 GMT

The economy is set to play an increasingly important role in the Bulgarian property market recovery heading into 2011, it has been claimed.

Quest Bulgaria has reported that it expects real estate in the country to "overcome the shock" experienced from the dramatic price drop in 2009 if the economy heads in the right direction.

It adds that prices are expected to remain stable and the number of transactions completed will rise by the end of the coming year.

"As the market is already well segmented we can expect some diversions from this trend in the different segments" the news provider stated.

"However, what is common for all segments is that prices have already reached the bottom or are very close to reaching it as in some cases there may even be signs of recovery."

Furthermore, Quest encouraged individuals looking to buy property in Bulgaria to remain active in the market, stating its belief that now is a good time to purchase a home in the country.

Bulgarian economy posts annual growth

Wed, 17 Nov 2010 00:00:00 GMT

The Bulgarian economy exited the recession during the third quarter of 2010 with a 0.3 per cent year-on-year growth, it has been claimed.

According to flash estimates conducted by the National Statistics Institute in the country, the increase marks the first rise in the economy on annual basis in a year and a half.

The news is sure to be of interest to those looking to buy property in Bulgaria, with the economy strongly linked to home prices.

Furthermore, the growth followed a 0.5 per cent expansion which occurred in the second quarter of 2010, the figures show.

The data also shows that the growth was mainly fuelled by the agricultural sector, which saw a quarter-on-quarter growth of 1.2 per over the last three months.

Meanwhile, the statistics also help to confirm the forecasts of the economists surveyed last week by Dnevnik, which found that while the economy in Bulgaria is expanding, any recovery is likely to be long and drawn out.

Bulgaria could adopt the euro by 2013

Fri, 5 Mar 2010 00:00:00 GMT

Bulgaria could become a eurozone destination as soon as 2013, some analysts have predicted.

According to a report by Novinite, the European parliament president Jerzy Buzek has said he would welcome Bulgaria into the European Union, after meeting with the country's prime minister last month.

"Bulgaria has the opportunity to become member of the eurozone in 2013. I would welcome this kind of development," Novinite reported Mr Buzek as saying.

The news is sure to interest individuals with a property interest in the country or those looking to buy there in the future, as it means property in the country will benefit from the introduction of a stable economy.

One requirement that the European Union enforces before adoption of the currency is that budget deficits must be within three per cent of GDP.

The announcement comes at an ideal time, as many analysts are expressing concerns that the Greek debt crisis could spill-over to the destination.

Bulgaria was recently named as one of the best destinations for investment in 2010 by overseas investment company Property Venture.

Bulgarian property market 'set to bottom out'

Tue, 10 Nov 2009 00:00:00 GMT

Bulgaria's property market will bottom out within months, it has been suggested.

Speaking at the BalRec real estate market conference in Sofia, head of economic research at UniCredit Bulbank Kristofor Pavlov said there will be three more quarters of price falls before the market stops declining.

This would mean that the sector could start improving from the middle of 2010, ahead of the end of recession in the country, which Mr Pavlov said was likely to be around the end of next year or early 2011.

Such a prediction could make spring or summer 2010 a perfect time to invest in Bulgaria.

At present, those investing in Bulgarian property should look to concentrate on upmarket towns and villages, according to lifestyle and investment magazine Quest Bulgaria.

It said that this offers a good alternative to Black Sea coast developments, with some concerns arising that these are suffering from over-building and the creation of a 'fish and chip' culture in the manner of the Spanish Costas.

Japanese energy companies want to construct wind farms in Bulgaria

Thu, 29 Jan 2009 00:00:00 GMT

Several big Japanese energy companies declared their interest in building wind farms in Bulgaria during a Tokyo-held Bulgarian-Japanese business forum inaugurated by Bulgaria`s President Georgi Parvanov yesterday. " Our current strategy involves investin...

Figures reveal Bulgaria property price fall

Tue, 27 Jan 2009 00:00:00 GMT

The price of property in Bulgaria is falling as a result of the global financial slump, it has emerged.

According to figures outlined in Bulgarian weekly publication Stroitelstvo Gradut, the cost of real estate has dropped in 23 of the country's 28 regions, the Sofia Echo reports.

Veliko Turnovo has seen the largest fall with prices decreasing by 11.7 per cent, while homes in Varna and Sofia have dropped in value by 1.3 per cent and 0.5 per cent respectively.

The average price of property in the country has now fallen by 4.1 per cent, the first time values of homes in Bulgaria have gone down in price since 2001.

Investors looking at purchasing property in the country may wish to do so now in order take advantage of the falling prices.

Those considering buying a Bulgarian property were recently advised by Quest Bulgaria magazine about obtaining a mortgage in the country, noting that the market differs from that in the UK.

Home prices in regional cities decreased

Mon, 26 Jan 2009 00:00:00 GMT

Home prices in Bulgaria’s regional cities jumped almost 25% in 2008 compared to 2007 to an average of BGN 1,363 per square metre, showed data of the National Statistical Institute. The uptrend held through October, but prices dropped 4.1% in the third...

Sandanski: Solar energy park near Sandanski entered the national grid

Mon, 12 Jan 2009 00:00:00 GMT

The first quantities of power from the solar PV park Zornitsa near Sandanski entered the national grid on January 7 following a contract between the investor, Venture Equity Bulgaria, and the power distributor. The facility, located near the southweste...

New housing complex to sprout in Plovdiv

Mon, 5 Jan 2009 00:00:00 GMT

Plovdivbased property developer and investor Yazov announced it will break ground on January 5 2009 on a 21building residential complex in Bulgarias third largest city.The project, named Sky Buildings is valued at 50 million euro, according to the investor...

Sunny Beach: In-advance reservations for Sunny Beach 2009 are several times lower

Thu, 11 Dec 2008 00:00:00 GMT

A real panic has spread all over a big part of hotel owners, owners of restaurants and tour operators, working in the tourist complex Sunny Beach . The in-advance reservations for Summer 2009 are several times lower than the previous season, while the in...

Sofia: Sofia property mkt slides 18%. Sharpest falls also for Bansko, Razlog, Balchik, Kavarna and more

Thu, 4 Dec 2008 00:00:00 GMT

Property deals in the Bulgarian capital slumped by 18% year-on-year in the third quarter of the year compared to a year ago, showed data of the Registry Agency. The downtrend began in the second quarter but the 13% year-on-year rise in the first stemmed...

Credit crunch Mega tourist projects in Bulgaria left on standby

Tue, 2 Dec 2008 00:00:00 GMT

Investors have put on hold tourist projects worth nearly 4.5 billion leva with only a handful daring to blame the tight funding in the aftermath of the global financial turmoil or fear of few holidaymakers, a check by Dnevnik showed...

Sofia: Sofia will looking like Manhattan because projects for skyscrapers have been frozen

Thu, 20 Nov 2008 00:00:00 GMT

The world financial crisis makes investors shelve plans to erect malls and skyscrapers in Sofia as big construction projects prove to be no more cost-effective. " There were many ground-breaking ceremonies but the projects have been frozen now ," Chief A...

House prices in Rousse have fallen 10 per cent report

Sun, 16 Nov 2008 00:00:00 GMT

House prices in Bulgarias Danubian city of Rousse have fallen by 10 per cent, and will continue to fall, Bulgarian National Television BNT quoted the head of the citys construction chamber, Georgi Stoev, as saying on November 16 2008...

Ihtiman: Solar park will be opened in municipality of Ihtiman

Wed, 5 Nov 2008 00:00:00 GMT

Solar park with a maximum capacity of 1 megawatt will be opened after a month in the municipality of Ihtiman , announced Advance Equity Holding, which through its subsidiary Energy Invest have built the park. The park for making electricity from sunlight...

Pernik: Real Estates Prices in Pernik have dropped 10%

Tue, 21 Oct 2008 00:00:00 GMT

After years of steady growth the trend on the Bulgarian real estate market has started to reverse with one of the biggest property websites. The prices of homes , shops , offices and plots have sank by an average of 2 or 3% and by between 5 and 10...

Real estate remains the main investor market in Bulgaria, not the stock exchange...

Wed, 1 Oct 2008 00:00:00 GMT

Real estate remains the main investor market in Bulgaria, not the stock exchange, which is already suffering the effects of the global financial crisis, according to Georgi Stoev from "Industry Watch." Stoev spoke before Darik radio on Wednesday. The ex...

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...

BLD to shed winter, seaside projects in Bulgaria

Tue, 23 Sep 2008 00:00:00 GMT

Residential property developer Bulgarian Land Development BLD said it has put up for sale its holiday projects Riverland in the western ski resort of Borovets and July Morning in Kavarna, on the northernmost Black Sea coast.The fund is pressed to sell by shareholders demanding bigger profits and better return on equity, BLD executive director Dimitar Savov said, adding that the projects have attracted prospective buyers from Russia and the Middle East...

Estonian Arco Vara starts second housing project in Sofia

Thu, 11 Sep 2008 00:00:00 GMT

Arco Invest, a unit of Estonian real estate group Arco Vara, started construction on a six million euro gated complex in Sofia. The complex, set to be the companys biggest investment so far, will rise in the upscale Manastirski Livadi district. It will have three residential buildings with a combined floor space of 35 000 sq m, hosting 300 flats and 25 retail outlets. Arco Invests first Bulgarian project, Boulevard...

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...

Sunny days for tourism in Bulgaria

Fri, 5 Sep 2008 00:00:00 GMT

Despite the downfall of Bulgarian Stock Exchange, tourist companies, represented on it, increased their sales incomes for the second quarter of 2008 by over 17 pct to BGN 90.7 million, survey of Pari Daily shows...

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...

Bulgaria’s real estate growth dips

Mon, 1 Sep 2008 00:00:00 GMT

Sofia: Bulgaria’s real estate boom is turning to bust as its key British and Irish property buyers are now discouraged by financial difficulties at home. According to a study by the Bulgarian Properties real estate agency, holiday property sales in Black Sea and mountain resorts dropped 40 per cent in the first half of 2008 compared...

Bulgarian property market tamed

Mon, 1 Sep 2008 00:00:00 GMT

The fact that the force with which the Bulgarian residential property market has been developing is beginning to subside was officially confirmed by real estate company executives during a press conference on September 1. In 2008, the market entered a stage of clear segmentation and only the interest towards higherclass exclusive property has marked a significant increase. Looking at the bigger...

Foreign capitals run out of Bulgaria

Tue, 26 Aug 2008 00:00:00 GMT

For the first time this year direct foreign investments (DFI) took a downward trend...

Bulgarian farmland funds amass 71 000 ha

Wed, 20 Aug 2008 00:00:00 GMT

Bulgarian real estate investment funds REITs focused on arable land have accumulated 71 000 ha, according to the latest market data, which also showed that the biggest special purpose vehicles were boosting their market share. The biggest REITs were the most active buyers, while their smaller competitors were more cautious and purchase smaller plots. The three biggest REITs Elana Agricultural...

Bulgarian slowdown 'could be temporary'

Wed, 20 Aug 2008 00:00:00 GMT

The recent slowdown in the Bulgarian housing market may only be a temporary lull, experts have suggested.

Foreign Property Buyer said issues such as overpriced houses, unfavourable credit terms and supply exceeding demand have fuelled a drop in the rate of house price inflation.

However, the website stated that some analysts believe the market is likely to pick up again at some point in the future.

This is because investors from overseas are still being drawn to Bulgaria by factors such as its strong buy-to-let market and affordable prices.

"Popular holiday resorts and city locations [are] still attracting strong rental yields and strong demand from investors," Foreign Property Buyer said.

The website added that major cities such as Sofia and Varna could still be "worth a look".

This comes after Bulgaria was flagged up as a good market to consider by Aston Lloyd, which said property values are relatively affordable when compared with many other markets.

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...

Bulgarian property market expected to pick-up

Mon, 18 Aug 2008 00:00:00 GMT

The Bulgarian residential property market has slowed in recent months however many industry experts believe that the lull is only temporary. The lack of growth in the Bulgarian property market is due to several factors – over-supply of new housing, unfavourable credit terms, and overpriced properties on the market. The riskiest type of property at...

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...

Drastic decrease in resort property deals sees Brits selling at a loss

Fri, 1 Aug 2008 00:00:00 GMT

A sharp drop in the number of sales of holiday homes on the Black Sea and ski resorts is expected by the end of this year, Pari daily has said, quoting various real estate agencies. However, it is hard to forecast because there are no unified statistics about the market. Lux Imoti Luxurious Estates expects to strike 3040 per cent fewer deals on Black Sea properties and 8090 per cent fewer deals on mountain...

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...

Bulgaria average APR on housing loans at 10 per cent

Tue, 29 Jul 2008 00:00:00 GMT

The Bulgarian central bank reported on July 28 that the APR on new housing loans stood at 9.72 per cent at the end of June, up from 9 per cent in February. The average APR on consumer loans has added 1.21 per cent yearonyear to 11.96 per cent. In June, the rates on new consumer loans ticked up 1.38 percentage points to an average of 10.80 per cent while the rates on outstanding loans fell 0.11...

Pari: Foreign investors withdraw from Bulgaria

Tue, 29 Jul 2008 00:00:00 GMT

The biggest problem associated with discontinued EU funding will be the drop in foreign investment in Bulgaria, Petar Dimitrov, Minister of Economy and Energy, said...

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...

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...

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...

Bulgarias residential property market is nearing its peak realtors

Mon, 21 Jul 2008 00:00:00 GMT

For the months of May and June, supply on the residential property market surpassed the demand by 50 per cent, Katya Tsenova, the executive director of Address real estate agency, told a news conference on July 21.In an attempt to evaluate the current status of the market, there were a number of contradictory statistics made public by various agencies in the past several weeks, Tsenova said...

Realtors construction companies facing decline in profit margins

Thu, 17 Jul 2008 00:00:00 GMT

The increased cost of construction materials and the standstill in property prices will push down the profit margins of the Bulgarian construction companies by 68 per cent in 2008, local real estate brokerage Yavlena said.Currently, the profit margin per build is 3035 per cent, considerably higher than the 1020 margin typical for mature markets, the realtors said...

Rents in Sofia from steady high to high up

Wed, 16 Jul 2008 00:00:00 GMT

In the six month period from the beginning of the year, rental rates for residential property have increased, website investor.bg said, quoting brokers from various agencies. The professionals, however, have not been unanimous in their prognoses of how the situation would change in the second half of the year. Some say that further increase is to be expected, others do not anticipate changes...

LS Property to invest 450M euro in Bulgaria

Wed, 16 Jul 2008 00:00:00 GMT

LS Property, one of the major investors in Bulgaria Mall in Sofia, announced plans to develop a number of projects in Bulgaria for a total of 450 million euro, website investor.bg reported, quoting the companys executive director Miles Summerfield.For Bulgaria Mall alone, the investment is expected to reach 160 million euro. The shopping centre has been designed with a total buildup area of 137 000 sq m, of which 33 000 sq m are retail space and 25 000 sq m offices. French retail giant Carrefour will occupy 5600 sq m, and earlier this year a contract has been signed with Arena Cinema...