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Sofia office vacancy rate could reach 10 by yearend report
After a calm first half of the year, about 65 000 sq m of class A and B office space hit the market in Sofia in the third quarter of 2008, which could drive the office vacancy rate in the Bulgarian capital, financial news website investor.bg reported on December 12, quoting a survey by consultancy firm MBL.
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Date: 2008-12-11 22:00:00 | Source: Propertywisebulgaria.com
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Cheap land around Trakia highway on offer
The offers for parcels and real estate along the route of Trakiya highway have dropped by up to 90 per cent over the past six months, Monitor daily reported on December 12. The land plots along the highway are well placed for the construction of logistical centres, petrol stations, auto services, motels and roadside restaurants, with the most popular segments being located at strategic intersections with other highways or close to major urban centres, the daily said.
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Date: 2008-12-11 22:00:00 | Source: Propertywisebulgaria.com
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Mall Veliko Turnovo seeks buyer for 31.56 million euro
The investment fund European Convergence Property Company PLC ECPC continues to search for a buyer for its only remaining asset Mall Veliko Turnovo after several offers for a potential transaction were withdrawn for varying reasonsincluding the economic crisis, ECPC told the media in an official statement.
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Date: 2008-12-10 22:00:00 | Source: Propertywisebulgaria.com
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National Art Academy in Sofia will double in size
The National Art Academy has signed an agreement allowing for research to be conducted for potential reconstruction and expansion of the academys building in Sofia, after a competition was held, selecting architect Stefan Dobrev for the task.
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Date: 2008-12-10 22:00:00 | Source: Propertywisebulgaria.com
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70 million euro investment for a Spanish tower in Sofia
Sofias chief architect Petar Dikov told Stroitelstvo.bg that in August 2008 a plan was approved for a glass tower to be built behind the Sofia central train station, at a location commonly knows as the artery. Spanish company Riofisa has a parcel of land worth 40 million euro, and is contemplating erecting a glass tower with an auxiliary complex around it, creating 2500 new jobs and significantly boosting the local economy in the district.
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Date: 2008-12-08 22:00:00 | Source: Propertywisebulgaria.com
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Property funds grappling with tight funding
Bulgarian property funds developing or prepping to start projects are facing financial difficulties, market representatives told Dnevnik. The global economic doldrum has dampened demand and frozen prices on the property market, where some segments are even seeing downward price revisions.
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Date: 2008-12-07 22:00:00 | Source: Propertywisebulgaria.com
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Britains ZBS plans 200M euro investment in Bulgaria
BritishBulgarian investment company ZBS, which is working on its first openair mall in Bulgaria in the city of Bourgas, is considering investments of a total 200 million euro in Bulgaria, according to managing director David Coward, quoted by website investor.bg.Such projects will be build in the regional urban centres where there is still not a lot of competition. Bourgas, Haskovo and Pazardjik are some of the town where the company is aiming to invest heavily.
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Date: 2008-12-04 22:00:00 | Source: Propertywisebulgaria.com
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Cold feet
Projects across various sectors of Bulgarias property market are being put on hold, the main reason being the global economic crisis.The effect is not universal and some major transactions have gone ahead, including the 101.5 million euro change of hands of City Center Sofia, while new retail projects in Bulgarias smaller cities continue to be announced.
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Date: 2008-12-04 22:00:00 | Source: Propertywisebulgaria.com
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Eurobank Properties pulls out of skyscraper project
Greek company Eurobank Properties, which won a tender to build Sofias first skyscraper, has ultimately backed down from the deal. The company has decided, in light of the global financial crisis, not to go ahead with the project. The contemplated tower was going to rise on Todor Aleksandrov Boulevard in Sofia.An official statement from the company said that the decision was ultimately caused by the current economic climate, the financial crunch and the negative economic forecast for Bulgaria, as...
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Date: 2008-12-04 22:00:00 | Source: Propertywisebulgaria.com
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Sofia property market slides 18 yy Q308
Property deals in the Bulgarian capital slumped by 18 yearonyear 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 yearonyear rise in the first stemmed the slide to some 4 yearonyear for the nine months.
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Date: 2008-12-03 22:00:00 | Source: Propertywisebulgaria.com
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National Agency for Road Infrastructure pinpoints critical areas
A list of potentially critical sections of the highways around the country has been compiled and released to traffic police. That way snowclearing equipment can be deployed on time and additional measures installed to secure the safety and security of citizens, Ivan Atanasov the executive manager of the National Agency for Road Infrastructure, said.
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Date: 2008-11-30 22:00:00 | Source: Propertywisebulgaria.com
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New business centre for Sandanski
In the southwestern Bulgarian town of Sandanski close to the Greek border, on November 27 plans for a new business centre are set to be unveiled, or the project designated as BG2005 017454.020120. The new business centre aims to facilitate business development in the region, stimulate agriculture output and develop tourism in the town, and promote transborder cooperation and development with Greece, as reported by Stroitelstvo weekly.
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Date: 2008-11-26 22:00:00 | Source: Propertywisebulgaria.com
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German DEGI puts Mall of Sofia deal on the back burner
German property investment firm DEGI has postponed the purchase of Mall of Sofia, SeeNews Corporate Wire reported, quoting company information. The hazy financial environment has prompted the company to put off the deal until firstquarter 2008.The news that DEGI was preparing to acquire Sofias flagship bigbox shopping centre was broken by the antitrust commission in early October. The regulator was to have a say on the deal.
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Date: 2008-11-26 22:00:00 | Source: Propertywisebulgaria.com
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Bulgaria headed for twoyear recession BNP Paribas
The Bulgarian economy will be in the depths of a recession in the next two years with dwindling capital inflows and consumption squeezed by the rising jobless rate, forecast BNP Paribas economist Michal Dybula, a coauthor of a report on 2009 global economic outlook. Neighbouring Romania is also in for big trouble with GDP set to drop 0.6 per cent next year, according to the French lender.
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Date: 2008-11-25 22:00:00 | Source: Propertywisebulgaria.com
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Construction permits number down 1.5 in Q3
The number of construction permits issued by Bulgarian authorities in JulySeptember 2008 was 1.5 per cent lower compared to the previous quarter, at 4327 versus 4355, data from the National Statistical Institute data showed on November 26. Albeit small, it was the third quarter of decline over the past 12 months and the trend is expected to continue as the number of permits fluctuates seasonally with fewer applications in winter, but also because the global credit crunch has forced developers to...
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Date: 2008-11-25 22:00:00 | Source: Propertywisebulgaria.com
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