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Property prices in Pamporovo down 15 realtor
The global financial crunch has had its effect in the tourist resort town of Pamporovo, Bulgaria. The flats available in the numerous apartment estates recently built in the town have declined sharply in value, according to Yavlena GEOS, a real estate agency based in Smolyan, quoted by website stroitelstvo.bg. The first decline in value was observed in the hotelapartment complexes, especially in the cases where there is a larger loan taken out for their construction.
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Date: 2008-10-21 21:00:00 | Source: Propertywisebulgaria.com
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Credit crunch goes skiing
The snowballing turmoil that has frozen the global financial markets is breathing ice into Bulgarias winter resorts as well, tourism sector representatives said. It was only last year that Bulgarias top mountain resorts of Bansko and Borovets, near Sofia, and Pamporovo, in the south, enjoyed doubledigit growths in tourist numbers. But the crisis dampened new hopes and had the sector bracing up for lower levels. Hotels and apartment complexes mushrooming in the recent years are in for a cold wint...
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Date: 2008-10-21 21:00:00 | Source: Propertywisebulgaria.com
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BREF REIT prepays 20.16M leva loans
Bulgarian Real Estate Fund, the local real estate investment trust REIT, has prepaid two loans from Eurobank EFG Bulgaria, worth a combined 20.16 million leva, to avoid interest payment, the head of the funds project manager Kaloyan Ninov said.
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Date: 2008-10-21 21:00:00 | Source: Propertywisebulgaria.com
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Bulgarian real estate slumps in value
The Bulgarian real estate market has enjoyed years of gradual growth, with prices constantly being on the upturn providing a healthy climate for the sector. These were the days of predictability and affluence. Not anymore, being on the outskirts of the hurricane of financial trubulence slowly approaching the country from the West, prices have taken on a sharp decline, as offers on the leading property websites in the country show.
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Date: 2008-10-20 21:00:00 | Source: Propertywisebulgaria.com
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Spains Hercesa to invest 500M euro in Bulgaria
Spanish investor Hercesa Internacional plans to inject 500 million euro in Bulgaria, 210 million of which will be directed toward the building of an entire neighbourhood with fine infrastructure and even a train station to connect its residents to various parts of Sofia, owner Juan Jose SercadilloCalvo said at a news conference on October 8 2008, at the National Institute of Archaeology and Museum. In addition to fine quality construction and design, Hercesa Internacional says it would offer pot...
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Date: 2008-10-14 21:00:00 | Source: Propertywisebulgaria.com
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Kibela Royal holiday village to rise near Balchik
A new holiday village, conveniently located close to the golf course that is being built near the Black Sea town of Balchik, will rise on about 27 000 sq m land plot, weekly Stroitelstvo Gradut reported. Investor of the project is BritanniaBalchik Inc., a partnership with British shareholders, while the design is done by architects Svetoslav Stanislavov and Delyan Zhechev from the Varnabased Disarch studio.
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Date: 2008-10-14 21:00:00 | Source: Propertywisebulgaria.com
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Sozopol sets sights for the rich and famous
The municipality of Sozopol, a Bulgarian Black Sea resort town, has implemented a construction plan, which aims to attract the rich and famous. Affluent tourists will be teased with the creation of a small airport for private aircraft, with a runway spanning 1.8km between the Ravna Gora and Izvor villages, Bulgarian construction news website stroitelstvo.bg reported. Sozopol chief architect Roumen Alexandrov and the mayor of the town Panayot Reizi have unveiled the plans which also include a 30h...
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Date: 2008-10-14 21:00:00 | Source: Propertywisebulgaria.com
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German firm Degi buys Mall of Sofia
German company Degi has acquired the Mall of Sofia shopping centre, said the antitrust authority, which should rule on the deal. Sources told Dnevnik daily that Degi Deutsche Gesellschaft fuer Immobilienfonds was also a bidder for the capitals City Center Sofia but lost to US company Heitman, which offered 101 million euro.Degis marketing director and press spokesman Dietmar Mueller declined to comment until the deal was wrapped up.
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Date: 2008-10-12 21:00:00 | Source: Propertywisebulgaria.com
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Bulgaria offers Russian property investors safe haven officials
Bulgaria will continue to be a safe haven for Russian property investors despite the global financial crunch, a panel of Bulgarian officials have said during SofiaMoscow video conference that is part of a series on the prospects of RussianBulgarian cooperation in the field of tourism, organised by Russian news agency RIA Novosti organized at the Hilton hotel in Sofia.
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Date: 2008-10-08 21:00:00 | Source: Propertywisebulgaria.com
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Realtors racing against time amid financial turbulence
The meltdown of financial markets worldwide is reaching morbid proportions and real estate investors are facing a race against time to avoid being embroiled in the collapse. Realtors are eager to sell every large site, office or trade facility that they have available. The current trend is not to cry wolf and raise general alarm, but sell as fast as possible every major project, brokers have told Bulgarianlanguage Standart daily on October 2 2008.
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Date: 2008-10-01 21:00:00 | Source: Propertywisebulgaria.com
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Rich Daddy resort for Bulgaria
Its so bad that youll probably be in line to get on a waiting list for its first night of operation. Rich Daddy Resort and Spa has entered the Bulgarian stage, designing to be the nec plus ultra of luxury living complexes on the Black Sea coast. In the style of a 19thcentury British mansion librarycomeCosta del Sol beachfront bar.
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Date: 2008-09-28 21:00:00 | Source: Propertywisebulgaria.com
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New multifunctional building for Evropa Boulevard in Sofia
Mapa International is investing in a facility that will feature office and warehouse spaces on Evropa Boulevard across from supermarket Metro2. The mixedpurpose building will occupy about 3000 sq m out of a 0.8 ha land plot. In addition, the investor plans to construct a multifunctional centre resembling a traditional mall with a total builtup area of 10 000 sq m, Stroitelstvo gradut reported.
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Date: 2008-09-24 21:00:00 | Source: Propertywisebulgaria.com
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City Center Sofia mall sold to Heitman for 101.5M euro
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 Newswires reported. The deal was announced on September 19 and should be wrapped up in November.
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Date: 2008-09-22 21:00:00 | Source: Propertywisebulgaria.com
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BLD to shed winter, seaside projects in Bulgaria
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.
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Date: 2008-09-22 21:00:00 | Source: Propertywisebulgaria.com
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Willbrook to pour 40M euro in Bulgarias first green project
Real estate company Willbrook Management International will build a 40 million euro housing complex in Varna, said the companys executive director Daiana Voicu. Willbrook Diamond Residences will comprise 11 home buildings, recreation and entertainment facilities
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Date: 2008-09-16 21:00:00 | Source: Propertywisebulgaria.com
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Realtors luxury properties not hard to sell
Bulgarian property funds do not plan to raise fresh cash for investments and have no trouble selling their finished projects, major market players have said. The bulk of the companies have already secured resources and agreed bank loans, but owned up to
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Date: 2008-09-15 21:00:00 | Source: Propertywisebulgaria.com
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