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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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Property rentals soar in major Bulgarian cities
Bulgarias four biggest cities Sofia, Plovdiv, Varna and Bourgas have see a significant shift in the trends of the real estate sector, in particular the growing interest in property rental, data from real estate agency Address showed on November 24.The double digit increase on the market in 2008 has been credited to the sharp demand of property rentals, as a consequence of the global financial crisis and the subsequent decline in demand for purchase of single family homes, flats or planned unit...
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Date: 2008-11-23 22:00:00 | Source: Propertywisebulgaria.com
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Sofia skyscrapers
Try to imagine a colossal skyscraper in place of the statue of Sofia in the centre of the city. It would have happened too, if communistera ambitions had been realised.The idea of a skyscraper in Sofia goes back more than 40 years, with buildings planned near the central train station, the Solni Bazar market, on the intersection of Cherni Vruh and James Bourchier boulevards, yet circumstances always conspired against such undertakings. In recent years, dozens of projects have been put forth, eve...
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Date: 2008-11-23 22:00:00 | Source: Propertywisebulgaria.com
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Highend property prices in Sofia fall by 5 report
Prices in the highend Sofia neighbourhoods Ivan Vazov and Lozenets have fallen by five per cent over the past six months, according to the data from one of Bulgarias biggest real estate listings websites, imoti.net.In May, prices in those neighbourhoods were about 2050 euro a sq m, but have since fallen to 1960 euro a sq m, website stroitelstvo.bg reported.
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Date: 2008-11-23 22:00:00 | Source: Propertywisebulgaria.com
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No construction at Kaliakra for one year Environment Ministry
Environment and Water Affairs Minister Djevdet Chakurov has issued an order forbidding construction for a year at Kaliakra, a natural site on the northern Bulgarian Black Sea coast whose preservation has been hotly fought for by environmentalists. The ministry announced this in a press statement on November 23 2008.
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Date: 2008-11-23 22:00:00 | Source: Propertywisebulgaria.com
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Slovenias Mercator to rent space in Sofias Mega Mall
Slovenias largest food retailer Mercator will rent space for a hypermarket in the Mega Mall in Sofia, currently under construction, deal consultant Raiffeisen Imoti, the real estate arm fullyowned Raiffeisenbanks Bulgarian subsidiary, said on November 17, as quoted by Dnevnik daily.Mega Mall is developed by Austrias Real4YOU Immobilien. Its leasable area will be 24 000 sq m, split between more than 100 shops. The area earmarked for the hypermarket is 3054 sq m.
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Date: 2008-11-16 22:00:00 | Source: Propertywisebulgaria.com
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Orchid Developments sells Zlatni Pyassutsi hotel for 9.9M euro
Orchid Developments, an international property developer focusing on Bulgaria, said on November 17 that it sold Yavor hotel in the Black Sea resort of Zlatni Pyassutsi for 9.9 million euro.The developer had said in September in its interim results that it expected the sale of Yavor Zlatni AD, the subsidiary company taht owns the hotel, to complete in October 2008.
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Date: 2008-11-16 22:00:00 | Source: Propertywisebulgaria.com
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Agricultural land another can of worms
Agrarian reform in Bulgaria is going in the wrong direction. But if the corporative model of working the land were implemented, then agricultural business could attract more foreign investment and boost the countrys economy in the wake of the weakened tourism and construction sectors. This was the rough conclusion of a conference entitled Investments in Agricultural Lands 2008 New Mechanisms for Comassation, organised by Elana financial group and Dnevnik daily on November 12 2008.
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Date: 2008-11-16 22:00:00 | Source: Propertywisebulgaria.com
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Mall Varna changes hands
Scottish property group Miller Developments is the new owner of Mall Varna, foreign media reported on November 16 2006.The deal was sealed for 120 million euro, and according to the Sunday Herald, this is the groups biggest property transaction in continental Europe. Keith Miller, chief executive of the Miller Group has been quoted as saying that with this acquisition, Bulgaria becomes one of the eight countries in which the company is operating outside the UK.
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Date: 2008-11-16 22:00:00 | Source: Propertywisebulgaria.com
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