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New military town to rise in Varna
The Defence Ministry has gone ahead with the documentation regarding the building of a military town in the Vladislav Varnenchik district in Varna. The town is supposed to be able to accommodate over 80 per cent of the military personnel in Varna and all other military installations in the surrounding region, weekly Stroitelstvo Gradut reported.
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Date: 2008-10-23 21:00:00 | Source: Propertywisebulgaria.com
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New office, retail building to rise on Tsarigradsko Chaussee in Sofia
Belgian company Ilpa Development will invest 25 million euro in the construction of a combined office and retail building on Tsarigradsko Chaussee in close proximity to the Metro and Technomarket superstores. Arco Real Estate, the company presenting the project on the market, said that the investor was seeking buyers for parts or the entire building. According to website investor.bg, Ilpa Development initially had plans to sell the building off plan. The construction already began and it is expe...
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Date: 2008-10-23 21:00:00 | Source: Propertywisebulgaria.com
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Bulgarian property prices gain 3 on average in Q3
The prices of Bulgarian residential properties have increased on average by three per cent to 1418 leva a sq m in the third quarter of 2008, compared to the previous quarter, data from the National Statistical Institute has showed. Flats sell for more than 1000 leva a square metre in half of the countrys 28 administrative centres.
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Date: 2008-10-23 21:00:00 | Source: Propertywisebulgaria.com
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CEE region to have 6B euro new malls in 2009
Shopping malls are booming in Central and Eastern Europe, where projects worth a combined three billion euro will open doors by the end of 2008 and a further sic billion euro next year, an analysis by market research firm PMR Research showed. Bulgaria is tipped for the second fastest growth in the region with its shopping mall market seen rising sevenfold to 760 million euro next year.
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Date: 2008-10-23 21:00:00 | Source: Propertywisebulgaria.com
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New bus terminal in Dimitrovgrad
Dimitrovgrad is set to get a brand new bus terminal by the end of 2009, even though the final documentation for the project is yet to be signed. The contract has been postponed by three months due to technical ambiguity surrounding the vertical planning of the structure, weekly Stroitelstvo Gradut reported. With construction reaching advancing stages, it was revealed that this particular part of the project needed a rethink, a redesign and subsequent reimplementation.
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Date: 2008-10-22 21:00:00 | Source: Propertywisebulgaria.com
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Largest residential project in Vidin
The construction has started of the largest residential estate, with regular flats, luxury flats, shops, and boutiques in the central part of the northern Bulgarian town of Vidin on the Danube River. Located on Yavorov Street in the town, the complex is close to the centre of the old town, about 200m from the river and 400m for the city centre itself, weekly Stroitelstvo Gradut reported.
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Date: 2008-10-22 21:00:00 | Source: Propertywisebulgaria.com
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Buyers snub holiday properties
Bulgarias holiday property market was saturated and big projects found no buyers because they were unprofitable, the managing director of Foros real estate agency Dobromir Ganev has said. Local company Terra Trans Consult has suspended a 200 million euro holiday village project in Balchik due to the severe economic conditions, the towns mayor Nikolai Angelov said. The companys Balchik Paradise complex was to deliver houses, a hotel, a spa centre, a conference hall and a cinema hall.
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Date: 2008-10-22 21:00:00 | Source: Propertywisebulgaria.com
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Mortgage rates hit new highs in September
Four Bulgarian banks raised the interest rates charged on levdenominated mortgage loans in September, data from moitepari.bg website, which compares loan and personal finance offers of different lenders, showed. The Moite Pari levadenominated index, which tracks the average annual interest rates of 20year mortgages, picked up five basis points to reach 9.61 per cent, the highest since was launched at the end of 2005.
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Date: 2008-10-22 21:00:00 | Source: Propertywisebulgaria.com
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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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