Real Estate News

17.05.2008 Manage Your Property And Get Maximum Return

Proper management of any real estate development, no matter residential or commercial, is the key to their efficient use and profitability.
According to property experts, most owners often tend to neglect the basic upkeep and maintenance of their properties. This can be concluded not only for private owners of holiday and residential apartments and villas, but also for many business premises developers.
Total facility management systems are implemented in order to preserve and increasing the value of the immovable property and also to extend to a maximum their life. These systems can guarantee the comfort of the tenants and the owners, as well. Regardless of these benefits, experts say that property management is still poorly developed in Bulgaria. The main reason many owners reject the offers for management assistance is the price for such services. Experts in that particular field also claim that real estate agents often find themselves explaining and convincing their clients to the positive sides of having someone to take care of their house or apartment. For most foreign customers such services are widely common in their home countries and find them normal. Many of them even seek only for managed developments. On the other hand, there are still many Bulgarians who would do just anything to avoid paying someone for a job that they believe they can do by themselves. In many cases, such people end up making no improvements whatsoever, but still expecting profit from subletting their properties.
The problem is, experts say, that good management includes not only technical upkeep. It is not enough to purchase a holiday property, for example, and to expect tourists to pour into it throughout the whole season. Even if this happens, someone has to take care of all check-in and check-out procedures, someone has to make sure you get paid for renting your property, someone who can respond to any of the tenants' needs, requests or complains.
The excellent facility management requires well trained personnel, good communication, know-how of the newest technologies and innovations in the field of hospitality and knowledge of the relevant legislation.
Successful management depends largely on having good contacts with people and companies specialized in different fields (i.e. travel agencies, real estate brokers, lawyers, technical staff, etc.) and also on having a well organized team of professionals.
Experts say that property management is currently most popular for holiday complexes and luxurious residences. However, they believe it is time people to realize the necessity of these services also for their permanent homes.

15.05.2008 Developing The Port of Balchik

Only 2 years after the marine port in Balchik was given to a private company, the total amount of investments have exceeded the agreed 1.097 million leva. That was announced by Krasimir Enchev, managing director of Port Balchik AD, the company entrusted with the concession of the facility. Next week the assembling of new facilities for protecting the pier walls must start. A new heavy-duty lift for freight up to 6 000 kg is also about to be installed in May. According to the Enchev, in the next few months a new warehouse and a trestle will also be constructed. The expected cost of that part of the project is more than 700 thousand leva. These building works are part of the expansion project for the port. The operating company has already offered partnership programmes and joint investments plans to several of its biggest clients.
Port Balchik AD has been managing the marine facility since 2005 when it was granted concession rights for 25 years. The company won the competition with a development and expansion project for more than 3.4 million leva. Construction of a new terminal for shipping grain and agricultural products is the most important and expensive part of the investment plan.

14.05.2008 Property Surveys - Bulgarians Now Talk About Bulgarian Real Estates

Surveys conducted among real estate web portals in Bulgaria have showed interesting results in terms of price and investment expectations. Target group were Bulgarians, non-experts in real estate, visiting the web portals either to submit an offer for selling their own property, or prospective buyers who wished to purchase on their own directly from sellers. The inquiries also allowed people to share their opinions and observations over the property market.
Results indicated that most Bulgarians expect property prices to keep rising or keep their current levels. Being asked how prices of residential real estates will change by the end of the year, more than 39 % of the people expressed expectations in price growth. A little less than 2 % is the difference between them and those who think that prices will decrease. About 38 % of the people believe that residential prices will go down by the end of the year. On the other hand, around 18 – 20 % of the people expect residences to keep their current prices. They believe that prices will not be subject to significant changes.
Around 10 % of the inquired people expect prices of residential estates to rise with more than 10%, compared to prices in 2007 and the turn of 2008. The majority, however, believe that there will be a steady increase of 5 % and no more than 10 %. Although many people voted that there will be significant decrease of 10 % and even more, most people shared opinions that such figures are too much and downsizing is likely only for low-prospective offers where neither a good location nor quality construction and infrastructure are available. It was also commented that cut-offs by building companies can be expected only in case a whole complex has been unsuccessfully marketed for a long time, in other words if the builders are having hard times selling their developments.
The surveys’ results also indicated people’s expectations in the price increase of both agricultural and regulated land. 38 % of all people answering the questions believe that land prices will go up. An increase of 10 – 20 % or above 30 % is expected by 25 % of the people. The other types of properties which are like to become more expensive this year are all industrial premises and office space.

13.05.2008 First Grand Commercial Complex In Rousse To Open By 2010

Grand ceremony gave the start of the biggest commercial center in Rousse - Grand Plaza. The development has unique features, combining retail and office spaces, a gym and a hotel. The property will be one of its kind in the area.
Construction works are expected to take two and a half years with a completion deadline in 2010. All facilities should start in autumn 2010. Total investment costs are estimated at 70 million euro.
The whole property will include sports facilities on area of 26 000 sq.m, a shopping center ( a mall ) with retail space of 37 500 sq.m for rent, a five-star hotel on 13 000 sq.m and top-class office premises spreading on 11 000 sq.m.
The total built area is estimated at 140 000 sq.m. The project is said to combine innovative professional planning and is a perfect example of how the private sector and the municipal administration can co-operate.
The ceremony was attended by Rousse's mayor Bozhidar Yotov and the Deputy Prime-Minister Ivailo Kalfin.
Investors of the expensive project are two private companies - Dency M (leaders in importing and trade with electronic household equipment) and Prista Oil. The rest of the funds are provided by the municipal administration.
Rousse's mayor experssed his sincere hopes that this project will help to deepen the social and economic relations between Bulgaria and Romania and that it is a sure sign that the city will improve its economic positions and modern looks.

12.05.2008 Bulgaria's Economical Growth To Reach Six Percent This Year

According to the forecast analisys of the Center for Economic Development, Bulgaria's economy is expected to reach a 6-percent growth in 2008. The statistics were announced on May 12th in the context of the regular quarterly report about the economical development of the country. This year's index is expected to exceed last year's growth ratio, officials from the CED told journalists.
According to the report, inflation will not be too high and in May and June even marks of deflation might occur. The ratio between this year's raise in prices of basic customer products and last year's increase will remain a double-digit figure. On the other hand, however, there are no reasons to expect a double-digit inflation for 2008. CED officials also reported that the last price increase of 2007 has just now affected the inflation ratio.
It is not certain how two of the most recent decisions made by the government are going to affect the economical situation in Bulgaria. The two-percent raise of the health insurance installments will not be enough to secure the national health care system. However, the main problem is not how much money will be provided, but how they will be sent. According to the co-chairman of the CED, the funds for heath care are not used the best way possible. The pension increase, on the other hand, has now been successfully secured by taxes collected from the business sector, but it is not sure how this will be guaranteed for next year.
In regards to the budget surplus for the first three months of 2008, CED expert pointed that the government showed once again an example for bad financial planning.

10.05.2008 Varna New Stadium & Sport Complex

An investment amount of 80 million Euro is expected for the new 'Varna' stadium. That was announced by the contracting company and 'Sports Complex Varna', main investor of the project.
Most of the shares of the investing company belong to 'Himimport' while 35% are owned by Varna Municipality. The contractors intend to hire foreign specialists and import materials and supply in order to complete the development. The estimated final costs are even to expected to exceed the first calculations.
Construction works should start this autumn but only a proximate deadline for full completion is being planned for 2011. It is expected to take about 26 months and another year is considered for relocating the road networks and solving all infrastructure issues.
The stadium is still at technical project stage and the investors are currently negotiating with land owners in order to purchase the neighboring plots. They have already acquired two of the properties they desired and hope to close the deals for the rest soon.

09.05.2008 Three New Golf Courses In Sozopol

Sozopol will have three new golf courses according to the latest changes in the town's architectural plan. That was announced by Sozopol's mayor Panayot Reizi. Each plot will have a total area of approximately 1 000 decares and the municipality will keep its ownership rights for most of the land.
In relation to the golf developments an airport for small airplanes will be constructed between the villages of Ravna Gora and Izvor. The port's landing track will be 1800 m long and will be constructed over an old non-functioning agricultural airport.
The municipal administration also intends to improve the local infrastructure. It was promised that all issues regarding the water supply, the main drainage system and road networks to be solved completely in two years.
According to Sozopol's mayor, these initiatives and developments will attract a different type of tourists into the area. The municipal administration hopes to co-operate with large and serious investors who will spare no efforts and money for completing the new developments.
The new sport complexes are also expected to include private land plots in order to meet investors' demands. Constructing a big entertainment park is also considered near the road between Sozopol and Bourgas, close to the 'Gradina' camping site.

08.05.2008 Greek Customers On Bulgarian Property Market

For the last two years Greece has indicated signifficant increase in its position in Bulgaria's real estate market. Greek investors and private individuals have practically 'invaded' several Balkan markets, announced Greek business newspaper Imerisia.
Numerous Greek construction companies have been building residential, office and retail complexes all across Albania, Bulgaria, Croatia, Romania and Macedonia. Private individuals, on the other hand, are still purchasing houses and apartments both for recreation or subletting.
Greek buyers are mostly interested in coastal properties around Varna and Bourgas, as well as the ski developments in Bansko. As real estate investors, Greek customers find prices in Bulgaria affordable, compared to those in Greece and other Balkan countries.

07.05.2008 Next Varna Mall - The Cherno More Park

The deadline for completion of another Varna mall was annonced. Cherno More Park is officially expected to be completed in 2010. Once completed, the 150 million euro development will be the largest retail centre in Varna. It will include 54 000 sq.m commercial space divided into 220 first-class shop areas.
Construction works of Cherno More Park were due to start in autumn this year. The retail centre will be located in an area which formerly housed diesel engine maker Vamo.

03.05.2008 New Sofia Mall To Be Constructed

Austrian realty investment company Meinl European Land and Dutch 'Multi Development' (subsidiary of 'Multi Corporation') are going to initiate this year their first mutual estate project. They are going to construct a new 'Forum Sofia' Mall on the Sofia ringroad near the Business park. Constructon start date has not been said, but it is expected to start in Autumn this year. Completion is due in two years time.
The complex will include a hypermarket, a 'do-it-yourself' outlet and many other stores with total area of 35 000 sq.m, several restaurants and cinema theatres. 'Forum Sofia' will be constructed on a 180 000 sq.m landplot and the total built-up area will be more than 85 000 sq.m with 3800 parking spots.
Dutch-based 'Multi Corporation' has a longstanding presence in 20 European countries, as well as in Romania, Greece, Hungary and Turkey. Specialised in commercial estates and mainly in shopping centres and malls, the company has been awarded by the International Council of Shopping Centres for its developments all across Europe.

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