Latest Property and Economy news from Bulgaria. News for Visitors and Investors

22.12.2007 Bulgarian Properties 4 All in holiday –Christmas tale

Christmas is one of the biggest holidays in Bulgaria and all over the world.
So we, the team of Bulgarian Properties 4 All, announced to our present and future clients, that at the time 23.12.2007 – 03.12.2008 our company will have a Christmas and a New Year holiday.
The Christmas evening in Bulgaria go in following way:
Very important for Christmas atmosphere is the Christmas tree.
The Christmas diner in Bulgaria is very special. It includes twelve dishes. All of them have to be without meat.
Each of the dish presents a separate month of the year. On the table it is important to have a traditional Bulgarian Banitza, cakes, nuts, beans, Bulgarian traditional sarmi / cabbage leaf and rice /, fruits and etc.
On this lovely day and evening all family is bring together.
In the past Christmas was different. There were boys, called koledary, who were visiting the houses and singing songs for prosperity, health and fertility. The more elderly master of the house gave them money, food and etc.
Come on in Bulgaria and give pleasure to the beautiful Christmas atmosphere and cozy in our beautiful country.
Bulgarian Properties 4 All wishes to all of you Merry Christmas and Happy New Year!

20.12.2007 50 per cent growth in building permit taxes in Sofia municipality

The administration of Boyko Borisov has made a move to raise state taxes on the issue of building permits. The project will be discussed on December 20, 2007 by Sofia Municipal Council.
City Planning department and Architecture of Sofia Municipality gave a report with the financial committee of Sofia Municipality Council, offering 50% price hike.
In the spring of this year, construction permits prices increased by 20, reaching 14 leva per sq. m for the central part of Sofia. Building permit prices for the holiday suburban villages in the region of the capital reaching 5 leva per sq. m.
25 000 000 leva was added in the coffers of Sofia Municipality.
If this motion is seconded, the taxes will grow from 0.70 leva a sq. m to 21 leva a sq. m. for the most expensive places in the city.
The increase in taxes for issuing building permits violates Article 7 of the Law for Local Taxes and Fees, according some observers.

19.12.2007 The real estates in Varna are most expensive according to brokers

According to some local realtors, the sea capital city - Varna probably is the city with most expensive properties but is not the place of the highest living standards and incomes in Bulgaria.
The real estate market will very likely attempt certain price delimitation and segmentation in 2008, according to specialists. The good location of the property and high quality will increase the price while poorly built developments will see a downhill motion.
In the summer, the rates in spite of rents in Varna are lower than in the capital Sofia. In spite of the sale/rent price ratio and personal/sales yearly income proportion for property in Bulgarian market, some experts await a fall in prices.
The price of the apartments, which are located in the Mladost in Sofia, can grow because of the construction of several malls nearby.

18.12.2007 A new luxury apart-hotel opens in Bansko ski resort

Building of a five-star hotel in Sapareva Banya will be Lucky Bansko's third project, likely to be completed within 5 years. They have already gained a 7000 sq m plot for the building close a mineral spring. The official launch of Bansko's ski season on December 15 also concured with the opening of the luxury Lucky Bansko aparthotel.
The complex consists of two buildings connected by an underground passage leading to the parking area. The first - and larger - structure houses all the hotel's amenities. The second building will be ready in November 2008. The zone between the two constructions is allocated to the construction of a conference room, piano bar and green areas. The overall investment, come up to 8 million euro, was financed through a bank loan with Postbank.
More than 50 advisers were used to plan the hotel's architectural concept. Spokesmen told that the number of plans submitted far exceeded 120.
More than 70 out of the 102 flats have already been sold to Irish and British clients. Most purchasers have opted for signing a real estate management agreement with the investor. This involves letting their units out, entitling them to get 6% guaranteed annual returns during the first two years. They then have the option to extend the consent for another 3 years, when they are likely to reap higher yields. "Our target is the top end of the market. Our aim is luxury, comfort and high quality," managers stated, pressuring that "luxury" does not necessarily equate with expense but more with the design and stability of materials used.

17.12.2007 MBL: Third quarter of 2007 sees record delivery of newly built office spaces

According to research from MBL, the number of class A and B offices has continued to grow, amounting to 735 650 sq m as of the end of third quarter 2007. The property firm found that about 21.5 per cent of office space falls to single-tenant owner-occupied buildings and 15.5 per cent is in buildings owned by a condominium.
The growth during Q3 2007 was 8.5 per cent, registering a nominal increase of 57 690 sq m, almost equalling the aggregate supply of the first half of 2007.
520 000 sq m of office space is currently under construction in Sofia, 62 per cent of which is concentrated in four suburban regions: Bulgaria Blvd, Tsarigradsko Chaussee Blvd, the Southeastern region and Sofia Airport. As a result, some analysts predict that these areas could experience a heavy oversupply in the medium term. Building in central situation, by contrast, remains subdued due to the lack of appropriate vacant plots.

15.12.2007 Infrastructure woes in Bansko receive a boost

In addition to donating the land for the season, LS Property has prepared the parking lot at its own expense to support tourism in Bansko.
Over 200 car spaces on Pirin Street have been donated to the Bansko municipality in a response to the barrage of complaints about inadequate infrastructure - including parking.
The piece, situated next to the ice skating rink and owned by LS Property, has received a face-lift to accommodate comfortable parking for the influx of tourists.
"You helped save Bansko for the winter season," said Bansko Mayor Kravarov.
In addition to donating the land for the season, LS Property has prepared the parking lot at its own expense to support tourism in Bansko.

14.12.2007 Raiffeisenbank lends 29 million euro for the building of Mall Pleven

Raiffeisenbank (Bulgaria) EAD has reported it will extend a long-term credit of 29 million euro for the building of Mall Pleven.
Financing has been secured by a mortgage on the mall site and the future structure.
The major investor in the scheme is the Aladin company. Mall Pleven got a First Class Investment Certificate in November for the sum of 80 million leva, for planned investment in the schame.
The retail centre will have a gross actual area which spreads over 46 800 sq m. The retail area purposed for lease will be 17 800 sq m. The mall is due for completion in 2010.

13.12.2007 Bulgaria's holiday property market in 2007 driven by Russian buyers

Prices of holiday estates in Bulgaria's mountain resorts increased by 10 per cent in the period 2006 – 2007. The supply/demand ratio remained the same, Green Life Property Development research said, so ensuring a smooth development of the market during the new winter season.
However, interest in holiday real estates in Bulgaria from UK buyers has decreased by 70 per cent. This is mainly due to the mortgage crisis in the USA and Europe. The downward trend affected the world market as a whole and not only Bulgaria.
The holiday real properties market in Bulgaria has also been undermined by various stories about over-construction in resorts.

12.12.2007 Property in Bulgaria's Sveti Vlas resort to hit 3 000 euro per sq m

The Prices of front-line estates in the coastal resort of Sveti Vlas were expected to reach 3000 euro per sq m in the summer of 2007, Sveti Vlas mayor Ivan Nikolov according.
Currently, this type of real estate was offered at 2500 euro per sq m, Nikolov said as quoted by Bulgarian news agency BTA.
Second-line properties had already reached 1200 to 1300 euro per sq m.
A few front-line pieces were still vacant, Ivanov said. Two or three additional complexes could be built and most probably property prices would rise again in the 2008 tourist season, he said.
The difference between front-line holiday properties and those in Sveti Vlas’s neighbourhoods was big, with estates in the residential districts offered at 800 euro per sq m.

11.12.2007 Another mixed-use development to tower above Sofia city centre

A modern retail and office compound is under construction in Sofia’s central Rakovski Str. The cost of the investment will exceed 4 million euro, peaking at 5 million euro. The investor is Benchmark Property Fund. The design was drawn up by ProArh with leading architect Maya Yovcheva. The consultant is Expert Consult 5.
The gross actual area of the development will be 4 848 sq m.
The architectural style of the building will be modernistic in one of the latest world exterior solutions. It will have a structural glazing facade in metal and glass standing out against the background of the adjacent buildings. The site is 452 sq m – between two blind walls, afffording maximum floor area.
There will be 12 levels: two basements, one underground and nine floors, rising above the ground.

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