Real Estate News

27.10.2008 A man from Varna is going to build up the highest skyscraper

The building will build up of 160 meters at the entrance of the capital, and investment will exceed 40 million Euro. Prices of apartments will grow in geometric progression on the top floors.
Varna entrepreneur and lecturer at the University of Economics Prof. Tsvetnen Tsvetkov intends to build the highest skyscraper in Bulgaria. The building will be 160 meters high and will rise up from Botevgradsko road to the entrance of Sofia, announced century businessman for "National Affairs.
According to his calculations investment will exceed 40 million.
“I hope to start construction license to one year. Currently only in Sofia has at least 30 requests for visas for Skyscrapers”, said Tsvetkov. According to him, there is no norm order in the building skyscraper sector till now.
Businessman believes that the construction of high buildings will become more popular, and entrepreneurs will operate on the principle that is not prohibited is allowed. In his words in Varna construction of the first Skyscrapers probably will start in 2 - 3 years.
Varna skyscraper in Sofia will be 48 levels. There will be offices, hotel and homes. From 80th meters up prices will rise in geometric progression. It will offer apartments an "second home", but their use will be for business people, not the family nest.
The financial crisis will not affect the construction industry in Varna and Sofia, because these 2 cities is always beneficial to build, predicts Tsvetnen Tsvetkov. According to him the property’s prices in the sea capital will jump by about 20% next year.
In connection with the global financial crisis the chairman of the National Association Real estate Lachezar Iskrov said that is possibly the part of companies for real estate to withstand stagnation. He explained however that this risk is in full force and for the professionals with experience in the field.

26.10.2008 On St. Dimitri’s day- hour more sleep

At 4.00 hours this morning upgrading to the astronomical time. In other words - moved watches back an hour.
This year the day an hour more sleep coincides with the great Christian holiday St. Dimitri’s Day.
It is believed that St. Dimitar was proconsul of Thessalonica and was died a martyr to Christ’s faith on October 26th 306 year.
People's cult of St. Dimitar name him the older brother of St. George.
According to traditions on that day begins winter season.
Widespread is saying ‘St. George summer wear and St. Dimitar – winter”.
In the minds of our ancestors St. Dimitar red horse ride and the snowflakes fall from his white beard.
On St. Dimitri’s Day plough put away on dry place, to lay the wood for the winter, expect the first snow. Three days after St. Dimitri’s Day are typical - so called Mouse holidays observed mainly by women.
St. Dimitri’s Day also been adopted as an international day of the builder.
Celebrate all architects, designers, construction engineers and all involved in the construction.

04.10.2008 One of our hotels among 100- the best in the world

Our hotel was ranged among 100 - the best in the world.
“RIU Helios” hotel in Sunny Beach received prestigious prize “TUI Holly 2008”- Moreto.net announces.
The prize was bestowed to Lychezar Todorov- executive director of the owner “ Tera Tur Service”. This was happened during the flamboyant ceremony in Berlin celebrating 40- anniversary of TUI.
The best hotels are chosen by tourists, TUI customers and inquiry. In this inquiry this year over 15000 vacation complexes was included from all over the world. Over half million guests have showed their preferences.
The one who was situated on a first line in Sunny Beach- hotel for first time was in the ranking. The prize is evidence of the professionalism of the management of a hotel “RIU Helios”, but as well it is evidence for the quality of the tourist’s service, the specialists in the craft claim.

11.07.2008 Central railway station in Plovdiv to be renovated

The architectural project amounts to 150 million euro and envisions building two glass domes with a diameter of 25m, the construction of retail and residential complex as well as complicated infrastructure of underground tunnels connecting Plovdiv’s centre with the southern part of the city. Plovdiv’s architectural studio Arkont-A won the tender called to pick a design for the renovation of the city’s central railway station, mediapool.bg reported.
The National Railway Infrastructure Company (NRIC) has said, as quoted by Dnevnik daily, that the investor selected to do the renovation will also be granted building permission for additional construction in the area as compensation.
The architectural project amounts to 150 million euro and envisions building two glass domes with a diameter of 25m, the construction of retail and residential complex as well as complicated infrastructure of underground tunnels connecting Plovdiv’s centre with the southern part of the city.
The new buildings will be owned by the investor, NRIC has said, as quoted by Dnevnik daily.
Further negotiations with the defense and finance ministries regarding the land plots selected for the new construction are expected to take place within the upcoming six months. The reason is that, currently, the offices of the National Revenue Agency are located on the land plot.
At the same time, according to mediapool.bg, Sofia’s central railway station will also undergo renovation, which as of now is estimated at 35 million leva. The project features the construction of a multi-functional building with office and retail spaces as well as a parking lot.
Interest in the Sofia project so far has been expressed from Spanish investor Riofisa, which already has a project in the vicinity of the rail station, in addition to Italian and Austrian developers.

10.07.2008 FairPlay Commercial to invest in new logistics park projects

The first phase of the project delivered a built area of 24 000 sq m. The 57 million euro logistics park may be sold once it is completed if the right price is offered, Zahariev said.FairPlay Commercial, an office property developer that is part of FairPlay International, said it plans to build distribution warehouses and a 120 000 sq m logistics park. The location of the new property developments was not named.
The warehouses would most likely be in smaller cities with shortage of purpose-built logistics properties, FairPlay Commercial board director Mario Zahariev said.
The company developed Logistics Park Varna, where tenant demand has surpassed all expectations with full occupancy in its first two buildings. Although construction will not get underway before the fall, the sixth building has already reached 5o per cent occupancy, Zahariev said.
There is a long waiting list of prospective tenants, according to Atanas Garov from Colliers Bulgaria, which has the exclusive rights to sell rents on the logistics park. The average monthly rent rate for the warehouses is five euro a sq m, while that for the office space is 7.5 euro a sq m.
The first phase of the project delivered a built area of 24 000 sq m. The 57 million euro logistics park may be sold once it is completed if the right price is offered, Zahariev said.

04.07.2008 Bulgarian banks go cold on loans for overdeveloped resorts -consultants

Most of the property deals in Bulgaria's best-known resorts involved foreigners, most of whom treated it as an investment, which made banks wary because of the numerous announced developments, Yakimova said, as quoted by investor.bg.Bulgarian banks have started introducing stricter requirements on applicants seeking loans to buy property in Bulgaria's bigger resorts, including Bansko and Slunchev Bryag (Sunny Beach), over worries that these locations faced overdevelopment, credit consultants said, as quoted by investor.bg on June 30.
Foreign nationals interested in buying property in Bulgaria and applying for loans from local banks were increasingly being asked to show their credit history for a period of up to six years, the website quoted Tanya Yakimova from Bulgarian Home Loans, a British consultancy firm that focuses on advising foreigners.
Most of the property deals in Bulgaria's best-known resorts involved foreigners, most of whom treated it as an investment, which made banks wary because of the numerous announced developments, Yakimova said, as quoted by investor.bg.
Bulgarian Home Loans is one of the six lending consultancy firms that have agreed to form an association of credit consultants in Bulgaria, announced also on June 30.
The association, whose members claim to have a combined 80 per cent market share on the segment of advising individual clients, was created to help spread credit consultancy services, but also to lobby for a regulatory foundation to their business, lev.bg reported.

03.07.2008 Debt financing to be scarce through end-2009 - DTZ

Debt financing will continue to be scarce for at least another year and a half, one of the world's largest real estate brokers and consultancies DTZ said in its report titled Money and Property 2008.
DTZ's conclusion draws on a Lenders Survey, which sees three in four respondents in Europe anticipating tightening lending terms and conditions. In addition, another 45 per cent of the respondents in Europe expecting a cut in typical loan-to-value ratios. The conclusion is also explicit from the halving of the volume of direct real estate transactions in the first quarter of 2008, DTZ said in a statement on June 2008.
DTZ expects the volume of global real estate transactions market to dip 30 per cent on the year to $500 billion. This would represent a reversal from the upward trend in 2007, when the value of the real estate market reached $730 billion.
The value of the real estate capital market in 2007 rose 18 per cent on the year to $12 trillion.
DTZ, however, sounded upbeat about the Central and East European region and predicted growth for rental markets.
Furthermore, more than six in 10 respondents (62 per cent) in DTZ's Investor Intentions Survey said that they planned to raise spending on real estate in 2008. However, the bulk of investments are expected to be directed to the Asia Pacific region and China, in particular.

02.07.2008 Danube Bridge 2 Construction Works Star

The construction works of Danube Bridge 2 are going at full speed. After the promise of Bulgarian Transport Minister Petar Mutafchiev the second bridge connecting Bulgaria and Romania to start working by 2010 the construction works started in June after a few-month delay.
The first support of the bridge is already in place as the indicators from the preliminary geological research will be confirmed via the first supports through ultrasound control which will be followed by an approval of the whole project. According to the preliminary data the indicators are higher than expected.
The Mayor of Vidin Roumen Vidov stated that he is very pleased with the fact that there are actual construction works going on at the Danube Bridge 2 site. According to him it is very possible the construction of the bridge to finish within the set deadline – the year 2010. This will stimulate the economic development of the Vidin region, the Mayor added.

01.07.2008 Sofia City Hall to ban construction in Studentski grad

According to Borissov, as quoted by the Monitor daily, the Sofia City Hall plans to ban construction in other boroughs in Sofia, without revealing which ones.Construction in Studentski Grad (Students' town) borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikov's intentions to issue an ordinance to ban further construction of the area.
It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be in effect, Monitor daily said. A random check in Studentski grad done by the newspaper in March revealed that there were close to 60 projects in the works and just as many planned to begin in the near future.
In May, Education Minister Daniel Vulchev called for a complete ban of all construction going in the area, because when the initial idea of Studentski grad was conceived, the place was meant to be a small student community, housed in dormitories.
According to Borissov, as quoted by the Monitor daily, the Sofia City Hall plans to ban construction in other boroughs in Sofia, without revealing which ones. On June 25, the mayor signed the first ever construction ban in Sofia's history, which will be in effect no longer than six months, or until the new city planning strategy is drafted. As of now, all building activities in the Mladost borough will also be frozen until indefinite time, Monitor daily reported.
Everyone who had bought property off plan in Mladost will have to wait until the new development plan for the area is approved, Borissov said, as quoted by the newspaper. Dikov had said that such plans would be ready by the beginning of July, but will be put for voting in the municipal council most likely in October.

30.06.2008 Zarneni Hrani Bulgaria To Open Biodiesel Plant Next Month

Zarneni Hrani Bulgaria will open a biodiesel plant in Provadia next month, executive director Georgi Kostov told shareholders today.
“We expect our H1 profit to come to 2.5 mln leva (1.27 mln euros), but we must take into account the seasonal nature of our business – the second half of the year is usually a stronger period for us,” he also said.
“In the next several months we will be focusing entirely on the new plant. During H1 Zarneni Hrani Bulgaria acquired a grain warehouse in Nova Zagira and a mill complex. The company is planning to work in cooperation with a leading international company in its biodiesel business,” he added.
This year Zareni Hrani Bulgaria plans to invest 36 mln leva. Planned investments for the next years are as follows: 53 mln leva in 2009, 43 mln leva in 2010, and 3 mln leva in 2011 and 2012 each. That means a total of 138 mln leva (70 mln euros) in the five years to come.
The company's second biodiesel project will be the most expensive (100 mln leva).
This year's revenues are seen at 285 mln leva (145 mln euros) and profit is expected to reach 21.7 mln leva (11 mln euros). The prognoses for the following two years are as follows: sales at 446 mln leva and profit at 31.2 mln leva in 2009 and sales at 598 mln leva and profit at 42.6 mln leva in 2010.
The company's aims at achieving a 10% market share in the purchasing of grains, a 33% share in the purchasing of oil-bearing seeds, a 33% share in the sales of vegetable oils and a 66% share in biodiesel sales.
At a general meeting today, shareholders decided to add 2007 income (11.843 mln leva, 6.05 mln euros) to Reserves.
14,397 shares changed hands today at prices between 2.38 and 2.50 leva.

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