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30.05.2008 Sofia Battle - Houses Vs. Apartments

The idea of living in a house in the suburban areas of Bulgaria's capital Sofia has been the choice for many people for a long time. However, it was until the last few years and the booming real estate market in Sofia that purchasing a house became a better choice and even trend among Bulgarians. Many people find it frustrating to live in the closed and limited space of the apartmemts, but recently the price factor has started to gain signifficant importance. Prices per square meter for a decent apartment in the so-called 'better' residential areas exceeded 1000 Eur a long time ago.
If these two types of properties should be compared, one should take into consideration the same living area. For example, an apartment with area of 150 sq.m or more in the quarters of Izgrev, Borovo, Boyana, Vitosha, Beli Brezi, Manastirski livadi, Dragalevtsi, etc. (considered by most people as attractive places to live), one should spent around 1400 Eur per sq.m.
The price for a square meter of a house in Belite brezi or Ivan Vazov is around 1300 Eur. And you might be offered not just a one-family house, but also a floor of a bigger one. For about 1500 Eur/sq.m are offered the houses at the foot of Vitosha, in Simeonovo, Dragalevtsi and Boyana. Similar houses are even cheaper in Manastirski livadi and Malinova dolina (currently very popular).
It can be easily concluded that in fact, buying a house is not more expensive than purchasing an apartment. Prices per square meters are similar, but the total living area you one can get in return is more.
However, these are two very different types of properties. Each has its own advantages and disadvantages.
Getting a house means getting a an undisturbed, detached estate. It means getting a garden with a fence, a cradle for your children and a hammock for you, barbeque and fireplace, separate rooms for everyone, a lounge or a study and any other extras to pamper your family. And you have the option to construct your own home according to every single one of your whims.
For those of such independent thinking, apartments have the greatest disadvantage - complying with the builder's plan. Customizing opportunities for these properties are very limited. Especially if you are purchasing a re-sale apartment already arranged and designed according to the taste of the previous owner.
Another negative side would also be your neighbors. Although similar problems may arise quite often if you own a house, you are more likely to have totally different opinions on how loud and how often you should have parties and guests, how the shared bills should be distributed, who would get the parking spot in front of the building and how often should you have your apartment repaired and renovated.
On the other hand, one should never disregard some of the major advantages of apartments. Neighborhoods usually have well-developed infrastructure - regular public transport, any types of shops, schools, kindergartens, etc. More social activities and easier to meet new people. Getting to work takes less time, last-minute shopping and a wide range of entertainment are available relatively close, and taking a taxi back home after a night out is always cheaper. But for most people, the lack of well-developed infrastructure in house suburban areas in Sofia is often the biggest obstacle, especially for families with young children.
No matter the choice, it is important to note that apartments and houses meet the requirements and needs of two different groups of people. When you make your decision, you should always remember that the type of the property reflects on your way of life and daily routine.

29.05.2008 Innovation Architecture

World's famous architect Zaha Hadid announced a new innovative project. The next building will be a 250-meter-high skycraper, located in the heart of Poland's capital Warsaw. The development is expected to include an apartment section, a luxurious hotel, shopping and entertainment centres.
The project is called "Lilium Tower" and will have a lilium-like shape. The whole construction will of light materials and glass panes. Three more smaller lilium-shaped buildings are projected around the main tower. The total planned area of the property is 101 205 sq.m. However, the project is still at shell stage since the land where the skycraper should emerge is owned by Warsaw municipality and the state's railway company. "Lilium Tower" will be located opposite the Palace of Culture, which is 230 meters high. Built in the 1950s, it has a typical stylea and architecture of the communist era.
Zaha Hadid is the only woman ever to have won the top US architecture award, the Pritzker Prize, in 2004. Since then, the 56-year-old Iraqi-born architect has worked on various project with innovative architecture style. Most recently - a new performing arts centre in Abu Dhabi, which is part of that country’s extraordinary ambition to construct arts buildings. Hadid's architectural studio and their project has also recently been approved for the new Vilnies museum - the Guggenheim Hermitage.
Zaha Hadid's exhibition was presented in Bulgaria last year between May 28th and May 30th as part of the European architectural weeks. The managing director of the studio also held a presentation and lectures at the University of Architecture, Civil Engineering and Geodesy.

28.05.2008 Simeonovo River Park To Cost Over 100M Euro

A new residential development has been started in Sofia. Simeonovo River Park is expected to be one of the most expensive projects of its type. Currently, the estimated costs to build the complex are estimated at about 100 million euro. That was announced by Ivo Koloushev, director of Bulgarian developer Litos, quoted by SeeNews newswire.
The construction company is a venture, with 50 per cent of the share stake being in the hands of a foreign investor and the rest controlled on Bulgarian side.
The construction works of Simeonovo River Park started earlier this year and the completion deadline is in three years’ time. The whole project will spread over 248 000 sq.m and will consist of 207 houses with modern architecture. Another 97 000 sq.m are intended for maintenance space. It is said that half the space is reserved for parks and green areas. This will include bike and pedestrian alleys, several basketball and tennis courts for sports and leisure activities.
There will also be a supermarket and a number of restaurants and cafes
Litos, the developing company, has two other similar projects under construction in Sofia in its portfolio. They also have a hotel in the winter resort of Bansko. The company is also in partner relations with a real estate investment trust based in Ireland.

27.05.2008 Chasing Builders

Construction works in Bulgaria's Black sea capital - Varna has been banned for the summer season. However, on May 24 City hall officials have spent the public holiday playing hide and seek games with construction workers. That was announced by the mayor of Varna's Primorski district, Plamen Gradinarov, as quoted by the local Cherno More daily newspaper.

Gradinarov was referring to the order issued by Varna mayor Kiril Yordanov, according to which all construction works should be put on hold for the duration of the summer season, which already started.

Nevertheless, at 6.45am on May 24, when Bulgaria was preparing to celebrating the day of Slavonic alphabet, residents of one of Varna's affluent neighborhood Chaika, next to the sea garden, alarmed Gradinarov that a company was working on a construction site.

It is said that workers were trying to lay the concrete foundation of a five star hotel. Gradinarov's employees had to chase the workers around, who ran away the minute Gradinarov's people arrived at the construction site.

After being “ambushed” Gradinarov said the workers were caught and fined.

26.05.2008 Varna Reached Highest Rental Prices

Varna holds the first place of most expensive rental prices in the whole country. That was reported by the local Narodno Delo daily on May 26 2008.

According to the newspaper, luxury apartments registered the highest increase of 22.1 %, compared to May 2007. Rents of unfurnished properties have increased by approximately 19 per cent, while furnished ones have increased by 17 per cent.

Two-bedroom apartments were the preferred choice of customers, Narodno Delo said. Currently, the renting price of two-bedroom apartments in the city's downtown area around the Red square started from 300 euro a month.

In the more remote districts, such as Mladost and Vuzrazhdane, the price was about 250 euro a month.

The rental price of a newly-built house of 250 square metres in the city's seaside vacation community of Trakata was about 2500 euro a month, the paper said. A floor of such a house could be rented at 1700 euro a month.

The average time line of a renting contract for a two-bedroom apartment was about a year, while houses in Trakata were usually rented for the summer season, real estate brokers told the paper.

23.05.2008 Office Premises In Sofia - Ever Expanding

According to property investment experts from Cushman & Wakefield, almost half of the newly planned offices for the next three years in Sofia might suffer a lack of renters. That was announced on the recently held assembly on the topics of commercial properties, organized by foreign real estate advisors.
The forecast is based on Cushman & Wakefield’s data for all administrative buildings under construction or project. They claim that the total area of these developments is more than 1.52 million sq. m, which will lead to a triple increase in the offered space for the next three years. The demand, however, will increase with much slower trends.
The British advisors estimate the demand increase at 20% which is expected to lead to 200 000 sq.m rented office premises, compared to last year’s 160 000 sq.m. Based on that figure, they expect demands for 240 000 sq.m next year and 290 000 sq.m in 2010.
Other real estate advisers also share this opinion, stating that Sofia’s property market cannot bear more that 1 million sq.m new office space.
On the other hand, Colliers International expect moderate trends in equalizing the supply and demand. They reminded that although there are many planned projects, many of them are likely to be postponed or cancelled. They believe the expectations for new developments are overrated. After all, it seems that Sofia property investors have proven to experience no serious obstacles selling their developments.

22.05.2008 Hungarian Holding To Invest In Bulgarian Commercial Estates

Hungarian property developer SCD Holding announced the company's intentions to expand to Bulgaria, Romania and Croatia. That was reported by the Hungarian newspaper 'Napi Gazdasag' yesterday.
In Bulgaria, particularly, the company plans to invest and develop mainly office and commercial properties. In Romania, on the other hand, it will focus deeper on residential property, while Croatia has been marked by the company's management as strategic for investing in the tourism sector.
In addition, SCD Holding is preparing for joining the Budapest Stock Exchange. The listing is currently planned to take place in the third quarter of 2009. The company also just recently completed the transaction of 24-unit retail chain, however, the value of the deal was not announced.
The company, which undertook that expansion strategy last year, plans to establish representative companies for its projects in each individual countries. It also intends to increase its capitalization to 400 million euro within the next three years.

21.05.2008 Real Estate Growth Trends

Fast affluence heaping and the striving toward higher living standards will shape demand on the property market in Bulgaria, Christofor Pavlov, chief economist at UniCredit Bulbank, sad the Annual Summit of the European Bank for Reconstruction and Development in Kiev, Ukraine.
Bulbank anticipate that the growth of loans and the evening-out of real incomes to continue to hold up growth in residential prices notwithstanding that the market will remain far from the growth rates observed during the past year, Pavlov wrote.
In the next few years the prices of the real estate will slowly easy. That was shows by the balance of demand and growth factors.
In the context of the global financial crisis, there were clear signs for delay of foreign demand.
The last quarterly data for the number of real estate deals registered in the Registry Agency also showed that the market reached a new peak last year.
A number of real estate brokers said buyers of vacation homes are on the decline, while a large number of speculative investors are on the selling streak in a bid to cash in on purchases.

20.05.2008 Taking The Step To Properties Abroad

A lot of people from opulent nations are purchasing real estates foreign countries to use as seclusion houses, holiday homes or as an investment.
Most developing countries welcome the incursion of foreign estate owners, because it is often useful for the local economy, and brings with it foreign exchange. Depositors are advised to do a investigation and select locations wisely to secure their investment, with the golf and ski areas featuring highly among the most famous. Overseas real estate is becoming a popular investment choice these days.
The prices in Bulgaria are still one of the lowest in Europe, and with the 120 historic sites and locally produced wine to lure on the tourists there’s something here for everyone. Bulgaria is ecologically one of the purest countries in Europe, with phenomenal clear air and water resources. Next year three new major UK tour operators will also be offering summer holidays in Bulgaria.
Excellent investment opportunity, offered at The Bulgarian Real Estate Market

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.

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