Real Estate News

14.06.2008 Varna airport serves more passengers

Varna airport has served over 185000 passengers since the beginning of the year until May, which is 8% growth comparing to the same period last year, the administration of the airport has announced. The airport registers the higher opportunities for traveling with low-tariff aero companies.
Flights are preformed to the Danish and German capitals – Copenhagen and Berlin, as well as to the German cities Dusseldorf and Köln. This month will start also the flights to the central European capitals of Warsaw, Prague and Bratislava, as well as to the Austrian capital Vienna. In July the airport will make four times a week flights to Sofia.
From the airport of Varna are made also charter flights to different destination in Russia: Moscow, Yekaterinburg, Samar, Saratov, and Surgut. With high frequency during the week from Varna airport are executed regular flights to 24 destinations in different countries: Russia, Germany, United Kingdom, Ukraine, Switzerland, Belgium, Luxemburg, Denmark, Hungary, Czech, Slovakia and Austria.

13.06.2008 New investments in Bulgaria for 300 million euro by Sparkassen

The real estate arm of Austria’s Erste Bank - Sparkassen Immobilien, has project to invest up to 300 M euro in Bulgaria over the next 2 to 3 years, Friedrich Wahernig, member of Sparkassen Immobilien board of directors told 11 of June . Its focus in the medium-term would be office and retail space.
Additionally, Sparkassen Immobilien has remained keen on financing properties plans in the region, Wahernig announced. The company has project to divest of properties investments in Western Europe and invest in Eastern Europe, Bulgaria included.
The company has remained the leader on Bulgaria’s real estate leasing market with a market share of 36 per cent as of end-2007, Immorent Bulgaria, which represents Sparkassen Immobilien in Bulgaria, said in a June 10 statement.
In 2007, the company struck leasing contracts worth 31.7 million euro, the statement reads. Its total leasing contracts portfolio is worth 180 million euro.
Presently, the company’s Bulgarian portfolio includes a stake in Serdika Center, a mixed-use complex worth 210 million euro and to house both office and retail space. The company is building the project in partnership with Hamburg-based ECE Projektmanagement, whereas developer would be Kayi of Turkey.
The company, alongside Immorent Bulgaria, will be developing an office building on Washington Street in Sofia in what would be a 7.2 million euro investment. Yet another similar development is due to get underway on Todor Alexandrov street, again in Sofia.
A third project, to shortly be underway, is a residential complex in Sofia’s Simeonovo neighbourhood. The total value of the project is seen at 28.4 million euro.
Among the landmark projects lease-financed by Sparkassen Immobilien and Immorent Bulgaria are the production facility of Yazaki of Japan in Yambol, the mixed use building of Rotoprint, Class A office building in Sofia, and the four-star spa hotel Astrea.
Sparkassen Immobilien, listed on the Vienna Stock Exchange, has been active on the real estate market for 20 years. The company is focusing on long-term investments in residential, administrative and commercial buildings and hotels in Austria, Bulgaria, Croatia, Germany, Hungary, Romania and Slovakia. As of March 31 2007, the portfolio of the company was valued at 1.6 billion euro with total lettable area of 1.4 million sq m.

11.06.2008 About 100M Leva will cost Pravets Golf and SPA Club

Terra Tour Service officially showed yesterday the Pravets Golf & SPA Club plan. The project has to be finished by mid-2010. About 100 million leva (51.2 mln euros) will cost the resort ,the company's CEO Lachezar Todorov said. The project was developed by Harradine Golf, a company founded back in 1929. The architect Peter Haridam and architect Rumyana Tiholova, who specializes in luxury SPA resorts , presented officially the project. Terra Tour Services has more than 10 years of experience in the development and management of resorts and residential complexes. A training golf course for student practice will be included in the complex, as well as a golf store, a restaurant, a car park. . Golf equipment will be available for rent. The golf course meets all PGA standards. It is of the classic Par 72 type, 6,510 meters long and is able to host international golf competitions.

10.06.2008 Varna Mall To Open Tomorrow

The first 100 visitors to enter Mall Varna have been selected through the website of the shopping centre. They are the first 100 people to register at the special pre-opening website between June 2 and June 8. Of all 1515 registered, they will enter the mall tomorrow at 4.30 p.m. Although Mall Varna will officially open its doors on June 12, all stores will open for the first special customers.
For tomorrow's day several events are planned. Anything from watching a movie in Arena 3D Theater, having a snack at the first Bulgarian Burger King outlet, or trying the Subway sandwiches.
Mall Varna is situated on Vladislav Varnenchik Blvd. and offers a wide range of shopping outlets and entertainment facilities. With a total area of 33 000 sq.m the complex has a year-round skating rink, 10 bowling tracks and hall with electronic games. Mall Varna also facilitates the first 3D cinema theater in Varna, with eight halls and room for 1300 people.

09.06.2008 New Office Building On Pirotska Street

New modern office facility will be constructed on Pirotska street in Bulgaria's capital Sofia.
The total cost of the project is estimated at 20 million euro, while the return rate is expected to be around 25%. All building works must start this year with a deadline set for 2011. The building will have 15 floors with total built-up area of 18 500 sq.m. (above ground level) and will provide additional 9000 sq.m underground space. The plot where the building will be located is 2400 sq.m.
Top-class office premises - technology, energy efficiency, inner infrastructure, high level of security, various interior designs, 4 levels of parking space are only some of the key features which the new building will provide.
The investors plan not to sell but to let out the separate properties in the building. They also intend to distribute the available area on each floor according to the tenants' needs and requirements. This will allow the building company to establish long-term business relationship with the tenants, giving them the opportunity to develop their own ideas for their own offices.
Author of project future building on Pirotska street is award-winning architect Kalin Dikov. He gained further popularity after his project for Belissimo business centre was given first prize at the 'Building of The Year' contest in 2006.
The investing company is currently working on 8 projects worth around 180 million euro. Their portfolio includes holiday villages and complexes, as well as business facilities.

07.06.2008 Marina d'Or Spain company invests in luxury vacation spa complex in Ribaritza

In the resort of Ribaritza in the Balkan Mountains will be build new luxury vacation spa complex. Investor is the the Spanish real estate company Marina d'Or. The complex will be close to the town of Teteven and 132 km west of Sofia.
The Marina d'Or investment projects actually include two complex buildings in Ribaritza - Old Ribaritza and Ribaritza II.
The Old Ribaritza Complex will have 833 high-class vacation apartments located along the Ribaritza River close to the village with the same name. The average sale price is expected to be EUR 1100 per square meter. The Old Ribaritza Complex is also going to include a retail center, a children's park, a restaurant, and its unique spa center with a balneological part.
The first apartments are expected to be ready in 28 months. The marketing campaign is just starting but it envisages massive advertising in all 22 countries where Marina d'Or has offices.
In the project is included and building of small quarter with office and residential areas in the Bulgarian Black Sea city of Varna.The Spanish company is currently realizing a unique project for a vacation town in Valencia, Spain.

06.06.2008 New Privately Gated Complex In 'Byalata laguna'

The first sod of the construction of a brand new privately gated community was turned in the White lagoon resort (Byalata Laguna). Investor of the new residential complex is the owning company of Albena Resort.
Byalata Laguna is a resort close to Balchik, and although as a destination it is not as popular as Golden Sands, Sunny Beach Sozopol or Nessebar, it is renowned for its mineral thermal springs, healing mud and well-preserved natural surroundings.
The complex itself will be situated on the front beach line and will cover approximately 21 000 sq. m. The expected cost only for the first part of the development is estimated at 15 million leva. But although the complex has not been started, some of the properties in the complex have already been marketed to potential Russian and Romanian customers and investors.
The investing company is currently conducting consolidation works at the site.The current start of this project is an indication of serious reverse in the plans of Albena owning company. Last year, the resort operator tried to sell the White Lagoon resort, but failed to reach an agreement on the price with prospective purchasers.
In 2007, Byalata Laguna resort ended with losses of 0.594 million leva. The poor financial result was due to the higher buildings tax and write-offs related to the re-valuation of assets after the resort went public.
Last year Albena reported net profit of 17.7 million leva, which represents a 13.7 % year-on-year rise. Revenues, however, were down 3.7 per cent over a 12 per cent decrease in overnight stays. The largest declines were reported to be of German and British tourists.

05.06.2008 Kazanlak's Rose Festival Starts Tomorrow

The annual Bulgarian rose festival will start tomorrow, June 6, in Kazanlak. Held always during the first weekend of June, it will continue until Sunday, June 8.

Although officially the festival is 3 days long, a programme of various exhibitions, ceremonies, tournaments and performances are scheduled for the whole week before.

The festival was held for a first time in Kazanlak in 1903. It usually coincides with the end (or often with the peak) of spring harvest of roses. Dedicated to the aromatic blossom, the event honours the incredible fame which the Kazanlak rose (Rosa damascena) brought to the town and the whole country. The extracted rose oil and its derivatives has for long been used in the perfume industry and in the production of soaps, lotions and creams, liqueurs, jams, etc. The rose water also gained incredible popularity for its wide range of applications.

Only a few years after the first festival, a similar event dedicated to the Rosa damscena was held in Karlovo. Throughout the years the popularity and fame of Bulgarian rose oil increased to an international level. Eventually, due to the world's recognition, in 1967 the festival became national. Nowadays, similar events are held at almost all towns in the "Rose Valley".

In Kazanlak, a large number of social and cultural events open to public are always scheduled throughout the whole week, most of which are free-of-charge. The programme includes various exhibitions, award ceremonies, tournaments and competitions of all types. Bazaars and even conferences regarding the problems and perspectives of the local rose oil producers are held as well as public discussions about the economical and cultural development of the towns in the area. A beauty pageant to select a Rose Queen is also held. Officially, the festival is solemnly opened on Friday evening with a artistic crowning ceremony of the Rose Queen. Bulgaria's most popular ethno-choreographer Neshka Robeva and her ensemble and "Angel Sky" group will take part in the show this year. Various events are held the next day, one of which every year is the "Rose picking and rose-distilling" ritual. The festival ends on Sunday with a vivid carnival procession through the main streets of Kazanlak at noontime and a concert in the evening.

04.06.2008 Bulgarian Waste-Water Systems To Be Modernized

The Minister of Environment and Water Resources appealed once again to Varna Municipality to hand in their project for modernizing and expanding the waste-water refinery in Golden Sands Resort.
Projects for over one billion leva have been submitted so far by the local administrations from all across the country. However, two of the strategic waste-water stations - those covering the resorts of Sunny Beach and Golden Sands, have been delayed.
The Eco-Minister once again reminded holiday investors to think in long-term perspective when they execute their projects. He highlighted that Bulgaria is one of the few countries in Europe to have such wide biodiversity and nature resources are the key for a successful and profitable hospitality industry. He also stressed that preserving Bulgaria's nature will eventually lead to a change of target tourist groups. Providing clean environment will bring another type of tourists - people with high value for nature, with higher expectations and standards.
The Environmental Ministry is in charge with constructing and re-constructing the waste-water stations along the Black sea coast. This is expected to bring the qualities of the sea water to a higher standard. A total of 220 million euros have been secured only for the stations along the sea. Funds are available, but the municipalities do not appear to be active and initiative enough, as the Minister said. These projects are also of utmost importance to the less developed tourist areas such as Hisar and Vurshets, popular balneological and spa areas among Bulgarians, but with poor international recognition.
The new waste-recycling campaign is also a major initiative started by the Ministry. A total of 55 regional recycling depots must be constructed, 21 of which must be started as soon as possible. By next summer Bulgaria must give real proof to the EU that work is being done. Only then the authorities will state specific deadlines for completing the projects.
On May 30th at the Environmental Ministry were submitted projects for 1.4 billion leva, though the expected total amount was around 730 million leva. Only 13 of all 113 applications were handed earlier. The rest were handed the last day.

03.06.2008 Further To Go With The 'European Trade Center' Project In Sofia

The "European Trade Center" on Tsarigradsko Shose Blvd. is expected to be completed in 2010. The project gained incredible fame when it was first started in 2006 for the use of the so-called "green technologies" in the construction. This approach was then said to increase the energy efficiency of the complex and to optimize the overall functions of the space.
The total investment is estimated at 70 million euro. The construction works are executed by the international 'Terna' and Bulgarian building companies.
According to the investors, about 60 % of Sofia's construction and engineering force and resources are currently involved in the development. They reminded that 14 heavy-duty freight lifts/cranes are being used at the moment.
This data and the most recent information about the completed stages of the development were announced yesterday by the investors on a press conference.
The construction works started in the winter of 2006, right next to the new Carrefour hypermarket. The whole complex will include five buildings with class A office premises and will offer a total area of 60 000 sq.m. The first block (A) will be facing the boulevard and will be the tallest office building in Bulgaria. The complex will include modern innovative and high-tech solutions in order to meet clients' needs for energy, cost and functional optimization of the commercial estates. It will also have a total of 830 parking spots.

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