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

02.04.2008 New Golf Development near 'Albena' Resort

'Albena" - one of the best BUlgarian seaside resorts, has undertaken the construction of a brand new private golf-course. The managing company of the 'Albena' resort intends to develop not only a course for proffessionals, but also to establish a golf training academy.
The project has been created by a frech architectural company and is expected to cost around 6 million euros.
The 500 000 sq.m golf-course will be situated near the village of Rogachevo and is expected to open within 2 years when the first 9 holes and the training academy will open.

01.04.2008 New Investment Opportunities in Velingrad!

Prices of residential space and land plots in Velingrad has raised signifficantly for the last year. Property developers are showing strong interest in constructing residential buildings and hotels, which have led to a signifficant expansion of the market of rural and forestry land plots.

Up to the current day, the average price of an agricultural land plot is 15 Euro/sq.m, compared to prices of Januray 2007 when rural land was purchased at around 15 leva/sq.m. It has also been reported that on certain occasions this year, the price per squared meter has even reached as much as 120 Euro.

Amendments in the town's architectural plan are currently being considered by the local administration.
The residential complexes are expected to extend in the direction of the towns of Pazardzhik and Draginovo. An 18-hole golf course will be constructed near the dam.

The most exclusive properties, with price range between 1 100 Euro/sq.m and 1 250 Euro/sq.m, are expected to be the five-storey buildings situated on the outskirts of Velingrad, only 700 m from Kleptuza Lake.

31.03.2008 Israeli Electra to develop residential scheme in Varna

Israeli real estate developer Electra Group has started building on its first Bulgarian project – a gated residential community in Varna, to be named Botanic VIP Residence, the company’s sales manager Petar Petrov told Dnevnik daily on March 30.
The complex, in direct proximity to Varna botanical gardens, will cover 1.2 ha of land and will comprise seven buildings, with a total of 216 apartments. According to Israeli media, Electra acquired the piece with the ready project in 2006 at the price of 4.56 million euro.
The expected gain after selling the apartments is expected to reach 80 million euro. Three of the apartment blocks are scheduled for termination by the end of the year. Off-plan prices start at 1 350-1 500 euro a sq m.
Electra’s pipeline enlist another three projects in the Varna area - an office building and a mixed-use scheme in the city and a 53 ha residential community in the vicinity of area village Kalimantsi, Dnevnik wrote.

29.03.2008 More than 1M sq m office space in 2008 in the capital - Sofia

Sofia's office place market registered another quarter of strong implementation at the end of 2007, according to the latest MBL consultancy announce.
The number of class A and B offices continued to rise, amounting to 784 000 sq m as of the end of fourth quarter of 2007, after a new delivery of 48 350 sq m office places, all of them in suburban areas, according to research from MBL.
Provided data embrises areas in single-tenant owner-occupied and speculative constructions, as well as in condominiums.
More than 580 000 sq m of class A and B office place were under construction in Sofia at the end of last year, two thirds of which were in suburban districts. Tsarigradsko Chaussee Blvd come to surface as a main office location, with a view to the pipeline, MBL advisory commented.
Considering the total volume of planned schemes, MBL analysts expect that Sofia's office stock will surge by more than one million sq m over the next three to five years. About 260 000 sq m of new office developments will be added to the market in 2008 alone. As a result, the total volume of existing offices at the end of the year will surpass one million sq m, according to the survey.
Office vacancy rate continued to shrink in Q4 2007 and, after supply gained 6%, vacant space registered a slight 1.7 per cent grow, reaching 38 480 sq m.
Several buildings, which were ended at the turn of 2007, accounted for the of meaning, hike in vacant place from 23 350 sq m in December 2006 to 36 090 sq m six months later and agents still experience difficulty in securing their occupancy.

28.03.2008 The largest building in Rousse is under construction

It started the construction of the biggest recent building in Rousse, to be named Teodora, local news website ruseinfo.net reported on March 27. With its large actual area of 22 000 sq m, it will be the biggest structure in the Danube town built since 1989.
It is a precedent in the new building history of the town, a number of Rousse architects said, quoted by ruseinfo.net.
The construction will comply with the highest standards in modern European building, the developer told ruseinfo.net. Several individuals and companies from neighbouring Romania have already declared their interest in an off-plan purchase of units in the future centre before the supposed rise of prices during the summer, he added.
The construction has a modern design, pragmatically-shaped internal areas and will comprise retail, residential and office portions.

27.03.2008 New regional centre in Pleven will open doors tomorrow

Regional center for Central- North Bulgaria opens the biggest company for an construction and industrial technique in our country, “Euromarket Group “.
The complex is located in Pleven and include administrative part, service and storehouse . The centre will open doors official tomorrow by the mayor of the city- MR. Naiden Zelenogorski.
The looking of technics for dig and freight, machine for production, transportation and put on concrete, compressors has increased in the last 1-2 years in central north Bulgaria. “We expect the stature of lifting - vehicular technicians (engine trucks, electric truck) to be major as well in 2008.The search of welding technics and machines for equipping for auto services in the mountain region will continue to be on high level, commented Dimitar Ilchev, main manager of “Euromarket Group”.
“ For us is very important to be close to our clients in all our country, to know very well the needs of the people, because this way we can offer them appropriate products and services. Therefore we pawn on construction of well developed regional centres. We hold firmly to build good treatments with all constructions companies in Pleven region.
But there is and another important thing for us- the industrial companies” added he.

26.03.2008 BLD fund buys another plot near Sofia for residential complex

Bulgarian Land Development (BLD) investment fund acquired another 46 673 sq m piece of agricultural land near Sofia for 500 000 euro, although its exact situation was not revealed.
The plot is situated in an area with good potential for the development of a residential compound in Sofia’s suburban areas. BLD wants to consolidating several stretches of agricultural land in the area to a total of about 250 000 sq m. Once the fund has gained all the necessary land, it plans to change its purpose into plots for residential building.
BLD representatives consider the project very attractive to both holiday real estate buyers and Sofia residents, because of its enticing situation – only a 45-minute car drive from Sofia, the complex will combine the benefits of an urban complex with facilitated approach to ski slopes, spa facilities and golf courses.
The purchase will be financed by own resources, the exact situation will be pinpointed after all the adjoining lands have been acquired, company officials said in a statement.
Earlier this month, BLD announced that it had bought a piece with an area exceeding 38 000 sq m close to Sofia for 1.7 million euro. The two plots are not situated to each other.
BLD’s aim is to have invested or allocated for investment all of its capital, which currently stands to 51.4 million euro, by the end of 2008.

24.03.2008 Infestation for 64 million euros in the first Business Park in Plovdiv

Praim Property BG ADSIC invested 64 million euro to be build the first Business park in Plovdiv.This park will include four or five storey modern buildings with offices and market areas, underground parking places ,restaurants and supermarkets.
The land where will be construct the park is 48 682 sq.m and the total area is 110 000 sq.m. At this time the company is preparing the premeditated project who foresee functional buildings.
A lot of companies , the most of them foreign, will put their offices in this first Business park in Povdiv.
Important premise for good development is the correctly choice of the place where will be build the park. It will locate in Trakia region- one of the biggest quarter in Plovdiv. Other premise for well development is the university tradition.
The universities will provide the number of good skilled employees, necessary to the companies which are going to rent places in the park.
At the moment Plovdiv disposed with industrial parks and smaller complexes which include and house areas. This park is designed for administrative aims. Similar complexes are going to be build in another biggest cities in our country Bulgaria.
Prime property is the first stockholder's association with special investment aim in Bulgaria. It invest in construction and selling of properties, rent of houses, offices and market places in Sofia and all over the countre.
The holding has 8 projects with total value of around 180 million euro. In the future Praim Property BG is going to invest in the flowing project about 25 million euro.

22.03.2008 Another Israeli multi-purpose project to tower over Sofia’s western areas

Roslin Park, the first residential project of Israeli-based Pritzker Group in Bulgaria, will be situated in Sofia’s Lyulin neighbourhood, at the junction of Petar Dertliev Blvd and Pancho Vladigerov Str, including 28 eight-floor apartment constructions with a total built-up area of 65 000 sq m, which will spread over 30 000 sq m plots of land.
The plot was gained between 2004 and 2006, the company reported The Sofia Echo.
The project includes 550 apartments with sizes between 60 and 220 sq m and prices hovering in the 735-880 euro a sq m price range.
Roslin Park will be a semi-gated composite offering 24-hour security services and video monitoring, a fitness hall, sauna, kindergarten, beauty parlour, supermarket and a number of shops. A big chunk of the space has been allocated for green territories.
The first phase of the project, which comprises eight residential constructions with a total of 150 apartments, is scheduled for completion in May 2009. About 85-90 of these units have already been sold to residents from Lyulin and the neighbourhoods nearby .
Itzhak Pritzker present the investor in the project, IP Bulgaria 2005 Ltd. The building company is AT Engineering 2000, architectural design was done by Atanas Panov, and financing has been secured through a loan from United Bulgarian Bank .
The Pritzker group of companies is an international company that started in the building of residential apartments in 1961. Over the years, the company has consolidated its position as one of the biggest and most respected developers in Israel, having erected thousands of housing units, some of the costly and luxurious shopping centres, office buildings and residential compounds in Tel Aviv, Jerusalem and Haifa.

21.03.2008 Business center will be built in Krivna village near Sofia

Business center with offices and stores will be built in Krivna village close to Sofia.
The terrain, where it will be built, spreads over 20000 sq. m. plot of land. A detailed structure plan is already introduced in the municipality by the Fund and it have to be voted till the end of the month.
Bulgarian Property Development will form an infrastructure around the business center.
Except this terrain, the Fund owns other 92000 sq. m. land on the ring-road passed along the Krivna village and other 88000 sq. m. in the quarter “Hladilnika” , where probably will be built business and office areas.
In the region of the airport, the company own two plots. The one of them is 23000 sq. m. big and the other 14000 sq. m. There will be realized offices and stores.

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