Sat, Feb 04 2012

Land ownership to be on meeting agenda

Fri, Sep 06 2002 15:00 CET

byIvan Vatahov

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More than 100 foreign and local brokers will take part in the Seventh International Real Estate Conference "Time For Business Now" that will be held at the Sheraton Hotel from October 17 to 20.

The forum has been organized by the Central European Real Estate Associations Network (CEREAN) and the National Real Estate Association (NREA). The development of the regional real estate market and investment opportunities in this area will be discussed at the conference.

"Bulgaria has the unique chance to demonstrate the opportunities of its real estate market right now," said Valeri Leviev, CEREAN president for 2001. "At this conference we will not only discuss market trends, but we will also make some specific proposals on important issues such as the purchasing of land with the right for foreigners to build on. We are ready to consult the government and governmental agencies on selling agricultural land to foreigners, considering the practice of other countries in Central and Eastern Europe."

According to Leviev, Bulgarian real estate brokers officially back any legal changes that would allow foreigners to buy land for construction. This could create jobs, bring investment to Bulgaria and develop the construction industry, manufacturing construction materials and related services.

A trade exhibition will take place within the conference and real estate brokers will have the opportunity to present themselves to potential customers. Banks granting mortgage credits, the National Insurance Institute (DZI), USAID, real estate companies, construction firms and IT providers have submitted applications to take part in the exhibition.

Orlin Vladikov from the NREA outlined the three major issues that would be discussed by the brokers and government officials at the conference. The first and most important thing will be changing the legal basis and creating a law for real estate trade. The other two issues will be tax legislation and foreign capital invested in Bulgarian real estate property.

CEREAN was established in 1995 and its members are real estate brokers from nine countries: Bulgaria, Hungary, Czech Republic, Poland, Romania, Russia, Ukraine, Slovakia and Albania.

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