Sun, Nov 08 2009
On March 19 and 20 the Supreme Court of Administration will examine the litigations of Tsarevo municipality and Crash 2000 company concerning a construction ban in Strandzha preserve.
The ban was introduced in 1995, as Strandzha was considered protected area. In case the ban is lifted, construction in the natural area will become possible and the preserve will cease to exist.
In November 2006, Tsarevo municipality decided to address the ban in court, Darik Radio reported.
If court decides to favour the litigations, the decision could either be appealed or Environment and Water Affairs Minister Djevdet Chakurov could issue a new document to confirm the preserve status of the Strandzha area.
The ban hinders the work of Crash 2000. Its complex Golden Pearl could end up demolished if the ban remains in force. Some investors have already bought apartments in the complex.
Removing the ban will take Strandzha out of Bulgaria's protected areas list and will legalise construction.
Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said.
Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro.
About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev said on October 26.
Average market prices of housing in Bulgaria dropped five per cent in July-September, measured quarter-on-quarter, the National Statistical Institute said on October 23 2009.
The European Investment Bank (EIB) has released a 43.5 million euro loan to Sofia Municipality, for infrastructure projects worth 88.1 million euro in total