Sun, Nov 08 2009
The coastal city of Bourgas will refrain from issuing construction permits until the end of summer season 2007.
Bourgas mayor Yoan Kostadinov already issued an order that will be effective from June 4 to September 10.
The ban will affect the beach area and the central parts of Bourgas, investor.bg reported.
Emergency construction works and underground infrastructure projects will be carried out. Projects that already received construction permit will also be unaffected by the ban.
Municipal administration and police will monitor the manner in which the ban is implemented, Bourgas officials said.
The coastal city of Varna previously announced the introduction of a construction ban that will affect work in the resorts located within the Varna municipality. The ban will be effective starting May 1.
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