Sat, Nov 07 2009
A construction ban will be imposed in the coastal town of Sozopol and will be valid from May 15 to September 30.
The ban was enforced in connection to summer season 2007 and tourist visits to the coastal area.
Investors have to stop work on all projects in Sozopol and the nearby resorts.
Construction companies also have to clean the sidewalks and the surrounding areas from building materials and renew any green areas that might have been damaged.
Checkpoints will prevent heavy machinery from entering the resorts during the summer season.
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