Sun, Nov 08 2009
Bulgarian government will impose a construction ban in all Black Sea coastal resorts during the summer season.
The draft law for Bulgarian Black Sea coastal development was approved on second reading on April 19.
The ban will include all resorts and vacation villages and will be valid in the period from May 15 to October 1.
Urgent repair works in the resorts will be the only exceptions allowed.
Construction of new vacation villages and the expansion of existing ones will be allowed if these have construction density of 30 per cent, construction intensity of 1.2 per cent and the average height of the building is up to 10m.
Requirements for villa areas are for a 40 per cent construction density and intensity of up to 0.8 per cent with construction height up to seven m.
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