Sun, Nov 22 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.
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?