Sun, Nov 08 2009
Over-construction of coastal resorts is a fact and represents major setback to the development of Bulgaria's resorts, head of the National Tourism Board Georgi Gergov said.
Foreigners pay 120 euro for a week-long vacation, Gergov said. The sum includes airport ticket, as well.
Only an inexpensive offer can compensate for the over-constructed resorts and the poor conditions there, Gergov said.
The chaotic construction in coastal and mountain resorts should end. Entrepreneurs, as well as the state lose from the lack of construction regulations, he said.
Mistakes made in the past can be corrected in case the proper infrastructure is provided and investors protect green areas in the resorts, Gergov said. Further state control is needed, as well.
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