Sun, Nov 08 2009
Logistics Park Varna got a first class investor certificate on April 25.
The centre is being set up in the industrial zone of the coastal city of Varna. Upon completion it will have built up area of over 80 000 sq m. The centre will have storage areas, office space and retail centres meeting international requirements.
FairPlay International and Bulgarian Property Developments feature among the project investors.
Construction works started a month ago, mediapool.bg reported. The project will be carried out in three phases.
According to plans, the first phase should end by March 2008.
First class investor certificates guarantee companies state aid for infrastructure developments related to the project.
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