Sun, Nov 08 2009
Spanish developer Martinsa Fadesa started the construction of its first project in Bulgaria, Stroitelstvo Gradut (Construction and the City) weekly reported. The first-sod ceremony of the Modera Residence residential complex took place on March 18.
The complex is located in Sofia's Vitosha neighbourhood, at about 200 m from the ring road and Simeonovsko Chaussee Blvd, and will have a gross actual area of about 54 000 sq m. Architectural project was prepared by Stroyconsult 999 Ltd, with leading designer Yuri Angelov; general contractors are Livel and Hydrostroy-P; the consultant is Nevon Consult Ltd.
The neighbourhood has been one of the most actively constructed areas in recent years. Another two new gated communities, Preslav and Buena Vista, are located in the vicinity.
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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