Sun, Nov 08 2009
Varna-based Foros real estate company, with about 15 years of experience on Bulgarian property market, announced the start of its franchise project at a news conference held on April 3.
Established in 1993, Foros agency is currently one of the largest players in the sector, with 13 offices countrywide: in Sofia, Plovdiv, Varna, Bourgas, Rousse, Veliko Turnovo, Dobrich, Balchik, Bansko and Slunchev Bryag (Sunny Beach).
The franchise concept was elaborated in partnership with Lloyd Tarbutton, chairman of the International Franchise Association since 2003, Foros manager Dobromir Ganev told journalists.
After the initial real estate upsurge, experienced in the last four-five years on Bulgaria's infant property segment, the market has shifted to maturity, growing more structured and differentiated, Ganev said.
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