Tue, May 22 2012
The value of major deals struck on the Bulgarian commercial property segment rose 35 per cent on the year to 878 million euro, a report released by CB Richard Ellis on April 9 showed. The international property consultancy said that the figure was only an approximation because of the lack of transparency on the market.
Despite the uptick, the figure remains two to three times smaller than in other Central and East European countries. According to CB Richard Ellis, in the next three years Bulgaria will successfully catch up with CEE peers as international investors enter the country.
Last year, Bulgaria witnessed 40 large deals, 15 of which referred to office buildings and 10 to commercial buildings.
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In Bulgaria, funds and investors currently lack abundant financial resources at a ready disposal, have limited capital for investments and banks accordingly are very cautious in releasing crediting which creates further obstacles for the market
CB Richard Ellis administers expansion in central and eastern Europea with strategic contracts assuring them stronger influence in the real estate markets of Bulgaria, Greece and Romania
Worst is over for Bulgaria's property market after three years of decline, reports by Yavlena and Bulgarian Properties real estate firms claim.
Draft law envisages professional association for real estate agents and a public register of real estate companies to bring order to the business and get rid of rogues and rip-off artists.
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.