Sun, Jul 05 2009
The lack of cadastral maps was one of the Bulgarian property market's main problems named by foreign investors, Bulgaria's 24 Chassa daily said.
The existence of complete and correct cadastral maps was an important factor in finalising secure property deals and attracting investors to the property sector, 24 Chassa said.
The current process of updating the country's cadastral maps began in 2000 and by now 33 per cent of Bulgaria's territory had been covered in such maps.
The purpose of a cadastral map is to provide an inventory of the areas of properties and to identify the owners, as well as to present the information to the tax authorities, enabling them to calculate property tax. The cadastre would make redundant the current method of formally declaring a property purchase, 24 Chassa said.
Inclusion in the cadastral maps is free. An owner need only present a copy of the title deed to the municipality or the regional cadastre office.
The project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise.
The strategic plan envisages the conservation of the nature "for decades ahead", and it was formulated by a municipal team headed by professor Ivan Nikiforov, backed by Prime Minister Sergei Stanishev.
Once the overhaul and reconstruction of the Sofia–Vidin line is complete, it will cut travel time to three hours, as the train will be able to reach speeds of up to 160 km/h, shortening the journey to three hours.
Marriott however has made it clear that is not interested in investing in construction, but rather to occupy and manage existing buildings. Its strategy is to obtain management contracts.
Investors realise that it’s not viable to have a building remaining empty over the course of a year – so it's better for them to employ more flexibility to offset that loss.