Sun, Jul 05 2009

PROPERTY AGENTS IN BULGARIA EXPECT LOSSES BECAUSE OF NATURA 2000

Thu, May 03 2007 12:03 CET 237 Views

Real estate investment can be re-directed from Bulgaria to the neighbouring countries because of the introduction of the European environmental network Natura 2000 and the construction limitations related to it.

Potential investors are worried because of these developments, agents said as quoted by 24 Chassa daily.

Worries focus on traditionally popular areas like the Black Sea coast and the regions surrounding Bulgaria's ski resorts.

A large portion of the territories located in the coastal region have been taken out of the provisional Natura 2000 inclusion list that Bulgaria submitted to the European Commission. It is still uncertain, however, that the plot an investor purchases at the moment will remain outside the network.

Environment and Water Affairs Ministry representatives said that construction in the protected areas will not be banned. The presence of different plant and animal species in the different regions, however, presupposes specific restrictive measures.

Ambiguity makes foreign investors change their plans, agents said. They are unwilling to invest in a plot, in case project execution will fail later on because of Natura 2000 restrictions.

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