Forton International latest: office rents are declining by 30 per cent
Sharp reduction in prices in Sofia and other major urban centres nationwide for office space as the economic crisis encroaches even further on Bulgarian business climate
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Sat, Nov 21 2009
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CB Richard Ellis will increase its investment in Bulgaria
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
Modern real estate building with offices in south-eastern Sofia
Chic real estate complex with offices under construction in Geo Milev, to be completed by the end of 2009.
Varna One mega complex begins construction
Two large residential areas, a business and office centre and an entertainment centre, equipped with its own park, lake, and a play school close to Varna city centre to be ready by July 2011.
Serdika Centre banks on innovative marketing strategy
With a 220 million euro investment, and a radical marketing strategy, Serdika Centre's general manager Atanas Radev aims to change the landscape of shopping malls in the country.
190 building permits granted in January and February alone
A hospital, office blocks, infrastructure projects and small production plants are among the buildings sanctioned.
Warehouse and logistics complex in Sevlievo nears completion
Four million euro logistical, administrative and storage centre on the Sofia - Varna motorway near Sevlievo is nearly complete
Varna municipality will tear down illegal property
The head of public order, Svetomir Nikolov, has been fired as part of a massive action undertaken to stall illegal construction around the Varna Lake
Mall Gabrovo to open doors by June 2009
75 per cent of slots within the mall have already been rented out, as Gabrovo's largest mall is set to open for business.
Defence Ministry's sales bonanza in Plovdiv
Eight properties put up for auction by the Defence Ministry cause friction with Plovdiv University
Construction on Mega Mall Lyulin starts
Construction on Mega Mall Lyulin, at the intersection on Blvd Tsaritsa Ioanna and Blvd Dobrinova Skala, has started. Initial work for the mall will focus on building the infrastructure linking it with the metro station, as the construction company is contemplating a direct link between metro station Zapaden Park and the mall's underground parking lot.
Mall Veliko Turnovo seeks buyer for 31.56 million euro
The investment fund European Convergence Property Company PLC (ECPC) continues to search for a buyer for its only remaining asset - Mall Veliko Turnovo - after several offers for a potential transaction were withdrawn "for varying reasons including the economic crisis," ECPC told the media in an official statement.
70M euro investment for a Spanish tower in Sofia
Sofia's chief architect Petar Dikov told Stroitelstvo.bg that in August 2008 a plan was approved for a glass tower to be built behind the Sofia central train station, at a location commonly knows as the "artery". Spanish company Riofisa has a parcel of land worth 40 million euro, and is contemplating erecting a glass tower with an auxiliary complex around it, creating 2500 new jobs and significantly boosting the local economy in the district.
Ceremony marks the sale of the first shopping mall in Bulgaria
The sale of the first shopping mall in Bulgaria, Sofia City Center, will be officially sealed with a ceremony on December 9 2008, one month after it was first announced.
Bulgarian banks go cold on loans for overdeveloped resorts -consultants
Bulgarian banks have started introducing stricter requirements on applicants seeking loans to buy property in Bulgaria's bigger resorts, including Bansko and Slunchev Bryag (Sunny Beach), over worries that these locations faced overdevelopment, credit consultants said, as quoted by investor.bg on June 30. Foreign nationals interested in buying property in Bulgaria and applying for loans from local banks were increasingly being asked to show their credit history for a period of up to six years, the website quoted Tanya Yakimova from Bulgarian Home Loans, a British consultancy firm that focuses on advising foreigners.
Irish Air Lingus to fly Dublin Sofia
Irish low-cost airliner Aer Lingus announced it would start a new twice weekly service between Dublin and Sofia for its winter 2008 schedule, along with new services to Hamburg, Newcastle,Salzburg and Agadir, propertywisebulgaria.com reported. In addition, the company will increase the frequency of flights to a number of other European destinations, propertywisebulgaria.com quoted a company media statement as saying.
Mall of Varna opens to the public
Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privately-owned Miller Developments taking over. Intersevice Uzunovi AA, a major Varna-based investor, has invested close to 50 million euro in the project, but agreed to sell the then-incomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.
300M euro gated community to rise near Varna
Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said. The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.
New Blagoevgrad mall to cost 36M euro
Dutch-registered Redstone Holdings, a real estate manager and developer with properties in Bulgaria, Russia and Ukraine, announced plans to build a new shopping centre in Blagoevgrad, south-west Bulgaria, the company said. The 36 million euro investment will have a total built area of 48 000 sq m and 20 000 sq m of commercial and retail space, the company said in a statement. The centre is scheduled to open in 2011, and it will house leading international and local brands.
400M euro mixed-use compound due to start in Sofia
Spanish and Bulgarian investors announced plans to build a new mixed-use compound in the vicinity of Sofia's central railway station, SeeNews corporate wire reported on June 5. The complex, to be named Five Towers of Sofia, is estimated to cost 400 million euro, Krassimir Todorov of Source consultancy told SeeNews. The figure is an update from original plans because prices for construction of office buildings and retail sites has risen since conception of the project.
FSC mulling changes to REIT Act
The Financial Supervision Commission (FSC) has drafted changes to Real Estate Investment Trust (REIT) Act, which are intended to sift idle REITs from the market, Dnevnik daily reported on June 6. The bill will seek to double the minimum paid-in capital to one million leva, as well as oblige REITs to maintain a free float of at least 10 per cent.
Albena resort operator to build new gated community
Albena, the operator of the eponymous resort, turned the first sod to Rila Estate, a gated residential community in the Byalata Lagouna (White Lagoon) resort, the company's spokesperson Yovka Strashilova told Dnevnik daily. Byalata Lagouna, a resort adjoining Balchik, on the northern Black Sea, is known for its mineral thermal springs and curative mud.
European Trade Center to be ready in 2010
European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia, would be completed in 2010 and should bring seven per cent return on investment, investors in the project told reporters on June 2, as quoted by Dnevnik daily. The complex would have a total built-up area of 70 000 sq m, making it one of the largest in Bulgaria and comprising a tenth of modern office space currently available on the market, Colliers International, the consultant of the project, said.
Bulgaria tops Global House Price Index
Price increases in the lodging property sector worldwide slowed down in the first quarter of 2008 to reach 6.1 per cent on an annual basis. But Bulgaria still heads the price hike, according to the Global House Price Index of UK's real estate company Knight Frank. The price increase registered in Bulgaria was 31.5 per cent for the first quarter of 2008, investor.bg said. Bulgaria also occupied first place in the same ranking for the last quarter of 2007 with a 33.7 per cent price increase.
Simeonovo River Park to cost 100M euro
Sofia's future Simeonovo River Park residential development will cost about 100 million euro to build, Ivo Koloushev, director of Bulgarian developer Litos, told SeeNews newswire. The company controls a 50 per cent stake in the project and the remainder is in the hands of an unnamed foreign investor.
Mall Stara Zagora to cost 72M euro, open doors in 2010
Real Estate Services Bulgaria, developer of retail complexes Mall of Sofia, Mall Plovdiv and Mall Rousse, announced plans to build a fourth retail-entertainment complex in Stara Zagora, RESB said in a statement. RESB will be partnering with food processing company Gradus-1 OOD, one of the leading companies on the Bulgarian poultry market. The 72 million euro project was showcased on May 27 in Stara Zagora to city officials, among them mayor of the town Svetlin Tanchev.
Romania's standard-property prices ratio better than Bulgaria's
Living standards in Romania were developing in greater harmony with the country's property prices than in Bulgaria, Teodora Dimitrova, executive director of ERA - Balkan Estate said at a news conference on May 26 2008. ERA is the first franchising network in Europe for property sale, Focus news agency said. On May 26, ERA announced it's entering the Romanian real state market.
Mall Varna opens doors on June 12
Mall Varna, the second mall in the Black Sea city of Varna, will open its doors to customers on June 12 with a four-day grand opening programme, the shopping centre said in a media statement on its website on May 21. It will allow 100 people, picked through a lottery on its website, a sneak preview two days earlier.
UniCredit maps out real estate sector growth trends
Fast wealth accumulation and the aspiration toward higher living standards will shape demand on the real estate market in Bulgaria, Kristofor Pavlov, chief economist at UniCredit Bulbank, told the Annual Summit of the European Bank for Reconstruction and Development in Kiev, Ukraine. The balance of demand and growth factors shows that prices of real estate will slowly ease in the next few years, according to Pavlov's report, made available to The Sofia Echo on May 19.
Lewis Charles Sofia Property Fund sells 10.3% share in Bulgarian project
Lewis Charles Sofia Property Fund announced it would receive 1.89 million euro in gross proceeds from the sale of part of its project in Sofia, Thomson Financial said. Lewis Charles sold 10.3 per cent of the total build area of its project to an unnamed insurance fund, based in Athens, according to investor.bg. Gross revenue from this disposal, the first made by the fund, would be 10.49 million euro, including development costs and profit share, Thomson Financial quoted the company as saying.
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