Over the next six months, new European standards, regulating real estate agencies, are to be adopted by all Bulgarian real estate agents, according to Maya Staneva, Director of the Bulgarian Institute for Standards. Staneva spoke during a national conference-discussion covering the current issues in the Bulgarian real estate sector.
The new real estate standards have been worked on for the last three years and they are currently at the final ratification stage in all member countries of the European Union, including Bulgaria. Read more…
The continuing adjustment in the Bulgarian property market is started to impact all but the nest quality Bulgaria apartments, with good location, infrastructure and services a must according the Bulgarian property experts.
The demand for quality Bulgarian properties for sale still exists but cheap purpose built apartments in locations like Sunny Beach and Bansko are seeing substantial price drop due to a huge oversupply in these areas and also a lack of quality and variety. Read more…
New business property in Bulgaria has increased by a minimal amount in the first half of 2008. However several large scale office development are expected to enter the market over the next two years according to Raiffeisen Bulgarian Real Estate.
The market for retail and commercial Bulgarian properties remains stable and should see strong growth in the medium and the long term. It is estimated that foreign direct investments in the Bulgarian real estate market have declined by over 30% in the first six months over the year. Read more…
The construction cost of the Mall Bulgaria retail centre in Sofia is expected to be almost twice as much as was first planned two years ago. The cost of the commercial and retail development is estimated at close to €220 million.
The retail complex is a joint venture between Bulgarian property developer LSProperty and the international real estate group Salamanca Capital. The Mall Bulgaria is managed by Eli Egosi, who were part of the team that worked on the Mall of Sofia project. Read more…
Israeli and Bulgarian real estate company Melina will start work next week on its €65M real estate development in Plovdiv city center. The Markovo Tepe Mall will contain a mix of retail and business properties with an area of 8500m2.
The main project contractor will be Turkish company Intertek who is well experienced in the Bulgarian real estate market. Forton International will arrange the market and rental of the complex. Read more…
Real estate investment trust BenchMark Fund Estates has signed a preliminary contract for the purchase of a 9,000 m2 development plot in the Bulgarian ski resort Borovets. The company plans to build a luxury Bulgaria apartments complex with a total built-up area of approximately 12,000 m2. Building will begin within the next 3 months and should be finished by mid-2009.
Read more…
Bulgarian real estate company ERA has predicted a 15% increase in the prices of Bulgarian real estate during 2008. ERA says, the number of Bulgaria real estate deals during 2007 grew between 4% and 5%. Around 25% of the deals were made by overseas investors. 2 bedroom apartments with an approx area of 60m2 remain the most popular type of Bulgarian real estate. The annual increase of in mortgage credits is estimated at 62%, compared to an average increase of around 7% in the Eurozone area. Read more…
Bulgaria real estate prices increases 8.8% quarter-on-quarter in Q4 2007 with annual growth reaching 35%, Industry Watch said in their latest Bulgaria property market. The Industry Watch data is in line with figures reported by international real estate consultancies showing the Bulgaria real estate market as the world’s biggest gainer in 2007. Knight Frank has reported a 34% rise in Bulgaria property prices, a growth margin that has been largely unchanged in the last two years. However, price growth is expected to ease to 15% in 2008. Read more…
Deutsche Bank has signed up to provide advisory services to Bulgarian property construction company Glavbolgarstroy and help it in the initial preparation and design phase of the Rila motorway project. The German bank will work with Glavbolgarstroy to prepare its bid for the construction of the Rila motorway which will connect the Hemus, Struma and Trakia motorways and also speed up the link to Borovets ski resort. The investment bank will not be financially involved in the project at this stage but is in principle interested in being involved on the financing element of the project. Read more…
The Bulgarian ski resort of Borovets is listed in 6th position in the Sunday Tribunes Top 10 property investments for 2008. Dubai ranks first on the list as one of the world’s fastest growing cities. Also included are: Ibiza, Poznan, Toulouse, Geneva, Orlando, London, Hurghada and Silver Coast. Bulgaria property has been one of the hottest property markets in Europe for the last couple of years. But in the haste to snap up a bargain, the Bulgarian property market in some parts of the country has become a little too crowded and overdeveloped. Read more…
