Prices for Bulgarian properties rose 10-15% in January and February 2007, a growth rate previously expected to be achieved over the full-year period, said local real estate agents.The Bulgarian properties market seems to have skipped the traditional January lull and business is as dynamic as December, said Tihomir Tsakov, the owner of the Aristo real estate agency which operates exclusively in Sofia. The momentum from the back-end of 2006 has carried over into the first months of 2007, said Valentin Gradev from the Varna-based Gradev Bulgarian real estate agency. The Bulgarian real estate agent said the buyers were still keen to take advantage of Bulgarian properties prices which continue to lag EU levels. The same argument is used by sellers to jack up their price offers. Read more…
Bulgarian Property & Real Estate News
Equest enters Super Borovets project on 15 mln euro investment pledge
Investment fund Equest will become a shareholder in the company scheduled to expand Borovets ski resort with an initial investment of 15 mln euro.The company will swap the cash infusion for a 51% of the stake in the project controlled by Bulgarian construction company Glavbolgarstroy, said Equest managing partner Georgi Krumov and Glavbolgarstroy president Simeon Peshov. The construction company last week acquired the stake in the project held by the family of Bulgarian banker Emil Kyulev. Read more…
Bulgarian Real Estate Investment fund Equest considering majority stake in Borovets expansion project
Bulgarian real estate investment fund Equest is in talks with construction company Glavbolgarstroy to become a shareholder in the company tapped to expand local ski resort Borovets.It will transpire over the next couple of days whether or not Equest will sign an agreement with Glavbolgarstroy that will establish the fund as the majority shareholder in the Super Borovets project, said Equest managing partner Georgi Krumov. The fund is pursuing a stake of at least 51% or else it would be unable to successfully structure financially the Bulgarian real estate project, said the company official. Read more…
Conservative investors show interest in Bulgaria real estate
The most newsworthy real estate trend to emerge in the first month since Bulgaria’s EU entry was the arrival of conservative investors like pension and insurance companies, said Valeri Valchev, executive director of local Cushman&Wakefield affiliate Forton International.The new investors are attracted by the lowered political and economic risks inherent to Bulgaria real estate investments projects and the availability of soft-term loan financing.
2006 saw the first Bulgaria real estate takeovers involving U.S. institutional investors – GE bought Mall of Sofia while Gramercy acquired Business Park Sofia. Now it’s the turn of German and Austrian pension funds, said Valchev. Read more…
Investment advisor says Bulgaria property is top investment location
Bulgaria property investment has proven to be the country’s major economic driver with a record-breaking turnover of 11.36 billion euro in 2007. As one of the world’s strongest property market in 2007, Bulgaria property investment has made a huge 2.36 billion euro increase on 2006 figures, and is successfully keeping up the momentum for 2008. Many Bulgarian property and international property experts predicted the year’s increase to reach 25% to 30% however by September the market had actually risen by 32% with many major cities, such as Sofia, already recorded impressive growth this year. Read more…
Investing in Property in Bulgaria Draws Significant Returns
Sitting at the junction between Europe and Asia, property in Bulgaria is increasingly attractive for investors and tourists alike. With a population of 7.5 million, Bulgaria faces the Black Sea to the east and is bordered by Greece and Turkey to the south, Macedonia and Serbia and Montenegro to the west, and Romania to the north. Known for its exquisite ski resorts of Bansko, Borovets, and Pamporovo, Bulgaria also offers sunny beaches on the shores of the Black Sea. The climate and economic conditions of the country make property in Bulgaria an attractive investment to Europeans and others from around the globe. Read more…