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Bulgarian Property & Real Estate News

German investing in Bulgaria planned to increase

Angela Merkel was in Sofia yesterday to meet with he German Bulgarian Chamber of Industry and Commerce. During the meeting they discussed the chambers plans for increasing by 100% the German investments in Bulgaria and the also doubling the bilateral trade by the year 2015.

Merkel was the main speaker at the event, which was attended by over 350 delegates,made up of German businessmen and representatives from several Bulgarian ministries including the Bulgarian prime minister Borrisov.

The 2015 Action Plan lists several approaches to increase the number of Germans investing in Bulgaria and also Bulgarian trade with Germany. Germany is currently Bulgaria’s largest trading partner. Read more…

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New auto manufacturer for Bulgarian market

The Great Wall Motor Co as announced that it will join with Litex Motors from Bulgaria and will start producing vehicles in a factory in Lovech, Bulgaria.

Great Wall Motors is China’s biggest auto maker and has signed a partnership agreement with Litex Commerce from Bulgaria. The signing on 15th October was watched by the Bulgarian PM Boiko Borrisov. the prime minister stated that this would be a major Bulgarian investment and a significant benefit to the Bulgarian economy.

The overall annual production from the factory is estimated at 50,000 units and 4 different models are planned including – an SUV, a pickup and two standard car versions. Read more…

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Green technologies to be deployed in Bulgarian properties

Bulgarian property specialists will design a new government standard to map out the rules for the building and operation of properties with minimum impact on the environment. The new approach is part of a strategy by the regional development ministry.

A research team will be created of ministry staff and industry associations, who will outline a certification process for all green construction in Bulgaria.

In the future a strong focus will be placed on building in a sustained and environmental manner and the minister wants Bulgarian property companies to be leaders in this area.Special training and assistance will be provided to construction companies to ensure that they meet the best international standards. The research team will focus on how to use locally source renewable materials to the best effect in Bulgarian properties. By starting at the local level it is hoped that the new technologies and technique will become common place across the country

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New metro stations increase demand for Sofia properties

The opening of several new Metro stations has had a significant impact on the Sofia property market. Buyers in the Bulgarian capital are focusing their property buying in the area around the new metro stations.

Research from the Bulgarian property website imoti.net, has showed that demand for previously popular areas like the upmarket location of  Ivan Vazov, Iztok and the City Center, has decreased recently.

Instead Sofia property buyers  who were looking for real estate in the regions of  Mladost, Darvenitsa and Krasno Selo. The Bulgaria real estate agents believe that the change in demand is being driven by the new metro stations and improved infrastructure in these areas.

It is evident from recent property buying patterns that buyers are increasingly considering the local services and metro station when deciding where to buy properties in the Bulgarian capital. this pattern is also affecting the price of properties in these areas.

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Vacancy rates increase for office properties in Bulgaria

The vacancy rate for office property in Sofia is likely to increase to around 23-28% by the end of this year as a result of several new office buildings opening in the next few months.

These new Sofia office buildings will bring the total amount of office properties in Sofia to around 1,250,000 sq m. The biggest amount of vacant office blocks is in the suburban parts of Sofia and in the Class A office category.

In 2010, the building of office properties continued despite the poor economic situation and several major projects that were started during the boom of 2006-2008 have just been finished recently. As a result of the increased supply the rental rates have dropped and now average around 10-12 euro per sqm for Class A office and 5-7 euro per sqm of Class B offices. As more supply comes online the rental rates for Sofia properties is expect to fall further. Read more…

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Property Investment Funds Check Out Bulgarian Spa Properties

Several Russian property investment funds have been reviewing Bulgarian properties on the Black Sea coast and in the spa areas of Bulgaria.

According to FIABCI the Russian real estate federation that focuses on Bulgarian properties,  there is growing interest by Russian investors in Bulgarian tourist property. Already many private Russian investors have purchased Bulgarian properties along the Black Sea coast and in the mountain ski resorts. These new investment funds plan to purchase Bulgaria real estate plots near Spa areas so that their can then build vacation properties to meet the growing demand from Russian investors.

Some of the funds are even considering purchasing whole complexes and then reselling these properties on the Russian market

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Bulgarian real estate agents to set new standards

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…

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Focus remains on luxury Bulgarian properties

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…

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Commercial Property in Bulgaria remains stable

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…

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Construction costs of Mall Bulgaria increases

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…

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