Ekologichen Zavod, the environmental factory in Shishmantsi village, in Plovdiv municipality, is now said to be 80 per cent complete. Construction is expected to be finalised in full by May 30, and all testing procedures have to be fulfilled within 30 days, in order to be given the goahead for regular exploitation.

plovdiv complete factory municipality regular june expect construction full order testing procedures fulfill goahead days recycle zavod plant cent village

The first sod of the 65 million euro project for the new retail and recreation centre, Markovo Tepe Plovdiv, was turned last week. The project is scheduled for completion by the end of April 2010.

project markovo tepe open mall retail april plovdiv spring turn euro schedul week centre million recreation completion

Sofia Airport Centre, coowned by Tishman International Companies and GE Real Estate for Central and Eastern Europe, apparently remains on track in spite of Bulgarias deteriorating market conditions.

tishman airport centre real estate economysofia remains track bulgarias central boost eastern sofia international coown company europe spite market local

The managing board of Engel East Europe has decided to concentrate on projects in the Czech Republic, Hungary, Poland and Serbia in light of current economic developments, and limit operations in in Bulgaria and Romania only to existing projects, the company said in a filing to the London Stock Exchange, where it is listed.

bulgaria projects engel operations stock romania limit economic london east republic list czech poland board concentrate exchange filing company hungary

The first hypermarket of French group Carrefour will officially open for business this week in Bourgas, Bulgarias second largest Black Sea city.

bourgas open carrefour officially business shopping apart week black mall french plaza days second hypermarket bourgasthe group city bulgarias largest

CB Richard Ellis executive director for central and eastern Europe, Colin Wadell, has said in interview that quot;Sofia has recently transpired as one of the busiest capitals in the European Union quot;, Stroitelstvo Gradut reports.

wadell colin quot ellis eastern cbre busiest union richard gradut market sofia europe scale central bulgarian liquiditycb suffers capitals reports

LM Office Centre will be completed by December 2009 in the western end of Varna, Bulgarias largest seaside city. The project has been designated as a Class A office building. It is an expansive complex with a modern design, a combination that will consist of luxurious offices and retail space, Stroitelstvo Gradut reports.

office centre complet retail project complex offices seaside consist gradut luxurious varna building class design reports city combination modern stroitelstvo

A brand new office building in neoclassic style has been completed and granted necessary permits to commence business in the centre of the old town of Plovdiv.The new building is in close proximity to the Suedinenie Square, perched on the north side of the pavement and Sixth September boulevard, across from the wedding reception hall in Plovdiv.

building plovdiv office neoclassic town centre across permits brand september complet reception centrea close sixth grant side commence hall north

To curtail real estate fraud, the public notary chamber has made a register to accredit all documentation and legitimise bequests for any given property, houses, parcels and others.

estate real notary aims public others register legitimise clamp accredit fraudto documentation property curtail bequests parcels given houses chamber fraud

The owner of the property on Shipka 38, built by architect Georgi Fingov, quot;must implement all possible measures for its immediate thorough renovation quot;, the order from the Sofia Municipality, RD2012 from January 30 2009 declared, as quoted by Stroitelstvo Gradut.

quot sofia georgi implement must fingovs order immediate owner property measures possible architectural architect stroitelstvo january thorough shipka gradut declar

A new hotel with a fitness centre and a large multifunctional hall will be built this spring in the Sofia borough of Pancharevo, Stroitelstvo Gradut reports.

hall hotel multifunctional built conference spring reports fitness centre gradut pancharevoa pancharevo borough sofia large stroitelstvo

The National Agency for Road Infrastructure NARI has proposed that lots two and three of the Trakia motorway should be included within the transport operational programme at the expense of the previously designated lots two and three of the Struma motorway. quot;The alleged amendment to the operational programme was tabled at a meeting conducted by the Ministry of Transport, quot; said Yanko Yankov, the executive director of NARI, as quoted by Stroitelstvo Gradut.

motorway quot transport nari lots operational expense programme three trakia alleg the said designate road conduct tender includ table approv

Property prices are currently approaching the levels of 2007, according to analysis from Raiffeisen Real Estate agency, using cumulative data for real estate and pricing for the period 2006 through to 2009, Stroitelstvo Gradut reports. The fall is particularly noticeable in properties that fall into the most popular price range ranging from 50 000 through to 70 000 euro.

estate real prices fall price analysis bulgaria popular gradut pricing raiffeisen particularly period property according euro stroitelstvo drop levelsproperty reports

The economic crunch and financial stagnation has had its impact on the Bulgarian market, particularly as of the last trimester of 2008.According to statistics released by Forton International, a major Bulgarian real property agency, a decline of between 20 per cent and 30 per cent has been observed in some areas in Sofia and other major urban centres nationwide.

major forton cent bulgarian international latest according between nationwide centres impact areas centthe declining market economic crunch real observ particularly

CB Richard Ellis, the commercial real estate company CBRE has acquired a new partner in Bulgaria as it tries to establish a stronger presence in central and eastern Europe. The firm has recently signed a contract with the Bulgarian consulting real estate company MBL after it acquired the Romanian company Eurisko Consulting last year.

company acquir ellis estate consulting real richard investment establish bulgaria firm europe romanian commercial try increase contract presence eurisko bulgariacb

A modern residential complex with offices and stores is under construction in Lukovit, Geo Milev Str in southeastern Sofia. The projects main investor is Putno Poddurzane Telish OOD. The chief constructor is Dias 66 EOOD, Stroitelstvo Gradut reports.

southeastern modern offices stores milev dias investor telish complex reports sofiaa stroitelstvo residential sofia construction putno constructor main real estate

Logistica Universal, an expansive multi functional building, is due for completion by November 2009. The building, which lies at the entrance to Sofia on the Trakia motorway before the junction with the Sofia Circular Road, houses stores, offices, an administrative centre and spacious parking lots.

sofia november building universal lots administrative junction stores complet completion before trakia road expansive multi offices centre functional entrance logistica

Construction has started on a vast multidimensional residential complex, spanning a parcel of land of 77 000 sq m. The enormous complex is adjacent to Vladislav Varnenchik blvd at the former site of the VAMO engine manufacturing plant which recently terminated business activity, Stroitelstvo Gradut reports.

complex adjacent vast stroitelstvo engine activity terminate vladislav blvd begins reports varna business residential varnenchik start gradut enormous land spanning

A major new shopping mall, Serdika Centre, is scheduled to open in Sintiakovo Blvd in Sofia next year. The Bulgarian arm of the German investor, ECE Project Management Bulgaria, will present the mall as an attraction in itself, rather than as a marketing tool for the brand names within it.

centre mall marketing serdika major management brand project attraction year shopping german open sintiakovo schedul next sofia tool investor bulgarian

permits january grant february building alone

complex sevlievo warehouse nears completion logistics

municipality property tear varna illegal

black owners investment expat property irish fund buys

Blagoevgrad municipality has ratified a project for the complete renovation of the the towns youth centre, and the installation of a brand new drainage, electrics and sanitation system.

centre youth blagoevgrad towns municipality ratified sanitation brand complete project million drainage electrics installation renovation

quot;Main construction works on Mall Gabrovo have been completed and we are expecting to have the site open for business by June 2009. Finishing touches such as electric installations, interior insulation and modelling and furnishings are well underway, quot; said the investors of the project, Mall Gabrovo OOD as quoted by Stroitelstvo Gradut.

quot mall gabrovo open june insulation project installations business main complet works interior touches finishing expecting doors electric furnishings gradut

A bespoke online property service, www.beattheagent.com has been launched, announcing that it ditches the agents and cuts out commissions, to benefit overseas property owners looking to release much needed funds from their boltholes in the sun. Beattheagent.com has been developed in response to the huge increase in the number of overseas property owners wanting to sell their second homes quickly and with maximum profit, and allows them to sell direct to buyers, with no agent or middleman, the company said in a media statement.

property beattheagent overseas owners sell ditches benefit response said announcing launch homes online develop media release buyers huge agents profit

The new digital map of Varna has surpassed all previous errors of its kind observed in the country to date. Entire apartment blocks, constituting whole boroughs, have magically disappeared from the mapping process.

blocks apartment varnathe varna observ errors country vanish kind files boroughs magically previous mapping entire whole surpass constituting process digital

lt;p gt;Local company LitosiBuild has halted for one year work on the first shopping mall in the southern town of Pazardjik, mayor Todor Popov said.The malls construction began in June 2008 and was scheduled to welcome its first shoppers by this autumn. lt;p gt;

mall p pazardjik lt autumn welcome shopping year crunch freezes todor litosibuild local scheme june mayor shoppers schedul said popov

Aquamarine 2 real estate complex started construction in the Bulgarian seaside town of Obzor at the end of 2008, 100m from the coast on the south edge of the town near its predecessor, Aquamarine 1, Stroitelstvo Gradut reports.

town obzor aquamarine complex bulgarian near predecessor real edge reports coast construction stroitelstvo seaside gradut start second estate south builtaquamarine

An old piece of property, unique in style, an architectural gem, an example of true cultural and architectural heritage of the days of yore is on the road to being demolished and given way to yet another modern construction the type of construction that is appearing all over Bulgaria like a bad skin disease.

architectural cultural heritage construction unique appearing sofia piece type property skin disease modern true days road style given bulgaria demolishedan

Home prices in Bulgarias regional cities jumped almost 25 in 2008 compared to 2007 to an average of BGN 1,363 per square metre, showed data of the National Statistical Institute. The uptrend held through October, but prices dropped 4.1 in the third quarter from the previous three months.

prices data uptrend regional statistical housing held compar average metre drop quarter months previous october institute three show national city

Prices of new apartments in some areas of Sofia have dropped so dramatically, that they have pushed apartments in panelblocks out of the market, according to real estate agency Yavlena.

agency apartments estate real market panel panelblocks dramatically drop buildings demand capital according bulgarias sofia areas yavlena reportprices push

Kavarnas new commercial and administrative complex, the Kavarna City Centre, started operations earlier this month, Stroitelstvo Gradut weekly reported. It had taken a little over a year for Planex OOD to reconstruct and modernise the otherwise unappealing, communistera concrete monster of a building in the centre of town, and subsequently transform it into a modern steel and aluminiumglass structure, which has now become the new administrative and business centre of Kavarna and the surrounding region, the weekly said.

centre kavarna city weekly administrative unappealing structure town start otherwise concrete become steel said modern transform planex subsequently building year

A purchase of property in America, whether a single family house, a planned unit development or a condo could guarantee you and your family a green card in the state of Florida, Stroitelstvo Gradut reported. This is one of the measures implemented to help stall the meteoric fall of the American economy in light of the economic crisis, the weekly said.

green family guarantees weekly implement house card economic development whether america purchase condo measures stall property economy american crisis report

Yazov, a Plovidvbased construction company, announced that, on January 5 2009, it would turn the first sod on a 50 million euro project called Sky Buildings, Dnevnik daily reported on January 3.The plan envisions 21 buildings on a land plot of 3.2ha with a total builtup area of 129 000 sq m, near Assenovgradsko Chaussee and Lokomotiv Stadium.Two of the buildings meant for office spaces are to boast 27 storeys, making them the tallest facilities in Plovdiv.

buildings january euro plovdiv facility project call grandscale projectyazov plan envisions near report million total construction builtup land dnevnik turn

A 75 million leva section of highway, only four km long and an integral part of the southern half of the Sofia ringroad has been officially opened for traffic on December 23.The project was predominantly funded from the state budget.

highway section budget four ringroad million fund officially open expensive sofia southern integral half predominantly bulgariaa inaugurate traffic leva project

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 malls underground parking lot.

mall blvd station lyulin mega construction metro contemplating between dobrinova direct underground parking linking park building link company malls initial

The owners of shopping centres in Romania could lower their rents by as much as 50 per cent on the back of the first signs of declining customer traffic in smaller Romanian towns, recorded in November, according to Bucharest business daily Ziarul Financiar.

romania rents traffic shopping november daily centres declining signs financiar according cent customer towns lower romanian owners mall record ziarul

Englishlanguage countries have shown a remarkable interest in Bulgarian property, according to data from Globaledge Portal, which has more than 1.4 million international orders for real estate from around the world.

real million sixth bulgarian portal demand country ranks world bulgaria interest property international estate data orders shown remarkable according globaledge

Energy efficiency played a key role in naming the 2008 Building of the Year. The seventh annual awards were conferred at a ceremony at Ivan Vazov National Theatre in Sofia on December 15 2008.Winning this years competition was the Sveti Toma holiday complex at Cape Houmata, near Arkoutino by the Black Sea. The facility also won the title of Vacation Complex of the Year, both awards coming largely due to the fact that its traditional Sozopolstyle architecture blended harmoniously with the local environment, a press statement read.

naming year complex awards building cape respect traditional toma black arkoutino facility seventh annual confer ceremony environment efficiency yearenergy role

After a calm first half of the year, about 65 000 sq m of class A and B office space hit the market in Sofia in the third quarter of 2008, which could drive the office vacancy rate in the Bulgarian capital, financial news website investor.bg reported on December 12, quoting a survey by consultancy firm MBL.

office rate vacancy sofia calm survey class year capital website report quarter third market investor quoting reach december consultancy yearend

The offers for parcels and real estate along the route of Trakiya highway have dropped by up to 90 per cent over the past six months, Monitor daily reported on December 12. The land plots along the highway are well placed for the construction of logistical centres, petrol stations, auto services, motels and roadside restaurants, with the most popular segments being located at strategic intersections with other highways or close to major urban centres, the daily said.

highway land centres daily monitor past route offerthe stations cheap trakia estate place services offers motels locate popular roadside segments

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 reasonsincluding the economic crisis, ECPC told the media in an official statement.

ecpc turnovo veliko mall buyer remaining continues european convergence eurothe investment seeks withdrawn property asset fund crisis search told offers

The National Art Academy has signed an agreement allowing for research to be conducted for potential reconstruction and expansion of the academys building in Sofia, after a competition was held, selecting architect Stefan Dobrev for the task.

academy sofia national stefan task research competition building academys reconstruction allowing conduct sizethe expansion double held dobrev agreement potential sign

Sofias 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.

tower spanish million glass euro riofisa complex sofiasofias approv local train company jobs station told erecting boosting plan dikov knows

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.

ceremony sale mall shopping announc city marks officially seal december bulgariathe center sofia month bulgaria

Bulgarian property funds developing or prepping to start projects are facing financial difficulties, market representatives told Dnevnik. The global economic doldrum has dampened demand and frozen prices on the property market, where some segments are even seeing downward price revisions.

property market funds demand doldrum dnevnik start told price revisions seeing economic facing projects developing grappling representatives difficulty global tight

BritishBulgarian investment company ZBS, which is working on its first openair mall in Bulgaria in the city of Bourgas, is considering investments of a total 200 million euro in Bulgaria, according to managing director David Coward, quoted by website investor.bg.Such projects will be build in the regional urban centres where there is still not a lot of competition. Bourgas, Haskovo and Pazardjik are some of the town where the company is aiming to invest heavily.

company bourgas investment euro bulgaria openair total urban david million working pazardjik regional considering invest mall managing coward city investments

Projects across various sectors of Bulgarias property market are being put on hold, the main reason being the global economic crisis.The effect is not universal and some major transactions have gone ahead, including the 101.5 million euro change of hands of City Center Sofia, while new retail projects in Bulgarias smaller cities continue to be announced.

bulgarias city main across including retail sectors economic center ahead gone crisis hold effect hands reason property universal feetprojects market

Greek company Eurobank Properties, which won a tender to build Sofias first skyscraper, has ultimately backed down from the deal. The company has decided, in light of the global financial crisis, not to go ahead with the project. The contemplated tower was going to rise on Todor Aleksandrov Boulevard in Sofia.An official statement from the company said that the decision was ultimately caused by the current economic climate, the financial crunch and the negative economic forecast for Bulgaria, as quoted by the Bulgarian newspaper the Trud daily.

company economic property financial ultimately skyscraper eurobank light pulls build deal crisis decision bulgarian tender crunch ahead climate todor back

Property deals in the Bulgarian capital slumped by 18 yearonyear in the third quarter of the year compared to a year ago, showed data of the Registry Agency. The downtrend began in the second quarter but the 13 yearonyear rise in the first stemmed the slide to some 4 yearonyear for the nine months.

yearonyear quarter year data downtrend capital months slump bulgarian nine agency sofia registry deals show began third slides slide compar

A list of potentially critical sections of the highways around the country has been compiled and released to traffic police. That way snowclearing equipment can be deployed on time and additional measures installed to secure the safety and security of citizens, Ivan Atanasov the executive manager of the National Agency for Road Infrastructure, said.

infrastructure agency road national critical potentially deploy additional highways ivan citizens install releas secure police areasa pinpoints said equipment manager

In the southwestern Bulgarian town of Sandanski close to the Greek border, on November 27 plans for a new business centre are set to be unveiled, or the project designated as BG2005 017454.020120. The new business centre aims to facilitate business development in the region, stimulate agriculture output and develop tourism in the town, and promote transborder cooperation and development with Greece, as reported by Stroitelstvo weekly.

business centre town development weekly plans close stimulate sandanskiin unveil facilitate agriculture report tourism southwestern develop november cooperation greek bulgarian

German property investment firm DEGI has postponed the purchase of Mall of Sofia, SeeNews Corporate Wire reported, quoting company information. The hazy financial environment has prompted the company to put off the deal until firstquarter 2008.The news that DEGI was preparing to acquire Sofias flagship bigbox shopping centre was broken by the antitrust commission in early October. The regulator was to have a say on the deal.

deal degi mall company sofia information environment sofias prompt centre broken puts report until early wire firstquarter burnergerman property hazy

The Bulgarian economy will be in the depths of a recession in the next two years with dwindling capital inflows and consumption squeezed by the rising jobless rate, forecast BNP Paribas economist Michal Dybula, a coauthor of a report on 2009 global economic outlook. Neighbouring Romania is also in for big trouble with GDP set to drop 0.6 per cent next year, according to the French lender.

next recession coauthor economy michal dwindling rising depths consumption inflows drop neighbouring outlook bulgarian forecast year bulgaria paribasthe paribas economic

The number of construction permits issued by Bulgarian authorities in JulySeptember 2008 was 1.5 per cent lower compared to the previous quarter, at 4327 versus 4355, data from the National Statistical Institute data showed on November 26. Albeit small, it was the third quarter of decline over the past 12 months and the trend is expected to continue as the number of permits fluctuates seasonally with fewer applications in winter, but also because the global credit crunch has forced developers to roll back planned investments.

permits quarter data construction institute november winter applications global months statistical versus cent expect decline fluctuates lower albeit previous developers

Bulgarias four biggest cities Sofia, Plovdiv, Varna and Bourgas have see a significant shift in the trends of the real estate sector, in particular the growing interest in property rental, data from real estate agency Address showed on November 24.The double digit increase on the market in 2008 has been credited to the sharp demand of property rentals, as a consequence of the global financial crisis and the subsequent decline in demand for purchase of single family homes, flats or planned unit developments.

property real demand estate rentals rental plan biggest decline trends address increase family significant sharp financial sector homes purchase market

Try to imagine a colossal skyscraper in place of the statue of Sofia in the centre of the city. It would have happened too, if communistera ambitions had been realised.The idea of a skyscraper in Sofia goes back more than 40 years, with buildings planned near the central train station, the Solni Bazar market, on the intersection of Cherni Vruh and James Bourchier boulevards, yet circumstances always conspired against such undertakings. In recent years, dozens of projects have been put forth, every one of them claiming to be the first one.

sofia skyscraper years imagine realis buildings goes james centre conspir city happen idea dozens ambitions cherni projects train colossal vruh

Prices in the highend Sofia neighbourhoods Ivan Vazov and Lozenets have fallen by five per cent over the past six months, according to the data from one of Bulgarias biggest real estate listings websites, imoti.net.In May, prices in those neighbourhoods were about 2050 euro a sq m, but have since fallen to 1960 euro a sq m, website stroitelstvo.bg reported.

neighbourhoods fallen sofia prices euro highend months websites website vazov biggest report property lozenets past ivan cent five fall stroitelstvo

Environment and Water Affairs Minister Djevdet Chakurov has issued an order forbidding construction for a year at Kaliakra, a natural site on the northern Bulgarian Black Sea coast whose preservation has been hotly fought for by environmentalists. The ministry announced this in a press statement on November 23 2008.

year construction kaliakra november coast hotly bulgarian environment djevdet preservation black announc issued northern press order ministry chakurov affairs statement

Slovenias largest food retailer Mercator will rent space for a hypermarket in the Mega Mall in Sofia, currently under construction, deal consultant Raiffeisen Imoti, the real estate arm fullyowned Raiffeisenbanks Bulgarian subsidiary, said on November 17, as quoted by Dnevnik daily.Mega Mall is developed by Austrias Real4YOU Immobilien. Its leasable area will be 24 000 sq m, split between more than 100 shops. The area earmarked for the hypermarket is 3054 sq m.

mega mall rent hypermarket mercator space real said immobilien shops consultant austrias sofias november construction split imoti retailer estate food

Orchid Developments, an international property developer focusing on Bulgaria, said on November 17 that it sold Yavor hotel in the Black Sea resort of Zlatni Pyassutsi for 9.9 million euro.The developer had said in September in its interim results that it expected the sale of Yavor Zlatni AD, the subsidiary company taht owns the hotel, to complete in October 2008.

zlatni hotel said developments developer pyassutsi yavor resort november euro orchid september sells taht owns expect sold interim company million

Agrarian reform in Bulgaria is going in the wrong direction. But if the corporative model of working the land were implemented, then agricultural business could attract more foreign investment and boost the countrys economy in the wake of the weakened tourism and construction sectors. This was the rough conclusion of a conference entitled Investments in Agricultural Lands 2008 New Mechanisms for Comassation, organised by Elana financial group and Dnevnik daily on November 12 2008.

agricultural land investments model group comassation entitl reform implement economy wrong lands investment tourism november construction business worms mechanisms foreign

Scottish property group Miller Developments is the new owner of Mall Varna, foreign media reported on November 16 2006.The deal was sealed for 120 million euro, and according to the Sunday Herald, this is the groups biggest property transaction in continental Europe. Keith Miller, chief executive of the Miller Group has been quoted as saying that with this acquisition, Bulgaria becomes one of the eight countries in which the company is operating outside the UK.

miller property group varna mall europe million seal keith operating euro media november executive foreign quot changes herald continental developments

House prices in Bulgarias Danubian city of Rousse have fallen by 10 per cent, and will continue to fall, Bulgarian National Television BNT quoted the head of the citys construction chamber, Georgi Stoev, as saying on November 16 2008.

prices rousse fallen saying quot bulgarian cent november city reporthouse construction national stoev bulgarias chamber television citys georgi danubian house

Resort operator Albena, which owns the hotels, retail outlets and infrastructure in the Black Sea resort of the same name, may keep half of the rooms locked next summer to avoid operating them at a loss, Albena executive director Krassimir Stanev said.

albena summer outlets owns loss avoid retail keep lock said krassimir resort operator rooms says capacity director next stanev executive

Bulgarian company CBA Property Investment, the real estate division of discount retailer CBA Bulgaria, has teamed up with an unnamed Israeli investor to raise a fivestar congress centre and a shopping mall in Veliko Turnovo.The news was announced during Israeli ambassador Noah Gal Gendlers visit to the town in central Bulgaria. Veliko Tarnovo offers investment opportunities in construction, transport, tourism and trade, Gendler said.

veliko investment israeli congress bulgaria said announc tourism tiein company gendlers discount news noah during mall visit tarnovo transport hall

Bulgarias new home mortgages dropped almost in half in JulySeptember, compared to the previous quarter, central bank statistics show. Banks gave 6406 new loans worth 620 million leva from July to September, compared to 12 165 worth 761.7 million leva for the three months before that.Lenders have put lending plans on the back burner and are cutting down in all segments amid brisk consumer demand and growing appetite for cash, bankers have said.

loans home worth million three compar leva months banks statistics lending bank mortgages brisk lenders september quarter said previous gave

Developer ZBS plans to begin construction on the first openair mall in Bulgaria in March 2009, website investor.bg reported on November 10. The investment in the new shopping centre is estimated at 30 million euro.The Strand mall would be built on a six ha plot near the highway to Sofia, next to a Baumax hypermarket, currently under construction. The openareas will be built like pedestrian streets and will be covered in bad weather.

mall construction built openair euro report currently million under next march investment plot weather plans baumax plan sofia bulgaria centre

The main investor in the new Super Borovets mega ski resort is to apply for an EMAS EcoManagement and Audit Scheme eco certificate which guarantees that all work, products and services will be done in accordance with the highest European eco standards. So far, Super Borovets is still only on the drawing board, as construction is yet to be given the goahead.

super borovets apply main mega emas certificatethe goahead european services given audit guarantees drawing accordance done resort standards certificate products

As the global financial turmoil tore down enduring myths about the global economy, Bulgarias domesticallylisted real estate investment trusts REITs have started losing their appeal as safe havens.

global trusts economy start appeal financial adjusting pricesas enduring bulgarias losing havens dropping real investment property market turmoil tore estate

An 0.8 h amp;1072; land plot in the industrial park of the town of R amp;1086;usse on the Danube River will go up for sale with a starting price of 25 euro a sq m. Mayor Bozhidar Yotovs proposal to sell the land needs only the municipal councils approval to go through.

industrial sell land plot euro town rousse river municipality starting proposal yotovs property bozhidar danube park sale mayor councils municipal

Bulgarian banks gave 9259 new corporate loans in JulySeptember, compared to 9724 in the previous quarter, data from the central bank has showed. Over the same period, households borrowed 103 332 times, down from 121 208 over the previous three months.

corporate previous loans faster months households times quarter home borrow three show data central gave compar period julyseptember banks shrinks

The construction of the largest and most advanced velodrome in South Eastern Europe is set to begin in early 2009 in the central Bulgarian city of Plovdiv. The modern facility will be constructed in the picturesque town, over an area of 12 hectares. It will be an Olympicsized complex, fully covered, and will be located at Iztochen Boulevard and Naicho Tsanov Street, Stroitelstvo Gradut weekly wrote on November 24 2008.

velodrome modern bulgarian plovdiv eastern construct balkans central locate city largest south town olympicsize street wrote cover weekly early gradut

Investors have slowed down or halted industrial and logistics centre projects in the face of administrative hurdles and a worsening global financial market, showed a research of property consultants Colliers International. The projects fate will be decided in the next three or four months, said Simeon Mitev, manager of real estate agency REMAX Chance Group. A humble 23,000 sq m of speculative logistics areas entered the Sofia market in the first half of the year, under data by Colliers.

industrial colliers projects logistics market data areas global slow face international centre estate financial year plans under halt mitev three

Gloom and glee were equally mixed in the ninemonth financial results reported by Bulgarian property funds, with many real estate investment trusts REITs worse off at the end of September compared to a year earlier.

property funds bulgarian earningsgloom ninemonth financial mix september year report dimmer glee estate investment compar worse real trusts reits equally

The Regional Development and Public Works Ministry has shortlisted six architectural studios for the design of a Government centre, meant to rise on the area near the sixth km of the Tsarigradsko Chaussee Boulevard in Sofia, Dnevnik daily reported.Out of 19 applicants, the ministry shortlisted FosterPartners, a Londonbased firm led by worldrenown architect Norman Foster, Zaha Hadid Architects, French studio Dominique Perrault Architecture, Obedinenie G3, the studio of Bulgarian architect Georgi Stoilov, Italian studio Massimiliano Fuksas Architetto and consortium ADAIS proekt with Stoilov presiding over 18 companies involved in design, construction and planning.

design studio shortlist studios architect government architectural ministry stoilov regional foster involv public londonbas georgi rise architects adais worldrenown presiding

Bulgarian resort operator Albena AD has put up for sale its upscale holiday complex in Byalata Lagouna White Lagoon area, on Bulgarias northern Black Sea coast.

operator albena resort byalata bulgarias northern black complex lagoon sell sale holiday lagouna seaside coast upscale

Bulgarian architecture and engineering consultancy firm Balkan Trade House will spend 10 million euro to build a multitask complex in the southern town of Pazardjik, according to Filip Tsanov, who advises the project.The Fountains complex will be funded by a tailormade mortgage product by First Investment Bank. It will sprawl on 3.4ha and comprise 22 fourstorey blocks of flats, a swimming pool, sports facilities, childrens playgrounds, a kindergarten, a restaurant and an administrative centre.

complex euro house trade balkan firm fund investment facility spend swimming engineering tailormade comprise mortgage tsanov pazardjik million bank kindergarten

Two funds listed on the alternative investment market AIM of the London Stock Exchange said they would slash real estate investments in Bulgaria because of the ongoing financial crisis. Black Sea Property Fund gave up its Evergreen gated complex that it planned to build in the country, while Bulgarian Land Development BLD has slashed the number of apartments it agreed last year to buy in the Paradiso Verde 2 complex in the Bansko mountain resort.

complex property funds bulgarian slash black plan country ongoing verde resort projectstwo financial london list evergreen mountain build squeeze gate

The Defence Ministry has gone ahead with the documentation regarding the building of a military town in the Vladislav Varnenchik district in Varna. The town is supposed to be able to accommodate over 80 per cent of the military personnel in Varna and all other military installations in the surrounding region, weekly Stroitelstvo Gradut reported.

military town varna stroitelstvo vladislav documentation ministry ahead report gradut surrounding suppos building accommodate gone personnel cent region district varnathe

Belgian company Ilpa Development will invest 25 million euro in the construction of a combined office and retail building on Tsarigradsko Chaussee in close proximity to the Metro and Technomarket superstores. Arco Real Estate, the company presenting the project on the market, said that the investor was seeking buyers for parts or the entire building. According to website investor.bg, Ilpa Development initially had plans to sell the building off plan. The construction already began and it is expected that the project would be completed by 2010.

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The prices of Bulgarian residential properties have increased on average by three per cent to 1418 leva a sq m in the third quarter of 2008, compared to the previous quarter, data from the National Statistical Institute has showed. Flats sell for more than 1000 leva a square metre in half of the countrys 28 administrative centres.

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Shopping malls are booming in Central and Eastern Europe, where projects worth a combined three billion euro will open doors by the end of 2008 and a further sic billion euro next year, an analysis by market research firm PMR Research showed. Bulgaria is tipped for the second fastest growth in the region with its shopping mall market seen rising sevenfold to 760 million euro next year.

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Dimitrovgrad is set to get a brand new bus terminal by the end of 2009, even though the final documentation for the project is yet to be signed. The contract has been postponed by three months due to technical ambiguity surrounding the vertical planning of the structure, weekly Stroitelstvo Gradut reported. With construction reaching advancing stages, it was revealed that this particular part of the project needed a rethink, a redesign and subsequent reimplementation.

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The construction has started of the largest residential estate, with regular flats, luxury flats, shops, and boutiques in the central part of the northern Bulgarian town of Vidin on the Danube River. Located on Yavorov Street in the town, the complex is close to the centre of the old town, about 200m from the river and 400m for the city centre itself, weekly Stroitelstvo Gradut reported.

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Bulgarias holiday property market was saturated and big projects found no buyers because they were unprofitable, the managing director of Foros real estate agency Dobromir Ganev has said. Local company Terra Trans Consult has suspended a 200 million euro holiday village project in Balchik due to the severe economic conditions, the towns mayor Nikolai Angelov said. The companys Balchik Paradise complex was to deliver houses, a hotel, a spa centre, a conference hall and a cinema hall.

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Four Bulgarian banks raised the interest rates charged on levdenominated mortgage loans in September, data from moitepari.bg website, which compares loan and personal finance offers of different lenders, showed. The Moite Pari levadenominated index, which tracks the average annual interest rates of 20year mortgages, picked up five basis points to reach 9.61 per cent, the highest since was launched at the end of 2005.

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The global financial crunch has had its effect in the tourist resort town of Pamporovo, Bulgaria. The flats available in the numerous apartment estates recently built in the town have declined sharply in value, according to Yavlena GEOS, a real estate agency based in Smolyan, quoted by website stroitelstvo.bg. The first decline in value was observed in the hotelapartment complexes, especially in the cases where there is a larger loan taken out for their construction.

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The snowballing turmoil that has frozen the global financial markets is breathing ice into Bulgarias winter resorts as well, tourism sector representatives said. It was only last year that Bulgarias top mountain resorts of Bansko and Borovets, near Sofia, and Pamporovo, in the south, enjoyed doubledigit growths in tourist numbers. But the crisis dampened new hopes and had the sector bracing up for lower levels. Hotels and apartment complexes mushrooming in the recent years are in for a cold winter.

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Bulgarian Real Estate Fund, the local real estate investment trust REIT, has prepaid two loans from Eurobank EFG Bulgaria, worth a combined 20.16 million leva, to avoid interest payment, the head of the funds project manager Kaloyan Ninov said.

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The Bulgarian real estate market has enjoyed years of gradual growth, with prices constantly being on the upturn providing a healthy climate for the sector. These were the days of predictability and affluence. Not anymore, being on the outskirts of the hurricane of financial trubulence slowly approaching the country from the West, prices have taken on a sharp decline, as offers on the leading property websites in the country show.

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Spanish investor Hercesa Internacional plans to inject 500 million euro in Bulgaria, 210 million of which will be directed toward the building of an entire neighbourhood with fine infrastructure and even a train station to connect its residents to various parts of Sofia, owner Juan Jose SercadilloCalvo said at a news conference on October 8 2008, at the National Institute of Archaeology and Museum. In addition to fine quality construction and design, Hercesa Internacional says it would offer potential clients an accessible payment plan to make its product available to more people.

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A new holiday village, conveniently located close to the golf course that is being built near the Black Sea town of Balchik, will rise on about 27 000 sq m land plot, weekly Stroitelstvo Gradut reported. Investor of the project is BritanniaBalchik Inc., a partnership with British shareholders, while the design is done by architects Svetoslav Stanislavov and Delyan Zhechev from the Varnabased Disarch studio.

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The municipality of Sozopol, a Bulgarian Black Sea resort town, has implemented a construction plan, which aims to attract the rich and famous. Affluent tourists will be teased with the creation of a small airport for private aircraft, with a runway spanning 1.8km between the Ravna Gora and Izvor villages, Bulgarian construction news website stroitelstvo.bg reported. Sozopol chief architect Roumen Alexandrov and the mayor of the town Panayot Reizi have unveiled the plans which also include a 30ha recreational park near Gradina Camping.

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German company Degi has acquired the Mall of Sofia shopping centre, said the antitrust authority, which should rule on the deal. Sources told Dnevnik daily that Degi Deutsche Gesellschaft fuer Immobilienfonds was also a bidder for the capitals City Center Sofia but lost to US company Heitman, which offered 101 million euro.Degis marketing director and press spokesman Dietmar Mueller declined to comment until the deal was wrapped up.

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Bulgaria will continue to be a safe haven for Russian property investors despite the global financial crunch, a panel of Bulgarian officials have said during SofiaMoscow video conference that is part of a series on the prospects of RussianBulgarian cooperation in the field of tourism, organised by Russian news agency RIA Novosti organized at the Hilton hotel in Sofia.

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Spanish investor Hercesa Internacional plans to inject 500 million euro in Bulgaria, 210 million of which will be directed toward the building of an entire neighbourhood with fine infrastructure and even a train station to connect its residents to various parts of Sofia, owner Juan Jose SercadilloCalvo said at a news conference on October 8 2008, at the National Institute of Archaeology and Museum. In addition to fine quality construction and design, Hercesa Internacional says it would offer potential clients an accessible payment plan to make its product available to more people.

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The meltdown of financial markets worldwide is reaching morbid proportions and real estate investors are facing a race against time to avoid being embroiled in the collapse. Realtors are eager to sell every large site, office or trade facility that they have available. The current trend is not to cry wolf and raise general alarm, but sell as fast as possible every major project, brokers have told Bulgarianlanguage Standart daily on October 2 2008.

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Its so bad that youll probably be in line to get on a waiting list for its first night of operation. Rich Daddy Resort and Spa has entered the Bulgarian stage, designing to be the nec plus ultra of luxury living complexes on the Black Sea coast. In the style of a 19thcentury British mansion librarycomeCosta del Sol beachfront bar.

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