The Ukrainian property market has recorded remarkable rises in all its segments. Prices of retail, office and industrial areas have reached the highest levels in Central and East Europe CEE region, driven by lack of supply and boosted demand, Kyiv Post reported, cited by investor.bg. Foreign and local companies are quickly expanding their activity in the country
Archive for February, 2008
Business property in Ukraine records considerable price rise
Wednesday, February 27th, 2008Mortgages finance more than half of property purchases
Wednesday, February 27th, 2008More than half of Bulgarians seeking to buy property will use mortgage loans to finance the purchase, a survey commissioned by Raiffeisenbank and carried out by GfK Bulgaria showed, as quoted by Bulgaria news agency BTA.The survey, carried out between January 7 and 15, covered individuals aged between 26 and 55 in Sofia, Plovdiv, Varna, Bourgas, Rousse, Pleven and Stara Zagora.Mortgage loans are thus the most popular means of financing, with only 17 per cent planning to pay with their own money, and eight per cent would sign hirepurchase agreements.About 5.4 per cent of respondents said that they have used a loan in the last five years and 10.2 per cent said they planned to use one in the next two years.
Laxey Partners acquires a larger share in a Bulgarian fund
Wednesday, February 27th, 2008Laxey Partners investment company increased its stake in the London Stock Exchangelisted Bulgarian Land Development Plc BLD investment fund by purchasing 2.11 million shares, totalling 5.75 million shares or 14.37 per cent, funds officials told investor.bg.BLD representatives were not available for a comment.As previously reported, Laxey Partners has recently announced that it is considering the establishment of a fund, aimed at investing 660 million euro in undervalued companies and property funds across Europe.
Public works minister lobbies for local companies to build Trakia Highway
Wednesday, February 27th, 2008Bulgarian Trace Group, Patishta Holding and Glavbolgarstroy could be hired as subcontractors by the BulgarianPortuguese consortium picked to complete and operate the Trakia motorway under a concession arrangement, Regional Development and Public Works Minister Asen Gagauzov said on February 27, as quoted by Dnevnik daily.On December 16, 2004, the Government awarded the concession to Magistrali Trakia Jsc, a PortugueseBulgarian consortium, which has to build a 190km stretch and repair 162 km of the Trakia Highway, receiving in return the right to collect the road toll for 35 years. The total length of road, which runs from Kalotina on Bulgarias border with Serbia to Bourgas on the Black Sea via Sofia, Plovdiv, Orizovo, Chirpan, Stara Zagora, Nova Zagora, Yambol, Karnobat and Aytos, is 433km. Only 293.5 km are operational now.
Three new residential districts to be developed in Bourgas
Wednesday, February 27th, 2008lt;P gt;Bourgas city hall plans to build three new residential areas in the suburbs, it emerged after mayor Dimitur Nikolov and his deputy in charge of construction, Kostadin Markov, met Bulgaria Building and Construction Chambers members and members of the Chamber of Engineers in Investment Projects, Dnevnik daily reported on February 28. lt;P gt; lt;P gt;Kiosheto neighbourhood, the area between Srafovo and Bourgas and Kraimorie neighbourhood will be developed as residential districts. The buildings planned for construction are two and threestoreys, but also skyscrapers. lt;P gt; lt;P gt;The required infrastructure for the future residential boroughs will be built up with a concession contract or publicprivate partnership.
Sewerage project in Sofia faces possible suspension
Wednesday, February 27th, 2008The European Commission EC may stop a major project for building a sewerage system in Sofia, backed by ISPA the EUs preaccession structural aid programme unless the State Commission for Energy and Water Regulation SCEWR states its position on the proposed plan and charges of Sofiiska Voda by May 1. Carsten Rasmussen, from the ECs Regional Policy Directorate General, revealed the possible move at a news conference on February 27, the Bulgarian news agency BTA reported.The money under ISPA, totalling 58 million euro, was provided by the European Commission when there was a concession contract between Sofia Municipality and Sofiiska Voda. The shareholder in Sofiiska Voda, United Utilities, has invested little money due to low water prices and sewerage services and because the SCEWR has not approved the investment plan. In order to make investments, the price should increase to 1.20 leva from the current 0.85 leva, Rasmussen said.
Sofia municipal housing prices to be hiked
Wednesday, February 27th, 2008Sale prices of municipal apartments in Sofia will rise by two to 2.5 times, depending on their location, according to the amended ordinance on prices of municipal residential property, adopted by Sofia municipal council on February 28.Rents of municipal dwellings will rise by 30 per cent, the city hall secretary Rossen Zhelyazkov told reporters, as quoted by Bulgarian news agency BTA.
Bulgarias condominium legislation draft flawed expert
Wednesday, February 27th, 2008lt;P gt;The draft bill of Bulgarias Condominium Act is ineffective and has been written in such a way as to serve the interests of heat, electricity and water utility companies, professor Vladimir Petrov from the Civil Association against Corruption and Illegal Construction said, as quoted by Dnevnik daily. lt;P gt; lt;P gt;According to Petrov, the draft law in its current form aimed to deprive properties from owners who do not pay their utility fees. lt;P gt; lt;P gt;If the draft law is approved by the Government, the heat, water and electricity utility companies will sign a single contract with the whole building as a legal entity and not separate contracts with each individual. If some tenants do not pay their utility fees, the amount they owed would be distributed among the rest of the residents. The draft law provides for fining neighbours who do not accept decisions taken by the condominium association, to the tune of 500 to 5000 leva. lt;P gt;
Leasing for third stage of Airport City Belgrade underway
Tuesday, February 26th, 2008lt;P gt;Leasing for the third stage of Serbias first business park, Airport City Belgrade, has started recently, with Colliers International Serbia acting as leasing agent. Four buildings, each featuring 9 500 sq m of Class A office space, have already been constructed. The third stage of construction, featuring two buildings with 11 000 sq m each of office space, will be completed this summer, Colliers said. lt;P gt; lt;P gt;Airport City Belgrade seeks to provide its tenants a City within a City, and received two awards in 2006, one for the best project for office space in Belgrade and the Organisation for Economic Construction and Development award for largest greenfield investment in South East Europe. lt;P gt;
Bulgarian companies rewarded at DomExpo International in Moscow
Tuesday, February 26th, 2008Two Bulgarian companies were distinguished at the end of one of the largest international fairs of properties abroad DomExpo in Russia. New Address, a partner of the events administrators and an organiser of the Bulgaria Day at the fair, received two awards. The first was for active participation in the preparation and conduct of the fairs business agenda and the second was for best stand design of an exhibitor. The other Bulgarian winner was Dream Homes, cited for the best organisation of a stands work during the exhibition.