Latest real estate news

Torrential rains over the area of Dobrich on August 7 caused damages worth in excess of 2 916 000 leva, according to a municipal report due to be submitted to Cabinet on August 12, Dnevnik daily has reported.

Processed real estate deals have decreased by 42 per cent in Bulgaria and 58 per cent in Sofia for the first six months of 2009, as opposed to the corresponding period in 2008, according to a research conducted by Raiffeisen Imoti.

Since the start of 2009, only two malls have been completed in Bulgaria, Mall Plovdiv and Bourgas Plaza, 20 000 and 26 000 sq m in area, respectively.

The latest report from Colliers International has indicated that the average price of a home in Bulgaria has decreased by about 14 per cent in the first quarter of 2009 as opposed to corresponding figures from 2008. It also indicated that the countrys construction sector has been hit the hardest by the global financial crisis as the drop in investment is expected to reach over one 1.2 billion euro.

At a starting price of 302 euro a sq m, a 97 sq m flat in the Hipodruma borough of Sofia, 15minute walk from the town centre is offered for 29 246 euro, Investor.bg has reported.

The market for office space in the country offers ideal opportunities for companies to finally optimise the space at their disposal, by offering higher quality at affordable prices, says Anton Slavchev, manager of Colliers Internationals office space and business parks department in Bulgaria, quoted by Dnevnik.

Blackwater Homes, a Corkbased firm which has constructed several housing developments in the south of Ireland, and is currently promoting a 354flat complex in the Black Sea coast in Bulgaria, including a spa and a hotel, has filed for bankruptcy protection, the Sunday Business Post has reported.

About 300 British and Irish investors have said they have lost nearly six millions pounds sterling, or 13.2 million leva, in the Alpine resort of Bansko, in a joint letter sent to Kafeneto.net.

A total of 17 companies, including three local ones from Bourgas, are vying to become the general contractor to build the first openair mall in Bourgas, The Strand.

Construction of new residential real estate has decelerated drastically, according to data released by the National Statistics Institute NSI, published on June 3.