Latest real estate news

About 30 000 to 35 000 people employed in the construction sector were facing redundancies in 2010, Bulgarias Regional Development Minister Rossen Plevneliev told the Bulgarian National Television on October 26.

The European Investment Bank EIB has released a 43.5 million euro loan to Sofia municipality, with which the administration will be entrusted with the construction of several key infrastructure projects in the city, at a total cost of 88.1 million euro, Stroitelstvo Gradut has reported on October 19 2009.

Several construction projects in Sofia, pertaining to the building of office complexes with total office space of about 160 000 sq m, have been frozen indefinitely, Anton Slavchev, manager of the offices and business parks department at Colliers real estate consulting company, told Dnevnik daily on October 20 2009.

Property in the elite Sozopolis complex, comprising about 20 single family homes and 166 other units, sells for about 3000 euro a sq m, Dnevnik daily reported on September 28 2009, citing several brokers reports.

The Bulgarian construction industry contracted by 14.5 per cent in July 2009 as opposed to corresponding figures from July 2008. This represents its sharpest decline in several years, data from Eurostat has shown, quoted by Stroitelstvo Gradut on September 21.

The amount of newly constructed real estate apartment blocks across Bulgaria increased by 24.1 per cent in the second quarter of 2009, according to National Statistics Institute data.

The Austrian company KIOTO Photovoltaics will build a solar park in Tervel with a five megawatt capacity, the construction of which will commence by the end of 2009, and my mid2010, the park is poised to be connected to the municipal electric grid of Tervel, Investor.bg has reported.

Exactly a month has passed since the official unveiling of the Bulgaria Boulevard in the northeastern city of Rousse, but construction work continues apace.

The design for the first outdoors mall in Bulgaria Strand in Burgas, has been prepared by the British firm GMW Architects, and the 60 000 sq m complex was subsequently approved and granted a building permit in June, with King Strurge being the consulting firm. Total investment for the facility is expected to top 30 million euro.

The interchange terminal in Plovdiv has been awarded to a BulgarianItalian consortium. The Italians Net Engineering and its Bulgarian counterpart, Transgeo, who were given the tender for consulting services for the facility, have tabled an offer of 2.4 million leva with VAT, Stroitelstvo Gradut has reported.