Latest real estate news

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.

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.

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.

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.

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.

Construction in Studentski Grad Students town borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikovs intentions to issue an ordinance to ban further construction of the area. It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be in effect, Monitor daily said. A random check in Studentski grad done by the newspaper in March revealed that there were close to 60 projects in the works and just as many planned to begin in the near future.

Sofia mayor Boiko Borissov said on June 18 that there would not be any building activity in Vuzrazhdane Park while he is city mayor, municipality spokesperson Tsvetanka Krusteva told the Sofia Echo.As previously reported by The Sofia Echo, competing claims over the ownership of a large land plot from Vuzrazhdane Park near Sofia centre have sparked a row on June 6.

Dutchregistered Redstone Holdings, a real estate manager and developer with properties in Bulgaria, Russia and Ukraine, announced plans to build a new shopping centre in Blagoevgrad, southwest Bulgaria, the company said.The 36 million euro investment will have a total built area of 48 000 sq m and 20 000 sq m of commercial and retail space, the company said in a statement. The centre is scheduled to open in 2011, and it will house leading international and local brands.

The Financial Supervision Commission FSC has drafted changes to Real Estate Investment Trust REIT Act, which are intended to sift idle REITs from the market, Dnevnik daily reported on June 6.The bill will seek to double the minimum paidin capital to one million leva, as well as oblige REITs to maintain a free float of at least 10 per cent.

The administrative court in Sofia overruled on May 22 a decision by the National Construction Control Directorate NCCD that had ordered Hotel Dunes in Slanchev Bryag to be torn down. Hotel Dunes is owned by the VAI holding of former businessman and the owner of the LokomotivPlovdiv football club, Georgi Iliev, who was murdered in 2005. The hotel is built over the former site of restaurant Dune, Dnevnik daily said.