Latest real estate news

Luxury rentals firm Cleves said on May 19 that it launched 18 new apartments with parking spaces in a threemillion euro building on Pimen Zografski Street in the Sofia borough of Izgrev.

Bourgas home owners will be coerced, where necessary, into carrying out a major overhaul and restoration of the exterior of their properties. They will be given quot;a decent time frame in which to conduct the necessary work. In case they fail to do so, the municipality will renovate the buildings with its own resources, after which it will collect the funds through legal action, if necessary, quot; Dnevnik daily has reported.

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.

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.

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.

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 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.

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.

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.