Latest real estate news

Bulgarias four biggest cities Sofia, Plovdiv, Varna and Bourgas have see a significant shift in the trends of the real estate sector, in particular the growing interest in property rental, data from real estate agency Address showed on November 24.The double digit increase on the market in 2008 has been credited to the sharp demand of property rentals, as a consequence of the global financial crisis and the subsequent decline in demand for purchase of single family homes, flats or planned unit developments.

Prices in the highend Sofia neighbourhoods Ivan Vazov and Lozenets have fallen by five per cent over the past six months, according to the data from one of Bulgarias biggest real estate listings websites, imoti.net.In May, prices in those neighbourhoods were about 2050 euro a sq m, but have since fallen to 1960 euro a sq m, website stroitelstvo.bg reported.

House prices in Bulgarias Danubian city of Rousse have fallen by 10 per cent, and will continue to fall, Bulgarian National Television BNT quoted the head of the citys construction chamber, Georgi Stoev, as saying on November 16 2008.

Bulgarian architecture and engineering consultancy firm Balkan Trade House will spend 10 million euro to build a multitask complex in the southern town of Pazardjik, according to Filip Tsanov, who advises the project.The Fountains complex will be funded by a tailormade mortgage product by First Investment Bank. It will sprawl on 3.4ha and comprise 22 fourstorey blocks of flats, a swimming pool, sports facilities, childrens playgrounds, a kindergarten, a restaurant and an administrative centre.

The Defence Ministry has gone ahead with the documentation regarding the building of a military town in the Vladislav Varnenchik district in Varna. The town is supposed to be able to accommodate over 80 per cent of the military personnel in Varna and all other military installations in the surrounding region, weekly Stroitelstvo Gradut reported.

The prices of Bulgarian residential properties have increased on average by three per cent to 1418 leva a sq m in the third quarter of 2008, compared to the previous quarter, data from the National Statistical Institute has showed. Flats sell for more than 1000 leva a square metre in half of the countrys 28 administrative centres.

The construction has started of the largest residential estate, with regular flats, luxury flats, shops, and boutiques in the central part of the northern Bulgarian town of Vidin on the Danube River. Located on Yavorov Street in the town, the complex is close to the centre of the old town, about 200m from the river and 400m for the city centre itself, weekly Stroitelstvo Gradut reported.

The Bulgarian real estate market has enjoyed years of gradual growth, with prices constantly being on the upturn providing a healthy climate for the sector. These were the days of predictability and affluence. Not anymore, being on the outskirts of the hurricane of financial trubulence slowly approaching the country from the West, prices have taken on a sharp decline, as offers on the leading property websites in the country show.

Spanish investor Hercesa Internacional plans to inject 500 million euro in Bulgaria, 210 million of which will be directed toward the building of an entire neighbourhood with fine infrastructure and even a train station to connect its residents to various parts of Sofia, owner Juan Jose SercadilloCalvo said at a news conference on October 8 2008, at the National Institute of Archaeology and Museum. In addition to fine quality construction and design, Hercesa Internacional says it would offer potential clients an accessible payment plan to make its product available to more people.

Real estate company Willbrook Management International will build a 40 million euro housing complex in Varna, said the companys executive director Daiana Voicu. Willbrook Diamond Residences will comprise 11 home buildings, recreation and entertainment facilities