Bulgarian Property Market

RENTAL PRICES IN VARNA REGISTERED THE HIGHEST INCREASE AMONG BULGARIA'S CITIES

12:25 Tue 30 Jan 2007

Rents for capital apartments went up by 16, 3 per cent.

For the last three months of 2006, rental prices in Varna grew by 28 per cent, Dnevnik Daily reported.

Two-bedroom apartments were the most attractive for investors and their rental and sale prices went up significantly. The reasons for such a price hike are the shift in investors' interest towards Varna combined with the general increase of property prices in 2006.

In Varna's neighbourhood Levski the average rental price for a two-bedroom apartment was EUR 123 in 2005. In 2006 the price reached EUR 200.

In Plovdiv, rental prices increased by 17 per cent price for the last four months of 2006, compared to the same period in 2005. The most significant increase is in the rental prices of apartments in Smirnenski and Karshiaka neighbourhoods. Rental prices there reached EUR 230 for a two-bedroom apartment.

Sofia ranks third in terms of rental price increases. Rents for capital apartments went up by 16, 3 per cent. Rental prices of three-bedrooms almost doubled in one year, and reached EUR 650.

In 2007, rental prices will go up with about 10 per cent, Katia Tsenova, executive director of Address Real Estate said, as quoted by Dnevnik Daily.

Property

HOTEL BUSINESSES IN BULGARIA'S WINTER RESORTS FACE PROBLEMS DUE TO LACK OF SNOW

15:30 Fri 26 Jan 2007

Owners offered five hotels for sale in the beginning of the week in Bansko winter resort. Warm weather and the lack of proper skiing conditions affected seriously hotel businesses in Bulgaria's winter resorts, imoti.net reported. Increasing number of hotels has been offered for sale already. Most investors took loans to construct hotels and the snowless winter proved fatal for their business plans, read more

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PROPERTYWISE EXAMINES EU ACCESSION IMPACT ON BULGARIA'S PROPERTY MARKET 09:06 Thu 25 Jan 2007 The first issue of PropertyWise magazine for 2007 is coming out on Friday January 26. After a year of predicting and projecting how Bulgaria's European Union membership will affect the real estate market, in the closing days of 2006 the magazine interviewed several real estate professionals about their expectations. Architects, real estate agents, economists and investors share their views about prices, interest rates, read more		NATURA 2000 REGIME IN BULGARIA LESS RESTRICTIVE THAN OTHER PROTECTIVE MEASURES 15:05 Tue 23 Jan 2007 The regime for the carrying out of investment projects in Natura 2000 protected areas was much less restrictive than the measures valid for national parks and preserves, head of the parliamentary environment and water affairs committee Georgi Bozhinov said. Bozhinov and Parliament speaker Georgi Pirinski met on January 23 representatives of environmental organisations demanding maximum inclusion in the read more

BULGARIA SIXTH MOST ATTRACTIVE PROPERTY INVESTMENT DESTINATION 15:14 Mon 22 Jan 2007 The amount of foreign investment in Bulgaria's property sector made the country the sixth most preferred real estate purchase destination in the world. Property market in 2006 was dynamic and prices were growing gradually, Focus news agency said. Address real estate agency executive director Katya Tsenova said that the property prices raised by 15 per cent in 2006, reaching 280 000. A number of property owners read more		MIGRATION AND HIGH DEMAND CAUSE PROPERTY PRICE INCREASE IN BULGARIA 14:40 Mon 22 Jan 2007 High demand and migration processes resulted in a 12.5 per cent increase in the price of real estate in Sofia in 2006 Katya Tsenova, executive director of Address real estate agency said. Prices increased the most in the residential districts of Mladost, Lyulin, Geo Milev, Redouta, Druzhba and the city centre, Focus news agency said. Property in the coastal city of Bourgas registered the lowest increase in read more

NATURA 2000 PROTESTS IN BULGARIA RESULT FROM LACK OF INFORMATION 11:42 Fri 19 Jan 2007 The execution of Natura 2000 project in Bulgaria will fail if officials and people do not reach agreement, head of the ecological network for Bulgaria and representative of Green Balkans Simeon Marin said. Residents of southwestern Bulgarian towns have long been protesting against the introduction of the environmental network in Bulgaria. People feared that restrictions related to environmental protection will read more		LOT PRICE INCREASE IN BULGARIA GAINS MOMENTUM 10:38 Thu 18 Jan 2007 The price increase for lots usually happens at a slower pace than the one of other real estate, but in 2006 site prices in Bulgaria increased with almost the same speed as the residential property prices. Increase in the lot prices had an impact on the prices of all other real estate, 24 Chassa daily said. A differentiation in site prices increase had begun in Sofia in 2006. The value of some lots had raised by five to six per cent, read more

FIRST ECO-INNOVATION HOTEL CONSTRUCTED IN BULGARIA 15:13 Wed 17 Jan 2007 The first eco-innovation hotel in Southeastern Europe will be constructed in the Bulgarian village of Zdravkovets. Hilltop hotel will feature wind mills, local purifying devices and the utilisation of rainwater. A monitoring system will indicate the quantity of electricity produced and consumed at the hotel, Bulgarian news agency BTA reported. Time foundation is among the project executors, foundation read more		NATURA 2000 LIST FOR SOUTHWESTERN BULGARIA TO REMAIN UNCHANGED- CHAKUROV 13:20 Tue 16 Jan 2007 Despite protests of residents from southwestern Bulgarian towns, concerning the inclusion of areas in Natura 2000 European environment network, the list of terrains will remain unchanged, Environment and Water Affairs Minister Djevdet Chakurov said. Residents of Bansko, Razlog and Dobrinishte have been protesting against the inclusion of land in the protected network. Razlog mayor Liuben Tatarski called only read more

ROMANIANS INTERESTED IN BULGARIA'S PROPERTY MARKET 11:48 Mon 15 Jan 2007 Increasing number of Romanian investors show interest in the purchase of lodging or a plot in neighbouring Bulgaria or Hungary. The two countries were most attractive for investment foreign destinations, Romanian daily newspaper Gandul said. Bulgaria's Black Sea coastal resorts interested the majority of Romanian and British property investors, Gandul said. Investors purchase mainly villas. The price of read more		NUMBER OF RUSSIANS BUYING PROPERTY IN BULGARIA DOUBLES 10:36 Wed 10 Jan 2007 The number of Russians seeking property in Bulgaria had doubled in 2006 as compared to the figures for 2005, Address real estate agency executive director Katya Tsenova said. High Russian interest in the Bulgarian property market would continue in 2007, Tsenova said as quoted by Focus news agency. Russians were buying mainly high quality apartments in the Black Sea coastal resorts and in the centres of read more

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PROPERTY COMPANIES TO APPEAL CONSTRUCTION BAN IN BULGARIA'S IRAKLI 09:00 Wed 16 Aug 2006 Swiss Properties would appeal the decision of the Environment and Water Affairs Ministry to ban construction in Irakli coastal region for one year, company managing director Stoyan Zahariev said. The company already purchased plots and finalised a project, mediapool.bg reported. Environment and Water Affairs Minister Djevdet Chakurov approved the ban since Irakli was one of the last remaining wild beach read more		CONSTRUCTION OF FIRST MALL IN BULGARIA'S VARNA BEGINS SOON 09:03 Tue 15 Aug 2006 The construction of the first mall in the coastal city of Varna would begin next week. Mall of Varna would have trade area totaling 25 000 sq m. Both offices and stores would be offered for rent, mediapool.bg reported. Construction was expected to end in November 2007, Interservice Uzunovi managing director Krasimir Ouzounov said. The company is investor in the project. Investment in Mall of Varna read more

PROPERTY PRICES IN EASTERN EUROPE INCREASING FAST 11:31 Mon 14 Aug 2006 Property prices were registering the highest increase in East European countries, data of the British property company Knight Frank, presented in Financial Times shows. Japan continues struggling with price decrease, the report said. Property in Hong Kong was also losing value after a previous boom. Worldwide, property has become 8.5 per cent more expensive, the analysis showed. Significant price increase was read more		ILLEGAL CONSTRUCTIONS IN BULGARIA'S PAMPOROVO RESORT 09:22 Tue 08 Aug 2006 Two constructions and a facility of hotels in Pamporovo were set up without the needed construction permit, an inspection of the regional directorate for construction control shows. A team inspected all construction sites in the resort, as well as in other populated areas in the Smolyan region, mediapool.bg reported. Inspection results showed that two constructions and another facility were set up without permits. read more

ILLEGAL CONSTRUCTIONS TAKEN DOWN IN BULGARIA 14:28 Fri 04 Aug 2006 For the first six months of 2006, 195 illegal constructions in Bulgaria have been taken down, the Directorate for National Construction Control said. The directorate ordered the taking down of 605 illegal construction and the halting of construction work on 235 more. Bulgarian news agency BTA reported that the directorate performed 4722 construction inspections in the first half of 2006. The inspections read more		CONSTRUCTION BAN IMPOSED IN BULGARIA'S PROTECTED COASTAL REGIONS 09:02 Fri 04 Aug 2006 Environment and Water Affairs Minister Djevdet Chakurov would impose a ban on the construction in Bulgaria’s protected coastal areas located in the Emine-Irakli region. The ban would be in force for a period of one year. The protected areas are home of some rare wildlife species, a Council of Ministers press release said. Chakurov said that Nessebar municipality received 813 plans read more

TECHNICAL PASSPORTS REQUIRED FOR NEW PROPERTY IN BULGARIA 09:03 Thu 03 Aug 2006 Technical passports would become mandatory for all new buildings in Bulgaria, according to changes in territorial regulations voted in parliament on first reading on August 2. The documents would list characteristics of the construction like fire safety, noise isolation, energy saving and others, mediapool.bg reported. Initially the document would be required for new constructions only, Regional read more		US COMPANY TO WORK ON MALL IN BULGARIA'S BOURGAS 09:03 Fri 28 Jul 2006 US company Laguarda.Low Architects LLC would work on the plans for the building of Mall-Bourgas. Investors GIR-2 and project consultant Colliers International announced the selection on July 27. The two companies would have the final decision in the development of the mall concept, mediapool.bg reported. The US company specialised in the planning of various trade and entertainment centres. Mall-Bourgas read more

BULGARIA'S PROPERTY BECOMES 1.6 PER CENT MORE EXPENSIVE 14:25 Fri 21 Jul 2006 Property in Bulgaria became on the average 1.6 per cent more expensive from April to June 2006. The average price of sq m of property reached 819.3 leva. The increase was highest in bigger towns and cities, Bulgarian news agency BTA reported. Property in Gabrovo gained most in price, data of the National Statistical Institute shows. The increase registered there reached 15.2 per cent. Real estate in the read more		COUNCIL OF MINISTERS TO DECIDE ON CONSTRUCTION IN BULGARIA'S IRAKLI 09:00 Thu 20 Jul 2006 The Environment Ministry would present the issue of construction in wild beach areas to the Council of Ministers, Environment Minister Djevdet Chakurov said after a meeting with environmentalists. An environmental organisation demanded a ban on the construction in Irakli, one of Bulgaria’s last remaining wild beach areas, mediapool.bg reported. Presenting the issue to the Council of Ministers did not mean read more

Property Archive

SPA TOURISM POTENTIAL HIKES PROPERTY PRICES IN BULGARIAN RESORTS 09:52 Thu 08 Jun 2006 Growing interest in the construction of spa centres resulted in increased real estate prices in some popular Bulgarian spa resorts. Spa tourism remains relatively undeveloped but has considerable growth potential, 24 Chassa reported. At present the most profitable investment was buying hotel in a spa region, the newspaper said. According to imot.bg, Velingrad was the town with highest spa hotel development potential. read more		PROPERTY PRICES IN BULGARIA MAINTAIN GROWTH RATE 14:28 Thu 01 Jun 2006 Property prices in Bulgaria were so low it was impossible to make losing investment in the country's real estate sector, International Herald Tribune reported. At the same time property prices are constantly on the rise. In one year residential property prices went up 36.6 per cent, data of the National Statistical Institute shows. Prices are still much lower than the value of similar property in other Central and East read more

SOFIA PRESENTED FOR THE FIRST TIME IN PROPERTY INVESTMENT FAIR 14:25 Tue 30 May 2006 Sofia municipality will be presented as an investment destination during the first international specialised property fair Real Vienna. The fair starts on May 31. It would focus on investment opportunities in Souteast European countries and on new market tendencies, Bulgarian National Radio reported. Property seekers are interested in opportunities in Eastern European destinations like Bulgaria, Russia and read more		2004 PROPERTY PROJECTS IN BULGARIA PRODUCE REVENUE 09:02 Tue 30 May 2006 Property investment in 2004 nearly doubled its value and produced revenue for the owners. A number of real estate projects evolved and statistics show an increase in the number of deals concluded. Since the middle of 2005 the property market began to calm down, mediapool.bg reported. Analysts said property prices could start decreasing. The Sofia property market offers various buildings, some of which still under read more

OVER-POPULATED RESORTS IN BULGARIA A SETBACK FOR TOURISTS 10:17 Mon 29 May 2006 The state failed to impose efficient measures to prevent hotel construction growth in Bulgaria's seaside resorts, resulting in a decrease in prices and demand. As the state proved incapable of restricting new construction in the resorts, the private sector found another way of dealing with the problem, starting to explore tourism possibilities in areas away from the large resorts, Capital newspaper said. Hotel read more		BULGARIAN REAL ESTATE MARKET ATTRACTS FOREIGNERS WITH LOWER PRICES 13:07 Thu 25 May 2006 Property market tendencies show lower prices influence the choice of real estate buyers most, even if the quality is poor and the apartment needs urgent repair. Property agencies' statistics about foreign investment are controversial, Darik Radio reported. Predictions of a boom in the number of foreigners purchasing construction plots turned out false. Deals with foreigners were less than six per cent, Darik read more

EU CRITICISM FAILS TO AFFECT BULGARIA'S PROPERTY MARKET- REPORT 09:00 Thu 25 May 2006 Bulgaria remains real estate hotspot, despite EU criticism over reforms failure, market analysis shows. Spain and France are losing some popularity, Dnevnik newspaper reported. The majority of property seekers are now turning to Southeastern Europe. The international property market is slowing down, yet Southeastern Europe would maintain the high number of buyers, analysis shows. Infrastructure read more		PLANS FOR UNDERGROUND PARKING LOT CONSTRUCTION IN SOFIA 09:00 Tue 23 May 2006 Sofia municipality is planning to offer on concession the terrain below National Assembly Square. The terrain would be used for the construction of an underground parking lot, mediapool.bg reported. According to plan the plot would be given to a concessionaire for a 35-year period. A two-level parking lot would be constructed. Its capacity would be 203 vehicles. The potential investor would use own funds for read more

PROPERTY MARKET SURVEY RANKS MOST POPULAR REGIONS IN BULGARIA 13:42 Thu 18 May 2006 The coastal resort Sozopol is the Bulgarian region with highest demand for real estate. 24 Chassa published a survey by imot.bg ranking Bulgarian regions based on the property demand. Sozopol offers over 400 plots for hotel construction and prices vary from 20 to 150 euro a sq m. The seaside resorts of Tsarevo and Ahtopol are also among the high demand regions. Prices are a bit lower, reaching only 120 euro a sq read more		BULGARIA’S EU ACCESSION RAISES PROPERTY INVESTMENT QUESTIONS 09:00 Thu 18 May 2006 Bulgaria’s questionable EU future causes concern over the future of the country’s property market, Assetz reported. The property market experienced growth since EU membership talks began in 2000. Since then, the purchase of property in Bulgaria became increasingly popular investment opportunity. Interest toward property both in the capital of Sofia and in seaside and mountain resorts was on the rise. Bansko read more

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