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News - Archive
27Jul. 2008 Turkish businessman pays 11mln leva for Haskovo business centre Turkish businessman Fuat Guven will be the new owner of Business Centre 1 in Haskovo, Bulgarian news agency BTA said.
Guven was said to pay more than 11 million leva without VAT for the business centre.
The centre was sold on an auction organised by the Haskovo municipality on July 24, local newspaper Haskovo Maritza said.
Guven's company Aida Tour was the only candidate for the property, which has a built-up area of 4177 sq m and a developed built-up area of 10 915 sq m.
The Haskovo municipal council decided on June 27 that the business centre could be sold. The deal would be finalised after an order of mayor Georgi Ivanov will be issued.
24
Jul. 2008 Prices of old residential constructions in Plovdiv double The average price of lodgings in older buildings in the centre of Plovdiv has nearly doubled over the past year, investor.bg quoted Europolis real estate agency as saying.
In the end of June 2008, a sq m in the city centre cost 900 euro, while a year earlier the price was 520 euro.
According to the company, apartments in newly built buildings currently cost 770 to 1000 euro a sq m, but near-future prices of up to 1800 euro per sq m were not improbable.
The price increase for old constructions was a result of the recent development of property market, while newly constructed apartments had become more expensive because of the price increase of construction materials, the company said.
Europolis predicted a slight increase in the prices of property in new developments by the end of the year.
23
Jul. 2008 Residential property prices in Bulgaria continue to rise House prices for the second half of the year are expected to jump between eight and 15 per cent, real estate agency Foros forecast, as quoted by website investor.bg.
For the first six months of 2008, a significant increase has been registered in Rousse, by 24 per cent, which brings the Danube city closer to the price range in Sofia and Varna. In the Bulgarian capital, residential property prices have gone up by nine per cent, while housing in Bourgas has become more expensive by six per cent and by seven per cent in Varna, respectively. In Plovdiv residences are selling for 20 per cent more than the last year, whereas in Veliko Turnovo is close to posting a 13 per cent hike.
Foros also estimated in their forecasts that demand for residential property until the end of 2008 will remain steady as the most popular among buyers are gated and semi–gated residential communities. People, however, prefer to buy in the periphery of the big cities where property prices are still managed low, the agency was quoted as saying.
Two-bedroom flats hold the top of the list for most-desirable residence, but spacious three- and four-bedroom flats are becoming more appealing in recent months, according to Foros. Buying off plan is a tendency that is beginning to significantly decline, the brokers have said.
According to company’s compiled data, at the end of June, Bulgarian residential property offered a return on investment index of close to six per cent, which equals to the average rate in Europe. In Sofia the return rate also comes to six per cent as the highest nine per cent in the country are registered in Veliko Turnovo.
Foros indicated earlier that for the first six months of the year rents are also on the rise as demand is for flats in luxurious new buildings with expensive furnishing.
20
Jul. 2008 Prices of old residential constructions in Plovdiv double The average price of lodgings in older buildings in the centre of Plovdiv has nearly doubled over the past year, investor.bg quoted Europolis real estate agency as saying.
In the end of June 2008, a sq m in the city centre cost 900 euro, while a year earlier the price was 520 euro.
According to the company, apartments in newly built buildings currently cost 770 to 1000 euro a sq m, but near-future prices of up to 1800 euro per sq m were not improbable.
The price increase for old constructions was a result of the recent development of property market, while newly constructed apartments had become more expensive because of the price increase of construction materials, the company said.
Europolis predicted a slight increase in the prices of property in new developments by the end of the year.
17
Jul. 2008 Riu Hotels to run Pravets golf resort hotel International hotel chain Riu Hotels & Resorts will take over at the Pravets Golf & Spa resort in Pravets, north-western Bulgaria, Terra Tour Service, the investor in the project, said.
Riu has signed on to run a hotel with more than 200 rooms in the resort for a period of five years. The 70 million leva complex, which has an 18-hole golf course, among other facilities, has an area of 100 ha and should open for business by the autumn of 2009.
Riu, which tracks its origins to Mallorca in 1953 with a small family hotel, already operates Terra Tour hotels in sea resorts Slunchev Byrag (Sunny Beach) and Zlatni Pyasutsi (Golden Sands) and in coastal city Obzor.
16
Jul. 2008 Rents in Sofia – from steady high to high up In the six month period from the beginning of the year, rental rates for residential property have increased, website investor.bg said, quoting brokers from various agencies. The professionals, however, have not been unanimous in their prognoses of how the situation would change in the second half of the year. Some say that further increase is to be expected, others do not anticipate changes.
Representatives from real estate company Orange Estates predicted 10 to 20 per cent rent increase until the end of 2008, considering that according to the agency’s survey, for the first six months rents have gone up close to 30 per cent. The statistics show that compared to last year, rents in Sofia boroughs Lozenets, Studentski Grad (Students’ town), and Vitosha have shot up by 40 per cent, Orange Estates brokers said.
Foros, a real estate company based in Varna, but with multiple offices around the country, has presented a data summary indicating that for the first six months of the year rents have increased by 19 per cent. Potential tenants demand higher quality of the offered rental property, but regardless of whether such quality is offered, rents in Bulgaria’s bigger cities will steadily increase by 10 to 15 per cent a year. One of Sofia’s main characteristics in terms of rents is that demand in the capital is not seasonal, but rather constant, Foros agents have said.
The company indicates that for the first half of the year, small flats in Mladost, Oborishte and Dianabad have been most desirable and prices there have gone up, respectively. An average rent for a two-bedroom flat in those areas is 450 euro. In boroughs like Lyulin, Druzhba and Obelja, flats could be found from 150 euro a month to 200.
Yet flats in the Sofia’s central areas are most in demand, despite the fact that three-bedroom residences run for 700-800 euro a month, whereas for many-room flats, prices could reach up to 1200 euro monthly rent, Foros said. Similar prices are asked in the Lozenets and Iztok boroughs. Mladost is preferred by employees of Business Park Sofia seeking middle-class property for a monthly rent between 250 and 400 euro.
14
Jul. 2008 FairPlay Commercial to invest in new logistics park projects FairPlay Commercial, an office property developer that is part of FairPlay International, said it plans to build distribution warehouses and a 120 000 sq m logistics park. The location of the new property developments was not named.
The warehouses would most likely be in smaller cities with shortage of purpose-built logistics properties, FairPlay Commercial board director Mario Zahariev said.
The company developed Logistics Park Varna, where tenant demand has surpassed all expectations with full occupancy in its first two buildings. Although construction will not get underway before the fall, the sixth building has already reached 5o per cent occupancy, Zahariev said.
There is a long waiting list of prospective tenants, according to Atanas Garov from Colliers Bulgaria, which has the exclusive rights to sell rents on the logistics park. The average monthly rent rate for the warehouses is five euro a sq m, while that for the office space is 7.5 euro a sq m.
The first phase of the project delivered a built area of 24 000 sq m. The 57 million euro logistics park may be sold once it is completed if the right price is offered, Zahariev said.
11
Jul. 2008 Foreign investments reign over Bulgarian property developments Lovely stone built house located in the majestic Rhodopies 15km from the town of Momchilgrad with extremely beautiful surroundings. There are only 6 houses in the village which makes it the most peaceful place in the world. Only 1 km. away there is other village offering all kind of shops and facilities.
Asphalt road leads to the village while the last 150 m are of dirt road.
The house offers 110 sq.m. of living area. There is an additional outdoor building.
The view from the property is breathtaking.
10
Jul. 2008 Central railway station in Plovdiv to be renovated Plovdiv’s architectural studio Arkont-A won the tender called to pick a design for the renovation of the city’s central railway station, mediapool.bg reported.
The National Railway Infrastructure Company (NRIC) has said, as quoted by Dnevnik daily, that the investor selected to do the renovation will also be granted building permission for additional construction in the area as compensation.
The architectural project amounts to 150 million euro and envisions building two glass domes with a diameter of 25m, the construction of retail and residential complex as well as complicated infrastructure of underground tunnels connecting Plovdiv’s centre with the southern part of the city.
The new buildings will be owned by the investor, NRIC has said, as quoted by Dnevnik daily.
Further negotiations with the defense and finance ministries regarding the land plots selected for the new construction are expected to take place within the upcoming six months. The reason is that, currently, the offices of the National Revenue Agency are located on the land plot.
At the same time, according to mediapool.bg, Sofia’s central railway station will also undergo renovation, which as of now is estimated at 35 million leva. The project features the construction of a multi-functional building with office and retail spaces as well as a parking lot.
Interest in the Sofia project so far has been expressed from Spanish investor Riofisa, which already has a project in the vicinity of the rail station, in addition to Italian and Austrian developers.
08
Jul. 2008 Carrefour to build mall in Stara Zagora Carrefour, the French hypermarket chain, announced plans to build a retail-entertainment complex in Stara Zagora, weekly Stroitelstvo Gradut said. The total investment will amount to 10 million euro as the property itself will be situated on a land plot of 20 900 sq m. The project features a mall, whose retail space will be 14 575 sq m, as well as hypermarket on a further 6324 sq m.
Architect Ilian Iliev of Planning Ltd. has been picked todesign the mall, with Carrefour currently still looking to select a construction company to build it. With the opening of the complex, Carrefour has promised to offer 400 new job positions when the project is completed by 2010 as planned.
The international hypermarket chain has a global network of stores and it is considered to be the second largest retail group after the American corporation Wal-Mart, in terms of revenue. Carrefour operates in Europe, South America, North Africa and Asia.
In the next five to seven years, the retail giant is planning to open at least 20 hypermarkets in Bulgaria.
As previously reported by The Sofia Echo, in March Carrefour sold its largest development in the country to date, constructed on Sofia’s Tsarigradsko Chausse bouldevard for close to 200 million euro. The new buyer, Greek fund Assos Capital, is entitled to complete the adjoining commercial centre, but Carrefour retains ownership of the 14 600 sq m hypermarket, located in the mall.