Fri, Feb 10 2012
On March 15 the construction of a new residential complex will be launched in Bulgaria's capital of Sofia.
Residential Park will be built on 235 000 sq m and upon completion will feature more than 900 residential units, Bulgarian news agency BTA reported.
Sofia mayor Boiko Borissov will attend the March 15 ceremony together with Bavarian minister of economics, transportation and technology Erwin Huber. German Lindner Holding is investor in the project.
The complex will be of closed type and will be located in the southern part of Sofia, in proximity to Vitosha Mountain.
Residential Park is part of the Sofia Park project.
Houses part of Residential Park can accommodate 2000 to 3000 residents. The complex will also have parks, gardens and sports facilities. Other planned facilities include a service centre featuring conference hall, kindergarten, swimming pools, retail area, kindergarten, pharmacy and a supermarket.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.