Fri, Feb 10 2012
On March 19 and 20 the Supreme Court of Administration will examine the litigations of Tsarevo municipality and Crash 2000 company concerning a construction ban in Strandzha preserve.
The ban was introduced in 1995, as Strandzha was considered protected area. In case the ban is lifted, construction in the natural area will become possible and the preserve will cease to exist.
In November 2006, Tsarevo municipality decided to address the ban in court, Darik Radio reported.
If court decides to favour the litigations, the decision could either be appealed or Environment and Water Affairs Minister Djevdet Chakurov could issue a new document to confirm the preserve status of the Strandzha area.
The ban hinders the work of Crash 2000. Its complex Golden Pearl could end up demolished if the ban remains in force. Some investors have already bought apartments in the complex.
Removing the ban will take Strandzha out of Bulgaria's protected areas list and will legalise construction.
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.