Fri, Feb 10 2012
The coastal city of Bourgas will refrain from issuing construction permits until the end of summer season 2007.
Bourgas mayor Yoan Kostadinov already issued an order that will be effective from June 4 to September 10.
The ban will affect the beach area and the central parts of Bourgas, investor.bg reported.
Emergency construction works and underground infrastructure projects will be carried out. Projects that already received construction permit will also be unaffected by the ban.
Municipal administration and police will monitor the manner in which the ban is implemented, Bourgas officials said.
The coastal city of Varna previously announced the introduction of a construction ban that will affect work in the resorts located within the Varna municipality. The ban will be effective starting May 1.
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.