Fri, Feb 10 2012
A construction ban will be imposed in the coastal town of Sozopol and will be valid from May 15 to September 30.
The ban was enforced in connection to summer season 2007 and tourist visits to the coastal area.
Investors have to stop work on all projects in Sozopol and the nearby resorts.
Construction companies also have to clean the sidewalks and the surrounding areas from building materials and renew any green areas that might have been damaged.
Checkpoints will prevent heavy machinery from entering the resorts during the summer season.
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.