Fri, Feb 10 2012
Bulgarian government will impose a construction ban in all Black Sea coastal resorts during the summer season.
The draft law for Bulgarian Black Sea coastal development was approved on second reading on April 19.
The ban will include all resorts and vacation villages and will be valid in the period from May 15 to October 1.
Urgent repair works in the resorts will be the only exceptions allowed.
Construction of new vacation villages and the expansion of existing ones will be allowed if these have construction density of 30 per cent, construction intensity of 1.2 per cent and the average height of the building is up to 10m.
Requirements for villa areas are for a 40 per cent construction density and intensity of up to 0.8 per cent with construction height up to seven m.
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.