Fri, Feb 10 2012
Logistics Park Varna got a first class investor certificate on April 25.
The centre is being set up in the industrial zone of the coastal city of Varna. Upon completion it will have built up area of over 80 000 sq m. The centre will have storage areas, office space and retail centres meeting international requirements.
FairPlay International and Bulgarian Property Developments feature among the project investors.
Construction works started a month ago, mediapool.bg reported. The project will be carried out in three phases.
According to plans, the first phase should end by March 2008.
First class investor certificates guarantee companies state aid for infrastructure developments related to the project.
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.