Sat, Feb 11 2012
Bourgas city hall plans to build three new residential areas in the suburbs, it emerged after mayor Dimitur Nikolov and his deputy in charge of construction, Kostadin Markov, met Bulgaria Building and Construction Chamber's members and members of the Chamber of Engineers in Investment Projects, Dnevnik daily reported on February 28.
Kiosheto neighbourhood, the area between Srafovo and Bourgas and Kraimorie neighbourhood will be developed as residential districts. The buildings planned for construction are two- and three-storeys, but also skyscrapers.
The required infrastructure for the future residential boroughs will be built up with a concession contract or public-private partnership. The city hall plans to call the tenders in March. Bourgas mayor and the Construction Chamber chair Dimitur Yanakiev also signed a co-operation memorandum.
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.