Tue, Feb 07 2012
Processed real estate deals have decreased by 42 per cent in Bulgaria and 58 per cent in Sofia for the first six months of 2009, as opposed to the corresponding period in 2008, according to a research conducted by Raiffeisen Imoti
A combination of bad circumstances, poor management and rampant corruption, particularly from the British-based and British-run company, Bulgarian Development UK, is to blame.
Bansko relaunches itself as a summer destination in bid to win more tourists
Parcels are used either for development or long term investments. In the first instance, the active party are supposed to be the construction companies, but given current market conditions, they are in a bad state. The latter case – long term investment – simply no longer exists.
The western part of Varna, which has been transformed over the past few years into a modern industrial and business centre, will see the inauguration of yet another large office and retail complex by December 2009.
The Bulgarian real estate market has hit rock bottom and will not recover any time soon, said Yavlena agency manager Strahil Ivanov.
After its successful acquisition of City Center Sofia in 2008, Heitman is considering stronger encroachment on the Bulgarian market.
Chic real estate complex with offices under construction in Geo Milev, to be completed by the end of 2009.
Modest increase pales in comparison with figures from the previous year, when prices surged 11.7 per cent
Real estate agencies, one of the fastest growing industries in recent years, finally feel the pinch of the credit crunch
Every fifth apartment in Bulgaria is up for sale, statistics show. Meanwhile, investors of uncompleted projects are giving customers their money back.
Hundreds of millions of leva are the estimated losses incurred by the municipality due to alleged unscrupulous business deals perpetrated by Sofiiski Imoti.
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.
This is Cleves’ sixth acquisition, bringing its portfolio in Sofia to 115 rental apartments. The company already operates 94 rental apartments in the city.
This comment has been removed by the moderator because it contained foul, abusive or discriminating language
de jar vu [ think i spelt it wrong] its spain all over again,so will the inland properties now start to sell.. a bg builder has now offered to build for 370lev psm just to keep his men working.
This report is pretty much what my real estate company is experiencing.I believe the biggest falls will be with apartments as there is a severe over supply in virtually all regions. If you have the money this summer may be the time to pick up some real bargains.