Sat, May 25 2013
Photo: Maria Subotinova
The number of vacant offices in Sofia is increasing, reports say, the latest in a series of indications that Bulgaria’s real estate market is slumping.
Water sewerage network installation in Varna boroughs and main street overhaul in Varna town centre area could be thwarted due to 'lack of state support'.
The business climate in Bulgaria deteriorated in July 2009, the third successive month of decline, with industry and the retail trade dragging it down, according to new figures from the National Statistical Institute.
Preliminary sales contracts for the first six month in 2009 account for more than 13.8 million leva, of which 10.6 million leva were received from April until June. In June alone, processed contracts account for nearly six million leva in revenue.
Colliers Intenational expects that prices Bulgaria will stabilise in late 2009 or by the latest, the first quarter of 2010, in large part because construction levels have dropped significantly in Bulgaria.
Worst is over for Bulgaria's property market after three years of decline, reports by Yavlena and Bulgarian Properties real estate firms claim.
Draft law envisages professional association for real estate agents and a public register of real estate companies to bring order to the business and get rid of rogues and rip-off artists.
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
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.