Mon, May 20 2013
Photo: Maria Subotinova
The year 2010 ended with 265 500 sq m of new office completed, bringing the total office area in Sofia to 1.378 million sq m. The stock delivered to the market led to an increase in unoccupied space, which accounted for 24.3 per cent of the total inventory, equalling 335 000 sq m.
Most of the new buildings were in the Black Sea areas of Varna and Bourgas, with 112 new buildings with 831 flats and 95 buildings with 888 units, respectively.
I do sympathise with all the Brits that have lost on their investments in Bulgaria, but here I would like to add that a lot of Bulgarians also have been hit by hefty losses.
Prices in the city have not changed since the summer of 2009, and banks are now offering mortgage loans at lower interest rates, which have proved to be very popular.
The slight revival on Bulgaria's real estate market has provided for the recovery in mortgage lending, banks active mainly in the property loan segment told Dnevnik.
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.