Sat, Jul 04 2009
Varna-based Foros real estate company, with about 15 years of experience on Bulgarian property market, announced the start of its franchise project at a news conference held on April 3.
Established in 1993, Foros agency is currently one of the largest players in the sector, with 13 offices countrywide: in Sofia, Plovdiv, Varna, Bourgas, Rousse, Veliko Turnovo, Dobrich, Balchik, Bansko and Slunchev Bryag (Sunny Beach).
The franchise concept was elaborated in partnership with Lloyd Tarbutton, chairman of the International Franchise Association since 2003, Foros manager Dobromir Ganev told journalists.
After the initial real estate upsurge, experienced in the last four-five years on Bulgaria's infant property segment, the market has shifted to maturity, growing more structured and differentiated, Ganev said.
The project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise.
The strategic plan envisages the conservation of the nature "for decades ahead", and it was formulated by a municipal team headed by professor Ivan Nikiforov, backed by Prime Minister Sergei Stanishev.
Once the overhaul and reconstruction of the Sofia–Vidin line is complete, it will cut travel time to three hours, as the train will be able to reach speeds of up to 160 km/h, shortening the journey to three hours.
Marriott however has made it clear that is not interested in investing in construction, but rather to occupy and manage existing buildings. Its strategy is to obtain management contracts.
Investors realise that it’s not viable to have a building remaining empty over the course of a year – so it's better for them to employ more flexibility to offset that loss.