Immoeast has opted to proceed cautiously in the currently ambiguous market situation, Immoeast officials told Reuters.

Immoeast, a subsidiary of the Austrian-based property group Immofinanz, reported that the company’s earnings before interest and tax fell to 123.6 million euro in the nine months to the end of December 2007, although earnings before tax for the same period rose by nine per cent to 221.9 million euro, Reuters reported.

Immoeast, which has its core property markets in Hungary, Poland, Romania, Bulgaria and the Czech Republic, said its markets continued to command rising rent levels and sliding vacancy rates. Development activity was beginning to cool off, however, as project financing has become more difficult. This, in turn, was likely to reduce the supply of new buildings, Reuters wrote.

For the full story, please visit propertywisebulgaria.com