Tuesday, April 25, 2006 

Most Expensive Property of Bulgaria's Capital Located in Ivan Vazov District

Sofia's Ivan Vazov district leads in property prices, according to data of imoti.net. Apartment prices in Ivan Vazov exceed 1000 euro a sq m, leaving behind former leaders like Iztok district and the central parts of the capital.

Real estate agents said several factors produced the development. Ivan Vazov is located in near Sofia's centre. The district has good infrastructure, including medical and education centres. The location of the Southern Park nearby further increases the appeal of the neighbourhood, Darik radio reported.

Sofia property agencies offer nearly 180 apartments in Ivan Vazov. The average price slightly exceeds 1080 a sq m. Most property offered includes luxurious two and three-bedroom apartments.

The biggest apartment covers 230 sq m and costs 185 000 euro.

Lozenets, previously seen as the district with most expensive property in the capital, now ranks second. The average price of property there is 1059 euro a sq m, the imoti.net information shows.

The excessive construction in Lozenets produces various problems for property owners in the neighbourhood. Among these is the lack of parking spaces, difficult transportation and proximity of buildings.

Despite the negative developments property prices in Lozenets remain high. At the moment imoti.net offers more than 1500 apartments in the suburb.

Source: Sofia Echo

Tuesday, April 18, 2006 

Chinese Investors Eye Bulgaria's Real Estate Market

Nineteen Chinese companies, with diverse portfolios ranging from production of pharmaceuticals, porcelain, leisurewear and sportswear to high technologies, will study opportunities for cooperation and business partners in Bulgaria.

They will join the Bulgarian-Chinese business forum, which opens on April 18, organized by the Executive Agency for Promotion of SMEs.

Poly Technologies, Inc and Jingdezhen Globe China Group Co., Ltd. have declared interest in making investments in Bulgaria's tourism and real estate.

Huawei Technologies, a leading player in the global telecom market, whose portfolio comprises wireless products and network products, will look for partnership with all main operators in all kinds of their products fields, especially in UMTS.

Jiangxi Huachang Infrastructure Engineering Ltd., which deals with foundation and infrastructure engineering construction, road and bridge construction, will eye infrastructure projects.

Source: Sofia Echo

Saturday, April 08, 2006 

Bulgarian Apartment in Sunny Beach up for Grabs at £3.50!

Chioma Duru-Sachs & her husband Per of Cranbrook Park, Wood Green London have put their brand new one-bedroom holiday flat on the Black Sea up for sale in a raffle draw at the price of £3.50 for anyone who guesses the correct value of her property.

They have set this raffle draw up, in a last ditch effort in trying to sell their apartment in order to carry out an attic conversion and other repairs in their London home .

Their Bulgarian flat is the fourth overlooking the sea in Bulgaria's biggest resort of Sunny Beach, near the historic town of Nessebar.

According to Mrs Duru Sachs, "It's got a beautiful beach and it's a lovely part of the world,"

"You might win a holiday home in Bulgaria and it will be free and clear and the odds of winning are much better than the lottery."

When asked how the winner from multiple successful entrants in a tie-breaker will be selected, she said they would have to convince them as to why they would like to have the property. For more details and to enter the competition, visit their website www.winaholidayflat.com which runs until June 8 2006.

Friday, April 07, 2006 

Property Prices in Bulgaria Rise Significantly

The Bulgarian property market has returned to tendencies from two to three years ago, when increasing numbers of people bought terrains few kilometres off big seaside cities.

In 2004 this tendency led to property price inflation. Many people back then purchased large properties for personal needs at cheaper prices. Land has now become more expensive and owners started re-selling, tempted by the prospects of easy money, 24 Chassa reported.

Purchasers usually build small housing complexes and then sell to people wanting to live away from the densely-populated city centre. Brokers say one risk is that few people are ready to buy expensive newly-built houses such a distance away from the seashore.

People started searching for houses in remote villages with good infrastructure and good accessibility to large cities. The tendency is expected to grow, the most wanted estates being those in villages no more than 15km away from Bourgas and Varna.

Houses in the areas mentioned cost nearly 30 000 euro. Few years ago the same houses would have cost no more than 5 000 to 6 000 leva, but now that the main buyers are foreigners, prices rose significantly.

Foreigners usually buy the house and after some re-construction re-sell it at a price between 50 and100 per cent higher than the original one. Groups of British arrive with charter flights just to inspect such properties, according to 24 Chassa information.

Source: Sofia Echo

Wednesday, April 05, 2006 

Interest in Bulgaria's Office Property on the Rise

International and Bulgarian companies alike are increasingly interested in the purchase of quality office property in Sofia.

The tendency for companies to get office spaces in apartment buildings is becoming less valid. Though the price of property in office buildings tends to be higher, these guarantee various benefits apartment buildings cannot provide, Dnevnik newspaper reported.

Quality office areas in the central part of Sofia are getting fewer. This lower supply produces some new developments. An increasing number of companies look for office spaces alongside major boulevards in other parts of the capital to ensure easy travel and communication.

Some of the more important projects in the sector at the moment include Europark, an office building of the A-type. Most of the property in the building has already been offered for rent.

Additional major projects include the Porsche Centre and Technopark Sofia, located close to the Sofia Airport. The second project envisions the construction of four buildings, with the first one completed in one month.

Two new buildings are currently constructed and will be completed in the autumn of 2006. They belong to Business Park Sofia, the biggest such project on the territory of the capital. Business Park Sofia consists of 19 buildings and additional 11 constructions that are underway.

Source: Sofia Echo

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