Sunday, November 26, 2006 

Bulgaria and Romania to Mark Highest European Growth Retail Property Report

Bulgaria and Romania would register the highest growth in newly build retail property by the end of 2007, a real estate company Cushman & Wakefield report said.

The retail property growth would reach 150 per cent by 2007, the report said as quoted by the Romanian English language daily Nine O'clock.

Trade centres covering a total area of 98 000 sq m will be built in Bulgaria by the end of 2007.

Once Romania enters the European Union, it will become the second biggest retail property market in Central and Eastern Europe after Poland. Romania plans to construct trade centres of total area of 560 000 sq m.

The countries from Central and Eastern Europe would register the highest growth in retail property supply, the report said

Source: Sofia Echo

Monday, November 13, 2006 

500 000 sqm Office Property for Sale in Bulgaria

Nearly 500 000 sq m of office property will be offered for sale on the Bulgarian property market in the coming year or two.

This is the total area of the projects that were being launched, Forton International (FI) consulting company data quoted by 24 Chassa daily showed.

FI said that tenants had already applied for 120 000 sq m of office areas. It did not mean though that supply would exceed the demand, because the applications were made before the office projects were finished.

Often significant shortage of office property was registered, the FI said. New companies appeared on the market, others were enlarging their business and needed more space. The supply so far had been limited, FI said.

Companies planning business enlargement were mostly looking for office property. Some of them had long-term plans and were seeking new offices to rent after three or four years.

Thus 90 to 95 per cent of the office buildings were rented before even the constructions were finished.

Bulgaria's office property market would suffer a deficit in 2007 and some of the companies would postpone their entry to the Bulgarian market, FI said.

Office property market saturation could be expected in 2008. The supply would exceed the demand, causing a five to 15 per cent rent decrease.

Source: Sofia Echo

Saturday, November 04, 2006 

Foreigners to be able to buy and inherit proprety in Bulgaria

The Cabinet decided on November 2 that foreigners in Bulgaria will be able to buy and inherit property in the country.

On November 2 the Cabinet approved changes to ownership laws, Focus news agency reported.

The decision makes Bulgaria's Constitution and the ownership regulations listed there compatible with European norms on the free movement of capital.

Foreigners would be able to acquire Bulgarian agriculture and forest plots starting January 1 2007.

Changes to the Constitution would result in changes in four other regulations. These focus on protected territories, ownership and use of agriculture plots, forestry regulations and regulations for restoring ownership over agriculture and forest plots.

Source: Sofia Echo

Also read:

Bulgaria set to allow foreigners to buy land [makfax]

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