Sunday, February 25, 2007 

Office Property Market in Bulgaria to Continue Growing - Report

Though it was unpopular until 2003, the Bulgarian office property market is growing and is expected to evolve further, Landmark Property management board chairman Richard Macdonald said.

Macdonald took part in the first ever property international press tour in Bulgaria. Sofia Echo Media and Central European Property Investment Forum (CEPIF) feature among the organisers of the event.

Sofia already boasts various office property projects and a number of others are in the process of being completed, Macdonald said.

Some of the major office property projects in Sofia include Lozenets Expo, Business Pak Sofia, Business Park West and the developments alongside Bulgaria and Tsarigradsko Shousse boulevards, Macdonald said.

Vacancy rates have fallen dramatically, he said, though no one expected several years ago that the office property market will see such development.

One noticeable office property market trend is that local investors tend to buy, while foreigners rent, Macdonald said. At the moment demand exceeds supply.

Another fact is that the quality of office property projects is constantly improving and will continue becoming better.

Macdonald said that in Landmark’s estimates in the near future rent per sq m will reach up to 17 or 18 euro and yield compression will vary between 6.5 and seven per cent.

Source: Sofia Echo

Friday, February 23, 2007 

Russian Property Investor enters Bulgaria's Property Market

Russian group of companies MIAN announced that it will construct an office centre in Sofia.

Sergei Ozerov, general manager of MIAN said that the group had paid 10 million euro for a plot of 5000 sq m in Sofia.

MIAN planed to construct an office complex of 24 000 sq m build-up area which should be opened in 2008, Bulgarian news agency BTA quoted Russian media as saying.

The company is in a process of selecting partners and mediators fro the project in Sofia.

Ozerov said that the high profitability of the Bulgarian commercial property sector provoked MIAN’s interest in the country.

The group planed to continue investing in office property in Bulgaria and to enter the residential property market, Ozerov said.

MIAN is a group of companies working in all sectors of the property market in the city of Moscow and in the Moscow region.

The group offers all types of construction and intermediary services, including consultation and investment in residential and commercial property. The company manages assets totaling more than $880 million.

Source: Sofia Echo

Friday, February 09, 2007 

Bansko-Good Snow, Nice People and Cheap Beer

The Bulgarian ski resort Bansko is one of Europe's fastest growing winter resorts in Eastern Europe, according to the BBC.

There are 65km of a brand new lift system at hand and a boom of accommodation surrounding. With more lifts coming, a new motorway to the airport and a golf complex next door, this place has become a property boom town.

It's only just been discovered by holiday home investors in the last couple of years, considers the British journalists Dominic Littlewood after his trip in search of foreign hotspots for properties.

Since the past 2-3 years, there is massive increase in the value of property and Bansko wins the reputation of a winter resort with good skiing, good snow, nice people, and cheap beer.


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