Its so bad that youll probably be in line to get on a waiting list for its first night of operation. Rich Daddy Resort and Spa has entered the Bulgarian stage, designing to be the nec plus ultra of luxury living complexes on the Black Sea coast. In the style of a 19thcentury British mansion librarycomeCosta del Sol beachfront bar.
The climate for investment in the Bulgarian real estate market would remain stable and attractive over the medium term, Vesselin Krustev, the business properties manager with local consultant Orange Real Estates has told investor.bg website. Regardless of the mortgage and financial strangulation experienced by North America and Western Europe, where on average real estate property valuations have plummetted by 16 per cent, the situation in Bulgaria would remain as quot;healthy as ever quot; Krustev said.
Bulgarias dominant landline operator BTC said its Telephone Palace building in the heart of Sofia has been viewed by candidate buyers but no talks have been held and no sale decision has been taken yet.The building is the crown jewel of BTCs real estate portfolio and has been evaluated by local real estate consultancy firm Forton to be worth more than 44 million euro.
Mapa International is investing in a facility that will feature office and warehouse spaces on Evropa Boulevard across from supermarket Metro2. The mixedpurpose building will occupy about 3000 sq m out of a 0.8 ha land plot. In addition, the investor plans to construct a multifunctional centre resembling a traditional mall with a total builtup area of 10 000 sq m, Stroitelstvo gradut reported.
Real estate developer Equest Balkan Properties has recorded a loss of 9.5 million euro beforetax loss in the first half of 2008, compared to a 9.7 million profit recorded in the first six months of last eyar, on the back of rising finance costs, operating and administrative expenses, as well as falling valuations of its assets, the company said in a statement filed with the London Stock Exchange, where it is listed on the alternative investment market.
The effects of the mortgage meltdown in the US and the subsequent global financial fallout are slowly being felt in Bulgaria, with property developers putting projects worth over two billion euro put on hold.The crisis is hitting hard across the board, business climate is changing and no sector will escape unscathed, Rossen Plevneliev, manager of property developer Lindner Immobilien Management, has said. Next year will be a tough time for businesses, but 2010 may see the light at the end of the tunnel, he said.
Price Euro: €90,000
Area: 2 Floors
Plot Size: 500m2
Location: In Fishing Area, In Hunting Area, Near mountain, Near town.
This is a lovely traditional style house located in the charming area of Veliko Turnovo. The property benefits from it’s proximity to the historical town – only 9 km away from it. The house is three storey with total living area of 150 [...]
The possibility of owning a second home raises concerns for the ethical and green investor, and there are good, sound moral and business reasons for understandingthe wider social and environmental impacts of home ownership in Bulgaria.
There are three main areas of concern which crop up most frequently:
• Do foreign buyers push up prices to levels [...]
Equest Balkan Properties sold its City Center Sofia shopping centre to US real estate investment management firm Heitman for 101.5 million euro, Dow Jones news agency reported. The deal was announced on September 19 and should be wrapped up in November.Equest bought the shopping mall offplan in 2006. It paid 94 million euro to the seller, Stroitown, a company linked to Roumen Gaitanski, the former owner of Sofias refuse collection companies.
Residential property developer Bulgarian Land Development BLD said it has put up for sale its holiday projects Riverland in the western ski resort of Borovets and July Morning in Kavarna, on the northernmost Black Sea coast.The fund is pressed to sell by shareholders demanding bigger profits and better return on equity, BLD executive director Dimitar Savov said, adding that the projects have attracted prospective buyers from Russia and the Middle East.