High House Prices Drive Ftbs Overseas 27/03/2008
High house prices and economic problems in the UK are leading to many first-time buyers (FTBs) looking abroad, a study has found. Fair Investment Company revealed that nearly one in ten FTBs have already bought their first property overseas, while 44 per cent of thinking of doing so. The firm highlighted a number of reasons for people choosing to look away from home, such as the impact of the credit crunch on the British housing market. However, issues including the availability of property in the UK and the effect this has had on prices were flagged up as other factors behind this trend. James Caldwell, director of Fair Investment Company, commented: "Overseas they can sometimes find cheaper property prices and a lower cost of living." He added that this could make a first home... more

Sparkassen Plans 300m Euro In New Investments In Bulgaria 13/06/2008
Sparkassen Immobilien, the real estate arm of Austria’s Erste Bank, plans to invest up to 300 million euro in Bulgaria over the next two to three years, Friedrich Wahernig, member of Sparkassen Immobilien board of directors said on June 11. Its focus in the medium-term would be office and retail space. Additionally, Sparkassen Immobilien has remained keen on financing real estate projects in the region, Wahernig said. The company plans to divest of real estate investments in Western Europe and invest in Eastern Europe, Bulgaria included. The company has remained the leader on Bulgaria’s real estate leasing market with a market share of 36 per cent as of end-2007, Immorent Bulgaria, which represents Sparkassen Immobilien in Bulgaria, said in a June 10 statement. In 2007, the company... more

Three New Residential Districts To Be Developed In Bourgas 10/03/2008
Bourgas city hall plans to build three new residential areas in the suburbs, it emerged after mayor Dimitur Nikolov and his deputy in charge of construction, Kostadin Markov, met Bulgaria Building and Construction Chamber's members and members of the Chamber of Engineers in Investment Projects, Dnevnik daily reported on February 28. Kiosheto neighbourhood, the area between Srafovo and Bourgas and Kraimorie neighbourhood will be developed as residential districts. The buildings planned for construction are two- and three-storeys, but also skyscrapers. The required infrastructure for the future residential boroughs will be built up with a concession contract or public-private partnership. The city hall plans to call the tenders in March. Bourgas mayor and the Construction... more

Chedi Luxury Hotel Brand Coming To Bulgarian Golf Resort 17/07/2008
GHM, the owner and manager of a hotel portfolio of highly regarded properties such as The Datai and The Setai, said it would open a hotel in Bulgaira under its upscale brand Chedi. The local Chedi hotel will be part of the Thracian Cliffs golf resort near Kavarna on the Black Sea, resort manager Josef Halbherr said.In addition to the 60-suite boutique hotel, the Chedi complex in the resort will also feature 30 villas and nine apartment blocks. The GHM-managed complex should be completed in two years.The 150 ha Thracian Cliffs Golf&Spa resort will be built in three phases. The first, currently underway, will deliver a golf course with 18 holes, nine of which will be playable by mid-2009, hotel, villas, yacht marina complex with resort apartments and inland apartment buildings.Another... more

Property Prices In Bulgaria Rise Significantly 07/03/2008
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... more