Kozloduy Nuclear Power Plant To Build Villa Community 11/04/2008
Kozloduy nuclear power plant will build a villa community in the Black Sea village of Kranevo, Dnevnik daily reported on April 9. The company already called a public procurement to design and build the community. The new development, to be built next to an existing vacation complex owned by the nuclear power plant, will be carried out in three phases. Eligible candidates can be both Bulgarian and foreign companies, which are members of Bulgaria's engineers and architects chamber. The companies must prove that they are financially sound and have the necessary staff to perform the tender, Dnevnik said. The participation guarantee is 20 000 leva or five per cent of the project's value. The deadline to submit bids is May 7, with offers to be opened on May 9. The villa community... more

Rental Prices Up 46 In Q1 2008 Industry Watch 21/03/2008
The rental prices of a regular two-room apartment in Sofia rose by an average of four per cent in the first quarter of 2008, while three-room flats in prime locations posted a 6.7 per cent mark-up in the same period, according to a recent report of the local think-tank Industry Watch. Despite the recorded growth in residential rents, their rise still lags behind the growth in sale prices and the flat’s repayment period (sale price/rent price ratio) has been extended from 188 to 234 months on average, according to the survey. Industry Watch analysts have observed a certain decline in the interest in residential and holiday real estate. Business space – offices and warehouses, on the other hand, are gaining ground. more

The Upside Of A Crisis 21/04/2008
Banks in Bulgaria are starting to reap the benefits from the global financial turmoil. Within a risk-averse environment, they are increasingly looking as the lesser evil to investors on the lookout for financing. Bank loans – a first for REITs In a latest swing of developments, a score of real estate investment trusts (REITs) announced that this year they would be turning to banks when seeking funds to finance their projects. Previously, the investment source for REITs was always the capital market, analysts noted. Prime Property BG, a company investing in residential and office developments in Sofia and countrywide, will avoid the bourse for the first time ever and finance 70 per cent of its 64 million leva project with a loan from a local lender, the company’s chief executive... more

Fairplay Properties Reit Distributes 8m Leva As Dividend 28/03/2008
At their annual meeting on 25 March, the shareholders of FairPlay Properties Real Estate Investment Trust (REIT) decided to distribute eight million leva of the company’s profit for 2007 as dividend, the company said in a statement. The general meeting also elected a new board of directors with members Manyu Moravenov, Ivailo Panov and Svetoslav Soltariev. The REIT has invested 96 million leva (excluding value-added tax) by December 31 2007 and has concluded sales contracts to the value of 34.5 million leva in 2007, according to the company’s annual report. The fund reported a profit of 11.13 million leva in 2007 and its sales revenues stood at 43.3 million leva (VAT excluded). FairPlay Properties’ executives forecast that the company’s revenue in 2008 will total 42.46 million leva,... more

Rapacious Investors Grab Bulgarias Dams 12/03/2008
Almost all the dams in Bulgaria became target for rapacious investors over the past years. In most cases, the banks of dam lakes are being built up without zoning plans, Pari daily reported. Not a single construction project in the vicinity of Bulgarian dams has a water purification system. Bulgarian legislation bans construction near dams. Kamchia and Yasna Polyana are among the dams affected by over-construction. These are the main water suppliers for a large area of the Black Sea region. Dospat dam has proven to be exceptionally attractive to investors. Plots in the area have been purchased and turned into holiday villages. According to predictions, the number of beds in the region will soon reach 5000. The situation is similar in Tsigov Chark. Most of region... more