Arco Invest Seals 8.1m Euro Deal For Apartments In Madrid Project 14/03/2008
Arco Invest Ltd, a subsidiary of Tallinn Stock Exchange-listed Arco Vara group, has closed a deal worth 8.1 million euro with Cleves Ltd for the sale of 45 unfinished apartments and 60 parking spaces in its Madrid project, the company said on its website on March 10. Arco will receive a 30 per cent down payment within 10 days and the remaining 70 per cent are due on receiving the habitation certificate. The buyer, English company Cleves Ltd, deals in luxury rentals and has announced plans to acquire a portfolio of about 200 high-profile apartments in prime locations in Sofia, earmarking 40 million euro to that end. The company has so far invested 33 million euro in more than 150 residential units, including in the Embassy Suites on Bulgaria boulevard, as well as the Este Home and... more

New Zoning Plan To Fight Construction Chaos In Bulgarias Varna 11/03/2008
Serious traffic problems in the coastal city of Varna mean that a new zoning plan for the city is urgently needed, municipal council head Borislav Gutsanov said. The plan will be completed and approved within a year.   According to Gutsanov, the plan will set out what type of buildings may be constructed in the various zones of the city, so ending “construction chaos”. The new zoning plan will include the re-arrangement of several parks and gardens, playgrounds and sports facilities to improve the city’s image. A new administrative centre should be established and a new bridge should be built across Varna Lake, Gutsanov said. The new bridge will become part of a ring road cutting traffic in the centre of Varna. more

Property Agencies In Bulgaria Expect Price Decrease 07/03/2008
Real estate agents in Bulgaria expect a price decrease once mortgage apartments are offered for sale. Prices might decrease by as much as 20 per cent, Darik Radio reported. National Real Property Association (NRPA) head Orlin Vladikov said the highest number of apartments in 2005 was sold in Sofia. A mortgage loan was used in 32 per cent of all purchases, Vladikov said. By the end of this year or in the beginning of 2007 a secondary property market will emerge in Bulgaria. Returning a mortgage loan usually becomes problematic after the third year of the agreement, said Vladikov. Vladikov said an increase was registered in the price of agriculture plots. Most of the deals in this sector were concluded without a change in the original function of the terrain. The status of... more

Large Retail Streets In Europe Untouched By Global Credit Crunch 14/03/2008
The segment of high retail streets in Europe does not seem to be affected by the global credit squeeze, Boris van Haare Heijmeijer, Cushman & Wakefield's head of shopping centres in Europe, said at the 2008’s edition of the international property exhibition MIPIM, held in Cannes, as reported by investor.bg. High-profile commercial streets have maintained the costly rental levels, he added. The number of the interested investors has slid and yet, they still face a fierce competition. Unlike the office segment, the main retail streets were less impacted by the credit crunch due to the shortage of high-quality products in this segment, Heijmeijer said. Developed European markets still command the best prices, according to Cushman &Wakefield. “Currently, we are negotiating the... more

Benchmark Fund Imoti Reit Secures 26.5m Euro In Bank Loans - Sophia Echo 14/07/2008
Bulgarian real estate investment trust (REIT) BenchMark Fund Imoti has agreed credit lines worth a total 26.5 million euro with the National Bank of Greece and United Bulgarian Bank, part of the NBG Group. The loans should be used within the next two years. The 25 million euro loan from NBG has an eight-year maturity, while the 1.5 million euro loan from UBB matures in 2011. The loans were secured with real estate mortgages and a special pledge on company assets. The REIT said it would use the borrowed funds to finance four investment projects - two office buildings in Sofia, vacation and residential developments in the ski resort of Borovets and a sports facility in Kyustendil. Three of the projects have a combined price tag of 40 mln euro, which means that the remainder will come... more