Small Talk: No Sign Of Property Blues In Booming Bulgaria 09/07/2008
Everybody knows that property prices in the UK are heading south and that the spectre of negative equity is once again raising its head. Not so in Bulgaria, apparently. Last week, Bulgarian Property Developments was shouting from the Sredna Gora mountain tops after it managed to sell its logistics park in the Black Sea town of Varna for €15m (£11.9m), the valuation given to it by Colliers last Dec-ember. That is important, says its chief executive, Ivo Hesmondhalgh, not only because it helps bump up the group's cash position, but also because it goes some way to proving to investors that the group's net asset value is sound. Mr Hesmondhalgh was so chuffed, in fact, that he has decided to buy more shares in the group, a lucrative move since last Tuesday when BPD announced a 19p... more

Construction Of Bulgarias First Skyscraper To Start By Beginning Of 2007 14/03/2008
The building of the first skyscraper in Bulgaria will start by the end of the year. The office building will be constructed near Kempinski Hotel Zografski, 24 Chassa newspaper reported. In this way the 35-floor skyscraper will appear in one of the capital's highest areas. The estimated investment needed for the execution of the project totals 45 million euro. Roumen Markov from Joint Building Investment, the company in charge of the construction, said that he was already negotiating with future partners and potential investors. The construction work would start by the end of the year, at first financed through bank loans, Markov said. According to the project, the building area will cover over 32 000 sq m. Architects have planned the construction of a helicopter landing... more

The Directorate For National Construction Supervision Examined 9 919 Sites In 2007 14/03/2008
The Directorate for National Construction Supervision (DNCS) checked 9 919 building sites in 2007, examining the legitimacy of ongoing works, the availability of building permits as well as construction and habitation certificates, according to the DNCS’s annual report, cited by investor.bg. The Directorate issued a total of 2 472 acts, certifying contraventions of the Spatial Development Act. Subsequent legal proceedings have already been launched, the report said. The total number of complaints and alerts, submitted to DNCS last year, totalled 75 052, 18 083 of which were submitted with the central department and 56 969 with the regional arms. The report says that 114 administrative legal proceedings against 76 chief architects and other municipal authorities have started - in... more

Bulgarian Land Development Buys 1.7m Euro Plot Near Sofia 14/03/2008
London-listed Bulgarian Land Development (BLD) fund acquired a 38 146 sq m plot near Sofia for 1.7 million euro, company officials said, as reported by investor.bg. BLD’s representatives refused to provide details on the exact location. The company plans to buy several neighbouring plots in the area, looking to expand its holdings to 60 000 sq m, which would then be used to develop a residential complex. BLD executives think that the region is very promising and would attract many Sofia residents, particularly with view to the general trend of relocation from the centre to the suburban areas, which offer better opportunities for improving living standard. BLD will use its own resources for financing the transactions. The purchase is in line with the fund’s strategy of portfolio... more

Sofia in a Hurry To Sell Enticing Property Unit 14/03/2008
Sofia factory Tramcar, specialised in tram repairs and manufacture of trolleys, has long been siphoned off, but could see its financial trouble compound further by relocation plans, Sega daily reported. Municipal councillors from different parties have insisted on moving the factory to another location with view to sell the enticing 44 000 sq m plot it currently occupies on the Tsar Boris III boulevard, one of Sofia's biggest thoroughfares. more