Sofia Mall Market To Reach Saturation Soon 27/06/2008
In 2008, entrepreneurs still find commercial and business centres the most appealing projects for investment. But there is a possibility this tendency to change after 2010, when all planned construction is completed, the market in Sofia might become saturated, consultants Arco Real Estate said in a statement. In addition to the four shopping malls, there are a further 18 projects announced. For some of them, the foundations had been already laid, including Bulgaria Mall on Bulgaria boulevard, the CIVIS Centre near Sofia's Central railway station and Olympian mall and tower on Slivnitsa boulevard, among others. The ones still in development include Forum Sofia, which will be located across from Business Park Sofia; Eurogate, a complex in Lyulin district; and DV South Mall complex in... more

Ls Property To Invest 450m Euro In Bulgaria 17/07/2008
LS Property, one of the major investors in Bulgaria Mall in Sofia, announced plans to develop a number of projects in Bulgaria for a total of 450 million euro, website investor.bg reported, quoting the company's executive director Miles Summerfield.For Bulgaria Mall alone, the investment is expected to reach 160 million euro. The shopping centre has been designed with a total build-up area of 137 000 sq m, of which 33 000 sq m are retail space and 25 000 sq m offices. French retail giant Carrefour will occupy 5600 sq m, and earlier this year a contract has been signed with Arena Cinema.The mall is at the junction of Bulgaria Boulevard and Todor Kableshkov Street, only one kilometer away from the city's ring road.In addition to Bulgaria Mall, LS Property has several business,... more

Construction Ban Imposed In Bulgarias Protected Coastal Regions 11/03/2008
Environment and Water Affairs Minister Djevdet Chakurov would impose a ban on the construction in Bulgaria’s protected coastal areas located in the Emine-Irakli region. The ban would be in force for a period of one year. The protected areas are home of some rare wildlife species, a Council of Ministers press release said. Chakurov said that Nessebar municipality received 813 plans for construction in the region, including the setting up of resorts. If such projects were carried out unique species could become extinct, Chakurov said. The Cabinet approved an idea for the creation of a workgroup that would draft unified procedures code for future construction in the coastal areas. Representatives of the Environment, Regional Development, Agriculture and Economy ministries would... more

Investors Urged To 'hang On' 27/06/2008
People who own property in a market which is slowing down have been urged to sit tight and wait for an improvement. BuyAssociation stated that some of established investment markets such as Spain have recently witnessed a decline in house prices. However, the online portal has recommended that people do not put their residence up for sale, as the location could be seeing a glut of resale properties entering the market. If people do attempt to sell up in this climate, they would not be able to command a high price and could potentially lose money. Therefore, it has suggested that people wait for the "cyclical" market to pick up again. Paul Collins, property editor at BuyAssociation, commented: "Just hang on and try and make some money through rentals - hopefully you keep the... more

Eastern European Countries Keep Attracting Investors 01/05/2008
Foreign investors are continuing to snap up property across eastern Europe, industry analysts have stated. According to NuBricks.com, the region has experienced considerable economic growth during the past ten years. As a result, countries such as Bulgaria have become very popular with property buyers who want to collect good returns on their investment. The website stated that much of this growth has been driven by the European Union, as this has helped guarantee that their services, legal system and living standards are comparable to established markets such as France. NuBricks.com said: "Entry into the EU and adoption of the euro currency has been an obvious precursor to major growth in property prices and commodity consumption." The online portal added that countries including... more