House For Sale At An Attractive Price - ID 2790

Lewis Charles Sofia Property Fund Sells 10.3 Share In Bulgarian Project 18/05/2008
Lewis Charles Sofia Property Fund announced it would receive 1.89 million euro in gross proceeds from the sale of part of its project in Sofia, Thomson Financial said. Lewis Charles sold 10.3 per cent of the total build area of its project to an unnamed insurance fund, based in Athens, according to investor.bg. Gross revenue from this disposal, the first made by the fund, would be 10.49 million euro, including development costs and profit share, Thomson Financial quoted the company as saying. The transaction involved the sale of 61 apartments, 10 offices, six shops and a total of 31 underground garage in its project in the Krastova Vada boroughs, investor.bg said. The deal represented an average price of 930 euro a sq m for the area sold. The project was expected to be completed in... more

Bulgarias Authorities Fail To Stop Overdevelopment Of The Black Sea Coast 14/03/2008
The massive overdevelopment of Bulgaria's Black Sea coast continues. The new law, which came into force at the beginning of the year to regulate construction in the area, seems to do nothing much to limit the worrying trend. Local media in Burgas alarmed that the building of a five-story hotel began on the beach near the ancient town of Sozopol, north of the resort Tsarevo on February 21. They argue that the construction site is illegal as it falls in a zone protected under the EU's Natura 2000 network. Ecologists scored some points with the recent structural plan for the Tsarevo municipality, located on Bulgaria's southernmost coast near the border with Turkey, which will prohibit construction in the area of the Veleka River's mouth, the Silistar zone and the forests... more