New House In A Popular Village - ID 2457

Immoeast Buys Stake In Cherno More Park 08/05/2008
Austrian investment fund Immoeast acquired a 50 per cent stake in Cherno More Park from Germany’s ECE Projectmanagement, the German company announced. Once completed, the 150 million euro development will be the largest retail centre in Varna. Immoeast is the subsidiary of Immofinanz, a company active in Central and Eastern Europe. In Bulgaria, Immoeast is present through real estate investment trust Prime Property BG. Immoeast has already invested in the construction of several office and residential developments in Sofia, as well as two vacation communities on the Black Sea. Construction works of Cherno More Park were due to start in autumn this year, Plamen Ilchev, head of ECE Projectmanagement, told Dnevnik daily. The retail centre will be located in an area which formerly housed... more

Lack Of Secondary Market For Holiday Developments As British Withdraw From Bulgarian Resorts 14/03/2008
British and Irish buyers are withdrawing from the Bulgarian holiday market. And Russians and Scandinavians are likely to replace them, said Martin Gikov, Real Estate Management Director with UniCredit Bulbank at a news conference about the Bulgarian property sector. Foreigners accounted for about 30 per cent of transactions in residential developments last year. Their share, however, is decreasing for a number of reasons, Gikov commented. Irish and British customers, who have so far formed the core of holiday property buyers, reduced their activity following the global credit squeeze. They've also been deterred by low yields on seaside developments. Traditionally, British and Irish seaside property purchases are driven by speculative purposes. Initially they were tempted by the... more