Building Plot - ID 2076

Hotels At Bulgarias Black Sea Coast Left Unsold 10/03/2008
Investors in Bulgaria’s coastal regions are failing to find buyers for their newly-built hotels. Nearly 30 new hotels were offered for sale over the past year, 24 Chassa daily reported. Only 250 hotels were on sale in southern coastal regions. The hotels are being sold in all stages of construction. The average price is 856 euro a sq m. Most of the hotels for sale were in the resorts of Sveti Vlas (St Vlas), Slunchev Bryag (Sunny Beach) and Chernomorets. Experts said that there was a lack of buyers in these resorts, because the most tourists there were foreigners, who preferred buying apartments in complexes, instead of staying in hotels. The biggest demand for hotels was in Slunchev Bryag, Nessebar and Primorsko, 24 Chassa said. To the north, the highest supply... more

Broken Eastern Promises 21/03/2008
The Alternative Investment Market (Aim) eastern European real-estate sector is so complicated, it could be deemed a specialist subject on Mastermind. Analysts claim there are too many companies to mention, often with confusingly similar names, and many more that vanished without a trace after failing to raise capital. "For every one that made it to the market, there's at least four that were stillborn," says Blue Oar Securities real-estate analyst Ian Wild. "Far too many were done far too quickly." Blue Oar research shows that since 2005, Ј9bn in new equity has been raised on Aim for real estate - mostly for for overseas property funds (OPFs). Of the total Ј12.25bn current market capitalisation, those focused on eastern Europe account for 17 per cent - the highest proportion. In... more