Cheap old rural property - ID 2877

Sparkassen Plans 300m Euro In New Investments In Bulgaria 13/06/2008
Sparkassen Immobilien, the real estate arm of Austria’s Erste Bank, plans to invest up to 300 million euro in Bulgaria over the next two to three years, Friedrich Wahernig, member of Sparkassen Immobilien board of directors said on June 11. Its focus in the medium-term would be office and retail space. Additionally, Sparkassen Immobilien has remained keen on financing real estate projects in the region, Wahernig said. The company plans to divest of real estate investments in Western Europe and invest in Eastern Europe, Bulgaria included. The company has remained the leader on Bulgaria’s real estate leasing market with a market share of 36 per cent as of end-2007, Immorent Bulgaria, which represents Sparkassen Immobilien in Bulgaria, said in a June 10 statement. In 2007, the company... more

British Real Estate Consultant Names Bulgaria Worlds Strongest Property Market 10/03/2008
Bulgaria was the world's strongest property market in 2007 with an estimated turnover of 11.36 billion euro, an increase of 2.36 billion euro over the previous year, British property investment company Obelisk said on February 1. The previous lack of modern apartments, retail, and administrative buildings, as well as growing investment in tourism, production, and the need for modern infrastructure caused the construction boom. Construction sector growth is expected to be between 12% and 16% year on year until 2010, Obelisk said in a statement. The huge property price rise has been largely attributed to a good mortgage market, high annual revenue of properties and the weak impact of the global credit crunch on Bulgaria, since there is virtually no cross-border banking in the... more