Indian Owners Suspend 70m Euro Project Near Sozopol 10/03/2008
Three Indian entrepreneurs, who have announced earlier their intention to invest more than 70 million euro in building a 30 000-residents town near the Sozopol’s village of Rossen, have had to suspend their plans, Standart daily reported on February 19 2008. The large-scale undertaking has been put on hold after local farmers filed a lawsuit with the Bourgas administrative court against the changes to the village's zoning plan. The Green City, projected to spread 350ha, would feature dozens of deluxe five-storey hotels, residential complexes and single-family houses with their own swimming pools. A special area will be allocated for breeding animals, growing crops and flowers – thus offering original pastime to holiday-makers who will have the opportunity to acquire skills in... more

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

Property Prices In Bulgaria Rise Significantly 07/03/2008
The Bulgarian property market has returned to tendencies from two to three years ago, when increasing numbers of people bought terrains few kilometres off big seaside cities. In 2004 this tendency led to property price inflation. Many people back then purchased large properties for personal needs at cheaper prices. Land has now become more expensive and owners started re-selling, tempted by the prospects of easy money, 24 Chassa reported. Purchasers usually build small housing complexes and then sell to people wanting to live away from the densely-populated city centre. Brokers say one risk is that few people are ready to buy expensive newly-built houses such a distance away from the seashore. People started searching for houses in remote villages with good infrastructure and good... more