Banks Tighten Purse Strings For Holiday Property Investors 10/03/2008
Having already cut down on loans for coastal holiday developments, Bulgaria's risk-averse banks are now doing the same investors trying to raise funding for ski resort projects, Dnevnik daily reported on March 7. One of the reasons is the sharp decline in the uptake of resort holiday homes over the last 7-8 months, caused to some extend by the pullback of British home buyers. Financial institutions have been shying away from ski resort developments in the past several months, Bulgarian Properties manager Nikola Stoyanov said, as quoted by the paper. Krasimir Dimitrov from property developer Source concurred, saying that the banks were being too cautious. According to Tihomir Toshev from Creditex, an Address Group company, it would be an overstating to say that loan-financing... more

Property Prices In Bulgarias Plovdiv Up By 47 Per Cent In 2007 10/03/2008
Bulgaria’s third biggest city Plovdiv turned out to be the record-breaker in property price increases in 2007, international real estate bureau Europolis said. Prices in the city went up by 46.5 per cent between January and December 2007, while the average increase in the county was 30 per cent, Dnevnik daily said. The value of two-bedroom apartments in the central part of the city increased the most, by 66 per cent. Shop rents in the same area reached 1000 euro a sq m. Daniela Dimitrova, manager of Europolis’s office in Bulgaria, said that the rate of property price increases in 2008 was expected to be slower than in 2007. Still, it was unclear how the market would respond to the new tax evaluation of properties. Lately, investor interest was withdrawing from the Black Sea... more

Madara Bulgarian Properties To Raise 2.5 Mln Euros; Posts Bigger H1 ... - Forbes 18/09/2008
LONDON (Thomson Financial) - Madara Bulgarian Property Fund said it plans to raise up to 2.5 million euros via the issue of up to 3,676,471 new ordinary shares in the company, representing approximately 9.8 percent of the issued ordinary shares in the company, at 0.68 euros per ordinary share.In a statement issued alongside an interim report showing a bigger first-half operating loss, the company said work on its projects progressed slower than expected and that it needs more funds to continue its operations until a deal on its Black Sea Gardens project is reached. Madara will issue 3.67 million shares at 0.68 euros apiece.For the six months to June 30, the company's loss from operations rose to 862,022 euros from 778,914 euros last year. more