Eastern Europe Still Profitable For Property Seekers 07/03/2008
Eastern Europe maintains its status as one of the most attractive property destinations, though investors are becoming more skeptical about new offers on the market. Many property companies turn to Southeastern Europe because of the high income return, Dnevnik newspaper reported. In comparison to London's return rate of five per cent, Ukraine's reached 15 per cent. Investors worry whether the small Southeast European market can accommodate all the capital currently inflowing from foreign investors. One of the clearest signals on investor intentions comes from Bluehouse Accession Property, which plans to invest in Bulgaria, though the company might postpone its decision. According to bankers the previous year Bulgaria accommodated foreign capital eight times as much as... more

Dounav Mall Breaks Ground March 20 19/03/2008
Dounav (Danube) mall project, the first shopping centre in Rousse, designed in line with International Council of Shopping Centres (ICSC) standards, will break ground on March 20, its developer Marmeg said. Marmeg, owned by businessmen Ventsislav Rachev and Dimitur Dimitrov, will invest 15 million euro in the project. The company was set up expressly to build the mall. Foros real estate is the exclusive agent of the commercial complex, which was designed by Georgi Stefanov. Financing has been secured from the Austrian Hypo-Alpe-Adria Leasing through a 12-year leasing contract. Currently, this is the company’s largest project in Bulgaria. The firm, which sees Rousse as a town with a good potential for growth and a favourable business environment, is negotiating with the municipality... more

Bulgarian Builders Facing Bankruptcy 21/03/2008
SOFIA, Bulgaria -- Bankruptcies in Bulgaria's construction sector are likely to increase by about 50 percent this year, global risk management consultancy Coface said last week. "We expect the risk in the construction sector to keep increasing, and the main reason is widespread and badly planned construction on the Black Sea coastline and in mountain resorts," Kamelia Popova, head of Coface's Bulgarian arm, told a news conference. Official data showed 15 construction companies went bankrupt in the Balkan country last year, out of a total of 240 bankruptcies, Coface officials said. Real estate deals and construction have boomed in the European Union newcomer in recent years, partly fueled by increased foreign demand. Property prices in Bulgaria are low compared with... more