Bulgarian Land Development Buys 1.7m Euro Plot Near Sofia 14/03/2008
London-listed Bulgarian Land Development (BLD) fund acquired a 38 146 sq m plot near Sofia for 1.7 million euro, company officials said, as reported by investor.bg. BLD’s representatives refused to provide details on the exact location. The company plans to buy several neighbouring plots in the area, looking to expand its holdings to 60 000 sq m, which would then be used to develop a residential complex. BLD executives think that the region is very promising and would attract many Sofia residents, particularly with view to the general trend of relocation from the centre to the suburban areas, which offer better opportunities for improving living standard. BLD will use its own resources for financing the transactions. The purchase is in line with the fund’s strategy of portfolio... more

Costssale Price Ratio Does Not Favour Projects Beyond Sofia Engel East Europe 31/03/2008
No significant changes in prices or sale volumes in the Bulgarian property market have been recorded since the turn of the year. Prices will remain stable and are unlikely to increase by more than five to 10 per cent in 2008, Liron Or, Engel East Europe-Bulgaria's executive director, told investor.bg. Real estate prices in the country, and particularly land and plots, have appreciated significantly. Currently, they account for as much as 35-50 per cent of the end sale price of enterprises developed on the plots. This is too large a share, compared to the average of 25-40 per cent in most European countries, Liron Or explained. In light of the global credit squeeze, which will not have a tangible impact on Bulgaria in the short-run and the latest changes in the Eastern... more

Market Profile: Loraine Pinel,bulgaria Fund 19/03/2008
Loraine Pinel, 57, is a joint fund manager of Lewis Charles Sofia Property Fund, a closed ended fund focused on investing in Bulgaria. She has been managing funds since 1977 when she joined L'Abeille (Group Victoire) as a fixed income fund manager before spending 15 years at Canadian company Manufacturers Life Insurance, where she managed its global fixed income funds. Aim market Mrs Pinel later moved to Royal Bank of Canada to head up the private client department in London and also worked at Theodoor Gilissen. She talks about Bulgaria and gin and tonics. How has the Bulgaria property market changed since it joined the European Union in January ? The changes have been generally positive. Building standards have improved and now have to adhere to EU regulations. Property prices... more