Uk Media Notes Bulgarian Property Boom - Sophia Echo

An article in the business section of the UK's Independent newspaper points out that one country, at least, has defied the recent trend of falling property prices and negative equity - Bulgaria.

The newspaper reports that Bulgarian Property Developments "was shouting from the Sredna Gora mountain tops" after it managed to sell its logistics park in Varna for 15m euro (11.9m pounds), the valuation given to it by Colliers last December.

The group's chief executive, Ivo Hesmondhalgh, was quoted as saying that the sale was significant not only because it helps improve the group's cash position, but also because it will prove to investors that the group's net asset value is sound.

The Independent also noted that Hesmondhalgh's home trip to Spain was delayed because his trip from Sofia airport to Barcelona was cancelled, a reference to the trouble caused by last week's explosions at Chelopechene.