Bulgaria Cheap Properties

Construction in Studentski Grad Students town borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikovs intentions to issue an ordinance to ban further construction of the area.It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be in effect, Monitor daily said. A random check in Studentski grad done by the newspaper in March revealed that there were close to 60 projects in the works and just as many planned to begin in the near future.

Bulgarian banks have started introducing stricter requirements on applicants seeking loans to buy property in Bulgarias bigger resorts, including Bansko and Slunchev Bryag Sunny Beach, over worries that these locations faced overdevelopment, credit consultants said, as quoted by investor.bg on June 30.Foreign nationals interested in buying property in Bulgaria and applying for loans from local banks were increasingly being asked to show their credit history for a period of up to six years, the website quoted Tanya Yakimova from Bulgarian Home Loans, a British consultancy firm that focuses on advising foreigners.

In 2008, entrepreneurs still find commercial and business centres the most appealing projects for investment. But there is a possibility this tendency to change after 2010, when all planned construction is completed, the market in Sofia might become saturated, consultants Arco Real Estate said in a statement. In addition to the four shopping malls, there are a further 18 projects announced. For some of them, the foundations had been already laid, including Bulgaria Mall on Bulgaria boulevard, the CIVIS Centre near Sofias Central railway station and Olympian mall and tower on Slivnitsa boulevard, among others.

Debt financing will continue to be scarce for at least another year and a half, one of the worlds largest real estate brokers and consultancies DTZ said in its report titled Money and Property 2008.DTZs conclusion draws on a Lenders Survey, which sees three in four respondents in Europe anticipating tightening lending terms and conditions. In addition, another 45 per cent of the respondents in Europe expecting a cut in typical loantovalue ratios.

Foreign direct investments into real estate has been losing momentum in the first quarter of 2008, the Bulgarian National Bank BNB said in a report covering the JanuaryMarch period.Investments worth 333.4 million euro in JanuaryMarch is the lowest quarterly figure reported for the past two years, the BNB report noted.

An increase of eight to 10 per cent in loan applications for remodelling and furnishing has been registered in Plovdiv, the local office of real estate consultants Europolis said in a statement.Europolis conclusion is drawn from the data provided by the Plovdiv branches of major banks. The average amount for the renovation of a twobedroom apartment is between eight thousand and 12 000 euro, a threebedroom home will take up to 18 000 euro, while to satisfy their taste for luxury, some clients may request up to 30 000 euro.

Kamelia Neikova replaced Radoslav Bozadjiev as Deputy Defence Minister after Prime Minister Sergei Stanishev dismissed Bozadjiev on June 13 2008, the Governments press service said. Both Neikova and Bozadjiev are from the National Movement for Stability and Progress NMSP, which is part of the threeway ruling ruling coalition together with Stanishevs Bulgarian Socialist Party BSP and the Movement for Rights and Freedoms.

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Area: 6 Floors
Plot Size: 3,100m2
All documents and permissions issued.Electricity, Water.
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Location: Bulgaria, Black sea coast, town of Obzor
Type: Vacation complex with swimming pool
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Resort operator Albena AD would stop construction work in the Black Sea resort with the same name in the upcoming several years, Dnevnik daily reported, quoting CEO Krassimir Stanev.The decision, made during a shareholders meeting held on June 14, was provoked by the fact that many of the hotels in the resort needed to be torn down as being outdated and architecturally unattractive, Stanev was quoted as saying.

Sofia witnessed the construction of 3431 new dwellings last year in what is a 114.7 per cent yearonyear increase, the National Statistical Institute NSI said in a statement on June 13. In 2006, the number of newlybuilt dwellings totaled 1598.The total number of new dwellings reached 18 864, up 42 per cent on the year from 13 266.