A consortium led by Varnabased construction firm Comfort was picked to build Grand Mall Varna shopping centre in the city, website investor.bg reported on August 28 2008, quoting developer Orchid Developments Group. Comfort and its partner, Israeli Afcon Industries Group, which specialises in electromechanical and control systems, won the tender for the 85 million euro contract, investor.bg said. In June,
Israeli firm BSR Europe will build a mixeduse office and residential complex in the city of Varna on the Black Sea, Dnevnik learned from Anet Events, one of the agencies handling the companys public relations in Bulgaria. The Varna One compound will occupy part on the site of former engines maker Vamo. The remainder of the Vamo site is owned by ECE Projektmanagement, which plans to build a shopping
Property developer Winslow Development has said that it would build two more gated residential communities in Sofia, but made no investment estimate. The company is already building one residential compound in Sofia, Winslow Gardens. The developer has already secured the relevant design permit for one of the two new projects, located in the capitals Vitosha residential borough, Georgi
May and June 2008 recorded a decrease in newly constructed buildings in Bulgaria, Eurostat statistics showed, as quoted by Bulgarianlanguage daily Sega on August 22. Despite this, the international real estate firm Europolis advised investors to prefer buying property on the Greek peninsula Halkidiki instead of in Bulgaria.In June 2008, the construction industry in Bulgaria recorded a decrease of two per cent in comparison with May 2008, while May 2008 recorded a 1.1 per cent drop in new buildings in comparison with April 2008.
Arco Invest, the Bulgarian subsidiary of Estonian real estate company Arco Vara Group, secured a new 15.5 million euro loan to refinance existing debt contracted for the construction of its mixedtype Boulevard Residence project on Madrid Boulevard in central Sofia. The project is expected to be finished in the autumn of 2009 and would cost 20 million euro to build. The new loan was contracted from Piraeus Bank
On August 21, Bulgarias Cabinet approved a real estateforservices swop deal to get the countrys prisons repaired. It was decided that the state company Prison Activities Fund would receive property instead of money when repairs were being done to prisons, with a public tender taking place to select the firm to carry out the renovations. The Cabinet approved a new project of decree for changes in the regulations for
After two quarters of decline, the number of construction permits issued by Bulgarian authorities in the second quarter of 2008 rose by 24 per cent to 4355, data from the National Statistical Institute data showed on August 21. Residential developments continued to account for the largest share of the total, with 2694 permits granted for a total area of 1.65 million sq m, compared to 2267 permits granted for total
Bulgarian real estate investment funds REITs focused on arable land have accumulated 71 000 ha, according to the latest market data, which also showed that the biggest special purpose vehicles were boosting their market share. The biggest REITs were the most active buyers, while their smaller competitors were more cautious and purchase smaller plots. The three biggest REITs Elana Agricultural
Despite the effects of the credit crunch and forecasts for an overall slowdown in economic growth, Bulgarian gross domestic product defied the expectations of economists by recording seven per cent growth in the first quarter of 2008, real estate consultants CB Richard Ellis said in a Sofia office market overview for the first half of 2008. Bulgaria remains attractive to international companies that outsource and
The construction of a new logistics centre has begun near Slunchevo village, in Aksakovo municipality near Varna, Stroitelstvo Gradut weekly has reported. The facility will be within a strategic proximity to Hemus Highway and Varna airport, and will have both industrial and storage functions, occupying a land plot of 6500 sq m. Investor is Izgrev Ltd, a company specialising in the building of industrial and storage complex,