Archive for November, 2006

Bulgaria breaks new record in property sales

Wednesday, November 29th, 2006

Low prices, long-term investment prospects and changes in lifestyle have fuelled record-high property sales in Bulgaria for 2006, a realtor data shows.

The year-end count of transactions is forecast to reach 260,000 at a combined value of more than EUR 5 B, according to figures of BulgarianProperties.com, partner of foreign property buyers in Bulgaria.

The experts comment that following the massive 25% to 30% annual capital gains of recent years, Bulgaria’s property market is now showing a much more realistic growth rate of 15% so far this year, setting the pattern for more predictable and sustainable long-term investment.

EU membership in January next year, the nationwide development of major tourism and infrastructure projects, the planned expansion of low-cost airline routes in 2007 and mortgage facilities remain the main attraction for making a property purchase in Bulgaria.

The trend to buy a home abroad has now moved to a new level with more and more people buying overseas with the intention of emigrating. Recent research findings show that over half of UK homeseekers aged between 18 and 29 would consider buying abroad and the UK Office of National Statistics has reported that some 198,000 UK citizens, almost 4,000 a week, left the country last year to live overseas. The number of Britons living in Bulgaria has doubled in the past year alone, with more than a thousand British families given residency here.

BulgarianProperties.com say many buyers are now seeking a permanent residence, rather than a second home and are planning to live and work in Bulgaria.

Source: Novinite

Posted in Bulgaria | No Comments »

Bulgaria, Latvia, Denmark Fastest Risers on World’s Property Market

Saturday, November 25th, 2006

Property prices in Latvia, Bulgaria and Denmark rose faster than anywhere else in the world in the third quarter of 2006, according to a survey by British estate agency Knight Frank.

The global index, compiled by the realtor, looks at property markets in 32 countries. It shows global property price inflation running at 8.4% in the twelve months up to September 2006.

In Bulgaria growth was buoyant and helped maintain house price inflation at 19 %. In Denmark it stood at 17.8 %.

The biggest movement up the global property market table was by Norway (up 12 places), followed by Australia (up ten places) and the UK (up nine places).

“The general picture remains a slowing of growth across the board, especially in the previously incredibly hot locations in the recent EU eastern European accession states,” said Liam Bailey, head of Knight Frank residential research.

“A levelling up is affecting almost all the markets in the former eastern bloc – especially those which have joined the EU in recent years.

“Wage inflation, growing prosperity and access to less constrained mortgage finance have all contributed to rapidly rising prices. The same process has been experienced in Bulgaria where domestic demand has been complemented by international second home demand.

“Denmark has seen prices benefit from a low but growing proportion of owner-occupation, full transparency of ownership for overseas investors and a low and stable inflation and interest rate environment.

“The general trend is that global residential markets continue to experience slowing but positive growth in spite of concern about increasing affordability issues, mounting household debt and market sustainability.”

At the bottom end of the table, house prices in Hong Kong, the US and Italy dropped the most places, with the German housing market taking last place, with prices down three per cent from July to September 2006.

Posted in Bulgaria, Latvia | No Comments »

Bulgaria’s BIG real estate project

Saturday, November 4th, 2006

Tishman International Companies will start the construction of the biggest real estate project in Bulgaria at the beginning of 2007, the company’s Chairman Alan Levy announced.

The project, named Sofia Airport Center (http://www.sofiaairportcenter.com) will be fuelled by EUR 200 M. It will be the first complex in Bulgaria composed of logistic facilities, industrial premises, offices and hotels scattered over an area of 140,000 sq m and storey area of 256,000 sq m.

The project will be realised at several stages with the professional assistance of Bulgarian and foreign companies.

Bulgarian Proarch – Urban Planning, Architecture and Design and foreign Cigler & Marani Architects will take care of architectural designs. Gardiner & Theobald will be the project and budget managers.

Forton International will be the property adviser. M3 Communications Group, Inc. will take care of public relations and communications.

“We are happy we’ll be starting the construction works within several months,” Levy said. “The partners we’ve chosen are very experienced.”

“We believe we’ll do our best to realize together this huge and exciting project – Sofia Airport Center,” he added.

Tishman International Companies are active in the United States and Europe in the acquisition, development, management, and financing of commercial real estate. Tishman has acted as a consultant and joint venture partner to some of the world’s leading institutions and private investors.

Posted in Bulgaria | No Comments »