Latest News From The Bulgarian Property Market

The final tab for investment transactions with real state and land properties in Bulgaria will come up to a billion euro by the end of 2005, local advisory firm Elta Consult said at the ongoing Construction and Investment Forum in Sofia.

The value of office, commercial and industrial premises transacted by the middle of the third quarter stood at 120 mln euro, said Elta Consult executive director Valeri Leviev. The investment deals with land plots make up the balance to 1 bln euro, he said, estimating that the real estate market absorbs 25% of all domestic investment.

Two Bulgarian companies will invest in a 50,000 sq m mixed-use building in the center of Bourgas, on the Black Sea, said David Davidov from real estate consultancy Colliers International, withholding the names of the investors. The development will include an underground parking facility, a supermarket and multi-purpose commercial premises. It has not been decided whether the rest of the building will house offices or a hotel.

ERG Capital II, undergoing licensing as an investment company, said it intends to spend 8 to 12 mln euro on a retail center in Stara Zagora. The built-to-suit development will have an area of 18,000-22,000 sq m.

Eurocapital Finance executive director Christos Mouroutis announced the latest project for a mixed-use building to be constructed in Sofia. The 100,000 sq m development, to be sited on the Slivnitsa boulevard across from Zapaden Park, will incorporate retail outlets, 2 cinema theaters and a medical center.