lt;P gt;The Sofia residential housing market continued to be strong throughout the second half of 2007 and, according to the latest research findings from Colliers International, there were significant price increases in most locations. lt;P gt; lt;P gt;However, in a different sector of the market, the supply of holiday properties around the country had slowed down, the report said. Although there was a 16 per cent increase in the number of holiday homes available in H2 2007, this needed to be reviewed in comparison with the annual increase from H2 2006 of 170 per cent in mountain resorts and 65 per cent in coastal resorts. lt;P gt;
lt;P gt;Direct commercial real estate investment activity totalled 244.1 billion euro across Europe in 2007, four per cent lower than 2006, and 25 per cent higher than 2008s expected volume, according to Jones Lang LaSalles recent report. lt;P gt; lt;P gt;Whilst in continental Europe volumes remained strong, increasing seven per cent yearonyear to 173 billion euro, the UK was hit more than other countries and volumes slipped by over 22 per cent yearonyear to 71 billion euro in 2007. lt;P gt;
Interest in Sofia property investment projects is continuing to rise despite fears that there are already too many players on the market, a recent report suggests. A survey conducted by real estate investment company Karrat Group suggests that while demand for homes in Sofia is growing, it is not as easy to meet buyers expectations as it was several years ago. According to Karrat Groups research, people now have an entirely different approach to homeseeking. They are more educated and discerning and have higher expectations.Construction companies are therefore advised to curb their tendency to simply build as many homes as fast as possible because current Sofias property buyers have numerous requirements for location, landscape, interior design, quality of construction materials, nearby amenities and many other factors.
lt;P gt;Average apartment prices in Tsarevo exceed 1 300 euro a sq m, according to imoti.net. Around 186 flats with areas fluctuating between 24 and 190 sq m, are currently on offer on the website. lt;P gt; lt;P gt;The lowest offer is 27 000 euro and the highest one is 338 000 euro, according to recent quotes on imoti.net. Average prices stand at 1 315 euro a sq m. lt;P gt; lt;P gt;The town of Tsarevo accounts for almost half of the total supply in Tsarevo municipality, which has 246 units on offer at a mean price of 1 210 euro a sq m. lt;P gt;
lt;P gt;Arco Invest, a subsidiary of Latvian Arco Investeeringute AS, signed a 14 million euro lending contract with Piraeus Bank Bulgaria for their multifunctional residentialandoffice project in Sofias Manastirski livadi neighbourhood. lt;P gt; lt;P gt;The complex will cover a 8 990 sq m plot, located two kilometres from the city centre. The gross actual area is calculated at 34 700 sq m. lt;P gt; lt;P gt;Loans repayment term is set at four years with a twoyear grace period and the interest rate equals the threemonths EURIBOR plus a markup
Bulgarian grocery retailer Fantastico said sales rose 18 per cent in 2007 and should add 25 this year.The company is preparing the launch of two new outlets in Sofia. The rollouts will bring to 32 the total number of Fantastico supermarkets in operation.The first of the openings will occur within days in the Mladost residential district. The 4 million leva supermarket will have an area of 2 000 sq m.
lt;P gt;Spanish construction company Bogaris, formerly known as Grupo Detea, would invest 15 million euro in the industrial park in Slatina area of Rousse, local authorities said, as quoted by Dnevnik daily. lt;P gt; lt;P gt;The company would design and build manufacturing, storage and office premises, Dnevnik daily reported. lt;P gt; lt;P gt;Bogaris was already investing 680 million euro in real estate projects in Romania.
Even though yields have decreased in recent years, Bulgarias property sector was still a sound investment, fetching satisfactory returns at low risk, the chief executive of Bulgarias biggest bank, UniCredit Bulbank, Levon Hampartzoumian told news conference.It was also unlikely to suffer the repercussions of global credit crunch, because business climate and economy models in the country followed a different pattern. After the initial bloom of real estate, price growth was expected to slow down to 1520 per cent year annually, compared to 34 per cent rise last year, which showed a maturing market. There was no risk of the real estate sector suffering a sudden collapse and any talk of a real estate bubble were just insinuations, Hampartzoumian said.