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Bulgarian Property & Real Estate News

Green technologies to be deployed in Bulgarian properties

Bulgarian property specialists will design a new government standard to map out the rules for the building and operation of properties with minimum impact on the environment. The new approach is part of a strategy by the regional development ministry.

A research team will be created of ministry staff and industry associations, who will outline a certification process for all green construction in Bulgaria.

In the future a strong focus will be placed on building in a sustained and environmental manner and the minister wants Bulgarian property companies to be leaders in this area.Special training and assistance will be provided to construction companies to ensure that they meet the best international standards. The research team will focus on how to use locally source renewable materials to the best effect in Bulgarian properties. By starting at the local level it is hoped that the new technologies and technique will become common place across the country

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New metro stations increase demand for Sofia properties

The opening of several new Metro stations has had a significant impact on the Sofia property market. Buyers in the Bulgarian capital are focusing their property buying in the area around the new metro stations.

Research from the Bulgarian property website imoti.net, has showed that demand for previously popular areas like the upmarket location of  Ivan Vazov, Iztok and the City Center, has decreased recently.

Instead Sofia property buyers  who were looking for real estate in the regions of  Mladost, Darvenitsa and Krasno Selo. The Bulgaria real estate agents believe that the change in demand is being driven by the new metro stations and improved infrastructure in these areas.

It is evident from recent property buying patterns that buyers are increasingly considering the local services and metro station when deciding where to buy properties in the Bulgarian capital. this pattern is also affecting the price of properties in these areas.

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Vacancy rates increase for office properties in Bulgaria

The vacancy rate for office property in Sofia is likely to increase to around 23-28% by the end of this year as a result of several new office buildings opening in the next few months.

These new Sofia office buildings will bring the total amount of office properties in Sofia to around 1,250,000 sq m. The biggest amount of vacant office blocks is in the suburban parts of Sofia and in the Class A office category.

In 2010, the building of office properties continued despite the poor economic situation and several major projects that were started during the boom of 2006-2008 have just been finished recently. As a result of the increased supply the rental rates have dropped and now average around 10-12 euro per sqm for Class A office and 5-7 euro per sqm of Class B offices. As more supply comes online the rental rates for Sofia properties is expect to fall further. Read more…

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Property Investment Funds Check Out Bulgarian Spa Properties

Several Russian property investment funds have been reviewing Bulgarian properties on the Black Sea coast and in the spa areas of Bulgaria.

According to FIABCI the Russian real estate federation that focuses on Bulgarian properties,  there is growing interest by Russian investors in Bulgarian tourist property. Already many private Russian investors have purchased Bulgarian properties along the Black Sea coast and in the mountain ski resorts. These new investment funds plan to purchase Bulgaria real estate plots near Spa areas so that their can then build vacation properties to meet the growing demand from Russian investors.

Some of the funds are even considering purchasing whole complexes and then reselling these properties on the Russian market

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