http://www.maxbulgaria.com News of maxbulgaria.com http://www.maxbulgaria.com/en/property-news/bulgarian/Atlantic-co-building-office,-housing-complex-in-Sofia/3139.html Atlantic, the local chain of cake shops, said it is diversifying into property development with an office and housing complex in Sofia. One office space segment of the scheme, located on the Slivnitsa boulevard, was completed in 2007, delivering 3,000 sq m of spaced that is now fully-tenanted. Work on a second office building in the complex will begin by mid-2008 with the construction of a further two to commence by the end of the year. A fifth office building is planned for 2009. The office buildings and related retail premises will have a total floor area of 33,000 sq m. The construction of the 17,000 sq m residential component of the scheme will start in 2008 and should be completed in three years. Asen Nikolov from the company managing the project said foreign retail chains have already shown interest in the leasable space.   Source: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/SPA-and-Wellness-Tourism-in-Bulgaria-to-Flourish/3141.html The interest of Bulgarian and foreign tourists towards local SPA and wellness tourism is increasing. This was reported after the latest research of local State Agency of Tourism (SAT).According to the research 18% of the Bulgarians and 134% of the foreign tourists devote time for SPA tourism during their winter vacation.One of the main priorities in the strategy for developing of the sector is exactly this kind of tourism, pointed out Stela Baltova, vice chairperson of SAT.The interest towards SPA in world measures is enormous. According to specialists this must be the tourism product around which to be united all European countries and to offer it on the world market.Source: http://international.ibox.bg/news/id_2097099868 http://www.maxbulgaria.com/en/property-news/bulgarian/Grand-Plaza-Rousse-Construction-Starts-Today/3142.html Construction of Grand Plaza Rousse - the first and the only complex of its type and scale in the Rousse region which combines sport, shopping mall, hotel, and office facilities in one place, starts today. Total built up area stands at 140,000 m2. The complex is scheduled to open doors in 2010. The Deputy Prime Minister and Minister of External Affairs Ivailo Kalfin, the mayor of Rousse, Bozhidar Yotov, together with the representatives of the developers Plamen Bobokov, Chairman of the Management Board of Prista Oil EAD, and Marin Zgurev, Manager, Densi Stroy, attended the ceremony for the symbolic turning of the first sod on the site. Grand Plaza Rousse the first project in the region of this type and scale, combining a multi-functional sport hall of 26,000 m2, a shopping mall with GLA of 37,500 m2, a 5 star hotel of 13,000 m2, and Class A office areas of 11,000 m2. The innovative and professionally designed project of 140,000 m2 total built up area is an example of good co-operation between private business and the municipal administration, which will stimulate the economic development of the city of Rousse and will create a pleasant and enjoyable venue for shopping and entertainment for citizens and visitors to the city. Each part of the complex complements the offers of the others creating a synergy to all and adding value to the entire project. Grand Plaza is scheduled to open in 2010. A significant advantage of Grand Plaza Rousse is its location. The complex will be built between the two main boulevards in the center of Rousse – Lipnik Boulevard and Tsar Osvoboditel Boulevard, with great visibility and easy and fast accessibility by foot, car, and public transportation. Grand Plaza Mall itself will be the biggest international style shopping center in the city and the region, including a hypermarket of 10,000 m2 retail area, more than 120 stores which will represent prominent international and Bulgarian retail brands, and more than 1,000 parking spaces. The property management services are delegated to Colliers International. The developers of Grand Plaza are PRISTA OIL EAD – the largest Bulgarian producer of motor oils and the unquestionable leader in the Balkans, DENSI STROY – a subsidiary of one of the leading importers, distributors, and retailers of electronics in Bulgaria, “Densi M” EOOD, and the Municipality of Rousse. The architectural design has been developed by Atelier Serafimov Architects, and Colliers International is the exclusive real estate consultant for the project offering various real estate services to Grand Plaza like market research, brokerage, marketing and legal advisory services, and property management. “We are happy to be involved in the largest of its scale and significance public-private partnership ever developed in Bulgaria till the moment. This is a project which will completely transform the business environment of Rousse and the region by developing it into a stylish and attractive place for investment, sport, and cultural events. This project will also contribute to enhancing the overall qualify of life which the local people deserve,” commented Plamen Bobokov, Prista Oil EAD – Bulgaria Chairman of the Management Board. “We are sure that the Grand Plaza Rousse will be a significant project for Rousse and the region not only because of its concept and design, but also because of the latest international standards which it will bring into the city as well,” said Marin Zgurev, Densi Stroy Manager. “Grand Plaza Rousse marks the development of a new type of real estate project in Bulgaria. The noteworthy combination of shopping mall, office tower, hotel and multiple leisure facilities creates synergies and offers excellent opportunities for retailers,” emphasized Atanas Garov, Managing Director of Colliers International in Bulgaria. Prista Oil EAD is the largest Bulgarian producer of motor oils and the unquestionable leader in the Balkans. The company head office is in Rousse. Prista Oil EAD produces more than 150 types of motor and industrial oils. Prista Oil is involved also in the motor oils trade, transport and conservation. Densi Stroy is the company which developed the shopping center Central Mall - Veliko Tarnovo – the first shopping mall that was opened outside the capital. Densi Stroy is a subsidiary of one of the biggest importers, distributors, and retailers of black and white techniques in the country Densi-M LTD. The company owns the exclusive rights for importing and selling in Bulgaria the electric goods under the brands of Hyundai, Snaige, Zelmer, Mastercook, Davoline, Imetec, etc. The company is a member of the Bulgarian Chamber of Commerce and Industry and has a Certificate of Management Systems Quality. Colliers International is a worldwide affiliation of independently owned and operated companies with more than 290 offices in over 60 countries worldwide. Worldwide Colliers manages real estate properties of more than 80.6 million m2, and has more than 11,000 employees. The company has been active in Bulgaria since 1991 and has become the unquestionable market leader in providing comprehensive real estate services. At the moment, Colliers in Bulgaria represents some of the most innovative and professionally designed projects in all segments of the real estate market, including offices and business parks, retail, logistics and industrial, residential, and holiday homes.Source: http://profit.bg/index.php?cid=4&sid=0&aid=3561&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/The-Property-Market-Turnover-Topped-11-Billion-Leva-Last-Year/3143.html Last year construction activity in Bulgaria was up by 15% which makes it one of the fastest developing sectors in the country, according to a CED analysis. The hike was prompted by the demand for modern residential buildings, commercial and administrative properties, warehouses and logistics centers. During Bulgaria's first year as a EU member country the prices of construction materials and services rose by an average of 12.6%. This year the price hike is expected to be a little lower – at 11.8%. The appreciation is a result of the growing prices globally and of the more expensive services on the local market. The active construction sector stimulates all activities related to real estate. The record turnover of 11.36 bln euros made the sector the absolute leader in Bulgaria last year. According to a Global Property Guide survey dated January 2008 Bulgaria was number one in the world in terms of annual appreciation of properties (30%) last year. Some are talking about a market bubble, but analysts say that even though the price growth is expected to slow down, there are no indications that they will be declining any time soon. Most Bulgarians finance their home purchases with credits. December 2007 was a record month for the crediting sector in the country in terms of both size and number. The reason for that tendency are the high prices. Most banks have raised the amount of financing from 70% to 90% of the home price. The average size of credits reached 51,148 euros at the end of the year, passing the psychological 100,000 BGN. The market of commercial properties continues its dynamic development, the CED analysis also states. Demand for properties near newly opened commercial centers is soaring. Demand for office space is expected to stay stable. The Law on floor property management was not passed in 2007 and because of its three-year long delay Bulgaria will not receive funds via the Residential Policy framework within the EU's Regional Development program by 2010. After several attempts to pass the law, the Government gave a green light to the project that concerns some 4.5 mln people in Bulgaria who live in the apartment buildings. This year Bulgaria has to introduce the Eurocode 8 in construction projects, which concerns the development of seismic maps. All EU countries must introduce the code by 2011. Source: http://profit.bg/index.php?cid=4&sid=0&aid=3563&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/City-Center-Sofia-among-assets-in-Bulgaria,-Serbia-to-be-shed-by-Equest-fund/3126.html Equest Balkan Properties (EBP), an Isle of Man registered company for commercial property investments in the Balkan region, will sell the City Center Sofia shopping mall it owns in the Bulgarian capital, the company said in a filing with the London Stock Exchange where it is listed. 'In demonstrating the value within and crystallising some profit from, the portfolio, the board has determined that one mature asset, the regional mall, City Center Sofia, and two long-dated and non-core developments, the office development, Serdika Forum in Sofia and Apollo, the mixed-use project in Old Belgrade, should be realised for cash, the fund said in the statement. The net profit of the fund fell to 4.8 mln euro last year from 25 mln euro in 2006. 'The widespread problems in the property sector of the European equities market have been fully reported and the Balkans and EBP shares have not been immune to this negative market sentiment, said Lord St John of Bletso, chairman of EBP, commenting on the preliminary results for 2007. 'The current challenging conditions in the debt markets, which started in the USA in August 2007, first became evident in the Balkan region by the sidelining of several major lenders and a general slowdown in the credit approval process. Despite the challenging conditions, Austrian and Greek banks continued to lend, though at less favourable terms than those available just six months earlier. Since the end of 2005, EBP has invested 321 mln euro across the Balkans through the acquisition of majority and minority equity stakes. As a result of the 29 transactions completed by the company to date, it owns or controls 54 properties located in the Balkans. Those include 28 properties in Bulgaria, 14 in Serbia, 10 in Romania and two in Macedonia. 2007 net rental income came in at 8.59 mln euro, double the level for 2006, primarily from stabilised operations at City Center Sofia and Moldova Mall.Source: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/Austrias-Immoeast-buys-stake-in-Varna-shopping-mall-development/3127.html Austrian investment fund Immoeast has acquired a 50% stake in the Cherno More Park shopping scheme currently being developed in Varna, on the Black Sea, by Germany's ECE Projektmanagement, a leading developer of inner city shopping centers in Europe. Immoeast, an Austrian real-estate developer focused on Eastern Europe, owns a stake in local real estate investment trust Prime Property BG and is investing in several office and residential schemes in Sofia and two vacation villages on the coast. Work on the 150 mln euro development is scheduled to kick off this fall and reach completion by 2010. The 50,000 sq m footprint of the mall will be located on the site of the former diesel engines factory Vamo near the point where the Hemus motorway enters the Western part of the city. The two-storey building will house 220 shops, eateries and cafes on a lettable area of 54,000 sq m. Apparel makers will dominate the tenant mix but retail space will also be leased to electronics, sporting gear and food retailers. Cherno More Park is ECE's third project in Bulgaria. The company is also developing two commercial centers in Sofia with a combined inventory of 120,000 sq m of retail space.Source: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/Serbia-Plans-EUR-250mn-Worth-Hotel-Complex-Construction/3113.html State Secretary for tourism at the Serbian Ministry of Economy and Regional Development Goran Petkovic said that the public tender for a co-investor in the first phase of the construction of the apartment-hotel complex on Mt. Stara Planina will be announced on May 5, Reporter.gr said.He said that the total value of the investment exceeds €250 million, of which €170 million will be invested by private businesspeople for the construction of the hotel and facilities for tourists, while €30 million will be invested in public infrastructure and €56 million in ski-infrastructure.Following that the co-investor chosen through the tender will get the right to build facilities, he explained and pointed to the fact that one of the conditions is that the investor must have at least three years of experience in this area, and an appropriate level of financial activities in the tourism sector.Petkovic said that according to the master plan for the development of tourism in the area of Stara Planina, tourism is to be developed through three phases. In the first phase an apartment-hotel complex should be constructed by 2010.The mountain apartment-hotel complex on Stara Planina will contain a golf course, spa, and ski centre, said the State Secretary and added that Stara Planina with its untouched natural beauty should be opened up to tourists in a professional manner.Source: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Prime-Property-Chooses-Architect-For-Business-Park-Plovdiv/3114.html Prime Property REIT (TBIRE: 1.54 0%) has chosen architect Ivo Pantelev among 5 candidates to lead the project for Business Park Plovdiv.The project is worth some 64 mln euros and return is estimated at 30%. The investor's main objective is to diversify its portfolio in order to assure larger profit for its shareholders.The business park in Plovdiv is the third project of its kind in Bulgaria. Mr. Panteleev is very experienced in the area, having worked on the Mladost 1 Business Center and on the Moskovska Office Building in Sofia. He has also been involved in the construction of the new building of the American Embassy in Bulgaria and on the highest building in the Bulgarian capital – Europe Tower Sofia.Mr. Panteleev has prizes from 20 national and international competitions including Architecture in the New Millennium, Building of the Year etc. He has worked in partnerships with companies in the US, Austria, Germany and Italy.The Business Park Plovdiv project will abide by all modern standards for ethnographic architecture and proportion between built-up and open area.The park will comprise modern 4-5 storey buildings, offices and shops, underground parking, restaurants and supermarkets. It will occupy an area of 48,682 sqm and its total built-up area will be 110,000 sqm. Completion is scheduled for October 2008 and according to plans it is to open doors by 2011.Prime Property BG invests in construction and sales of residential properties and vacation homes, as well as in construction and renting of commercial and office space in Sofia and in other Bulgarian cities. The company is currently working on 8 projects worth a total of 180 mln euros.Strategic investors in Prime Property BG are IMMOEAST Immobilien Anlagen AG, a unit of IMMOFINANZ Immobilien Anlagen AG, penion insurer Doverie, Bulstrad Jsc, as well as some American pension funds such as, IBM Personal Pension Plan Trust, The Public Education Retirement Union, Honda US Companies Master Retirement Group, Prudential Retirement Insurance.Prime Property BG's profit from reevaluation last year came to 11 mln leva. Its future development plans include another capital increase either at the end of this year or at the beginning of 2009 and dividend distribution next year.Source: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgarian-Buys-the-Most-Expensive-Estate-in-Australia/3115.html A 25 years old internet magnate Daniel Cvetkov with Bulgarian origin has bought one of the most expensive real estates in whole Australia.The millionaire Cvetkov have paid 28 million Australian Dollars (26 million USD) for the enormous housing, which will be the biggesdt building when finished of the Golden Shore stripe, famous as the ‘Millionaire Street'.When completely constructed, the building will be estimated on 50 to 70 million USD.Cvetkov has a Bulgarian origin, but was born in Ipswich. He has started his business with online paying at the age of 18.His business partner is Salvatore Shaka, cousin of the ex-federal minister Con Shaka.Now Danial is getting married and his father announced the building is going to be their family home.Cvetkov has bought the building from Tony Smith - businessman, whose tourist company bankrupted last week. Source: News.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Russians-and-Romanians-Flood-Local-Resorts-Early-in-May/3096.html Russians, Romanians and Macedonians are expected to arrive in local resorts in the beginning of May, reported Anelia Krushkova, chairperson of State Agency of Tourism (SAT). More and more hoteliers want to open as early as possible due to the perfect weather conditions, she explained.May's holidays will bring not only Bulgarians but also plenty of Russian tourists. May 1 and May 9 are official holidays in Russia and many Russians are resting for about 11-15 days.We must take care to attract Russians still from May, because they have big potential, and many days-off.I hope that part of the Serbians and Macedonians also will come to rest in Bulgaria.We also rely to the Bulgarians - as many Bulgarians decide to rest in here - the better for out economy, Krushkova added.Source: http://international.ibox.bg/news/id_74366186 http://www.maxbulgaria.com/en/property-news/bulgarian/Lovech,-Yambol-See-Biggest-Residential-Property-Price-Growth-in-Q1/3099.html Residential property prices in Bulgaria went up by an average of 6.8% in the first quarter of 2007, compared to the fourth quarter of 2007 to an average of 1,299.95 leva per m2 (664.65 euros), data of the National Statistical Institute (NSI) show. Lovech saw the highest increase of 19% in residential property prices in the first quarter of 2008, compared to the last quarter of 2007. Residential property price growth in Yambol, Sofia district and Pernik followed with 17%, 16.3% and 16%, respectively. The strong growth in these cities may be put down mainly to the lower prices of the residential properties there compared to other regions of the country. Residential property prices declined only in three regional cities during the first three months of 2008. The prices in Vidin recorded the biggest decrease of 7.8%. Smolyan and Silistra followed with 1.5% and 1%, respectively. Residential property prices in Sofia city went up by 2.4% to 2,163.17 leva/m2 (1,106.01 euros) in the first three months of 2008. Thus, Sofia city had the highest residential property prices in the country as at the end of March, followed by Varna where the price stood at 2,099.33 leva/m2. Residential property prices in Varna grew by 8.2% in the first three months of 2008, compared to the last quarter of 2007. The prices went up by 4.8% to 1,316.83 leva/m2 in Plovdiv. Residential property prices in Ruse rose by 15.7% to 1,732 leva/m2 outpacing the prices in Plovdiv. Ruse ranked third in terms of highest residential property prices, trailing behind Sofia and Varna and overtaking Burgas, Plovdiv and Stara Zagora. Residential property prices in Burgas grew by just 2.5% to 1,647 leva/m2 in the first quarter of 2008.   Regional cities Average prices Index Q1 2008/Q4 2007 Q4, 2007 Q1, 2008 Total 1216.85 1299.95 106.8 Lovech 696.33 828.47 119.0 Yambol 727.67 851.17 117.0 Sofia 582.67 677.83 116.3 Pernik 1000.67 1160.83 116.0 Ruse 1496.83 1732.00 115.7 Shumen 834.33 956.17 114.6 Blagoevgrad 1134.00 1295.17 114.2 Pleven 1110.67 1233.83 111.1 Stara Zagora 1248.00 1376.50 110.3 Pazardjik 758.83 836.17 110.2 Vratsa 864.50 950.67 110.0 Veliko Tarnovo 1051.67 1146.67 109.0 Razgrad 812.00 880.00 108.4 Varna 1940.83 2099.33 108.2 Dobrich 799.17 855.33 107.0 Haskovo 995.17 1060.67 106.6 Sliven 897.67 952.17 106.1 Montana 811.50 857.33 105.6 Kardjali 777.00 819.67 105.5 Plovdiv 1256.50 1316.83 104.8 Kyustendul 658.83 678.5 103.0 Burgas 1606.33 1647.00 102.5 Sofia city 2112.00 2163.17 102.4 Targovishte 916.51 937.30 102.3 Gabrovo 852.50 863.50 101.3 Silistra 705.83 698.83 99.0 Smolyan 885.75 872.32 98.5 Vidin 982.64 905.65 92.2 Source: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Record-Number-of-Real-Estates-Deals-in-Bulgaria-in-2007/3101.html Last year was signed 325,385 deals for the selling of real estates, which exceeds with 4% the marked in 2006 record number of deals. This was announced in a research of Arco Real Estate company.The biggest number of deals was marked in Sofia, Plovdiv, Varna, Burgas, Nesebar and Ruse.The prognoses for 2008 are: remaining of property selling on the same level and increase of the monetary volume.The analyzers expect jump of 10-15% of the residential properties in 2008.Source: http://international.ibox.bg/news/id_2073012336 http://www.maxbulgaria.com/en/property-news/bulgarian/Lovech,-Yambol-See-Biggest-Residential-Property-Price-Growth-in-Q1/3102.html Residential property prices in Bulgaria went up by an average of 6.8% in the first quarter of 2007, compared to the fourth quarter of 2007 to an average of 1,299.95 leva per m2 (664.65 euros), data of the National Statistical Institute (NSI) show. Lovech saw the highest increase of 19% in residential property prices in the first quarter of 2008, compared to the last quarter of 2007. Residential property price growth in Yambol, Sofia district and Pernik followed with 17%, 16.3% and 16%, respectively. The strong growth in these cities may be put down mainly to the lower prices of the residential properties there compared to other regions of the country. Residential property prices declined only in three regional cities during the first three months of 2008. The prices in Vidin recorded the biggest decrease of 7.8%. Smolyan and Silistra followed with 1.5% and 1%, respectively. Residential property prices in Sofia city went up by 2.4% to 2,163.17 leva/m2 (1,106.01 euros) in the first three months of 2008. Thus, Sofia city had the highest residential property prices in the country as at the end of March, followed by Varna where the price stood at 2,099.33 leva/m2. Residential property prices in Varna grew by 8.2% in the first three months of 2008, compared to the last quarter of 2007. The prices went up by 4.8% to 1,316.83 leva/m2 in Plovdiv. Residential property prices in Ruse rose by 15.7% to 1,732 leva/m2 outpacing the prices in Plovdiv. Ruse ranked third in terms of highest residential property prices, trailing behind Sofia and Varna and overtaking Burgas, Plovdiv and Stara Zagora. Residential property prices in Burgas grew by just 2.5% to 1,647 leva/m2 in the first quarter of 2008. Source: http://profit.bg/index.php?cid=4&sid=0&aid=3446&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/EUR-200-Mln-Earmarked-for-Infrastructure-in-Areas-with-Tourism-Potential/3092.html All priorities under the Operational Programme for Regional Development, including the development of tourism, will be initiated within a month and a half, Regional Development and Public Works Minister Asen Gagaouzov told journalists on Monday. He attended a national conference entitled "Money for Infrastructure and Tourism", BTA is reporting. A little over 200 million euro has been earmarked for tourism development. The funding targets mostly the development of infrastructure in areas with a potential to develop tourism. The principal beneficiaries are the municipalities in association with NGOs and sectoral organizations. Money will not be provided to existing resorts, but to new areas which have the potential to develop tourism, Gagaouzov said. Some 30 million euro will be used to advertise Bulgaria tourism, including through external advertising. Bulgaria will be sufficiently well advertised as a tourist destination if the money for the operational programme is added to funding from business sources and from the government, the Minister said. The operational programme is worth 1,600 million euro in total. Over 130 projects have been presented under four or five measures of the programme. Funding is beginning to be used up under some of the measures. Asked whether a Ministry of Tourism should be set up, Gagaouzov said fewer ministries are needed but more powers should be given to sectoral organizations. Simeon II National Movement Floor Leader Plamen Mollov said a clear national programme is needed in the field of tourism, which will bring together the main priorities over a longer term. The tourism development strategy has a short-term effect and should be regarded as a step in a certain direction, Mollov said. He finds that there is a delay as regards the strategic documents in the field of tourism and the government policy for the investments in the sector. Source: http://profit.bg/index.php?cid=1&sid=0&aid=3428&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/Danube-Mall-To-Be-The-First-Mall-In-Ruse/3086.html The new mall will be situated right opposite Danube Bridge. Its location will be one of its main advantages as it will stand on the road connecting Romania and Bulgaria.The mall will aslo be in close proximity to Industrial Park Ruse, where more than 10,000 employees work each day. The commercial center will have a total built-up area of 31 795.92 sq. m.There will be five levels (four storeys and one underground level). A parking lot with a total area of 8 532.13 sq.m. and a capacity of 228 vehicles will be situated on level 0.Level one will comprise a supermarket with a total area of 5 644.25 sq. m. and 17 other premises, which will be rented out to shops, banks etc.70 shops selling clothes, electronics, furniture etc, as well as a casino and other entertainment areas will occupy some 5 865.31 sq. m. on level 1 and 2.Level 3 is planned as an entertainment area, which will comprise a terrace overlooking the River Danube, restaurants, coffee shops, a bowling alley, day care etc.Propery agency Foros has the exclusive rights of renting premises in the mall.The investor is Marmeg OOD, a private company, which has been set up espacially to implement this project. Marmeg owns the plot, and controls the funds and the overall know-how for the project.Èçòî÷íèê: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Brokers:-The-Upward-Trend-Will-Be-Sustained/3089.html Each Monday Profit.bg talks to three market participants about their expectations for the week on BSE. Here is what they told us today:Geno Tonev, portfolio manager, Ug Market Fund ManagementThe optimism of last Friday will surely be felt during trade hours on Monday. I expect this week to be very interesting. Investors will be looking for a correlation between BSE and the international markets.There is a certain correlation, indeed but it is rather indirect. Apart from the recession fears, the soaring inflation, expensive fuels and food, our market continues to be burdened by local problems. Those are the lack of available cash, the withdrawal of many foreign investors, the lack of information on the public companies (and more precisely the lack of adequate managers' prognoses) amid high interst rates and a slowing economic growth worldwide etc.So in spite of the positive ending of last week, it would be difficult to make very optimistic prognoses. I expect to see a lot of volatility and slightly higher turnovers. The financial reports of leading public companies are much anticipated and will be defining the trend.Good news will boost the bulls' performance. Bad news, on the other hand, may lead to another period of declines, which would wipe out smaller players and set the foundation for another upward trend.Blagovest Krachev, broker, KarollThis week will be marked by the expectations of Q1 reports as investors want to know to what extent have public companies in Bulgaria been hit by the financial crisis. Good results will be essential for the establishment of an upward trend. I expect to see even lower prices this week.Alexander Nikolov, chief broker, EIBankAfter a very positive closing on Friday I expect to see more upward movement this week. It may be supported by good financial reports, as well as by the opinions abroad, stating that the worst of the worldwide financial crisis has already hit the markets.In the past weeks, the prices of some of the most liquid Bulgarian stocks reached very attractive levels. I think that there is no lack of buyers - investors are simply waiting to make sure their bets are secure. I think last Friday was indicative of the end of the correction.Source: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Business-Calendar-April-21-25/3090.html The Bulgarian Stock Exchange (BSE) is in for an eventful week in the period April 21-25. General shareholders' meetings, trade in rights and auctions are scheduled to take place in the next five days.An open-bid auction for the sale of 49,943 unused rights issued in the capital raise of Sila Holding will be held on BSE tomorrow (April 22). The holding company plans to raise its capital from 91,000 leva (46,500 euros) to 2.09 mln leva (1.06 mln euros).The general shareholders' meeting ofBulgarian American Credit Bank is also scheduled to take place on April 22. The shareholders of the bank will put to vote the distribution of 1.50 leva dividend per share and the allocation of 32.1 mln leva (16.41 mln euros) to the Reserves fund.The trade in rights of Alfa Credit REIT will also kick off on Tuesday. The REIT plans to double its capital, while the rights will be traded under the R3ALCR stock symbol until April 29.The general shareholders' meeting of Medika will be held on April 24 (Thursday). The shareholders will discuss the increase of the capital of the company from 335,000 leva (171,300 euros) to 10.068 mln leva (5.14 mln euros) at the expense of the retained profit from previous years. Thus, each shareholder will receive 29 shares for free.The shareholders will also put to vote the distribution of 1.00 lev (0.51 euros) gross dividend per share and the signing of a five-year contract with Sopharma worth 20 mln leva (10.22 mln euros).The rights issued as part of the forthcoming capital increase of Black Sea Investment REIT will be traded on BSE until April 24. The REIT plans to raise its capital from 650,000 leva (332,300 euros) to 14.95 mln leva (7.64 mln euros). Each right will allow the subscription of 22 new shares with 1.00 lev issue value each.The final date for sealing deals in the stocks of Elhim Iskra, M+S Hydraulic and Monbat, which will allow shareholders to exercise their voting rights at the general meetings of the companies, is set for April 25.The shareholders of Elhim Iskra and M+S Hydraulic, part of Stara Planina Hold, will also decide on the repurchasing of shares accounting for up to 3% of their capital. Monbat plans to raise its capital two-fold, from 19.5 mln leva (9.97 mln euros) to 39 mln leva (19.94 mln euros) at the expense of reserves and profit and to distribute 0.18 leva dividend per share.The value of the transactions sealed on BSE in the period April 14 to 18 amounted to 82 mln leva (41.92 mln euros).Source: Profit.bg http://www.maxbulgaria.com/en/property-news/bulgarian/Pilot-phase-of-luxe-Teres-villa-community-completed/3083.html Belgian developer Maison Creative will complete by the end of April the first four houses in its Teres luxury residential community near Plovdiv, Southern Bulgaria. Once the first four houses are finished, the developer will begin work on another 22. The project, with estimated cost at 8 to 10 mln euro, will deliver 68 villas in total when it is completed in three years' time. The Teres housing compound is located in the land area of the village of Radinovo, some 6 km from Plovdiv, Bulgaria's second largest city. All the necessary road, sewerage, electric, gas and communication infrastructure is already in place. Some of the Teres houses pay homage to Mediterranean villas while others are in the style of traditional Bulgarian architecture. Radinovo has seen an influx of major industrial investment over the last 7-8 years with manufacturers like Liebherr, Socotab and Schneider Electric moving into the area.Bulgaria eases rules for some visa applicants The Bulgarian government has updated the terms and conditions for the issue of visas to non-residents. The new ordinance simplifies the visa procedure for non-residents related to EU citizens. Going forward, these applicants will be required only to certify their kinship or that they are part of the household of the EU citizen. Postgraduates, students enrolled in one-year courses and applicants sent to Bulgaria by a foreign employer to perform concrete tasks related to the oversight and co-ordination of the implementation of a contract for tourist services will be eligible for a one-year visa under a simplified procedure. Eligibility for this type of visa also extends to residents of third countries sent to Bulgaria by a foreign employer engaged in investment activity pursuant to the Investment Promotion Act to oversee the implementation of an investment project.Èçòî÷íèê: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/Pricey-land,-lack-of-infrastructure-set-back-housing-segment/3072.html Steep land prices and the lack of adequate infrastructure is adding to the cost of residential projects and could give developers with less than sound business plan a real headache, Rosen Plevenliev, director general of Lindner Bulgaria, said at a discussion on the outlook for the housing segment. Plevenliev and a host of other property experts from Bulgaria and the region have been taking part in the Balkan Real Estate Conference underway in Sofia. Over the last couple of months, land prices have reached levels that would make investment in residential developments inefficient. 'There is a land price bubble,' said Plevenliev, a position shared by Ivan Mekushin, manager of Winslow Developments. The underdeveloped infrastructure is another factor that adds to development costs. It's unfortunate that investors and not the municipalities are footing the infrastructure development bills, said Plevenliev. Despite these negatives, the experts consider the market to be stable and poised for more growth over the next 2-3 years. The market started on the up from a low base in 2003 and therefore still has untapped potential, said Plevenliev. The number of new apartments jumped from 2,000 in 2003 to 5,000 in 2007 and should reach 8,000 this year. The forecast is for off-plan sales to moderate, reducing the investment resource available upfront to developers. The main conclusion of the panelists was the housing equity remains a solid and safe bet. 'Inflation is rising, the stock market is down. Real estate presents a secure option to prevent the devaluation of our savings,' said Plevenliev.Source: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/Rural-Development-Program-Starts-in-Bulgaria/3074.html Today is the official start of the Program for development of the rural areas in Bulgaria.In all 28 Regional payment agencies starts the reception of projects under the first two measures – 112 “Establishment of farms of young farmers” and 121 “Modernization of agricultural farms”. The budget of the first measure is over 102 M EUR, and of the second – over 1 bln and 40 M EUR.All measures under the Program are expected to be opened by June and mid-July. The total budget, which Europe gives to Bulgaria for rural development till 2013 is 3.24 bln EUR. Source: http://international.ibox.bg/news/id_1068154549 http://www.maxbulgaria.com/en/property-news/bulgarian/Floating-Resort-To-Be-This-Summers-Hit-In-Bulgaria/3078.html Vacancy on a 5-star luxury ship costs cheaper than to spent the same period in a coastal hotel room in Sunny Beach or Golden Sands resorts. This was announced on the 'Culture Tourism' expo that started on Wednesday in the city of Veliko Turnovo.It is expected the cruise to become absolute hit during the following summer in Bulgaria.Tour operator already announced the offers for the sea trip - 500 EUR per person - full board and loading on an 8-deck liner.The ships are known as ‘Harmony', ‘Symphony' and ‘Music'.Source: http://international.ibox.bg/news/id_2038685883 http://www.maxbulgaria.com/en/property-news/bulgarian/Danube-Rivers-Pollution-Threatens-the-Potable-Water-of-Millions/3079.html The Danube in Johan Strauss' classic waltz is blue. But in the real world in 21st century it is a muddy navigation canal, absorbing waste waters from the cities, pesticides and chemicals from the agricultural lands, industrial wastes from the plants and fuel from the vessels. The main Danube organizations and the European union are increasingly concerned for the future of the EU longest river, which springs from Germany and flows along 10 countries before flowing into the Black sea. Officials in Budapest called for all the countries along the Danube to stop the irreversible, according to them, damages by undertaking urgent measures against pollution. The political coordinator of the “Energy and transport” directorate at the European Commission Cezare Bernabei claimed for the Voice of America that without radical actions for improvement of the condition of the environment around the Danube, the reserves of potable water for nearly 80 million people would be threatened. “For sure all this should be controlled. We cannot continue thinking that water is something given”, commented Bernabei. “Everywhere the concern about water resources is growing, especially in this zone which is densely inhabited.” Another unsolved problem is the pollution from NATO's bombing of Serbia in 1999, reckons Milovan Bojinovic, chairman of the Danube commission with headquarters in Budapest, which works for the free navigation on the river. He claims that chemicals from the bombed plants still pollute the Danube. “Part of the pollution is a result of the bombings of these factories without taking into consideration the consequences for the countries along the Danube after Serbia – Bulgaria and Romania as well as for the Black sea”, says Bojinovic. The ever growing navigation on the river also helps the pollution.According to EU data, now after most of the countries the Danube river crosses are members of the EU, the water transport might double in the next 10 years. The experts are unanimous that the use of modern technologies in navigation and the restriction of the industrial pollution will help the recovery of the Danube river eco-system. But they warn that these efforts will be hurdled by the changes in the water flow aiming at prevention from floods or production of energy. Source: http://international.ibox.bg/news/id_700659067 http://www.maxbulgaria.com/en/property-news/bulgarian/Culture-Tourism-2008-Expo-Opens-in-Veliko-Turnovo/3066.html 5thinternational tourist exposition ‘Culture Tourism 2008' opens in Veliko Turnovo. Firms, tourist organizations, municipalities and culture institutions will present their potential for creating of tourist product in the area of culture - cognitive tourism. A contest for films on tourism thematic will occur in the frames of the expo.The state agency of tourism (SAT) will handle for the first time an award for special contribution in turning the Bulgarian culture - historical heritage into tourist destination. Bulgarian and Romanian tour operators will present the rich culture - historical heritage not only of Veliko Turnovo municipality, but also of all Bulgarian municipalities. There also will be presented brandnew tourist products and services in Veliko Turnovo as the special ground for watching the audiovisual performance ‘Sound and Light' of the Tzarevetz Fortress Hill and the new attraction - air tours for sightseeing the area. Source: http://international.ibox.bg/news/id_338836060 http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgarian-Ministry-of-Tourism-May-Be-Established/3069.html Ministry of Tourism to be established, in the context of the foreseen structural cabinet changes, was suggested by the National Board of Tourism. This was announced by the organization's newly elected chairperson Krasimir Gergov after a common session of the Board.The Board insists to be written new strategy for the sector's development, that will be valuated by the international consultant.The main motive of the Board members is that the already established strategy doesn't content real data for the sector in Bulgaria.Source: http://international.ibox.bg/news/id_867697792 http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgaria-among-Germanys-Top-Ten-Tourist-Destination/3070.html Bulgaria has been ranked ninth among Germany's most popular tourist destinations by the GIATA-Ranking Agency, the Bulgarian Union of Tourism Investors announced. Bulgaria has improved its ranking index from 1.7 in March, 2007, to 2.2 in March, 2008. Spain ranks first as a destination for German tourists, followed by its island Maiorca, Turkey, Greece, Egypt, Germany, Italy, Tunisia, and Thailand. The ranking was based on analysis of the work of 16 000 travel agencies in Germany, offering reservations at 60 000 hotels around the world. Bulgaria is the only former Soviet Bloc country in the top ten of the ranking. None of the Bulgarian Black Sea resorts, however, is in top ten of the resorts most visited by Germans.Representatives of the Union of Tourism Investors commented that Bulgaria's modest advertising campaign in Germany and the lack of advertising materials did not serve to improve its image as a top tourist destination. The main tourist operators managing Germans' vacations to Bulgaria are TUI, Thomas Cook-Neckermann, ITS Koeln, and Altours. The charter flights to Bulgaria from thirty airports in Germany begin on April 29 and end on October 27.Source: http://novinite.com/view_news.php?id=92295 http://www.maxbulgaria.com/en/property-news/bulgarian/Illegal-Construction-on-Nesebar-Ptotected-Dunes-Ceased/3071.html Bulgarian Minister of Environment and Waters Djevdet Chakurov ordered all construction works to be ceased all building facilities dismantled from the protected ‘Babata' area, Nesebar Municipality. We remind you, the banned construction works were started over protected sand dunes area. As receiving the signal for illegal constructions Minister Chakurov ordered immediate investigation. After the made conclusions of violations the Minister ordered everything to be dismantled and the demolished to be rehabilitated by the violators. Minister Chakurov will control personally the execution of the order in shortest possible terms. Source: http://international.ibox.bg/news/id_1371670430 http://www.maxbulgaria.com/en/property-news/bulgarian/2-bln-euro-in-property-projects-in-BalPEx-spotlight/3056.html Shopping mall, holiday villages, office buildings, logistics parks, housing estates and hotels with a combined price tag exceeding 2 bln euro will be showcased at BalPEx Balkan property exhibition scheduled to take place April 17-18 in Sofia. The exhibition is part of the so called Property Week which kicks off Tuesday with a two-day conference that will focus on the Bulgarian and regional real estate markets. This year's edition of the exhibition has attracted 150 entrants that collectively manage over 5 bln euro in assets across the region. Hungary's TriGranit AFI Europe and Federal Development of the U.S. are among the more high-leveraged names on the roster.Source: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/In-Support-of-the-“Bulgarian-Symbols”-Campaign/3060.html Today at 12 pm in the Bulgarian ministry of transport “Bulgarian posts” Jsc. and Bulgarian association for business and tourist information (BABTI) will sign a Memorandum for cooperation in support of the “Bulgarian symbols” national campaign.As a result of the cooperation between the two organisations, the prepared by BABTI inquiry-cards for choosing the symbols of Bulgaria, will be offered in all post offices. Source: http://international.ibox.bg/news/id_1628201108 http://www.maxbulgaria.com/en/property-news/bulgarian/Shares-of-56-Real-Estate-Investment-Trusts-Are-Traded-on-BSE/3062.html A total of 56 real estate investment trusts (REIT) are currently traded on the Bulgarian Stock Exchange, Profit.bg found out. On April 14 their market capitalization stood at 1.69 billion leva (864 million euros), which is 7.62% of the total value of Bulgarian public companies. Number one in terms of market capitalization is Singular REIT (650 million leva, 332 million euros). 7 shares changed hands on te position yesterday at 1,000 leva a piece. The market value of three other REITs tops 100 million leva – these are Elana Agricultural Land Opportunity, Sopharma Properties and Bulgaria Real Estate Fund REIT. Six companies have a market value of more than 50 million leva – Fair Play Properties, Advance Terrafund, Universal Properties, ERG Capital-3. Prime Properties and BenchMark Fund Properties. The capitalization of another 21 REITs is at little over 10 million leva. As we informed yesterday, 87 public companies on BSE have not been traded at all so far this year. 10 of these are real estate investment trusts. 8 new REITs will be listed on BSE in the following months – Bulgarie Reserve Properties, Dit Property, Zeth Properties Investment Fund, Lev Invest, City Properties, Sopharma Buildings, Turin Properties, and Ulpina. Source: http://profit.bg/index.php?cid=1&sid=0&aid=3374&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/First-Session-on-Bulgarian-Romanian-Transborder-Cooperation-Project/3063.html The first session of the Joint committee for observation under the Program for transborder cooperation between Bulgaria and Romania for the period 2007-2013 will be held today in Bucharest, Romania, informed the press center of the Bulgarian ministry of regional development and public works.The Bulgarian representative in the meeting will be Iskra Mihailova, deputy minister of regional development and public works. The Romanian side will be represented by Anna Horvath, state secretary of the Romanian ministry of development, public works and housing. The event will be attended also by Natalie Vershelde, who is from the European commission's “Regional policy” general directorate. The preparation and the implementation of projects under the program with a total budget of 262 M EUR will contribute to the future socio-economic development of the border regions, the environment friendly management of environment, preservation of the cultural values and traditions and for the increase of the possibilities for preparation and realization of joint initiatives in the border regions. Under the transborder cooperation program eligible are the regions of Vidin, Vratza, Montana, Pleven, Veliko Tarnovo, Russe, Silistra, Dobrich and Razgrad from Bulgaria and Mehedinti, Dolj, Olt, Teleorman, Giurgiu, Calarasi and Constance. The priorities of the program are accessibility, environment, economic development and social convergence and technical support. Potential beneficiaries are municipalities, regional administrations, NGOs, municipal associations, research institutions, intermunicipal organizations for cooperation, chambers and other in the border regions. Source: http://international.ibox.bg/news/id_1513145722 http://www.maxbulgaria.com/en/property-news/bulgarian/‘Week-of-the-Real-Estate-on-the-Balkans-Starts-in-Sofia/3052.html Week of the Real Estate on the Balkans' is about to occur in Bulgaria's capital on April 14 - 20. The event starts with 2nd regional conference ‘Balkan Real Estate Conference - Bulgaria, Romania, Serbia' - BalREc, which will take place in Kempinski Hotel Zographski on April 15-16.The week continues with Balkan Property Exhibition - BalPEx - Spring 2008, the largest real estate exhibition on the Balkans that will start on April 18 till April 20 in Inter Expo and Congress Centre in Sofia, Bulgaria.The organizers aim to present platform for discussion between representatives of the participants of the real estates market on the Balkans - investors, consultants, financiers, architectures, urbanism specialists and others.Additional accent on the discussions will be placed on the property market in Macedonia, Albania, Monte Negro and North Greece. It will be discussed the investment climate in the region and will be formulated main tendencies that will outline the market's development in the following years.Source: http://international.ibox.bg/news/id_750902574 http://www.maxbulgaria.com/en/property-news/bulgarian/Switzerland-Grants-EUR-2-M-to-Bulgaria/3053.html A total of EUR 2 M will be granted to Bulgaria by the Swiss government, Ambassador to Sofia Thomas Feller said on Monday.The news was announced at the opening of a Bulgarian - Swiss economic forum in the seaside city of Varna.The money will be allocated to industrial, infrastructure, municipal and environmental projects.The subsidy is to be sent to Bulgaria next year, HE Feller confirmed.Source: http://novinite.com/view_news.php?id=92213 http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgarian-Real-Estate-Firms-Attend-Kuwait-Property-Show/3054.html Big number of Bulgarian real estate companies will take part in International Property Fair in Kuwait that starts on Monday, April 14. Bulgaria seeks for investors from Kuwait and has interest to increase the economy and trade relations with the Persian Gulf country, stated on a press conference Bulgaria's Ambassador to Bahrain Ilko Shivachev.He marked the advantages of the property investments, pointing out that Kuwaiti businessman want to enter such perspective markets as the Bulgarian.Bulgaria is different from the other states, because the procedure price is the lowest compared to any other EU state - member, and the Government presents full support to the investors in real estates, tourism and industry.Shivachev also pointed out that foreigners in Bulgaria have right of 100% ownership, reports a Kuwaiti daily.Source: http://international.ibox.bg/news/id_1732378594 http://www.maxbulgaria.com/en/property-news/bulgarian/Tsarevo-Summer-Resort-Fascinates-Belarussian-Tour-Operators/3055.html Tsarevo seaside town (South - Eastern Bulgaria) occurred to be extremely interesting destination for the thousands involved in the tourism branch. This was announced at the international tourism expo in Minsk, that we informed you about last week.The interest towards local Black Sea coast was high, Bulgarian participants shared.Local tour agents met there with over 20 tourism agencies from Belarus.The municipality of Tsarevo may work way as tourism destination and probably will direct to partner relations with the city of Minsk, said local tourism expert Anjelina Puleva.She believes that main problem remains the visa issue. Despite the 60 EUR that the Belorussian tourists must pay to come in Bulgaria, they should also give another 45 EUR for transit visa passing through Romania which makes their vacation quite more expensive.Source: http://international.ibox.bg/news/id_2060939974 http://www.maxbulgaria.com/en/property-news/bulgarian/Telcos-keen-to-unwire-local-resorts-ahead-of-summer-rush/3040.html The domestic WiMAX operators have started deployment at Bulgaria's Black Sea resorts after blanketing most regional cities and the nation's premier ski resorts Bansko and Pamporovo. Local telco Max Telecom said it is rolling out WiMAX connectivity in sea resort Golden sands. The operator will set up Wi-Fi hotspots and phone booths and will provide voice services at the resort hotels. Vouchers for the resort-wide Golden Sands Wi-Fi zone will be on sale at several hotels and the administrative building of the complex. Another local telecom start-up, Nexcom Bulgaria, also started WiMAX deployment from the winter resorts and the bigger cities and is now developing projects in coastal areas. The company intends to provide wireless coverage in highly-trafficked areas like beaches, hotels and restaurants. The Nexcom networks already covers Albena, Sveti Vlas, Sunny Beach, Nesebar, Sozopol and Burgas. Transtelecom, another local telecom with a WiMAX licence, has been in no hurry to reveal its plans for the coastal areas. WiMAX-delivered services will soon be available in Varna and the bigger sea resorts with north-to-south coverage of the shoreline as the end goal, said the telecomSource: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/New-DV-South-Mall-To-Open-Doors-in-Sofia-in-Late-2009/3046.html The new commercial, entertainment and office complex DV South Mall will be built in Lozenets, one of Sofia's most exquisite residential districts. The plot for the new project is located in the immediate vicinity of Sofia's South Park, a check up conducted by Profit.bg shows. DV South Mall will be unique as far as design and architecture goes and will differ from all other commercial complexes built in Sofia. The new complex will have a built-up area of 40,000 m2 and will feature four storeys of commercial space, five storeys of office space and one storey accommodating fast food establishments and entertainment facilities. The project also envisages the setting up of a casino on the top storey of the complex. The recently established Ecobuilding DV is the major investor in the project. The most up-to-date building materials and technologies will be implemented n the construction of the new commercial center. The construction works are slated for completion in the end of 2009. Source: http://profit.bg/index.php?cid=1&sid=0&aid=3345 http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgarian-American-Credit-Bank-Nets-Q1-Profit-in-the-Amount-of-14.7-Million-Leva/3047.html The consolidated Q1 profit of CB Bulgarian American Credit Bank Jsc stands at 14.739 million leva (7.5 mln euros) or 1.17 leva per share, according to the unaudited report. This is a hike of 29.3% y/y. Credits grew by 5.1% since the beginning of the year to 620.5 million leva (317 mln euros). On 31 March 2008 return on capital stood at 36.2%, which is 38.8% down from last year. The bank reports additional expenses in the amount of 1 mln leva. BACB's capital adequacy coefficient is 14.03%. The non-consolidated results were also released today. They point at a 34.3% hike in profits to 14.519 mln leva (7.4 mln euros) in Q1. BACB has made an agreement with a syndicate of nine banks for a syndicated loan in the amount of 32 mln euros. The bank will use the funds to finance its activity. The loan maturity is two years. The supervisory board will make a proposal to allocate 18.94 mln leva, 9.6 mln euros (1.5 leva/share) of 2007 earnings for dividend distribution. The proposal is to be voted by the general meeting of shareholders. At the end of February Bulgarian-American Investment Fund (BAIF) sold 49.99% of the capital (6,311,000 shares) in the bank to Allied Irish Banks, plc. BAIF will pocket 216 196 551.85 euros from the deal (67 leva per share). Just 5 shares changed hands today on BSE at an average of 68 leva. Source: http://profit.bg/index.php?cid=1&sid=0&aid=3349&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/Mega-Park-Sofia-To-Open-Doors-By-End-of-2010/3035.html The construction of another ambitious shopping center project – Mega Park Sofia started on 27 December 2007. The complex is situated on Tsarigradsko Shose's kilometer 6. The center will occupy an area of a total of 85,000 sq. m, of which 60,000 sq. m. of office space and 4,000 sq. m. of shops. The main investors are Megapark EOOD and Soravia Bulgaria. The project design is assigned to Bulgarconsult IOOD and the constructor is Strabag. According to plans, the new complex has to be completed in 3 years, which means it will open doors by end of 2010. Such projects have become very popular in Bulgaria in the past several years as they offer a convenient combination of commercial space, office space and entertainment areas (cinemas, restaurants, beauty salons, day care etc). Source: http://profit.bg/index.php?cid=1&sid=0&aid=3330&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgaria-Takes-Part-in-Belorussian-Tourism-Expo/3036.html Bulgaria is taking part of International Tourism Expo ‘Rest - 2008' in Minsk, Belarus. The show starts on Thursday and will continue till Saturday - April 12, reported from State Agency of Tourism (SAT).This is the biggest tourism expo in the Baltic country and this year will be its 11th edition.Last year the event was attended by all big Belorussian tour operators, Ministers, tourism organizations and foreign companies interested into the Belorussian market with a total number of 160 firms from 18 countries.Polls taken in Belarus in the last years show that tourists there place Bulgaria at one of the first positions as preferable destination for summer rest.Source: http://international.ibox.bg/news/id_187678340 http://www.maxbulgaria.com/en/property-news/bulgarian/Financial-watchdog-licenses-another-mutual-funds-manager/3037.html Bulgaria’s Financial Supervision Commission (FSC) has licenced a new asset management company, as quoted by Dnevnik daily on April 10.Ultima Capital Management, a subsidiary of Ultima Finance, plans to operate mainly on the mutual funds market. It will launch two specialised mutual funds. One of the funds would focus its investments on the international financial markets and the second – on Bulgaria.The funds are expected to go public in the second half of the year, after they secure the approval of the financial watchdog.In an interview with Dnevnik daily, Ultima Capital Management CEO Ivailo Tolev said the funds would open a new niche on the market and would invest in the high-risk end of the market. The underlying philosophy of the fund would be to offer non-standard products catering to venture capital investors willing to commit larger sums, he added.Currently, 30-odd asset management companies in Bulgaria are offering more than 100 mutual funds. Most of them are mainly standard collective investment schemes focusing on the Bulgarian Stock Exchange.As of end-March, mutual funds in Bulgaria had 940 million leva in assets, a 200 million leva drop from end-2007. The outflow of assets came in two major waves amid investor fears that alternative investment schemes would be worst hit by the international financial crisis.Source: http://sofiaecho.com/article/financial-watchdog-licenses-another-mutual-funds-manager/id_28681/catid_67 http://www.maxbulgaria.com/en/property-news/bulgarian/Eastern-Europes-Biggest-Solar-Park-to-be-Build-in-Bulgaria/3038.html Near Pazardjik city (Southern Bulgaria) will be build the biggest solar station in Eastern Europe. It is foreseen to be located over an area of 2,000 sq m.The mayor of Pazardjik already had entered into the municipality council suggestion for the purchase of the land, estimated to almost 480,000 BGN (240,000 EUR).The investments are on the amount of over 30 million BGN (15 million EUR).The investor is still not announced, but according to information he will work in collaboration with ‘Helium Energy' International Corporation.The solar station will be with installed capacity of 50 mW.Besides the solar park is expected also to be build a factory for the production of solar batteries.Source: http://international.ibox.bg/news/id_490361042 http://www.maxbulgaria.com/en/property-news/bulgarian/Cyrillic-Project-Goes-on-European-Tour/3039.html Bulgarian project ‘Cyrillic' exposition goes on European tour, starting from Brussels on April 15. The exhibition consists of 30 canvases, act of Plovdiv artists and will be exposed in the European Parliament building. The official opening of the exhibition will occur in the presence of the arts' creators, Bulgarian and European deputies, diplomats and Bulgarian cultural representatives, who live and work in Belgium. The project ‘Cyrillic' is part of the national program for marking Bulgaria's annexation to the European Union. The artists present in their works one letter each of the Bulgarian alphabet. Every of the artist have worked with the preferred by him technique. After Brussels the exposition will be presented in all EU capitals and Moscow. Source: http://international.ibox.bg/news/id_1383569547 http://www.maxbulgaria.com/en/property-news/bulgarian/Sofia-Yacht-Show-Water-Sports-and-Luxury-Expo-Starts/3014.html First specialized exposition for yachts and water sports in Sofia will take place on April 9-13 in Inter Expo Centre. The leading firms in the sphere are gathering to satisfy Sofia citizens and guests' big interest and search in sea amusements.Scores of yachts, disposed over 4,000 sq m expo area will guarantee to the public unforgettable experience.Thirty-one companies - leading importers, distributors and representatives of different small vessels will provoke the fans of water sport and luxury.Source: http://international.ibox.bg/news/id_1760631482 http://www.maxbulgaria.com/en/property-news/bulgarian/Eco-ministry-may-turn-100-ha-of-coastal-land-into-quarry/3017.html Some 100 ha of coastal land, most of it private property that is part of the Natura 2000 network of protected sites, may be prospected for deposits of facing materials if a proposal to this end from the environment ministry goes through. The prospector will be Haskovo-based Baron company. The land is located between the Emona and Irakli villages and Black Sea resort Elenite. In addition to forming a protected wild bird habitat, the tract is also part of the territory where environment minister Cevdet Chakarov himself has banned all construction or otherwise commercial activity. Now the subsoil prospecting project has been rubber-stamped by the same official. In late March, the eco ministry sent a letter regarding the project to the Nesebar municipality with a request for an opinion. A report attached to the letter says that Baron was picked on a competitive basis in 2006 and was the only candidate for the contract. Under the procedure that is drafted, the private company will gain access to the land for a period of one year to drill for facing materials and to determine if they could be extracted. The same company can then apply for the mining concession and the creation of a quarry. Baron owner Ilarion Chilingirov confirmed for Dnevnik that his company had indeed applied for the prospecting rights and intended to pursue the concession contract as well. Source: http://news.dnevnik.bg/The proprietors of land plots in the potential prospecting area are firmly opposed to the project. If the government approves the award of the concession contract in a year's time, the private land will be seized from its owners. The association of land owners in Emona, Bania and Irakli said it will litigate the likely award of prospecting rights http://www.maxbulgaria.com/en/property-news/bulgarian/Nominal-Average-Income-Upped-by-20-22-in-2007---Statistics/3018.html In 2007, the nominal income of the average Bulgarian upped by 20-22 per cent compared with the previous year but as it was eaten by inflation, the actual increase stands at 8-10 per cent, Associate Professor Mariana Kotseva, Chairperson of the National Statistical Institute, said in Rousse on Tuesday. The figures were obtained through a regular survey of 3,000 households in Bulgaria and crosschecked against information sheets provided by employers, BTA is reporting. The main source of income are people's earnings, the survey showed. Largest is the increase of incomes earned in the public sectors. Pensions did not see any tangible increase. In Rousse, in the fourth quarter of 2007, the average income rose by 21 leva from the previous three quarters of the year, said Galina Handjieva, Head of the Rousse Office of the National Statistical Institute. The average monthly income derived from the local public sector was 504 leva, and in the private sector 349 leva. A positive trend was observed - according to data provided by employers, those paid minimum wages were by 1,201 fewer. Kotseva specified that the income data are still being processed and that the exact figures will be officially revealed later in Sofia. Source: http://profit.bg/index.php?cid=1&sid=0&aid=3313&sec_name=LATEST http://www.maxbulgaria.com/en/property-news/bulgarian/Sofia-refuse-crisis-averted,-for-now/3019.html Wolf, the company whose concession contract to clean four districts in Bulgarian capital Sofia earlier this month, would continue to collect refuse from Ovcha Koupel, Lyulin, Vitosha and Triaditza neighbourhoods, a city hall official said on April 8, as quoted by zagrada.bg.Rather than extend the contract, the two parties agreed to amend Wolf's concession on cleaning Mladost district to include the other four neighbourhoods, city hall secretary Rossen Zhelyazkov said.The deal ends the dispute between the city hall and Novera, the holding company that owns Wolf and the other two two firms that clean Sofia, over the exact date on which the refuse concession for the four neighbourhoods expired. Novera said it was March 31, ten years after the deal was signed, while the city hall argued it was June, ten years from the date the contract was registered on its books.Wolf's contract to clean Mladost expires on March 1 2009, giving the city hall enough time to prepare the terms of the tender to pick the next concessionaire.Mayor Boiko Borissov has repeatedly criticised the three companies handling refuse collection in the city. The city hall is reportedly looking to draft the next tender criteria in such a way that would prevent Novera, a vehicle set up by private equity investor Equest, from being the sole bidder. Novera owns Wolf, Ditz and Chistota.It was not immediately clear whether the city hall's decision to add an expired concession as an annex to another contract was strictly legal, zagrada.bg said.Source: http://sofiaecho.com/article/sofia-refuse-crisis-averted-for-now/id_28666/catid_66 http://www.maxbulgaria.com/en/property-news/bulgarian/Bulgaria-with-no-4th-wireless-network-on-tap/2995.html The Bulgarian telecom regulator has decided to divvy up the idle resource in the 900 megahertz band among the nation's three wireless carriers, forgoing an option to allocate the frequency capacity to a fourth operator. The decision, taken in late March after a public discussion, was facilitated by telecom operator Max Telecom which first made a play for the vacant resource but then shifted its interest towards the 1,800 megahertz frequency. Max Telecom CEO Krasimir Stoichev said the company has applied to be designated 5 megahertz bands in the 1,800 megahertz spectrum. Two of the local cellular operators, Telekom Austria-owned Mobiltel and Greek-owned Globul, are eyeing swathes from the vacant 900 megahertz resource. There is no information on such a move from BTC-owned vivatel. 'None of the mobile carriers has so far certified his need for an additional frequency resource,' said Valentin Haralambov, deputy chairman of the Communications Regulation Commission (CRC). He said that would not be a technical challenge for the operators because they will simply have to file their coverage density maps. According to vivatel, the nation's youngest wireless carrier, it has only a 10% market share and needs no additional capacity at this point. The regulator has also decided that, if need be, the three existing mobile carriers should grant access to their networks to virtual telecoms that will be allocated only new number groups and will use existing wireless infrastructure. The CRC has not said if there are further candidates for a resource in the 1,800 megahertz spectrum besides Max Telecom. The resource will have to allocated on a competitive basis if a second candidate comes forth. The regulator has apparently not acted on assertions made by vivatel that Max Telecom has no legal grounds to be pursuing 1,800 megahertz frequencies because it was not a GSM operator. A new EU directive is expected to come out in the first half of 2008, supplanting the directive reserving the radio spectrum in 900 megahertz and 1800 megahertz frequencies for GSM services. The new directive is expected to open the spectrum for advanced mobile data and multimedia services like 3GSource: http://news.dnevnik.bg/ http://www.maxbulgaria.com/en/property-news/bulgarian/The-World-Bank-Supports-Strengthening-Road-Safety-in-Bulgaria/2997.html The World Bank supports strengthening road safety in Bulgaria trough its latest Road Infrastructure Rehabilitation Project. The Project was approved by the WB Board of Executive directors on June last year and it aims to assist the country to reduce road transport costs by improving the condition and quality of its roads network.Bulgaria's road network is of critical importance for trade with the European Union as well as for the integration of the country's remote regions in the European market. However, limited funds for road rehabilitation and maintenance have led in the past to a deterioration of a large percentage of roads, which may be depriving Bulgaria from an important source of economic growth. In addition, road accidents have become an increasing issue with the growth in motorization, with Bulgaria having a traffic fatality rate twice as high as the European Union's average. Under the Road Infrastructure Rehabilitation Project, the National Road Infrastructure Fund (NRIF) will rehabilitate selected Class I, II and III roads totaling about 450 km. The Project will also assist with enhancing the technical and managerial capacity of the NRIF by investing in equipment, technologies, and procedures which would allow for a more efficient use of the resources allocated to the road sector, including future EU grant funds.A dedicated component of the Project focuses on road safety improvements such as the development of road safety plans, the improvement of legal aspects of road safety, the introduction of new approaches for timely medical emergency services and targeted road investments. In addition, a grant from Global Road Safety Fund in the amount of US$ 75,000 is being used by the World Bank and the Government to introduce road safety international best practices in Bulgaria.A national Workshop on Road Safety Management Capacity in Bulgaria, cosponsored by the Government and the World Bank, took place on December 10, 2007 in Sofia and focused on developing an Action Plan for implementing the National Road Safety Strategy. The event was opened by H.E. Petar Mutafchiev, Minister of Transport, and Florian Fichtl, World Bank Country Manager for Bulgaria. More than 60 participants from the Government, private sector, civil society attended to the workshop and discussed the current progress in key sectors affecting road safety.At the request of the Government of Bulgaria, the World Bank conducted a detailed assessment of road safety situation in Bulgaria including the roles and responsibilities of the various public and private institutions involved. The assessment was part of the activities supported worldwide by the World Bank and the Global Road Safety Facility and was conducted in the period between September and November 2007.Bulgaria now has a serious road safety problem with over 1,000 deaths and over 10,000 injuries each year (in 2006, there were 1,043 deaths and 10,215 injuries). Bulgaria's fatality rates are 2 to 2.5 times as high as in some Western European countries and in addition, many of those 10,000 injured may end up being disabled for life. Besides the pain and suffering of victims and the grief of families who have lost loved ones, such casualties are a significant drain to the Bulgarian economy. In addition to the scarce Police resources used at accident sites and medical and nursing resources used up in treating victims, the country loses the future productivity of those killed or disabled. Annual losses to the economy are estimated to be well over EUR 500 million per year and could well be as high as EUR 1,000 million per year. No country can afford to sustain recurring annual losses of this magnitude year after year so urgent action is required to try to reduce such losses. Bulgaria, in line with other European countries has committed itself to meeting the EU wide target of reducing its road accident casualties by 2010. Whereas other European countries are steadily reducing the numbers killed and injured on roads, Bulgarian trends currently show deaths increasing by 5 percent and injuries by 7 percent per year, and unless significant additional investment and increased efforts are made to improve road safety, Bulgaria will find it very hard to achieve its target of reducing casualties to 700 deaths and around 6,600 injuries by the end of year 2010.A part of the Action Plan that was developed during the Road Safety Workshop will be implemented and financed under the World Bank supported Road Infrastructure Rehabilitation Project which with was approved by the Board of Executive Directors of the World Bank on June 26, 2007.Source: http://international.ibox.bg/comment/id_440173653 http://www.maxbulgaria.com/en/property-news/bulgarian/Unique-Eco-Park-Constructed-near-Elena-Mountain-Town/2998.html A unique eco - project, costing round 2 million EUR is being realized 3 kilometers away from Elena mountain town in Stara Planina Mountain. The project is called ‘Ecopark' Elena and is complex of Bulgarian national style houses and farms for rural tourism. The idea of the owner Alexander Yovchev is to turn the bought by him 350 decares land in a real peace of heaven. The project previews a complex of 8 restored unique houses and farms for raising horses and buffaloes to be finished to 2011. To the moment there are 2 fully restored houses, more than 150 years old which already receive guests and are famous as ‘The Yovchevs' House' and ‘The Granny Dana's House'.The young owner prepares additional attraction for the complex - rehabilitating of local crafts. The main local crafts - herb drying, smoked rounds preparing, bee-keeping and etc will be presented along with typical national life objects - exponents of over 100 years old. Only the guests of the eco-complex will have the opportunity to try real yellow cheese of buffalo milk, prepared by traditional local recipe. Because the rural complex will rise more than 100 buffaloes of the rare breed Bulgarian Mura on the cost of 1 million EUR. To the moment the Eco Park already has 17 young buffaloes, raised in perfect conditions and 3 mares and 3 stallions as there already appeared the first young foals, attraction for the children. Source: http://international.ibox.bg/news/id_1387887574 http://www.maxbulgaria.com/en/property-news/bulgarian/Investor-announces-plans-for-Haskovo-mall/2999.html Bulgarian company Marsa has announced plans to build a shopping mall in Haskovo, Southern Bulgaria. The 20 mln euro scheme, the first of its type in the city, will be developed on a 4,800 sq m site. Home appliance retailers Zora and Technomarket and home decor retailer Domko will be among the Mall Haskovo tenants. The mall, the only one of its type in the greater Haskovo district, will tap a catchment area of more than 250,000 residents. The four-story building will have a build area of 20,000 sq m. Real estate firm Source has the agency contract for the lettable retail stock.Source: http://news.dnevnik.bg/