Bulgaria property prices in Vidin soar 250%

The price of properties in Vidin, alongside the Danube River, has soared three-fold on the background of progressing negotiations for the construction of the second Danube Bridge in the Vidin area.

Last year the government signed a crucial agreement over the project funding with €70 million from the European Commission. The second bridge on the Danube is designed to span Bulgarian North-Western city of Vidin with Romania’s Kalafat.

According to Bulgarian property agents in the area there has been a sustainable leap in prices since the end of 2007, concerning mainly prices of small-size apartments.

There is also an increasing interest from foreigners to purchase Bulgarian properties and land in the region, which eventually fuelled the prices over the last few months.

The memorandum for the second Danube bridge, which will financed under the ISPA program, ensures free funding of €70 million for the bridge’s construction. The sum, granted by the European Commission, guarantees head-to-tail financing of the project due to be completed by 2008.

The project will cost a total of €226 million and the Bulgarian government has pledged to invest more than €60 million to the project. Other institutions participating in the funding are the European Investment Bank, the French Development Agency and the German Credit Institution for Reconstruction and Development.

At the moment, the only bridge on the 610km Danube section of the Bulgarian-Romanian border, links Ruse in Bulgaria and Giurgiu in Romania by road and rail.

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