Bulgarian Properties

Prices of residential space and land plots in Velingrad / Bulgaria has raised signifficantly for the last year. Bulgarian Properties developers are showing strong interest in constructing residential buildings and hotels, which have led to a signifficant expansion of the market of rural and forestry land plots.

Up to the current day, the average price of an agricultural Bulgarian property is 15 Euro/sq.m, compared to prices of Januray 2007 when rural land was purchased at around 15 leva/sq.m. It has also been reported that on certain occasions this year, the price per squared meter has even reached as much as 120 Euro.

Amendments in the town’s architectural plan are currently being considered by the local administration.
The residential complexes are expected to extend in the direction of the towns of Pazardzhik and Draginovo. An 18-hole golf course will be constructed near the dam.

The most exclusive Bulgarian properties, with price range between 1 100 Euro/sq.m and 1 250 Euro/sq.m, are expected to be the five-storey buildings situated on the outskirts of Velingrad, only 700 m from Kleptuza Lake.

Israeli real estate developer Electra Group has started building on its first Bulgarian Properties project – a gated residential community in Varna, to be named Botanic VIP Residence, the company’s sales manager Petar Petrov told Dnevnik daily on March 30.

The complex, in direct proximity to Varna botanical gardens, will cover 1.2 ha of land and will comprise seven buildings, with a total of 216 apartments. According to Israeli media, Electra acquired the piece with the ready project in 2006 at the price of 4.56 million euro.

The expected gain after selling the apartments is expected to reach 80 million euro. Three of the apartment blocks are scheduled for termination by the end of the year. Off-plan prices start at 1 350-1 500 euro a sq m.

Electra’s pipeline enlist another three projects in the Varna / Bulgaria area - an office building and a mixed-use scheme in the city and a 53 ha residential community in the vicinity of area village Kalimantsi, Dnevnik wrote.

It started the construction of the biggest recent building in Rousse, to be named Teodora, local news website ruseinfo.net reported on March 27. With its large actual area of 22 000 sq m, it will be the biggest structure in the Danube town built since 1989.

It is a precedent in the new building history of the town, a number of Rousse architects said, quoted by ruseinfo.net.

The construction will comply with the highest standards in modern European building, the developer told ruseinfo.net. Several individuals and companies from neighbouring Romania have already declared their interest in an off-plan purchase of units in the future centre before the supposed rise of prices during the summer, he added.

The construction has a modern design, pragmatically-shaped internal areas and will comprise retail, residential and office portions.