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Bulgaria Legendary Beach Hotel Auctioned over Unpaid Debt
Written by Dave Moore
Bulgaria Legendary Beach Hotel Auctioned over Unpaid Debt
Novinite | October 8, 2009, Thursday
"Astoria," one of the oldest hotels in Bulgaria's Golden Sands beachÂ
resort is auctioned ovet its owners default loan. File Photo
The popular hotel complex "Astoria" in the Bulgarian beach resort "Golden Sands" is offered for sale at public auction.
The information is posted on the public sales register of the Chamber of the Bulgarian Private Law Enforcement Officers.
“Astoria”, one of the oldest sea hotels in Bulgaria, is a water front property with a hotel, coffee shop, lobby bar, disco bar and a restaurant. It is offered for the price of BGN 3 019 M along with a construction permit.
The reason for the auction is the default loan on the part of the owner, the Sofia based “Kapsi Tours.”
The total number of Black Sea hotels listed for sale on different real estate sites in the Varna area is down to 50 compared to 70 in July. Half of them are listed with prices over EUR 1 M with the most expensive offered at EUR 38 M, also a “Golden Sands” water front, luxury hotel. The cheapest one can be purchased for EUR 250 000 and is a family type hotel with access to the yacht port.
The hotels for sale include not only the nearby beach resorts but also downtown Varna and surrounding towns and villages.
In addition 92 restaurants, bars, spa centers, stores and other tourist facilities are offered for sale in the Varna Region with 82 of them in Varna.
** Article provided by Bulgaria Property Action Group 09th October 2009
Expert: Revenue of Bulgaria's Tourism down by 25% in 2009
Written by Dave Moore
Expert: Revenue of Bulgaria's Tourism down by 25% in 2009
Novinite | October 7, 2009, Wednesday
Bulgaria's tourism sector is going to register a decline of 20-25% in its revenue in 2009 compared to the 2008 levels.
This is the forecast of Rumen Draganov, head of the Institute for Analysis and Estimates in Tourism.
The global economic crisis has forced Bulgaria’s tourism companies to reduce their prices by 10-30%. The revenue decline of tourism business along the Northern Black Sea coast is reported to be about 20%.
The number of tourists who visited the Southern Bulgarian Black Sea coast declined by 12% in 2009 compared to their number in 2008.
** Article provided by Bulgaria Property Action Group 8th October 2009
Sozopolis real estate ranges from 800 000 to 1.4M euro
Written by Dave Moore
Sozopolis real estate ranges from 800 000 to 1.4M euro
17:34 Mon 28 Sep 2009 - Nick Iliev
Property in the elite Sozopolis complex, comprising about 20 single family homes and 166 other units, sells for about 3000 euro a sq m, Dnevnik daily reported on September 28 2009, citing several brokers' reports.
Depending on the house size, the price of family homes varies from 800 000 euro to 1.4 million euro. According to brokers, potential buyers are predominantly foreigners, mainly from Russia, Lithuania, Denmark and Norway.
Other luxury homes in the complex - planned unit developments - are also on offer, albeit slightly cheaper, ranging from 2200 to 2400 euro a sq m, whereas luxury apartments are priced between 1600 and 1700 euro. The first phase of the Sozopolis complex construction was completed at the end of the summer and Immofinanz, the main investor in the scheme, has said that by September 2010 the village will be complete and ready for residents to move in.
The Sozopoliz village is two km south of the seaside town of Sozopol, perched on top of the Kolokita peninsula, spanning a total area of nine ha with 186 properties under construction. The main architect of Sozopolis is Hristo Lazarov from A3 Design Bureau. Aside from the luxury homes, the village will be furnished with shops, restaurants and a luxury hotel with SPA centre as well as offices and entertainment facilities.
Source: Propertywise
** Article provided by Bulgaria Property Action Group 29th September 2009
UK Real Estate Firm: 5 Areas for Working Expats in Bulgaria's Sofia
Written by Dave Moore
UK Real Estate Firm: 5 Areas for Working Expats in Bulgaria's Sofia
Novinite News | September 23, 2009, Wednesday
The Sofia-based UK property developer Cleves has identified 5 areas where large numbers of expats are employed in the Bulgarian capital.
The Cleves development in the Izgrev Quarter is designed to be next to theÂ
embassies and businesses stationed in the Iztok Quarter. Photo by cleves.bg
This has been announced by one of the partners at Cleves, Vesey Crichton, in an interview for Novinite.com (Sofia News Agency).According to Crichton, about 10 000 expats work in Sofia, and the five areas they are concentrated are the downtown, the Tsarigradsko Shose Blvd, the Iztok Quarter, the Sofia Business Park in the Mladost 4 Quarter, and the Manastirski Livadi ("Monastery Lawns") Quarter.
Having identified those five areas, Cleves Ltd, which specializes in rental services in the Bulgarian capital, has been developing nine residential projects totaling 150 apartments in their proximity.
The total investments of Cleves in Sofia so far amount to about EUR 35 M. In Crichton's words, the rental services market in the Bulgarian has not been affected significantly by the economic crisis. He expects that the rental and residential properties markets are going to pick up again as the Bulgarian economy starts to recover in 2010.
** Article provided by Bulgaria Property Action Group 27th September 2009
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