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Property prices in Pamporovo down 15% -realtor |
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Tuesday, 28 October 2008 |
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The global financial crunch has had its effect in the tourist resort town of Pamporovo, Bulgaria. The flats available in the numerous apartment estates recently built in the town have declined sharply in value, according to Yavlena GEOS, a real estate agency based in Smolyan, quoted by website stroitelstvo.bg. The first decline in value was observed in the hotel-apartment complexes, especially in the cases where there is a larger loan taken out for their construction. On the internet, there are offers selling apartments in the hotels for three million euro, or the equivalent of 475 euro for a square metre, whereas the typical detached apartments in Pamporovo that are on offer now go in the range of 900 to 1200 euro a square metre. The drastic decline in the value of the apartments is a consequence of the sharp decrease in demand from foreigners to purchase property in Pamporovo. This is of course is accredited directly to the global financial crisis which is hitting the westerners hard, and with Western banks being reluctant in releasing loans for the purchase of property overseas, fewer people in turn can afford the mortgage payments and the interest in Bulgarian based apartments has dwindled. |
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Spain's Hercesa to invest 500M euro in Bulgaria |
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Thursday, 09 October 2008 |
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Spanish investor Hercesa Internacional plans to inject 500 million euro in Bulgaria, 210 million of which will be directed toward the building of an entire neighbourhood with fine infrastructure and even a railway station to connect its residents to various parts of Sofia, owner Juan Jose Sercadillo-Calvo said at a news conference on October 8 2008, held at the National Institute of Archaeology and Museum. In addition to the good quality of construction and design, Hercesa Internacional says it would offer its potential clients a relieved payment plan to make its product accessible to more people. Zelenika residential community will feature 2000 one-, two- and three-bedroom flats in number of small communal blocks. The neighbourhood will occupy an area of 103 000 sq m between Gorna Banya and Ovcha Kupel boroughs in Sofia. The plan envisions a lot of green spots as well as the building of several playgrounds, bank offices, a kindergarten, a pharmacy, hypermarkets, retail facilities, spa and sports centres. An unusual feature appears to be the Hercesa railway station, which will be servicing trains on the route Sofia-Pernik-Sofia. According to Calvo, it would take between seven to 10 minutes to reach Sofia central railway station and just as much to get to the city's centre. The station will be built during the first stage of construction that will start in February 2009 with the first 400 flats scheduled to be completed by the end of 2010. Hercesa offered a relieved payment plan that includes 500 euro down payment, seven per cent of the total amount are deposited when the preliminary contract is signed, a further 11 per cent are distributed for a two-year period of small monthly payments. When receiving of the title deed, another seven per cent are deposited. The remaining 75 per cent could be either financed or paid with personal funds. Asked about the advancing global financial crisis, Calvo said that some negative side effects could be registered and began to tell the story of Hercesa Internacional, which was found 30 years ago. “My father started out as a painter,” he said. “We understand from the product itself, not microeconomics. More than one hundred architects work for Hercesa, for us is important to construct a quality building and to complete it on time.” For the past 35 years the company had gone through other crises, Calvo said, but the quality of the products Hercesa offers is the key ingredient toward overcoming the hard times. The owner said that from January until September 15 2008, the company has sold 1200 flats in Spain alone. In comparison, for the past seven to eight years the sales have varied between 2000 and 2500 flats a year. Hercesa is backed up by five savings banks, which allows the company to step in 10 countries. In addition to the Zelenika project, a second development in under way in the Manastirski Livadi borough in Sofia. Called Lipite (The Linden Trees), the complex will feature 400 flats with a total investment between 80 and 100 million euro. Source: SofiaEcho.com |
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Estates in Gabrovo