The Defence Ministry has gone ahead with the documentation regarding the building of a military town in the Vladislav Varnenchik district in Varna. The town is supposed to be able to accommodate over 80 per cent of the military personnel in Varna and all other military installations in the surrounding region, weekly Stroitelstvo Gradut reported.
The project will boast over 1720 flats in eight massive buildings. Each building will have seven separate entrances and will stand six stories tall. The attics of all buildings will also be designed in way so that they can be used for living space, if necessary. Each building will also have its own underground parking lot two stories deep. The built-up area of the building site will be 213 338 sq m, with the real living space being 129 378 sq m. The underground facilities will take 83 960 sq m.
Vladislav Varnenchik was designated as a Varna suburb back in 1986. Several big-name chains have opened business in the area, including Metro, Technomarket, Bourleks, Piccadilly, and others. Following the massive construction which will take place of course it is only natural for other massive retail chains to open business and for the area to gravitate upon itself even further investment.
Source: http://www.sofiaecho.com
07.11.2008
New Agencies to control the building works in Varna
New structure controls building process in Varna is the leading news in “Cherno More” newspaper. All sewage, electricity and parking places projects of all investors are to be co-coordinated by the new Agency. Another structure will control the buildings determined as a “cultural monuments”.
01.10.2008
Bulgaria Residential Real Estate Still Considered Solid Investment
Real estate remains the main investor market in Bulgaria, not the stock exchange, which is already suffering the effects of the global financial crisis, according to Georgi Stoev from "Industry Watch."
Stoev spoke before Darik radio on Wednesday.
The expert forecasted that the vacation properties segment would be the one to bear the effect of the financial crisis the most, adding that the ordinary Bulgarian counts mainly on his home as savings, followed by bank deposits.
"This leads to the question - what is going to happen with the real estate market and the stability of the bank system in the country. The vacation property market has always been and will remain a risky investment. At the moment of a liquidity crisis, the first projects to be blocked or discontinued would be precisely those from the "second home market," Stoev explained, adding that residential properties in big cities remained a solid investment.
Source: http://www.novinite.com
01.10.2008
Bulgarian property market tamed
In 2008, the market entered a stage of clear segmentation and only the interest towards higher-class exclusive property has marked a significant increase.
Looking at the bigger picture, the panel of participants was unanimous that an average Bulgarian family with a monthly income of 1500 leva was perfectly capable of purchasing a home priced 750 to 800 euro a sq m, given all the financing possibilities offered by local banks.
The market reaching a point of saturation, however, does not come as news, after numerous analyses advertised by the property agencies themselves flooded the media over the past several months.
All the research pointed to the single emerging tendency of unreasonably large supply with suspicious quality versus decreased demand and more cautious clients.
source: http://www.sofiaecho.com/
05.08.2008
Bulgaria's Varna to Compete for European Black Sea Capital
As by novinite.com: "Varna is one of the top two finalists for European Black Sea Capital of the European Union (EU), according to the Bulgarian daily newspaper "Standard." The EU is going to select the European Black Sea capital between two cities: Varna in Bulgaria and Konstantsa in Romania. The newspaper cites John Murray, Director of growthclusters.com - an organization working at national, regional, local and international levels in the area of cluster development saying that "Brussels' goal was not the moving of Eastern Europe to Paris or London but rather aligning the living standards." According to the UK expert, despite Konstantsa's advantage of its recently reconstructed port, Varna's chances to become the EU Black Sea Capital would greatly improve with the construction of a larger and modern logistic center in the Bulgarian main coastal city and port".
05.08.2008
Restoration of the Roman thermals in Varna
The most important historical monument in Varna is to be restored. Similar, of those kind are just four other monuments in Europe and through the world. The idea is to strengthen and partially restore some of the ruins and the whole center then is to be covered with glass. Within this, there also will be several rooms for expositions where pictures of how the Roman thermals used to look in the past could be seen
05.08.2008
A project of the biggest mall on the Balkan Peninsula in Varna
As quoted by ‘Narodno Delo’ newspaper, a new project that will represent the biggest Mall on the Balkan Peninsula is on its way. The project belongs to a company that encompasses 110 malls in 40 other countries. The investment will amount to 750 mln euros and is undertaken by a German multi – millionaire.
05.08.2008
Two new holiday settlements with yacht bases in Varna
New regulatory plan of Varna envisages two new holiday settlements south of the Sea Capital – Pasha Dere and Chernomoretc. On the two territories, there are envisaged yacht bases. The new recreational zone is to be in Zvezditza. Setting up of a three new bus stations. The two will be on the entrances of the city: village of Kitchevo and Asparuhovo residential district and the biggest one is to be build in the region of the air port. This area is determined to be the biggest road junction in the city. The passengers coming from and to the air port will depend now on the railway transport as well. The railway will go through the whole coast line and will reach to Kranevo and Albena.
11.06.2008
Enormous settlement near Varna
The Israel Company “Elektra Bulgaria” ltd is building the biggest closed settlement in Bulgaria, 15km north – west of Varna in the village of Kalimantzi.
The settlement will be situated on 500 000 sq mtrs land with 400 000 sq mtrs build area.
The project also includes trade centre, kindergartens, school, church, restaurant, attraction and leisure centre ect.
The land was bought in the period 2006 – 2008.The status of the land is already changed and the project is in process of approval.
The first dig is planned for the spring 2009.
The company presented its first project a week ago – BotanicalVIPGarden. This will be built in the resort St. Constantine and Helena and encompasses 7 buildings. The first three of them are going to be ready till the end of this year. Theownerswillhave 129 over ground and 117 under ground park places. The first buyers are Russian citizens who paid 1500 euros per sq mtr.
In the western industrial zone of Varna, the company is building business centre “VarnaInternationalBusinessPark”. The build area of this will be of 18 000 sq mtrs.
A 30 meters high statue of a women is going to welcome visitors of Varna, says “24 hours local”. The brass sculpture will be built in the end of 70 meters long bridge above the sea. It is still under question where the bridge is going to be – Central Varna beach or “Fish” beach.
11.06.2008
Beaches in Varna city cover the criteria required by the European Union
The last tests made in may show that beaches in Varna comply with all eu requirements. Currently all 23 swimming zones are good, say further the statement. The report of the EU commission says also that such tests are going to be taken each week – quoted be newspaper “Moprski Trud”.
11.06.2008
Varna invests 3,5 mln leva in coastal infrastructure
In preparation for summer 2008, Varna municipality spent 3,5 mln leva for improving the sea front as quoted by local newspaper “Cherno More”.
This also includes new parking places the number of which is around 590 for the whole coastal line in Varna. This summer, the access to the alley is going to be restricted by 3 barriers. 2 of them will allow only vehicles which supply the restaurants, bars ect. and only one of them will allow other vehicles until they full the capacity.
04.06.2008
Still great to invest in Bulgaria
It may have been an international property hotspot for some time but opportunities still exist for savvy investors in the Bulgarian market. According to industry experts a number of high-end projects are being planned in the country, which is expected to attract a new wave of investment.
04.06.2008
First Golf Course on Black Sea Coast Opens in Bulgaria's Balchik
The first golf course on the Black Sea was opened Saturday in the Bulgarian sea resort of Balchik north of the city of Varna. The BlackSeaRama complex is worth EUR 103 M, and is located on an area of 1000 decares. It is the second professional golf course in Bulgaria, and currently has nine holes, with nine more expected to be added.
The complex also includes several dozens of luxury villas and houses, a mineral water pool, a gym, and a five-star hotel.
A wine-producing plant is under construction. It will use the production of the vineyard located on a plot of 10 decares, and will produce mostly white wines, with the first 20 000 bottles expected to appear in three years.
BlackSeaRama is a closed golf club where the membership costs EUR 25 000. The investor in BlackSeaRama Ltd, whose board of directors includes the President of the Bulgarian Golf Association Krasimir Gergov and the two famous Bulgarian sociologists Kancho Stoychev and Andrey Raychev.
The Bulgarian football star Hristo Stoichkov participated at the opening ceremony of BlackSeaRama.
02.04.2008
3% tax on property purchase in Varna
As from 2008, the municipalities in Bulgaria have the rights to define individual rates on local taxes and fees. In Varna District, the tax policy announced rates as follows:
1. Tax on transfer of real estate property – 50% increase. As from 2008 the tax on property transfer shall amount to 3% (as oppose to 2% previously charged).
2. Tax on vehicles – 50% increase.
3. Tax on property – 50% increase.
The tendency shows that in the areas with high activity and grow the increase of taxes is the highest. This is because of the growing expenditures generated by the municipalities for all administrative activities. In the small villages and cities, where the revenues are lower local taxes and fees still cover the lowest rates imposed by the law.
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