Bulgarian properties for sale

HOUSING prices in Bulgaria’s regional centres rose 4.3 per cent in the second quarter of 2005 compared to the first quarter.
The average price for real estate stood at 730.5 leva per sq m between April and June, up from 700.5 leva the previous quarter, the National Statistical Institute said on July 21.
Apartment prices were the highest in the Black Sea city of Varna. The average price there reached 1198 leva per sq m, down 0.2 per cent from Q1.
Sofia, where housing prices traditionally have been the highest, came second with 1118.8 leva per sq m, a 2.5 per cent increase.
The Black Sea port and resort city, Bourgas, was third with 1113 leva per sq m, a 4.1 per cent incease.
The prices of flats in Smolyan (Southern Bulgaria) increased the most, by 33.5 per cent to 553 leva per sq m, followed by Vratsa (North-Western Bulgaria), 24.6 per cent to 451.50 leva, and Kyustendil (South-Western Bulgaria), 17.4 per cent to 371.7 leva.
The most significant decreases could be found in Kurdjali (Southern Bulgaria), by 6.9 per cent to 617.8 leva per sq m, in Pernik (Western Bulgaria), by 5.6 per cent to 517.3 leva and Pleven (Northern Bulgaria), by 4.3 per cent to 719.2 leva per sq m.
Bulgarian housing prices rose by 47.5 per cent last year to an average of 540 leva per sq m, but real estate brokers say price growth should slow in the next two years. In their view, the Bulgarian real estate market is stabilising.
The high demand is also beneficial for banks and property credit. Since the start of 2005 most banks have started offering preferential interest rates. These rates are applicable for one year after obtaining credit, before they begin to increase.  
Several local and foreign investors announced new plans in July, proving the attractiveness of the local property market.
The British Lewis Charles Sofia Property Fund said it sought to raise up to 50 million British pounds (around 72.5 million euro) and invest it in real estate in Bulgaria. The company seeks to raise the cash through an initial public offering on the Alternative Investment Market of the London Stock Exchange (LSE), which provides an opportunity for smaller, growing companies to access investors.
The fund will then invest in residential property near Sofia and neighbouring ski resorts, Lewis Charles Sofia Property Fund said in a statement to the LSE.
Bulgaria has three major ski resorts, Bansko, Borovets and Pamporovo. The country will seek to modernise its Vitosha ski area, which overlooks Sofia, in line with its application to host the 2014 Winter Olympic Games.
The Lewis Charles Sofia Property Fund will back new projects, providing funds to developers. The fund would further be in charge of property sales, the company said.
In another move, the German group Wertinvestition said it would enter the Bulgarian real estate market with two projects in Sofia and Bansko.
The company is to build a residential complex on a 6224 sq m area in the  Mladost 2 neighbourhood in Sofia, comprising six different buildings. As well as apartment buildings, the complex will contain trade centres, office buildings and recreation areas.
The second project Wertinvestition will undertake focuses on the construction of vacation buildings in Bansko. The company has already bought a plot in the region. 
Investment in the two projects will exceed 10 million euro. The company is interested in long-term investment in the country.
Karoll, a Bulgarian financial group, said on July 14 it would launch a real estate investment trust that will invest in agricultural land, aiming to achieve an annual yield of 10 to 20 per cent.
The trust, Advance Terrafund, will be the second of its kind in Bulgaria. It would be launched with a capital of 500 000 leva, Karoll said in a statement.