Bulgarian Property Market

On May 28, Nike Investment Group turned the first sod of their project Central Life City Estates in Sofias Tsar Simeon street. The development will have 27 residential and four retail units on total builtup space of 4000 sq m.

Africa Israel Investments, an Israeli real estate developer, will finance Business Park Varna in Varna, on the Bulgarian northern coastline, Reuters news agency reported.Its subsidiary, AFI Europe, and Investcredit bank AG signed an agreement to this effect. AFI Europe will provide 59 million euro of the funds. The cost of the building and the three existing buildings was worth 76.5 million euro.

Bulgarias financial holding AKB Fores will almost quadruple its investments this year to 150 million euro, the owner of the holding Nikolai Banev said at a news conference, as quoted by Dnevnik daily. Investment outlays last year stood at 40 million euro.The figure for 2008 does not include the investment into a hazardous chemical cargo terminal at the port of Varna, Banev said. The 100 million euro project, which AKB Fores hopes to implement with strategic partners, will be built in a year and a half. Hopes are that it will emerge into the main facility regionwide and deny the competition of its counterpart in Constanta, Romania, he added.

The Build Green CEE conference, the first ever promoting business and economic opportunities through sustainable construction, pooled 200odd participants in Bucharest, Romania, conference organiser SOPOLEC said in a statement.Among attendants were realtors, architects, developers, technology suppliers, public officials and media representatives.