Bulgarian Property Market

Representatives of Sofias Sredets district and the Bulgarian Academy of Sciences National Archaeological Institute have declared their disapproval of the possible construction of an 80m high building on the site of the existing Hotel Rila.Investor.bg quoted Sredets district mayor Margarita Gouteva as saying such for her contingent at a public discussion on plans to construct a new building at the location.

A Government centre will be built on the area near the fourth km of the Tsarigradsko Chaussee Boulevard, known as the Poligona quot;the range quot; neighbourhood, the Cabinet decided at its July 17 session.

Bulgarias long wait for an IKEA of its own is one step closer to fulfilment.

The increased cost of construction materials and the standstill in property prices will push down the profit margins of the Bulgarian construction companies by 68 per cent in 2008, local real estate brokerage Yavlena said.Currently, the profit margin per build is 3035 per cent, considerably higher than the 1020 margin typical for mature markets, the realtors said.

Construction interests united the church, archaeologists and architects to start protesting against plans for a 22storey building meant to replace Rila hotel in the heart of Sofia.In an interview with private broadcaster bTV on July 10, a representative of the St Nikolai ancient church behind the hotel said that the construction of the hotel in the 1940s caused a partial reduction of the church yard and cracking of one of the church walls. It is feared that new construction could further damage the church.

Plovdivs architectural studio ArkontA won the tender called to pick a design for the renovation of the citys central railway station, mediapool.bg reported.The National Railway Infrastructure Company NRIC has said, as quoted by Dnevnik daily, that the investor selected to do the renovation will also be granted building permission for additional construction in the area as compensation.

The project to build a second bridge over the Danube River between Vidin in Bulgaria and Calafat in Romania has run into new snags, which may delay its completion, Dnevnik daily reported on July 3.Rather than change the original design, Bulgarias Transport Ministry has decided to carry out a new assessment whether the original design of the bridge will be robust enough to withstand the test of time and elements, the daily said.