Bulgarian Property Market

A 75 million leva section of highway, only four km long and an integral part of the southern half of the Sofia ringroad has been officially opened for traffic on December 23.The project was predominantly funded from the state budget.

Energy efficiency played a key role in naming the 2008 Building of the Year. The seventh annual awards were conferred at a ceremony at Ivan Vazov National Theatre in Sofia on December 15 2008.Winning this years competition was the Sveti Toma holiday complex at Cape Houmata, near Arkoutino by the Black Sea. The facility also won the title of Vacation Complex of the Year, both awards coming largely due to the fact that its traditional Sozopolstyle architecture blended harmoniously with the local environment, a press statement read.

The offers for parcels and real estate along the route of Trakiya highway have dropped by up to 90 per cent over the past six months, Monitor daily reported on December 12. The land plots along the highway are well placed for the construction of logistical centres, petrol stations, auto services, motels and roadside restaurants, with the most popular segments being located at strategic intersections with other highways or close to major urban centres, the daily said.

The National Art Academy has signed an agreement allowing for research to be conducted for potential reconstruction and expansion of the academys building in Sofia, after a competition was held, selecting architect Stefan Dobrev for the task.

Greek company Eurobank Properties, which won a tender to build Sofias first skyscraper, has ultimately backed down from the deal. The company has decided, in light of the global financial crisis, not to go ahead with the project. The contemplated tower was going to rise on Todor Aleksandrov Boulevard in Sofia.An official statement from the company said that the decision was ultimately caused by the current economic climate, the financial crunch and the negative economic forecast for Bulgaria, as quoted by the Bulgarian newspaper the Trud daily.