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18 02 2009 |
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Around five percent of Bulgaria’s property agencies have gone out of business in January, said Teodora Dimitrova, head of the local unit of international firm ERA Real Estate. About 200 of the company’s 4,000 partners shut down, giving the boot to some 300-350 employees, Dimitrova said, declining to predict how many companies will manage to weather the financial storm. Around 3,000 of Bulgaria’s over 5,000 registered property firms wil discontinue operations by the end of the year, Onik Latifian, chief executive of the Bulgarian and Macedonian divisions of international real estate company Century 21, forecast recently. The crisis will hammer mostly small companies, with ar...
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18 02 2009 |
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More and more companies are opting for lower office rents or are extending contracts for small spaces to optimise costs, said Dobromir Ganev, manager of real estate agency Foros. The trend triggered in late 2008 by the global financial crisis is bound to contrinue through 2009, Ganev predicted. After dumping private flats converted into offices, companies are expected to move back in over the smaller rents. At the moment it is easy to rent out office space for EUR 7 to EUR 12 per square metre, said Krasimir Dimitrov, managing director of SOURCE Real Estate Advisers Ltd. Many present office tenants will refuse to adjust rents by the annual inflation rate and might even seek a further reductio...
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18 02 2009 |
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Bulgarian-Israeli joint venture MD Investment will pump EUR 16 million into the construction of a food and electronics retail centre in the southern city of Plovdiv. The announcement was made by Dimitar Yazov, who holds 50% of the new company. The other shareholder is Israeli businessman Moshe Grelnik. The project will stand on a 3.7 hectares land plot near the city’s ring road. The design phase is expected to be complete by September, with building work set to finish within the next two years. In the meantime, Yazov has partnered with another Israeli entrepreneur to set produce concrete and construction mixtures. The joint company, Dikav Investments, has already purchased a concrete p...
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