News
Russian Housing Prices Fall Amid Credit Squeeze
Russian developers are cutting apartment prices in the regions as a decline in mortgages lowers demand for housing, Vedomosti repoted.Sales of new apartments in Rostov-on-Don are down 40 percent this month from August, while sales in St. Petersburg have fallen by half since the spring, the Russian newspaper said. Prices have declined as much as 24 percent as a result, Vedomosti said.Developers in Moscow, where listed prices for apartments have climbed 43 percent this year, haven't cut prices,... [more]
Home sellers slash asking prices
The gap between asking and selling prices for houses has widened to as much as 12.5 per cent in some regions, as sellers are forced to accept increasingly lower offers.Across the UK, houses are selling at an average of nine per cent below the advertised price, according to the Royal Institution of Chartered Surveyors (Rics).In the north, vendors are accepting the lowest offers - averaging 12.5 per cent below the marketed price, the industry body said.Simon Rubinsohn, Rics chief economist... [more]
Romania Ranks Second From Last in Terms of Retail Expenses
With a budget of 790 euros per capita earmarked for expenses in retail, Romania ranks second from last in the region, only ahead of Ukraine, with 563 euros, and behind another six CEE countries, according to an Euromonitor survey based on 2007 data, Ziarul Financiar reported. The above-quoted survey puts Romanian food retail at 9.4 bln euros in 2007, namely around 55% of overall retail including drugstores, universal stores and stores that specialise in certain products categories, such as... [more]
The Value of Real Estate Deals in Romania Down 43% in H1
Real estate deals concluded in the first half of 2008 totaled €902 million, 43 percent lower year-on-year, according to a study by Jones Lang LaSalle consulting company.Romania ranks second in the region in terms of operations value, BusinessStandard.ro reports.The lower deals value is due to the international financial turmoil that has made investors more cautious and led to harshened financing conditions, according to DTZ Echinox Consultant Daniel Mitarcu.“In the first six... [more]
Prospect buyers eye BTC’s top asset
Bulgaria’s dominant landline operator BTC said its Telephone Palace at the heart of Sofia was viewed by candidate buyers but no talks have been held and no sale decision has been taken yet. The telco’s shareholders voted at a September 23 extraordinary meeting to move 100 properties worth EUR 281 million to one or more new companies. The transport ministry’s representative voted “no” to the proposal by a preferred stock and 121,124 common stocks out of the total... [more]
Finnish Ruukki to open building materials plant in Bulgaria
Finnish construction components supplier Ruukki will open in 2009 a warehouse and a new office in Bulgaria, said Valentin Valov, executive director of the company’s Bulgarian unit. Ruukki stepped on the market in 2007 and plans to expand in the northern coastal city of Varna. The company said its materials have been used in some 60 percent of Bulgaria’s industrial buildings. One of the firm’s competitive edges is the low prices secured by a production unit in neighbouring... [more]
Stara Zagora’s 1st mall to open in Oct
Park Mall, the first big-box shopping centre in the central town of Stara Zagora, is due to open doors in October, local communications agency Viveka said. The EUR 25 million project of Alexandra Group will pop up close to the stores of local electronics retailer Technopolis and French DIY chain Mr. Bricolage helping shape up the town’s new retail park. Park Mall will have a floor space of 30,000 sq m hosting the region’s first modern cinema complex as well as more than 120 shops,... [more]
Bulgarian property funds freeze projects of over EUR 2b, sell out assets
The US mortgage meltdown and the subsequent global financial fallout have stalled building projects worth over EUR 2 billion in Bulgaria. The crisis is hitting everywhere with all of its might, business climate is changing and no sector will escape unscathed, commented Rosen Plevneliev, manager of property developer Lindner Immobilien Management. He said next year will be a tough time for businesses but 2010 may see light at the end of the tunnel. Entrepreneurs are wondering whether to go... [more]
Клиенти на естонската Hansapank са продали акции от Прайм Пропърти
Telco BTC places juicy properties on the block
The shareholders of Bulgarian Telecommunications Company, the dominant local landline operator, yesterday approved the transfer of more than lucrative 100 real estates in one or several new units. The operator will make а non-cash contribution to the capital of the new companies. BTC was not immediacy available to give further details. “We have decided to sell certain properties,” BTC chief executive Bernard Moscheni said in an interview for Trud daily. “Many companies have... [more]
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