Plamen Stoyanov, Director of Era Story: the Danybe Bridge 2 has raised the prices of property in Vidin

largo.bg, 8th July 2007

Mr. Stoyanov, has the property market changed in Vidin and in the region after the first, albeit symbolic, start of the Danube Bridge 2?

- The prices of the lands in proximity to Danube Bridge 2 jumped up. The prices started from below 1000 BGN per decare and are gradually rising. There are already realized deals at 12-13 EUR/sq.,m. levels. Besides the lands near the bridge, the prices of the agricultural lands are developing too. Depending on the location where the lot is situated, and the companies which are buying, the price, naturally, varies.

At the places where the companies have bought out the neighboring properties and are just regrouping the land, an additional 100 BGN per decare is being paid compared to the prices of the land in other lots where the buy-out is just starting. The price of the land is 150 BGN at some places, and already 250 BGN elsewhere.

Is there any development in the construction market in the city?

- Almost all contractors started their projects in the city. Personally I am starting three residential complexes in the ideal center of Vidin – district Kaleto. According to information from other colleagues of the construction sphere – projects are ready to start for more than 10 residential buildings. This year alone in Vidin the construction of 15 new residential buildings will begin. Along with the apartments, we also invest in the design and construction of offices and shops.

What are the price levels of the newly constructed buildings in Vidin?

- The good neighborhoods are already selling at 500 EUR per square meter. In the Kaleto location for example levels of 600 EUR have been reached. In the outlying neighborhoods prices rarely exceed 350-400 EUR per square meter.

Is there a shortage of office areas already?

- There are enough offices at this moment. I alone have 12 offices announced for letting. The tendency is to invest in residences – the investments are generally made by citizens of Vidin, working in Italy, Spain, etc.

And are the companies interested in investing in construction?

- The companies which have been developing their activity on the territory of the region are continuing to invest. I work and happen to know the owners of Kula Ring. They bought residences in Kula, and now they want to buy ones in Vidin. Knauf are also investing. The start of a massive project in Gramada municipality is forthcoming. The Fair Play Agrarian Fund will invest there a sum of approximately 1 million BGN in silos, and other premises for grain storage.

A cow-farm is to be built too. A commercial center is in the process of design, taking the place of the never finished Vidin theatre. The construction of another mall has started next to the St. Dimitar cathedral where Bulgarian Properties is investing.

And have the future builders of the bridge arrived yet?

- Not yet. Their arrival will undoubtedly affect the real properties market. There is demand, that is a fact. The rent prices are expected to jump up dramatically in the near month or two. We are talking multiplication. Currently the monthly rent price of a three-room apartment is approximately 150-200 BGN. The one-room apartments, which are the most sought after have a rent price of 70 to 100 BGN.

Do you believe there are conditions for the creation of business parks in Vidin?

- The new conditions shall be the new companies, which are to come to Vidin. The constructors of Danube Bridge 2 will be the first ones. After the construction works start – and this will happen until 2-3 months at the latest – and other companies will start to come. These will be the people who will invest, and we, the smaller companies, are ready to build.


View Properties for Sale in/near Vidin.

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