05.03.2007 PROPERTY CONSTRUCTION IN BULGARIA’S VARNA EXCEEDS RECORD LEVELS

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More than 350 new buildings are under construction in the region of Varna, the city’s mayor Kiril Yordanov said. The majority of constructions are residential, Dnevnik daily reported. Nearly 2000 new lodgings with total area of more than 260 000 sq m will be offered on the Varna property market once the buildings are finished.

National Statistical Institute (NSI) data showed that the number of construction permits issued in the final three months of 2006 in Varna was higher by 50 compared to permits issued for the same period in 2005.

The increase of construction in Varna results mainly from big commercial projects, such as Mall Varna, Moto Pfohe office and Orchid Mall Varna.

Simultaneous construction of three business centres will begin by the end of March 2007, Dnevnik said. The centres will be located in the centre of Varna and will spread on 26 000 sq m.

Varna will also see a fourth business centre of more than 80 000 sq m of built-up area.

The construction boom in Varna will lead to an increase in plot prices, Dnevnik said.
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