Gloom and glee were equally mixed in the nine-month financial results reported by Bulgarian property funds, with many real estate investment trusts (REITs) worse off at the end of September compared to a year earlier.
Intercapital Property Development swung to a profit of 6.5 million leva and pocketed about 24 million leva from selling 13 000 sq m of flats in its St Marina holiday village near the Black Sea town of Sozopol.
In July, the company completed the rough construction stage of new apartments, a conference centre and a restaurant in the village.
The fund’s residential and commercial complex in the ski resort of Borovets should open doors in 2009.
Prime Property BGB sunk to a 1.74 million leva loss in the first nine months of 2008 from a profit of over 4.6 million leva in the same period of 2007.
The company is developing a business park in Bulgaria’s second largest city of Plovdiv, an office centre and a residential building in Sofia, and holiday villages on the Black Sea in Tsarevo and St Vlas.
Bulgaria’s farmland funds also posted both profits and losses, with leased properties ratios hovering from one third and 60 per cent of all.
Advance Terrafund is eyeing rent and lease revenues of about two million leva for the agricultural year 2008/09 at an average price of 165 leva a ha.
Agricultural Land Fund Mel Invest said it had a leased portfolio of 2100 ha, but did not disclose the price at which it leased the land.
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Thursday, December 04 2008
Expat of the Week
RosieP
I really enjoy walking and can't wait to move into my little house in Bulgaria! read more
What`s on in Bulgaria
Cultural Institutes
Save the planet, and Bulgaria What: A film by American director Tom Jackson, this tells the story of how petrol corporations damage the environment without reinvesting any funds to offset it. When: December 10, 6pm Where: Czech Centre 100 G. S. Rakovski Str, Sofia
Art
Buy yourself a little painting What: Victoria auction house organises its 15th auction of the works of classic Bulgarian and European painters. When: December 10, 6pm Where: Sredets Hall in Sheraton Hotel, Sofia
ALLA GEORGIEVA, LOVE AND EVIL MINDS What: This is the first solo exhibition by Alla Georgieva since 2003. Born in Ukraine, the artist lives and works in Sofia. When: Until December 20 Where: ARC Projects, 90 Vitosha Blvd, fourth floor, Sofia
ARTCHITECTURA What: Known as a successful graphic artist, with this solo exhibition Robert Barumov reveals a new dimension to his talent, that of a painter. When: Until December 12 Where: Gallery Paris, 8 Parizh Str, Sofia
THE WORLD OF IVANKA SOKEROVA What: Ivanka Sokerova (1926-1993) is a little known artistic figure of admirable stoicism, working only with her left hand, the artist creates ceramic pieces, collages, drawings and writing. When: Until December 15 Where: Sariev Gallery, 40 Otets Paisii Str, Plovdiv
FROM YOUR DAUGHTER WITH LOVE What: Until December 20 When: Iva Yaranova has titled her exhibition Happy Birthday, Mom. Where: 16a Iskur Str (entrance from Budapeshta Str), Sofia
Museums
Archaeological treasures What: A private archaeological collection of special value will be on display for the enjoyment of guests and residents of Bulgaria's Black Sea capital. The treasures belong to the brothers Bobokovi, from Rousse, who had been collecting items for 20 years. When: Until April 2009 Where: Varna Archaeological Museum, 41 Maria Louisa Blvd, Varna
SIEMENS TECHNOLOGY AND ART What: The theme of this exhibition is 130 years of Siemens in Bulgaria, intertwining historical periods with development of the local art scene. Works by Bulgarian contemporary artists such as Ivan Moudov, Boryana Pandova and Krassimir Terziev are displayed. When: Until December 14 Where: Sofia City Art Gallery, 1 Gurko Str, Sofia
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Bulgarian real estate slumps in value.. 
Cultural Institutes
Art
Museums