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Russian and Middle East investors look for properties

07 March 2008

Bulgarian Land Development plc (BLD), the AIM listed Bulgarian residential and commercial property development company, said significant demand for second homes in Bulgaria from Russian and Middle Eastern buyers has replaced the slackening demand from the UK and Ireland caused by the lending crisis.

The company made the announcement as part of its filing of preliminary unaudited results for 2007 with the AIM.

At end-2007, the company and its subsidiaries had a portfolio of developments with estimated completed development value of EUR 241 million. BLD said its diverse portfolio ranges from holiday homes on the Bulgarian Black Sea coast to ski lodges in leading ski resorts and apartments in Sofia.

For the first time since its launch, BLD said it has generated income from property activities: a modest GBP 115,000, arising largely from the underwriting of off plan units.

Overall, the group's pre-tax position was a loss of GBP 187,000. The company said more substantial income is expected in 2008 when it completes its own first residential development at Harmony Hills, near the Black Sea. Residential property prices in Bulgaria rose by 28.9% in 2007 and it is expected that prices will continue to increase in 2008 by a rate of 15%, said BLD.

Last year's best performing locations were the capital, Sofia, and Varna, situated on the Black Sea coast. Harmony Hills in Rogachevo is due to be completed in the summer of 2008, said BLD.

Located 38 km from Varna and its international airport, the site has panoramic views looking towards the Black Sea. It comprises 180 apartments and 22 villas. BLD said it is now close to the final stages of securing a prime commercial property site in Sofia with a joint venture partner.

In addition, two separate areas of agriculture land are being assembled for purchase outside a major city where BLD believes a change in permission from agricultural to residential use is likely. Other BLD projects in development include the July Morning Seaside Resort in Kavarna which will have an area of 80,000 sq m and Riverland in ski resort Borovets. The company is also investing in projects in Sozopol, Bansko and Pamporovo.