Bulgarian real estate Investment - Hotel developments devour 9,200 ha of fields, forests

Bulgarian real estate Investment - Hotel developments devour 9,200 ha of fields, forests

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Hotel developments devour 9,200 ha of fields, forests

A total of 9,200 ha from the state agricultural land stock were rezoned and earmarked for the construction of hotels and vacation villages in 2007, shows data of the agricultural market information system (SAPI) of the farming ministry рhe area of rezoned agricultural land doubled year-on-year but their price fell by almost 50% from 300,000 levs/ha in 2006 to 200,000 levs/ha last year. Unsupervised swap deals involving land from the state agricultural state have prompted plans for changes in the fees that developers pay to rezone farmland for commercial purposes. There will be no change in the rezoning fee if the property will accommodate a building with an agricultural use. In related news, SAPI said the agricultural land market in Northern Bulgaria recorded a significant surge in 2007. A total of 31,200 ha of land in Northern Bulgaria changed hands last year, accounting for almost a third of the 110,000 ha of agricultural land transacted in the country in 2007. The increased demand has doubled sale prices in Northern Bulgaria to 2,080 levs/ha

 
16.01.2008
Dnevnik Daily

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Bulgarian real estate Investment - Hotel developments devour 9,200 ha of fields, forests

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Bulgarian real estate Investment - Hotel developments devour 9,200 ha of fields, forests