Bulgarian Black Sea Resorts: Anticipating Summer Boom Despite Aviation Hurdles
As the arrival of warmer weather beckons, hotels lining the Bulgarian Black Sea coasts are gearing up to welcome the first wave of sea tourists
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
Black Sea Gardens, the EUR 1 B project for a mega vacation complex on the Bulgarian Black Sea coast, has been frozen.
The news was reported by the Pari Daily which cites a report of the UK investor, Madara Bulgarian Property Fund Limited, a company listed on the London Stock Exchange.
The EUR 1 B project for a vacation complex close to the town of Byala has been designed by the UK architect, Sir Norman Foster.
At the same time, however, Bulgarian environmentalists have raised alarm over the environmental impact of the project, and the way the UK firm acquired the land through deals with the Bulgarian state.
The UK company has stopped the project and is looking for funding, and expecting to resume work on Black Sea Gardens when the conditions are better.
The Pari Daily reminds that at the end of 2008, Madara Bulgarian Property Fund announced it was looking for additional funding for its Bulgarian projects.
The Madara Bulgarian Property Fund Limited owns a total of 408 341 square meters close to Byala; its project provides for the development of a vacation complex of 200 000 square meters, which is part of a larger project of a total of 1,2 million square meters to include luxury apartments, villas, a hotel, commercial and entertainment facilities. BBT Projects is a partner of the Madara Fund.
In addition, the Fund has an agreement for acquiring a plot of 124 000 square meters close to the Bulgarian mountain resort of Borovetz.
Madara Bulgarian Property is going to be looking for partners in order to create a joint venture for completing its investments; the firm is even willing to sell some of its assets in order to provide funds for its investment activities.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
This information was shared during the presentation of data on the current state of the market to journalists
Russia has issued a stern warning in response to Bulgaria's recent legislative efforts aimed at seizing Russian real estate
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022