27.04.2009

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Today's Topics (April 27, 2009)   Bulgaria with Highest Construction Output in EU In February, the seasonally adjusted production in the construction sector in Bulgaria was the highest among the European Union (EU) Member States........[more]   Bulgaria Mortgage Market Shrinks 20 Times in 2 Months The mortgage loan market has shrunk 20 times just in the first two months of 2009, compared with the same period of 2008.......[more]   Bulgaria Varna, Burgas Airports Served More Passengers in H1 2009 y/y The airports in Bulgaria's Black Sea cities of Varna and Burgas marked an increase in the number of passengers they processed in the first quarter of this year on an annual base, German firm Fraport, who owns a 35-year concession for the two airports, said.......[more]   Today's Special   30% Below Market Value + EUR 7,000 Instant Discount - Very Rentable 1-b/r Apartment in Sunny Beach for EUR 52,000 Big rental potential. Fully finished, partially furnished one-bed high-quality apartment in Sunny Fort complex, Sunny Beach Resort......[more]

Bulgaria with Highest Construction Output in EU
April 17, 2009

In February, the seasonally adjusted production in the construction sector in Bulgaria was the highest among the European Union (EU) Member States.

The data, released by Eurostat, the Statistical Office of the European Communities, lists the construction output in Bulgaria at +2%.

Bulgaria is followed by Germany (+1.9%) and Slovenia (+1.1%).

The largest decreases were recorded in Romania (-8.6%), Spain (-5.3%) and Czech Republic (-2.0%).

Seasonally adjusted construction production fell by 1.8% in the Euro Area and by 1.6% in the EU in February 2009, compared with the previous month. In January, production rose by 1.6% and 1.7% respectively.

Compared with February 2008, output in February 2009 dropped by 11.8% in the Euro Area, and by 11.2% in the EU.

Building construction decreased by 1.5% in the Euro Area and by 1.6% in the EU after +0.2% and +1.7% respectively in January.

Civil engineering decreased by 3.6% in the Euro Area and by 2.8% in the EU, after +5.4% and +2.7% respectively in the previous month.

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Bulgaria Mortgage Market Shrinks 20 Times in 2 Months
April 24, 2009

The mortgage loan market has shrunk 20 times just in the first two months of 2009, compared with the same period of 2008.

The data was revealed through a report of the company "Residential Park Sofia," presented at the anti-crisis real estate conference, held in Sofia Friday.

Only BNG 18 M have been invested in the mortgage market in January and February of 2009, compared with BGN 355 M for the same period during the previous year.

The report further offers an even grimmer forecast until September 2009 with more positive outlook for October, depending on the release of the frozen European funds and the signing of a safeguard clause with the International Monetary Fund (IMF).

On their part the "King Sturge" company recommended to Bulgarian colleagues to focus on better quality in the property sector by offering good returns at profitable prices as a condition to maintain the country's real estate attractive for investors.

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Bulgaria Varna, Burgas Airports Served More Passengers in H1 2009 y/y

April 15, 2009

The airports in Bulgaria's Black Sea cities of Varna and Burgas marked an increase in the number of passengers they processed in the first quarter of this year on an annual base, German firm Fraport, who owns a 35-year concession for the two airports, said.

The passengers served at Varna and Burgas airports in March increased by 1.7% and 163% respectively year-upon-year. Fraport's two Bulgarian international airports accounted for only 0,5% of its total million passengers processed by the company.

Fraport and Bulgarian firm BM Star won the 35 years concession in 2006, pledging to invest EUR 403 M in new terminals, expansion and equipment over that period.

In related news Fraport revealed that Frankfurt Airport handled 4.03 million passengers in March, a -9.2% drop year-on-year.

Fraport commented: "The global economic crisis continues to have a firm grip on international air transportation. However, Frankfurt Airport's percentage change in passenger figures in March compared to February 2009 did not worsen. "

In February (negatively affected by being one day shorter this year) the airport posted a 9.8% year-on year drop. The comparison between March 2009 and the same month a year earlier was also negatively impacted by Easter falling in April this year instead of March as in 2008.

Aircraft movements slipped by -3.2% in March (compared with a like-for-like -6.1% fall in February allowing for the Leap Year effect).

Cumulative figures for the first quarter of 2009 show a -10.9% fall in passengers to 10.9 million passengers. Once the 2009 Easter month of April is reported, a more accurate picture of the extent of this year's decline will become apparent.

Fraport's majority-owned airports Antalya Airport on the Turkish Riviera saw passenger traffic rise by +11% and Lima Airport in Peru posted a +1.8% gain in March.

The successful results of these foreign operations, including those in Bulgaria, enabled Fraport Group's airports to register a "correspondingly moderate" -6.3% dip in passenger traffic for the month.

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