Bulgarian property market will bloom, Orchid Developments - a property and hotel operator specializing in Bulgaria predicts. Orchid operates in commercial, residential and retail markets, and since the float has paid EUR 21 M for three new development plots in Varna totalling around 38,000 square metres. It is continuing to develop its land bank and says land values are increasing rapidly.
Five of Orchid's projects are co-financed by the European Bank of Reconstruction and Development, which has agreed a EUR 30 million debt facility.
An official from the company stated that the real estate market in Bulgaria remains buoyant and is "expected to experience further growth".