Estonian Arco Real Estate company opened its second Bulgarian office in the coastal town of Varna. Arco Real Estate is a subsidiary of the largest real estate company in the Baltic region – Arco Vara Group. The company operates in Bulgaria since 2006. Its main business activities are property advisory, project development and construction.
Arco has offices in five other countries – Romania, Ukraine, Estonia, Lithuania and Latvia.
“All the Baltic countries are very active on the Bulgarian real estate market. We have many inquiries and deals signed with clients from the Baltic countries. These are investors with long-term interests rather than second-home buyers. These clients prefer to invest in Sofia and the coastal region. I could say that this year the property market in Bulgaria's most popular coastal resorts was blooming. We have less inquiries from Romania and Ukraine. I suppose this is due to the fact buyers from this country are much more familiar with the market and the language and do not use consultancy companies. They are coming directly to Bulgaria to invest in properties.” said Rauni Tilliso, Arco's general manager.
Arco Real Estate represents more than 60 developments all over the country, most of them residential. This year the company will launch their own investment projects in Sofia. The first one is called Boulevard Residence. It is an apartment building consisting of 120 residential units, retail area and garages. Boulevard Residence is situated on the corner of Sofia's Madrid Blvd and Cherkovna St. Construction works will start in October 2007 and the project is set for completion in August 2009.
Arco's second project is in Manastirski Livadi neighbourhood. It will consist of three apartment-buildings with a total capacity of 260 residential units. Its construction will start in December this year and will be finished in May 2010.
“This is only the beginning. We are looking further for our next projects in Bulgaria.” , Arco Real Estate said.
