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Bulgaria's Varna Registers Significant Reduction in Real Estate Transactions

Date: 05.11.2008

The global financial crisis has lead to a significant reduction of real estate deals in Bulgaria's Black Sea capital Varna, Borislav Borislavov, Deputy Mayor for Finances from the municipality of Varna reported on Tuesday.

The number of property deals conducted during the third trimester of 2008 is with 7,244 less compared to the same period of 2007.

There is also a significant reduction in the interest in municipal properties. The forecast of BGN 32 M for the municipal budget from transactions with municipal properties is not going to be reached, according to Borislavov.

The expected amount is currently only BGN 21 M.

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