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Financial Crisis Hampers Sale of Bulgaria Defense Ministry Real Estate Property

Date: 19.11.2008

About half of all military real estate property tenders have failed due to lack of investors' interest, the Bulgarian Defense Minister Nikolay Tsonev announced on Monday during a discussion about the 2009 State budget.

Tsonev was, however, firm that the practice of exchanging military real estate property would not be reinstated.

15 out of a total of 30 tenders of properties belonging to the Bulgarian Defense Ministry did not have any interested candidates and have been canceled, the Minister explained, adding that he was quite pessimistic about any possible future sale of those properties due to the effects of the global financial crisis.

Tsonev further said that he hoped that the failure of those tenders would not have a negative effect on his Ministry's social program.

1,99% of Bulgaria's Gross Domestic Product (GDP) are slated for the Defense Ministry. The Ministry's planed budget, including the sale of the real estate properties is for over 2% of the GDP.

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