Starck’s Yoo comes to the Black Sea
International property investment firm Unique Developments and designer Philippe Starck’s interior design firm Yoo have been developing luxury buildings on the coast of the Black Sea in Bulgaria, part of a wave of development transforming the vacation destination since the country obtained European Union membership.
After Bulgaria became an EU member in 2007, its real estate prices and tourism increased. Bulgaria’s State Agency for Tourism saw a 16.6 percent increase in tourism in the first five months of 2008 compared to the same period in 2007, and expects a 12 percent increase overall for the year, according to the Bulgarian online newspaper, Sofia News Agency.
The team’s complex in the city of Obzor — named yooBulgaria Obzor — is comprised of six buildings, named Alta, Compass, Neptune, Maritime, Seton and Tide, situated around a courtyard facing the Black Sea.
The complex started its second phase of sales in July after its first phase, selling four buildings, was 85 percent sold out.
The complex’s one-, two- and three-bedroom residences have terraces, and buyers can choose among different décor packages.
The complex has private gardens and a swimming pool, spa, tennis courts and fitness center. Apartments are priced between 138,000 and 364,200 euros, or $217,000 to $574,000.
Spain restricts golf course development
The government of Andalusia, the autonomous region in southern Spain, has approved a law restricting the development of golf courses in the area.
Andalusia is home to Costa del Sol, a region along the coast of southern Spain nicknamed “Costa del Golf.” There are 118 golf courses in the area, nine of which opened in the past four years, according to the industry group Real Federación Española de Golf.
The new regulations control the number of houses a developer can build around a course, and require the courses to use recycled water for irrigation, according to the International Herald Tribune.
Critics argue that developers have used the development of golf courses to build homes on environmentally sensitive land, the Herald Tribune reported.
Thai property stocks fall
Property stocks in Thailand may have hit a peak, some analysts say.
Property stocks in the country rose 7 percent in the first quarter of 2008, after the newly elected government slashed land ownership and transfer fees to assist developers.
The stocks reached a high point in April, but have since declined 19 percent as fund managers pulled out of the sector because of increasing construction costs, inflation and interest rates.
An analyst at Thanachart Securities told the International Herald Tribune she originally expected home sales to grow 5 percent in 2008, but now thinks they will stay flat.
The second quarter began with the Thai stock market down 4 percent as inflation rose. Top developers have seen decreases in the value of shares: Land & Houses shares dropped 28 percent since March, and Asian Property saw stocks fall 32 percent.
Asian Property has 16 new developments this year and had originally expected at least a 30 percent growth in profit.
The central bank of Thailand agreed to raise rates to battle inflation, which rose to 7.6 percent in May because of increasing oil and food prices.