In brief

Mark Lynn, managing director of property agents Punta Perla Sales, a sponsor of the conference, said the news of direct commercial flights was welcome both for investors and tourists. Lynn said his Cambridgeshire based firm had already sold more than 1,000 off plan properties at the Punta Perla where around 8,000 new homes are planned.

The UK listed Black Sea Property Fund, which specialises in the financing and sale 'off-plan' of holiday apartments in Bulgaria, has announced announce a new investment in an apartment complex currently under construction at Tsarevo along the southern Bulgarian Black Sea coast.

The fund, managed by Development Capital Management (Jersey) Limited, will finance 70 of the 140 apartments currently under construction at a fixed price of 540 euro per square metre, a total financing 3.78m euro (£2.6m). Colliers International has valued the apartments on an ‘as if built’ current market basis at 1,000 euro per square metre (including VAT) ‘indicating an entry price discount of 35 per cent’, said the fund.

Chairman Melville Trimble said that although this is a relatively small project for the Fund, its stage of construction suggests it should accelerate the Fund's cash flow, further diversify any risk and provide potentially strong returns. ‘The Fund will also gain exposure to the southern part of the Black Sea coast where rental yields are more attractive to purchasers due to the longer season’.

Spanish company Ferri Group is to construct a housing, hotel and golf course complex in the village of Kutina, near Sofia. Said to be a £100m development, the development is scheduled to be completed within a year.

With most studies indicating that demand for smaller residential units in Abu Dhabi will surge to an estimated 100,000 units within the next five years, a promising future is awaiting the emirate’s property sector, according to organisers of the local Second International Real Estate & Investment Show 2006 held last week.

‘We are racing against time. The future of the property sector in Abu Dhabi is so promising that property developers may not cope with the increasing demand for residential units, shopping malls and many other facilities. Studies indicate that demand for small units alone will rise to around 100,000 units within the next five years’, claimed Surouh Real Estate business manager Saeed Al Mullah.

'This exhibition is the first property show to be organized after the government of Abu Dhabi issued the property law. The timing is therefore perfect and the show will definitely serve the promotional and marketing objectives of real-estate developers’.