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International Internet Magazine. Baltic States news & analytics Friday, 31.05.2024, 00:48

Permit of use granted to development of Arco Vara in Bulgaria

BC, Tallinn, 10.12.2020.Print version
After several bureaucratic obstacles, the Iztok Parkside building of listed Estonian real estate developer Arco Vara in Bulgaria was granted a permit of use, informs LETA/BNS.

In Bulgaria, a permit of use is a prerequisite for formalising the final sales of dwellings.

This week, an active transfer of apartments and entering into real right contracts will begin. Iztok Parkside includes 67 apartments, eight apartments of which have not been currently presold.

The total expected revenue of the project is 10 million euros.

The CEO of Arco Vara said that due to COVID-19 and the time limited by the coming holidays, a large part of the revenue will be received in 2021, but the obstacles in realising the sales revenue have been surmounted.

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