ANOTHER LARGE-SCALE PROPERTY INVESTMENT IN BULGARIA'S KAVARNA

Bulgaria's Linexa Property plans a 20 million euro investment in a new residential complex to be constructed in Bulgaria's coastal town of Kavarna. On July 6 Kavarna mayor Tsonko Tsonev revealed the plans for the new complex to be constructed near a golf course, SeeNews reported. Construction work had already began and the 420-apartment complex would be completed within two years, Tsonev said. The complex is the latest in a series of large-scale UK, Spanish and French investment over the past years. Some of the projects include the construction of a golf course, hotels and holiday villages. The increased interest in Kavarna property resulted in a record income from land deal taxes. Kavarna expected over two million leva for 2006, SeeNews said. The total value of the investment deals reached 100 million leva for 2006. SeeNews said that the Bulgarian real estate market registered rapid growth over the past few years and was expected to grow even further after the country's EU entry in 2007.