Raiffeisen Real estate - Poperty in Bulgaria, Bulgarian properties for sale and rent, apartment, house, land and plots

A Russian investment and financial company intends to put the first phase of a multifunctional complex in Sofia into operation at the end of 2010. KarratGroup, a subsidiary of the St. Petersburg-based IFC Sfera intends to commission the first stage of its 'The City of Fountains' mixed-use complex of premium-class in Sofia by the end of this year.

The project occupies 3.5 ha of land in Mladost district. On completion, scheduled for 2012, it will integrate 120,000 sq. m of housing, business centers and shopping facilities.

Bulgarian banks are involved in financing the project construction, sources at IFC Sfera said without elaborating on the total investment volume.

Despite the fact that the housing market in Bulgaria has not yet recovered from the crisis, and internal and external demand for housing in this country remains low, IFC Sfera is confident of the project's success. "The chances of losing money invested in the project are much smaller than in Russia," explained Deputy General Director of IFC Sfera Taras Kruchinin, quoted by Business Petersburg.