Greek company working like Trojans in Bulgaria
Given the current state of Greece’s economy, news that a major group of Greek construction companies is out to help real estate in Bulgaria comes as quite a surprise. The group, collectively known as GEK TERNA, have announced a €500 million investment to be spent over the next two years in the development of energy generation and investment property in Bulgaria.
The news comes on the back of the group’s announcement that the 3Tops residential complex built by TERNA’s Bulgarian subsidiary ICON, has already reached 80% sales. The group is also building the sky scraping “City Tower” with an on-target completion of 2-3 years. A spokesman for the group has expressed serious interest and optimism for the coming growth of the Bulgarian economy, with a large emphasis on the residential sector.
They feel that investors looking for property in buy in Bulgaria are hard pushed to find affordable quality, but once the over-supply has been absorbed, their approach to design and finish will have a winning touch.