Poland borrows €200m for road improvements

The European Investment Bank (EIB) is lending €200m for the construction of priority sections of expressways and bypasses identified in Poland’s National Road Programme.

The loan is being provided to the Bank Gospodarstwa Krajowego (BGK), which manages the National Road Fund (NRF) on behalf of the State Treasury. The total cost of the project is estimated to reach €615m.

German REITs decision just days away

An official decision in favour of German REITs is set to be made in the next couple days. Initially it will not be possible to include residential property because of the objections raised by the left wing of the German Social Democrats. However, issues over tax have reportedly been resolved by the Federal Secretary of Finance Peer Steinbrück (SPD).

French property prices rise by 10.3% in 2005

Average property prices in France rose by 10.3% in 2005, according to the French National Association of Estate Agents (FNAIM).

Property prices rose strongest in Auvergne, Basse-Normandie, le Centre, Champagne-Ardenne, Franche-Comté, Haute-Normandie, Languedoc-Roussillon and in Lorraine. .

Lack of funds hinder subway construction in Sofia

Construction work on Sofia’s subway could cease indefinitely next month due to a lack of funds, according to the capital’s Mayor, Boiko Borissov. If the Bulgarian Government declines to allocate an additional €10.2m in June, the project could be halted, said Borissov.

He stated that the Government budget allocated €51m less than the needed amount for Sofia projects last year. “The capital needs at least €1.5bn for projects each year”, he added.

Poland spends heavily on improving transport infrastructure

Poland is set to pump billions of Euros into its transport network in the upcoming seven-year period, with some funds earmarked for improving highways connecting to Lithuania and other surrounding countries. Poland aims to invest €16–18bn into the implementation of transport infrastructure projects between 2007–2013.

Finns to set sail to Riga

The Finnish shipping company Viking Line has told Latvian Transport Minister Krisjanis Peters that it is interested in starting a regular passenger ferry route from a Finnish port to the Latvian capital. Peters, who accompanied President Vaira Vike-Freiberga on her state visit to Finland last week, said he had visited Helsinki’s port and also met with representatives of Turku’s port, who have been particularly interested in cooperation with Latvia.

Road repairs continue apace in Bulgaria

Nearly 70km of new highways will be constructed in Bulgaria by the end of the year, according to managing director of the national roads agency, Vesselin Georgiev. And more than 1,000km of roads will be restored during 2006 and 2007. Georgiev said added that the most widely used roads and highways in the country will be repaired before the start of the summer season in 2007.

However, the agency will be relying on EU funding to finance part of the road improvements and plans for the construction of the new roads will be ready by the end of this year.

Georgiev said the agency needs €146m for road repairs after the floods this year and last summer. The sum does not include funds needed for repairs in municipalities alongside the Danube where the river has still not pulled out and damages will be calculated later.

Housing sales in Shanghai rise to a yearly high

The volume of residential properties sold in Shanghai rose to a yearly high last month, according to Xinhua news agency.

Last month, the city sold 19,848 apartments, 3,708 more than the previous month; which is over 2.33m square meters of space, an increase of 538,000 square meters.

The Shanghai Housing Index, a benchmark for the city's new housing prices, continued to rise last month, after the gauge ended an eight-straight-month decline in March. These recent statistics signal the city's rapidly growing housing market.