Prime Realty Investment - Инвестиционна компания в България

Wizz Air Launches Permanent Flights between Bulgaria's Burgas and London
Real Estate Prices in Bulgaria Capital Sofia Up 10% - Report
Apartment Prices in Bulgaria Grow 6% in April-June 2008
2218 New Residential Buildings Constructed in Bulgaria in 2007
Irish Aer Lingus to Start Flights to Sofia
500 BGN Only Needed to Register Limited Responsibility Company
Bulgaria eases rules for some visa applicants
Sofia Property Prices up 10-17% in Q1
Germanwings Offers Bargain Flights to Bulgaria's Burgas, Varna
Yacht Port to Be Built in Bulgaria Black Sea Resort Ravda
ROI in Bulgaria Residential Property Hinges on Sale Price - Report
New airlines to perform flights from Varna, Burgas airports
No tangible fallout for Bulgaria house prices from global credit crunch
Knight Frank: Bulgarian housing prices set global pace in '07
Bulgaria's FM: Foreigners Can Apply for Visa Online
Bulgaria Named Brits Best Value Holiday Hotspot
Bulgaria to See 20% Rise in Residential Property Prices in 2008
Bulgaria Tourism and Real Estate Primary Investors' Targets - Report
Bulgaria Residential Real Estate Prices Up by Nearly 30% y/y - NSI
Bulgaria Property Market Stays Strong in Jan 08
България оглави класацията за ръст на цените на жилищата през 2007 г.
Bulgaria Named World's Strongest House Price Riser
UK Low-Fare EasyJet Flies Daily Sofia-London
Bulgaria Named Fastest Riser on World's Property Market
Germanwings Offers Bargain Flights from Sofia to London, Paris, Berlin
Wizz Air to become first LCC to open domestic routes in Bulgaria
Bulgarian Construction Boom Stays Strong in Q3
Bulgarian housing prices up 22% Jan-Sept '07
Supply of holiday homes in Bulgaria significantly up
Европа ближе, цены ниже - 20.6.2007
Russia edging UK as biggest market for Bulgarian vacation homes
Bulgaria Lures the Bricks and Mortar Brigade from Britain
Bulgarian Construction Boom Picks Up in Q2
UK Low-Fare EasyJet Steps in Bulgaria, Flies Sofia-London
Wizz Air with Winter Flights from Bulgaria's Burgas to London
France, Spain, Bulgaria Favourites for British Retirees
Overheating Bulgaria Still Best for Overseas Property Investment
Coastal Varna airport opens new passenger terminal, doubles capacity
Bulgaria Touted as Europe's Third Biggest Property Hotspot
Low cost carrier SkyEurope opens Burgas service Jun 9
Bulgaria in the "Limelight of Property Developments"
5 golf course projects to tee off in Shabla coastal area
Bulgaria, US Neck-to-Neck in Race for UK Property Buyers
Over 150 entrants for first edition of Balkan property exhibition
Bulgaria statistical authority: housing prices up 10% in Q1
Bulgaria residential prices gain 7.74 in Q1
Bulgaria "Third Most Profitable for Buy-to-Let"
Austrian Airlines Announces Flights to Burgas
Bulgaria Still Tops Real Estate Buys among British
Slight Increase in Prices on Bulgaria's Holiday Home Market
Golf courses take over Bulgaria's Black Sea shoreline
EU Accession Drives Bulgarian Real Estate Prices Up
Bulgaria, US Sign Agreement on Avoiding Double Taxation
Little Risk of "Looming" Bulgarian Lev Devaluation - Report
British invasion brings boom for Bulgaria
Property Experts Gather to Promote Bulgaria in UK
German, Austrian Pension Funds Eyeing Property in Bulgaria
Bulgaria property transactions to top 5 bln euro '06
Bulgaria in Top Three Overseas Mortgage Distributors by 2020
EU Entry Fuels Brits' Interest in Bulgaria's Property Market - Survey
Mall To Open at Bulgaria's Sunny Beach Resort
Bulgaria's Golf Courses Get International Index Licence
Dreamville to build residential complex in Plovdiv
Property Investors Set New Buying Trend in Bulgaria
WB: Bulgaria 54 Best Location for Doing Business
Briskest demand for Bulgarian Property Coming from UK - Survey
Large Recreation Complex Emerges in South Bulgaria
Bulgaria to See Rise in Economy in 2010
Real Estate Prices in Bulgaria Up 20%
British Property Buyers Go for the Rural in Bulgaria
Bulgaria construction permits up in Q2
Black Sea Property makes additional land investment in Byala
Bulgarian Land Development to build holiday complex in Kavarna
Lewis Charles Sofia Ppty Fund finances leisure development
FairPlay Properties buys hotel project in ski resort Bansko
The Rise And Rise Of Bulgarian Property
UK Multi-millionaire Plans to Buy Bulgarian Town - Report
It's a Small World After All
Israeli company to build 40 mln euro residential complex near Veliko Tarnovo
Eurosilex to invest 45 mln euro in residential complex near Aksakovo
Real Estate Fund Bulgaria buys 355 ha of agricultural land.
Prime Property embarks on record-setting cap raise.
Bulgaria to Spend EUR 10 M on Seaside Purifying Station
Activ Properties ups to 6 ha area for residential construction
Europe Discovers Attractive Properties in Bulgaria
UK Company to Invest EUR 20 M in Bulgarian Vacation Village
Spanish hotel chain Barcelo enters Bulgarian resort '07
Linexa Property to build holiday community near Kalikra cape
US Cash Sought for Business Park in Bulgaria
German Giant Kaufland Steps in Sofia
Bulgaria's Bansko Puts Brake on Booming Construction
E.ON unveils new substation in Varna
New 5-star hotel to be built in Duni sea resort
Spanish co's eager to invest in Bulgarian property, construction projects
BA Makes Varna-London Flights Year-Round
New residential complex to open in Sunny Day resort
BenchMark Fund Estates to develop hotel, residential property in Kyustendil
Rock Hearth of Bulgaria to Meet Golfers
Equest fund to build 30 mln euro holiday complex near Sozopol
Delta Imoti to build 300-house community near Sofia
Deutsche Bank Steps onto Bulgaria's Real Estate Market
Bulgaria's Tourist Trade Set for "Bumper Year in 2006"
Luxurious Complex to Rise at Bulgaria's Seaside
Bulgarian property market lures conservative investors
Bulgaria, Latvia, Denmark Fastest Risers on World's Property Market
Bulgaria reserves dropped from Natura 2000 program



Wizz Air Launches Permanent Flights between Bulgaria's Burgas and London

29 September 2008, Monday

The low-cost air carrier is launching a permanent airline connecting Bulgaria's Black Sea city Burgas with the UK capital London.

The news was announced Monday by the Director of the Burgas Airport Kalin Barzov, who pointed out the new flights were the result of long-term efforts on part of his administration.

There will be Burgas-London flights every Sunday except in December-January, when there will be two flights per week.

Over the summer season most of the foreigner citizens, who traveled through the Burgas Airport, came from Germany, the UK, the Scandinavian states, the Czech Republic, Slovakia, and Israel.


Source: novinite.com/view_news.php?id=97390

Real Estate Prices in Bulgaria Capital Sofia Up 10% - Report
15 September 2008, Monday

The average price of the real estate sales in Bulgaria's capital Sofia is up 9,43% in the first half of 2008 compared to the same period of 2007, according to Raiffeisen Real Estate.

The average amount of the real estate deals in Sofia was EUR 80 030 in January-June 2008 compared to EUR 73 122 in the same period of 2007.

The average price of the deals in all of Bulgaria including Sofia in July-August 2008 was EUR 57 536.

Source: novinite.com/view_news.php?id=96996

Apartment Prices in Bulgaria Grow 6% in April-June 2008

23 July 2008, Wednesday

Bulgaria's National Statistical Institute announced Wednesday that the apartment prices in the country had grown 5,9% in the second quarter of 2008.

The average price of one square meter of residential property in Bulgaria was BGN 1299,95 in January-March 2008 but in April-June 2008 it was already BGN 1376,29.

The highest growth in apartment prices was recorded in the southwest city of Kyustendil - almost 15%. On the other pole, the prices in the northeast city of Turgovishte even declined by 2,9%.

The lowest prices are recorded in the northeast city of Silistra - BGN 716 per square meter, and in the Sofia District - BGN 714 per square meter.

The residential prices in Sofia grew 6,9% to reach an average of BGN 2312,50 per square meter, followed by Varna with a growth of 1,8% and BGN 2137,33 per square meter.

These are followed by Ruse (BGN 1749 per square meter), Burgas (BGN 1698 per square meter), and Stara Zagora (BGN 1500,17 per square meter).

Plovdiv ranks sixth with BGN 1491 per square meter but with a growth of 13,2% over the last quarter, which shows a further potential for growth.


Source: novinite.com/view_news.php?id=95416

2218 New Residential Buildings Constructed in Bulgaria in 2007

4 July 2008, Friday

A total of 2218 new apartment buildings were built in Bulgaria according to data provided by the National Statistical Institute.

The Black Sea port cities of Varna and Burgas lead in the number of new residential buildings with 508 and 451 respectively.

The capital Sofia ranks third with 193 new apartment buildings, whereas the second largest city Plovdiv has 176.

The new construction has brought 18 204 new apartments, increasing the total number of homes in the country to 3 746 758. Of these 2 372 522 are in the cities and towns (527 916 in the capital Sofia), and 1 374 236 are located in the villages.

According to the NSI, the average number of people per one home is 2,04 (down from 2,06 in 2006). The average residential area per person is 20,13 square meters, with 17,72 square meters in the cities and towns, and 25,96 in the villages.


Source: novinite.com/view_news.php?id=94823

Irish Aer Lingus to Start Flights to Sofia
17 June 2008, Tuesday

The Irish company Aer Lingus will start direct flights to Sofia from Dublin on October 28th, 2008, according to Irish publication "Irish Times".

The Dublin-based carrier will fly twice a week to the city, which is its second destination in Bulgaria.

The airline already flies from Dublin to Burgas on the Black Sea during the summer.

Source: novinite.com/view_news.php?id=94232

500 BGN Only Needed to Register Limited Responsibility Company
22 May 2008, Thursday

The Parliament reduced 10 times the minimum capital needed to register a company in Bulgaria, after adopting changes in the Trade Law on first read.

The changes have been submitted by Martin Dimitrov from the United Democratic Forces (UDF) and stipulate that the minimum capital to register a joint stock company is reduced from 50 thousand BGN to 5 thousand BGN while the minimum capital to register a limited responsibility company becomes 500 BGN instead of the current 5 thousand BGN.

The quick adoption of the changes comes as a surprise since yesterday, during debates, the majority of the Parliament's members voiced objections arguing that the current decree allows any one to register a company anyway and that 500 BGN are not an amount appropriate to be used for the start up of commercial activity since the sum is not even enough for one person to go on vacation nova days.

During the discussion Wednesday, Martin Dimitor cited a research conducted by the World Bank in 176 countries, showing that 75 of them do not have at all a requirement for minimum capital for the registration of a limited responsibility companies, France being one such example, where a company can be established in one day for the cost of 150 EUR.

Source: novinite.com/view_news.php?id=93372

Bulgaria eases rules for some visa applicants

The Bulgarian government has updated the terms and conditions for the issue of visas to non-residents.

The new ordinance simplifies the visa procedure for non-residents related to EU citizens. Going forward, these applicants will be required only to certify their kinship or that they are part of the household of the EU citizen.

Postgraduates, students enrolled in one-year courses and applicants sent to Bulgaria by a foreign employer to perform concrete tasks related to the oversight and co-ordination of the implementation of a contract for tourist services will be eligible for a one-year visa under a simplified procedure.

Eligibility for this type of visa also extends to residents of third countries sent to Bulgaria by a foreign employer engaged in investment activity pursuant to the Investment Promotion Act to oversee the implementation of an investment project.
Source: dnevnik.bg

Sofia Property Prices up 10-17% in Q1
2 April 2008, Wednesday

Prices for diverse types of real estate property in Bulgaria's capital Sofia registered an average increase between 10% and 17% since the beginning of the year, a Bulgarian economic think-tank said.

The growth in prices can be attributed to the brisk demand by well-off people and insufficient supply.

Property prices in the capital are expected to continue their upward march and their annual growth by the end of the year is forecast to range between 10% and 20%.

Investors' interest is high in developments in the big cities, particularly in the capital Sofia and the Black Sea town of Varna, which register the highest residential property prices.

The average price paid for residential properties across Bulgaria stood at EUR 737/m2 in 2007 compared to EUR 624/m2 in 2006, according to data of Address real estate company.

Capital Sofia, which boasts the highest salaries in the country, benefited from the real estate boom and recorded the highest rise in prices last year - 25%, reaching an average price of EUR 835/m2.

Source: novinite.com/view_news.php?id=91851

Germanwings Offers Bargain Flights to Bulgaria's Burgas, Varna

30 March 2008, Sunday

Low-cost carrier Germanwings announced the launch of bargain flights from the Cologne/Bonn and Berlin/Schoenefeld airports in Germany to Burgas and Varna airports in Bulgaria.

The first flights will be conducted in the beginning of May this year.

Flights from Burgas to Cologne-Bonn and back would be serviced on Tuesdays and Sundays, while flights between Burgas and Berlin/Schoenefeld will be carried out on Wednesdays and Sundays.

Flights between Varna and the two German airports will be conducted on Saturdays.


Source: novinite.com/view_news.php?id=91747

Yacht Port to Be Built in Bulgaria Black Sea Resort Ravda

20 March 2008, Thursday

An ultra-modern yacht port will be constructed in the Black Sea Resort of Ravda within two and a half years.

The port is worth EUR 30 M, and will extend 480 m into the sea. Its total area is going to be over 24 000 square meters, and it will contain 450 yacht spots.

The project envisages a highly modern infrastructure, wireless Internet connection, storage and repair base, and stores. The construction is expected to start in the fall of 2008 at the earliest.

Businessmen from Dubai and Cyprus have already expressed their interest in buying yacht spots.

The Ravda yacht port is part of the luxury vacation complex "Emerald Resort", which also includes three tennis courts, basketball and volleyball fields, a bowling-disco club, a restaurant, and a few bars.

The locals expect over 3000 people during the summer season. Ravda is right next to the Bulgarian Black Sea resorts of Nessebar and Sunny Beach, and is 26 km away from the city of Burgas.


Source: novinite.com/view_news.php?id=91489

ROI in Bulgaria Residential Property Hinges on Sale Price - Report

21 March 2008, Friday

Return on investments in Bulgarian residential properties is getting more and more dependent on the fluctuations in the sale price than on rental yields, says a report of the Bulgarian economic think-tank Industry Watch.

The report covers the residential market development in the country during the first three months of 2008.

Rental levels for two-room flats, which are in the heaviest demand, increased by 4% in the period from December 2007 to March this year.

The sale prices of residential buildings are recording a faster growth, extending the period during which an investment pays out from 188 to 234 months as a ratio between the purchase price and the rental levels.

According to Industry Watch the credit crunch in the United States has had a negligible impact on the property market in Bulgaria, but negative influences have not been ruled out in the long term.

Industry Watch forecasts a slow-down in the flow of foreign investments in real estate.

Average annual growth in sale prices is set at 13-14% in the next five years.


Source: novinite.com/view_news.php?id=91525

New airlines to perform flights from Varna, Burgas airports

Over 115 charter and 20 regular routes will be available this summer from the Varna airport, on the Bulgarian Black Sea coast, said Andreas Helfer, executive director of Fraport Twin Star Management, the outfit operating the Varna and Burgas airports under a concession arrangement.

A total of 48 airlines have so far notified flights to and from the Varna airport. The new additions include Swiss International Airlines and Edelweiss Air with flights to Zurich, Lithuanian Airlines with flights to Vilnius and Air Italy Polska with flights to Katowice and Warsaw while Lvov Avia will be flying to Lvov in the Ukraine.

A host of low-cost carriers will be performing regular flights to and from Varna this summer.

In early April, Norwegian Air Shuttle will open a service to Oslo on Saturdays. Starting June 20, the company will fly Fridays from Varna to Warsaw.

Denmark's Sterling will rejoin the fray in mid-May with a regular route to Copenhagen. The first flight is scheduled for May 17. The company also plans to offer a regular service from Burgas to Stockholm and Gothenburg.

The Danish airline first started a Burgas-Copenhagen service a year ago.

In May, Germany's Air Berlin and Germanwings will resume budget flights from Varna and Burgas to Berlin, Duesseldorf and Cologne.

Wizz Air will be flying from Burgas to Luton, Katowice, Warsaw and Budapest.

In early July, the airline will offer Varna-Sofia and Varna-Budapest flights.

Tickets from Varna to Bratislava, Prague, Vienna, Budapest and Kosice are available from SkyEurope.

Aer Lingus will launch June 11 the first direct regular service from Varna to Dublin. Flights will be performed once a week.

The list of airlines with a significant increase in the number of planned flights in comparison with 2007 are VIM Airlines, Aerosvit Airlines, Ural Airlines and Luxair. They will be flying to Moscow, Kiev, Ekateriniburg and Luxembourg.
Source: dnevnik.bg

No tangible fallout for Bulgaria house prices from global credit crunch

The Bulgarian housing prices increase accelerated to 8.8 quarter-on-quarter in Q4 2007 with annualised growth reaching 35%, local analytical outfit Industry Watch said in a market overview for the latter part of last year.

The Industry Watch data is in line with numbers reported by international real estate consultancies showing the Bulgarian property market as the world's biggest gainer in 2007.

Knight Frank had reported a 34% rise in Bulgarian house prices, a growth margin that has been roughly unchanged in the past two years. However, price growth is expected to slacken of in 2008, decelerating to 15%.

Industry Watch said regional cities posted substantial price gains with Varna and Sofia recorded a nominal growth in excess of the nationwide average.

Among the nation's six largest cities, Ruse posted the highest quarter-on-quarter increase of 14.9%.

Sofia is the residential market that is considered to be most sensitive to the dynamics of domestic mortgage lending. The analysts expect that the brisk lending growth will feed demand for housing in the mid-price range. Any market correction would manifest itself in fewer property deals rather than a price decline.

Sofia homes continue to be significantly more expensive per square meter than those in other regional cities. Residential prices in the capital city are around 40% higher than those in Plovdiv.

None of the regional cities recorded a price decline with six of them posting double-digit growth.

Industry Watch is forecasting an annual house price growth of 13.9% through 2012
Source: dnevnik.bg

Knight Frank: Bulgarian housing prices set global pace in '07

Bulgaria tops the Knight Frank Global House Price Index for 2007 as the country with the greatest annualised price growth at 33.7%, said the global property consultancy.

Prices for flats in Bulgaria over the year increased by nearly 34%.

Price growth in the last quarter of the year reached 8%, yet prices remain relatively low compared with much of Central and Eastern Europe, said the property consultancy.

Price growth has been greatest in the region around Vidin in the North West, and Ruse in the north east, close to the border with Romania. Prices in the capital Sofia also saw significant growth

during 2007. In each case, prices increased by over 50%, said Knight Frank.

Bulgarian housing prices had a torrid run of annual increases in excess of 30% over the past couple of years, shows data of other real estate agencies, but growth is expected to slow down to 15% in 2008.

Bulgaria and Russia are the only European countries in the Knight Frank report to record an annual price gain of over 30% in 2007.
Source: dnevnik.bg

Bulgaria's FM: Foreigners Can Apply for Visa Online
17 March 2008, Monday
 
Non-EU nationals can already apply for Bulgarian visa through the Internet, Foreign Minister Ivaylo Kalfin announced on Monday.

The service is already operational in the consulate in Moscow, while the consulates in Saint Petersburg, Kiev and Belgrade will start receiving visa applications online within the next couple of months, the ministry said.

There is constant increase in the number of applications for Bulgarian visas and the new Internet system will make the process easier, Kalfin said.

According to statistics, there is a 50% hike in the number of visa applications in the consulate in Moscow for the first two months of 2008 compared to the same period in 2007.

More than 5,2 M tourist visited Bulgaria in 2007.

Source: novinite.com/view_news.php?id=91374

Bulgaria Named Brits Best Value Holiday Hotspot

10 March 2008, Monday

 

Bulgaria has cemented its reputation as the cheapest package holiday destination on the British market, a survey shows.

A pint of beer and a Big Mac costs just GBP 1.49 in Bulgaria, making it the world's best value holiday hotspot for Brits, according to the survey of Teletext Holidays, a specialized tourism site.

The World's Best Value Breaks Report surveyed holiday costs in 20 worldwide destinations.

The findings cement Bulgaria's reputation as a cheap package holiday destination, with many Brits now shunning the Costas in favour of Black Sea resorts like Sunny Beach and Golden Sands.

Research revealed that traditional holiday favourites such as Spain, which trailed in 17th place, Italy and France are left firmly in the shade when it comes to value-for-money escapes.

The Teletext Holidays survey claimed average hotel prices in Spain vary between GBP 80- GBP 145 per night, while holidaymakers have to fork out GBP 18 for a three-course meal.

Although Bulgaria boasts the cheapest pint in Bulgaria - costing 49p - beer-lovers can also enjoy a cheap booze-up in Morocco (51p), the Czech Republic (61p) and South Africa (83p).

Marrakech, famed for its winding souks, minarets and medinas, is singled out for offering luxury breaks at affordable prices. A five-star hotel room with breakfast in the city will set the visitor back GBP 80.

Two other African hotspots - Tunisia and Egypt - are also recommended for holidaymakers on a shoestring, while Greece, Turkey and Portugal are other short haul winners.

Surprisingly, two long haul destinations are featured in the top 10. Despite the flight costs, splashing out on a three-course meal in South Africa or India won't cost more than a tenner


Source: novinite.com/view_news.php?id=91148

Bulgaria to See 20% Rise in Residential Property Prices in 2008

20 February 2008, Wednesday

Named the world's strongest price riser in 2007, Bulgaria's property market is expected to keep up its momentum this year, experts said.

Amidst a global cooling of the property market, residential prices are forecast to grow by up to 20% in 2008, down by an average of 15% last year, Martin Gikov from UniCredit Bulbank projected.

He presented the bank's analysis of the property market and the prospects for its development up to 2009.

In view of the forecast rising prices following the county's accession to the European Union, the sellers on the house market decided to play a wait-and-see game, slowing down supplies and pushing prices up, Gikov explained.

The British and Irish home hunters are pulling out of Bulgaria's property market, unlike the Russians and Scandinavians, who are the most enthusiastic property buyers for the time being.

Mortgage credits grew by 67% in 2007 as compared to the previous year, Levon Hampartzoumian, UniCredit Bulbank CEO commented, denying reports of a speculative bubble in domestic lending.

He ruled out a Bulgarian repeat of the severe credit crunch that the United States faced.


Source: novinite.com/view_news.php?id=90594

Bulgaria Tourism and Real Estate Primary Investors' Targets - Report
10 February 2008, Sunday

The InvestBulgaria Agency (IBA) announced that Bulgaria's tourism and real estate sectors attracted the greatest share of foreign direct investments of all sectors in 2007.

According to the preliminary report of the IBA, the foreign direct investments in January-November 2007 reached about EUR 5,05 billion which is a 20% increase from the same period in 2006. This figure is 17,7% of the country's GDP.

The IBA stated that the improvements of the business climate in the country were related primarily to the reduction of the earnings tax, which is now down to 10%, and of the social security tax.

The largest foreign investors in Bulgaria in 2007 are reported to be the UK, Austria, Greece, Belgium, Spain, Cyprus, and Luxembourg.

The IBA report says, however, that the fact that about 60% of the foreign investments had been directed to tourism and real estate business was an expression of an upsetting imbalance. It stressed that the government needed to step up its efforts to attract more investors in the manufacturing sector in contrast to the popular commerce and services sectors, which provide fastest returns.

The priority sectors for the Bulgarian government in 2008 are said to be banking, software development, industry, renewable energy sources, health care, and education.

Source: novinite.com/view_news.php?id=90243

Bulgaria Residential Real Estate Prices Up by Nearly 30% y/y - NSI
23 January 2008, Wednesday

Gains in prices of residential real estate in Bulgaria's 28 biggest cities and towns averaged 28,9 % in 2007 over the previous year, data of the country's National Statistics Institute (NSI) showed on Wednesday.

The average price paid for residential properties last year in the areas covered by the NSI survey was BGN 1091,24/m2.

Capital Sofia, which boasts the highest salaries in the country, remains the nation's most expensive housing market with an average price of BGN 1813,17/m2, a 35,1% increase over the previous year.

The port city of Varna came in second, commanding an average price of BGN 1762,63/m2, up by 33,9% over last year. Third ranked the other major port of Burgas with average residential property prices at BGN 1442,08/m2, posting a 17,5% surge over the previous year.

The residential real estate in Sofia district bottomed the ranking with prices as low as BGN 488,14/m2, marking an increase by 18,6% compared to the previous year.
Source: novinite.com/view_news.php?id=89655

Bulgaria Property Market Stays Strong in Jan 08

14 January 2008, Monday

Named the world's strongest price riser in 2007, Bulgaria's property market is successfully keeping up its momentum in the first month of the new year, realtors said.

The capital city of Sofia and the Black Sea town of Varna are recording the most impressive growth with asking price levels in the most expensive districts nearing EUR 1500/m2.
The districts of Yavorov, Ivan Vazov and downtown Sofia remain the costliest residential areas in the capital, commanding prices of EUR 1467/m2, EUR 1466/m2 and EUR 1425/m2 respectively.

Prices of residential property in the most expensive districts of coastal Varna, such as the Greek neighbourhood, overtake those in the capital with offers averaging EUR 1561/m2.

Experts point out that the sale prices levels are usually from 5% to 10% lower that the asking prices.

Bulgaria recorded the world's strongest house price growth last year amidst a global cooling of the property market. A study carried out by Global Property Guide (GPG) set the country's house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier.


Source: novinite.com

България оглави класацията за ръст на цените на жилищата през 2007 г.
Страната ни се нарежда пред Китай, Сингапур, Естония и Литва
08.01.2008

България оглави списъка на държавите с най-висок ръст на цените на жилищата през 2007г., сочат данни на "Глобъл пропърти гайд", цитирани от Би Би Си.

Цените на имотите у нас са се повишили с 30,6% и така страната ни изпреварва по търсене на жилища дори китайския град Шанхай, който досега оглавяваше класацията с ръст за първите 10 месеца на 2007 г. от 27,9%.

Сред държавите със значително повишение на цените на недвижимите имоти са Сингапур (27,6%), Естония (23,4%) и Литва (13,6%). С 9,7% повишение Великобритания е на 14-то място в класацията на "Глобъл Пропърти Гайд".


Source: news.netinfo.bg/index.phtml?tid=40&oid=1145296

Bulgaria Named World's Strongest House Price Riser

6 January 2008, Sunday

Yet another research has pointed Bulgaria as the country with the world's strongest house price growth last year amidst a global cooling of the property market.

The study carried out by Global Property Guide (GPG) said Bulgaria saw the world's strongest house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier.

Shanghai came in second, despite efforts by the Beijing government to cool the market. House prices there rose by 27,85 percent in 2007.

The survey, which provides information for potential property investors, says that while the housing market gained momentum in the Asia-Pacific region, it slowed in Europe and "crashed" in the US.

In Europe most countries registered unimpressive y-o-y house price changes in 2007, aside from Norway and Estonia, the survey shows.

Ireland's house price plunge continued, with a 4.68% y-o-y drop to October 2007. When adjusted for inflation, the drop is more pronounced at 9.1%. The Irish housing market is vulnerable to interest rate changes, as 85% of mortgages are variable rate, GPG comments.

The Baltics performed quite well in terms of house price changes from a year earlier, but the latest quarterly data presents a picture of a region whose housing markets are in trouble.

In Latvia apartment prices have dropped by 7.7% to September 2007, over a quarter earlier. Lithuania's apartment prices have stagnated at LTL 12,500 (US$5,213 or ?3,620) per sq. m. in the last two quarters. In Estonia quarterly house prices increased by 23.4% y-o-y to Q3 2007, lower than the 28.6% growth to end-2006.

Norway's housing markets are showing signs of nervousness, despite a strong performance this year. The house price index for the entire country increased 11.6% y-o-y to Q3 2007 (11.9% in real terms due to slight deflation). However, prices in the metropolitan area of Oslo-Baerum fell 0.5% from Q2 to Q3 2007.

Spain recorded 5.31% y-o-y house price growth to Q3 2007, the lowest rate of increase in nine years. Higher interest rates have dampened demand, and banks have become very careful in granting housing loans.

A slow down was also evident in the UK, though less sharp than expected. British house prices increased 9.7% y-o-y to Q3 2007, less than 2006's y-o-y increase of 10.5%. When adjusted for inflation, the house price increase in Q3 2007 was 7.5%, slightly higher than the 7.3% rise in 2006.

House prices in Italy and Greece have also cooled. Mortgages in these markets are predominantly based on variable interest rates.

Although mortgages in Denmark, France and Germany are mostly based on fixed interest rates, their housing markets have nevertheless cooled. Other European countries which experienced house price slow downs are Sweden, Poland, Finland, Netherlandsand Switzerland.

France has increased tax deductions on mortgage-loan interest rates, a measure expected to hold housing demand firm.


Source: novinite.com/view_news.php?id=89102

UK Low-Fare EasyJet Flies Daily Sofia-London

17 December 2007, Monday

Budget airline EasyJet will start daily flights from Sofia to London on January 22.

The British no frills airline announced Monday that the decision for daily flights comes in response to the increased demand for the company's services.

EasyJet, which is considered to be the second-biggest low fare airline company after Ryanair, stepped on the Bulgarian market in November with low-cost flights to London Gatwick three times a week on Tuesdays, Thursdays and Saturdays.

WizzAir, Germanwings, Easyfly, Sky Europe, My Air, Air Italy and Norwegian Air are the other low-fare airline companies conducting flights from the three Bulgarian airports to other European cities.

Data shows that no-frills airlines account for about 40-50% of the aviation market in the country.


Source:

Bulgaria Named Fastest Riser on World's Property Market
8 December 2007, Saturday

Property prices in Bulgaria rose faster than anywhere else in the world in 2007, according to a survey by a leading British estate agency.

The European Union's newest member topped the latest Knight Frank Global Price Index with an annualised property price growth of 30.6 %. Bulgaria ranked three percentage points above the south-east Asian economic powerhouse of Singapore.

"Despite numerous concerns over the level of oversupply in a number of locations within Bulgaria - notably the winter ski resort of Bansko and selected coastal resort locations - Bulgaria has supplanted the previously top performing Baltic hotspot at the top of the Knight Frank league," the report declared.

Last year, the highest ranking country was Latvia, which saw property price growth of 56.9%. However, this dropped in 2007 to 10.9%, on concerns about overpricing in the Latvian capital, Riga.


Source: novinite.com

Germanwings Offers Bargain Flights from Sofia to London, Paris, Berlin
28 November 2007, Wednesday
 
Low-cost carrier Germanwings announced the launch of bargain flights from Sofia to three European capitals with transfers at the airport of Cologne/Bonn.

"The Smart Connect service will be introduced during the new winter season and is expected to save up to 30% on the ticket price," Andreas Engel, a representative of the company, said at a press conference on Wednesday.

The average one-way fare from Sofia to Paris, Berlin, London and Dresden via Cologne will total EUR 60, including all taxes and charges.

The company, which has been servicing flights from the capital Sofia since the end of March, reported 92% occupancy rate aboard its planes.

Source: novinite.com

Wizz Air to become first LCC to open domestic routes in Bulgaria

Budget air carrier Wizz Air Tuesday announced on its website that it would expand its Sofia base by deploying an additional new A320 aircraft starting from 12 July 2008.

The airline will start new flights from Sofia to the domestic Varna airport, on the Black Sea, becoming the first low cost airline to operate domestic flights in Bulgaria.

Concurrently, the launch of the Sofia-Izmir flight will be the first low fare route from Bulgaria outside of the EU, said Wizz Air.

Tickets are already on sale with one way all inclusive fares starting from as low as 9.99 euro for Varna. The average price for a one-way fare will be 60-80 levs if it is purchased on the day of the flight, said József Váradi, chief executive officer of Wizz Air. Travelers will pay additional charges for non-carry-on luggage.

The Wizz Air fare is around ten times cheaper than competing offers from Hemus Air, the only other carrier currently flying between the capital and coastal airports Varna and Burgas. The price is even lower than bus and train fares available to these destinations from Sofia.

Wizz Air also said will be adding routes to Milan-Bergamo, Valencia, Barcelona and Izmir (Turkey), and will increase frequencies on existing services to London, Rome and Dortmund.

Germanwings is expected to announce Wednesday its plans for Bulgaria which will include the launch of 5-6 new external destinations.

Another no-frills carrier operating on the local market, SkyEurope, said it has no plans for domestic routes at this point.

BDZ, the national railway carrier, currently offers one-way fares to Varna at 21.90 levs.

Wizz Air said it expects to fly 156,000 passengers to and from Bulgaria in 2007 and to increase their number to 1 mln by 2010. According to company data, it currently has a 35% share of the Bulgarian low cost air travel market.(
Source: dnevnik.com

Bulgarian Construction Boom Stays Strong in Q3
21 November 2007, Wednesday

The demand for new construction permits in Bulgaria continued growing in the third quarter of the year, with Black Sea port of Burgas receiving the largest number of permits, statistics board NSI said on Wednesday.

The total number of building permits issued in July-September was 4.878, compared to 4.660 permits issued in the previous three months.

Burgas accounted for 635 permits, while the other major Black Sea city, Varna, which led in the previous quarter, received 568 permits. Plovdiv got 498 permits and capital Sofia - 406.

Permits for residential buildings totalled 3.110, up from 2.735 in the previous quarter, for a total 2,097 million square meters of housing.

Administrative buildings permits totalled 114 for the period, up from 85 in the previous three months.
Source: novinite.com

Bulgarian housing prices up 22% Jan-Sept '07
Nation-wide housing prices jumped 22% in January-September 2007 to around 1,120 levs, shows data released by Bulgaria's statistical authority on Tuesday. The biggest spike - over 45%, was registered in the city of Vidin, North-western Bulgaria, followed by Sofia with 34%. The price increase recorded by the statisticians in the first nine months has already beaten the forecasts for a full-year gain of 15% made by realtors in early 2007. The residential market in Vidin also posted the biggest price increase in Q3 with 20%, followed by Sofia with 15% and Blagoevgrad with 12%. The latest gains reinstate Sofia as the nation's most expensive housing market with an average price of close to 2,000 levs/sq m. It leapfrogs Varna, taking a lead of more than 150 levs/sq m on average over homes in the coastal city which was consistently pipping the capital, albeit fractionally, over the past two years. The realtors explained the surge with the fact that, in an overwhelming number of cases, the full price of the property transactions is being reported to the registry offices. Over 80% of the residential market is loan-financed and the banks prefer to have on paper the real price of the property, said Lyubomir Stanimirov from Imoti BG. Rising inflation and food prices act as an additional incentive for people to invest in the real estate market, said Hristo Boikov from B&H Imoti. Driving the pricing upside is the new construction segment which recorded the biggest hike, said Stanimirov. Residential districts like Manastirski Livadi, Malinova Dolina, Studentski Grad and Vitosha, where over 70% of the supply is new construction, are at the center of the trend. Asking prices in these neighborhoods have zoomed up from 800 euro/sq m at the beginning of the year to 1,200 euro/sq m, said Stanimirov. The explanation for the price gains in Vidin has to do with the launched construction of a new cross-Danube bridge and the big number of residents of area villages that have sold land to the developers of logistics and business parks and now invest in urban homes. The market in Ruse, also on the Danube, is benefiting from an influx of cash from Romanian home buyers.
Source: dnevnik.bg

Supply of holiday homes in Bulgaria significantly up

The resort apartments market in Bulgaria continues to grow with increasing pace, show the latest research findings.

As a result the total number of holiday homes units as of June 2007 is in excess of 76,500.

In the mountain resorts supply increased by 52% during the first half of the year, after almost 10,000 new apartment units were put on the market.

The growth was most significant in the Bansko area (including Razlog), which accounts for 78% of the new supply.

Supply in coastal resorts also increased substantially and recorded a 39% growth, or 13,500 apartment units, in the first half of 2007.

Although Sunny Beach continues to account for more than one third of the supply in this segment, other resorts saw accelerated development as well. In St. Vlas and in Sozopol holiday homes supply increased by 52% and 62% respectively.

Overall sales prices in the resort apartments segment remained unchanged for the past half year as supply continues to outpace demand.

Price ranges remained within last year’s limits between 800 and 1,700 euro/sq m, shows the Holiday Homes Market Overview.
Source: dnevnik.bg

Европа ближе, цены ниже - 20.6.2007

Болгария по-прежнему показывает наибольшую прибыльность среди стран Восточной Европы. В 2006 г. общий объем иностранных инвестиций в недвижимость достиг рекордной отметки в 427 млн. евро…

В советские времена тех, кто уезжал по путевке в солнечную Болгарию, провожали со словами: «Курица не птица, Болгария не заграница», а саму страну считали чуть ли не шестнадцатой республикой СССР. Наши магазины были завалены болгарскими томатами и сигаретами, а практически все жители этой милой страны, с которыми нам приходилось общаться, прекрасно говорили по-русски. Сегодня ситуация кардинально изменилась. Некогда дружественная нам Болгария вступила в Европейский Союз (ЕС) и даже в НАТО, а болгарские мальчишки и девчонки мечтают уже не о том, чтобы поехать учиться в СССР, а о том, как бы, окончив школу, уехать на заработки в страны Старой Европы.

Но что осталось незыблемым - так это хорошее отношение болгар к россиянам. Мы по-прежнему самые желанные туристы, приятные гости и, конечно, покупатели болгарской недвижимости.

По статистике, россиян, приобретающих недвижимость в Болгарии не так много - всего 5% из общего числа иностранных покупателей. Сегодня до 60% иностранных владельцев недвижимости - англичане. До вступления Болгарии в ЕС они скупали целые села на кредитные средства своих банков. Ведь по всем прогнозам, после вступления цены должны были заметно вырасти, - уж кто-кто, а жители британских островов извлекать прибыль умеют. И действительно, в течение нескольких лет цены в стране росли ежегодно на 35-40%. И хотя сейчас, конечно, такого существенного роста ожидать уже не следует (по данным экспертов, средняя стоимость объектов класса люкс на болгарском побережье за 2007 г. возрастет на 25%), Болгария, наряду с Румынией, по-прежнему показывает наибольшую прибыльность среди стран Восточной Европы. В 2006 г. общий объем иностранных инвестиций в недвижимость достиг рекордной отметки в 427 млн. евро, а на будущее только британская девелоперская компания European Future Group приобрела в разных районах страны земельные участки, на которых планируется построить объекты недвижимости общей стоимостью 600 млн. евро. В то же время аналитики ведут все больше разговоров о том, что рынки восточноевропейских стран оказались сильно переоценены, а, следовательно, можно ожидать снижения цен на недвижимость. Но это скорее относится к малокомфортному жилью вторичного рынка.

Однако далеко не все россияне рассматривают покупку дома на берегу Черного моря только как выгодное вложение денег. Многие хотят просто приезжать на отдых в собственный уютный домик. В одной только Варне проживает около 30 тысяч россиян, половина из которых находится там постоянно, а вторая половина приезжает летом «на дачу». Видимо поэтому болгарские риэлторы считают, что будущее - за покупателями из России. Ведь сегодня любой человек, чей доход составляет 1500-2000 евро в месяц, может стать владельцем жилья в Болгарии. А уж о красотах и удобствах этой страны кому не знать лучше, чем ее ближайшим соседям - россиянам. Чистейшие песчаные пляжи, старинные города, построенные «лесенками» на склонах гор, пряная кухня, великолепный сервис. У болгар есть только один «недостаток»: они не переставая курят и пьют крепкий черный кофе литрами. Причем курить разрешается даже в купе поездов.

Сегодня Болгария активно застраивается. Это происходит в первую очередь в крупных городах, на берегу моря и в районах горнолыжных и СПА курортов. На побережье строятся великолепные современные жилые комплексы - просторные квартиры с видом на Черное море со всеми мыслимыми удобствами, оборудованные самой современной домашней техникой и даже мебелью (Sunny Fort, Golden Fort, Emerald и др.). Причем фирмы, которые их продают, готовы взять на себя все хлопоты по присмотру за недвижимостью, и если необходимо, даже сдавать ее в аренду. В последние годы в Болгарии активно развивается туризм: количество туристов стабильно увеличивается на 25% каждый год. Так что сдача жилья в аренду может стать хорошим бизнесом. Но эту возможность нужно при покупке обговорить в договоре, как и предполагаемый доход. Сдача в аренду квартиры или дома на берегу моря принесет не меньше 4-8% годовых. В сезон сдать домик на море можно за 1200-1400 евро в месяц. Сдача дома на год обеспечит меньшую доходность, зато гарантированную. Ведь если дом сдавать в аренду неделями, то аренда стоит дороже, но невозможно представить, что он будет одинаково востребован в течение всего года. Впрочем, тем, кто намерен извлекать из своей покупки постоянную прибыль, имеет смысл присмотреться к строящимся комплексам в районах горнолыжных курортов и минеральных источников. Квартиры в таких районах пользуются спросом в любое время года. И цены вполне приемлемы: например, апартаменты с одной спальней в строящемся комплексе Riverside Ski Resort в центральной части горнолыжного курорта Банско можно купить за 47-50 тыс евро.

Цены на жилье в Болгарии значительно ниже цен на аналогичную недвижимость, скажем, в Испании. Стоимость элитных апартаментов в современном жилом комплексе начинается от 1000 евро за кв м. В Софии средняя цена квадратного метра равняется 1050 евро. В районе курортов цены по болгарским меркам высокие: до 1600 евро за кв. м. Новый двухэтажный дом можно купить за 90-100 тысяч евро, трехэтажный - за 180. Самая дешевая недвижимость в Болгарии - дома, расположенные в так называемой материковой части страны, вдали от моря. Старый домик с неплохим участком можно купить даже за 15-20 тысяч евро. Но и продать его будет непросто - все-таки, покупателей в первую очередь привлекает знаменитое Черноморское побережье, а что делать москвичу в болгарских селах, лесах или горах - не очень понятно. Тем не менее, такие предложения на рынке тоже есть.

Приобретая недвижимость в Болгарии, необходимо обратить внимание на несколько важных моментов. Во-первых, здесь принято в стоимость квартиры включать также и, так называемое, пространство общей площади. Поэтому, приобретая квартиру, реальной площадью, скажем, 80 метров по цене 1000 евро за квадрат, не удивляйтесь, что ее стоимость окажется равной 88 тысячам евро. Восемь лишних метров - это пространство лестничной клетки и других общественных зон. Кстати, в дальнейшем придется оплачивать и их содержание - а это лишние 300-400 евро в год. Во-вторых, приобретая дом или коттедж, обязательно попросите местного юриста проверить наличие всех правоустанавливающих документов и подтвердить «статус» земли. Например, земля может иметь запрет на строительство по геологическим или иным причинам. Недавно Дирекция по контролю за национальным строительством (DNCC) издала 18 постановлений о сносе нелегальных построек в районе Iskur Dam. Владельцев коттеджей в пригороде Софии, построенных, по мнению властей, нелегально, попросили снести здания добровольно. А значит, теоретически, не зная местных законов и правил, можно легко оказаться и собственником такой недвижимости.

Все сделки с жильем в Болгарии регистрируются у нотариуса. Сделка длится около месяца. Как правило, сначала требуется заплатить 10% от стоимости будущего жилья. После этого объект снимается с продажи и закрепляется за покупателем. Остальные деньги вносятся уже после подписания договора. При покупке квартиры на первичном рынке у покупателя есть возможность вносить деньги частями: рассрочка обычно дается на год.

Болгарские банки не очень любят кредитовать иностранцев, исключение составляют лишь те из них, кто не менее двух лет ведет бизнес в Болгарии. Вообще, страна очень жаждет прихода иностранных бизнесменов и соответственно, инвестиций, поэтому для тех, кто вкладывает денежки в болгарскую экономику, придумано множество преференций. Например, право на длительное пребывание в стране.

Оформить ипотечный кредит на покупку жилья можно в российском банке под залог российской квартиры, или же взять потребительский кредит, расходование которого не отслеживается банком. Но недавно появилась еще одна возможность: крупные болгарские застройщики, осуществляющие инвестиционные проекты вместе с банками, заявили о своей готовности кредитовать россиян под 8% годовых. А поскольку отношение к российским покупателям за рубежом меняется в положительную сторону буквально на глазах, то можно прогнозировать, что процент будет постепенно уменьшаться, а программы кредитования становиться все более лояльными к российским заемщикам.

И вот последняя, сногсшибательная новость с рынка болгарской недвижимости: Филипп Киркоров, находившийся с гастролями в Болгарии, купил 12 роскошных квартир в элитном комплексе Emerald на Черноморском побережье. Комплекс из 800 квартир был построен в прошлом году и почти весь уже распродан. Квартиры в Emerald поражают роскошью: здесь есть несколько видов бань, сауна, бассейны и даже ледяная комната, где можно скрыться от жары. По некоторым сведениям, две квартиры певец купил для себя, а остальные рассматривает как выгодное вложение денег.

Ольга Хвастунова


Source: Квадрум. Журнал

Russia edging UK as biggest market for Bulgarian vacation homes

Sales of vacation homes on the Bulgarian Black Sea coastline to Russian buyers have become to outnumber the transactions involving British nationals.

English-speakers drove 80% of the market just a year ago but that ratio has since been reversed and now British buyers account for only 20% of property transactions.

Nationals from the Baltic states, Romania, Belarus and Kazakhstan have also snapped up local vacation properties in significant numbers.

Buyer paradigms are also shifting. The Britons were looking for bargain prices while the Russians are less price-conscious but big on high-end add-ons like a beachfront location and the proximity of spa, fitness, swimming and tennis venues.

The market overview indicates that holiday homes along Bulgaria's southern coastline have appreciated by an average of 18% so far in 2007 in comparison with the year-ago period.

Sozopol properties are fetching 800-1,500 euro/sq m, up from 600-1,200 a year ago. Tsarevo has moved into the 600-1,100 euro/sq m range, improving from 500-950 euro in 2006. The asking sale prices for vacation homes in Lozenets have increased to an average of 600-1,200 euro/sq m versus 500-1,000 euro a year earlier. Prices in Primorsko rose to 600-1,100 euro/sq m from 550-950 euro in 2006.

The price gains were registered mainly by properties with value-added services and facilities in close proximity to the beach. The owners of such properties posted a return of 5% to 7% this summer, said Pehlivanov.

The bulk of the Bulgarian holiday homes are rented by Westerners with a good prior knowledge of the local tourist product. The number of rentals to Bulgarians, Czechs and Poles also increased in 2007.
Source: dnevnik.bg

Bulgaria Lures the Bricks and Mortar Brigade from Britain
3 September 2007, Monday

By Robert Nurden and Sam Dunn
The Independent

It's hard to move for adverts offering cheap flats in Eastern Europe. Whether it's off-plan, new-build or old urban, the billboards, posters and flyers paint a picture of instant riches - and there's no shortage of interested parties.

For British investors, it's becoming harder to make money in the buy-to-let market at home. The five rate rises from 4.5 to 5.75 per cent since August 2006, and increasing anxieties about affordability, have slowed price rises, while there have been negligible increases in rental income.

So it's become more common to look east for cheap property investment - particularly since the expansion of the EU to include countries such as Poland and the Czech Republic.

One of the most hyped countries for investment has been Bulgaria, where you can still buy flats from ¿34,000 (£23,000). Although capital appreciation has slowed dramatically from the heady 40 to 50 per cent of the past three years, figures from www.world-ofproperty.co.uk suggest that, in both the first and second quarters of 2007, the average price of an apartment in Bulgaria rose by 5.4 per cent.

Low prices continue to be the main attraction. For example, you can pay £25,000 for a new flat (ready in November) in Platinum Residence III, an area close to the city centre in the Bulgarian capital of Sofia. Alternatively, £32,000 could secure you an apartment in the four-star All Seasons development, due for completion next June, near the popular Bansko ski resort.

An estimated 40,000 Britons now own property in Bulgaria, and there is still plenty of demand pushing up prices. But brokers warn that there should no longer be any expectations of quick, easy returns.

Don't attempt any overseas purchase without visiting the property at least once and double-checking every tax rule on rental income and capital gains. And make sure you don't sign any legal documents that you don't understand.

As for a home loan, if you don't have enough cash to buy outright - as many buyers in Bulgaria do - a broker can help find a good deal.

Miranda John, manager at independent mortgage broker Savills Private Finance International, says: "It's possible to borrow up to 75 per cent of the purchase price when buying property in Bulgaria. All loans are on a repayment basis but the lender may allow you to go interest-only for the first year. The maximum term is 25 years and you must be no older than 65 when the term of the mortgage expires."

Loans are only available in euros, she adds, and interest on variable-rate deals starts at 7.25 per cent.

Source: novinite.com

Bulgarian Construction Boom Picks Up in Q2
22 August 2007, Wednesday

The demand for new construction permits in Bulgaria picked up in the second quarter of the year, with Black Sea port of Varna receiving the largest number of permits, statistics board NSI said on Thursday.

The total number of building permits issued in April-June was 4.660, compared to 4.049 permits issued in the previous three months.

Varna accounted for more than 15% of all new permits - 712, followed by Burgas with 587 permits and Plovdiv with 476. Capital Sofia got 320 permits.

Permits for residential buildings totalled 2.735 for a total 1,67 million square meters of housing.

Administrative buildings permits totalled 85 for the period.
Source: novinite.com

UK Low-Fare EasyJet Steps in Bulgaria, Flies Sofia-London
8 August 2007, Wednesday

 

 

British no frills airline EasyJet announced on Wednesday it would add seven new routes to its network this autumn, including Bulgaria.

EasyJet, which is considered to be the second-biggest low fare airline company after Ryanair, will start regular flights from Sofia to London.

The route will be serviced three times weekly on Tuesdays, Thursdays and Saturdays from Sofia airport to London Gatwick.

The virgin flight will be conducted on November 6.

Prices stand at EUR 33.99 for a one-way ticket and EUR 75.77 for a return ticket, airport fees included.

A month ago London-registered low-cost carrier Wizz Air, the first no-frills carrier to enter the Bulgarian market, announced the launch of new flights from Sofia to Dortmund. This is the airline's third route from Sofia. It also services flights from the Black Sea airports of Varna and Burgas.

Germanwings, Easyfly, Sky Europe, My Air, Air Italy and Norwegian Air are the other low-fare airline companies conducting flights from the three Bulgarian airports.

Data shows that no-frills airlines account for about 40-50% of the aviation market in the country.

Bulgaria attracted a number of low-cost carriers thanks to its accession to the European Union and fast economic growth.


Source: novinite.com

Wizz Air with Winter Flights from Bulgaria's Burgas to London
31 July 2007, Tuesday

London-registered European low-cost carrier Wizz Air confirmed it will continue to service the flight from the coastal city of Burgas to London three times a week during the winter.

The passengers will fly aboard 180-seat Airbus 320 planes and will land at Luton airport.

Wizz Air, the first no-frills carrier to enter the Bulgarian market, has been operating a base in Sofia with one aircraft and local crew since early 2006. In addition to its Sofia services Wizz Air's Bulgarian network included a number of summer routes to Burgas and Varna, the increasingly popular Black Sea destinations from the UK, Poland and Hungary.

Data of the company shows that no-frills airlines account for about 40-50% of the aviation market in Bulgaria.

The country attracted a number of low-cost carriers thanks to its accession to the European Union and fast economic growth.

Source: novinite.com

France, Spain, Bulgaria Favourites for British Retirees
24 June 2007, Sunday
 
Traditional holiday hotspots such as France and Spain remain British retirees favourite overseas property destinations, although the popularity of emerging tourist markets like Bulgaria is quickly gaining pace, BuyAssociation has revealed.

Britons tend to retire to countries which already have a strong market for tourism and holiday homes, while sunny spots across the channel are favoured due to their warm weather, the online property advice provider explained.

Paul Collins, overseas property editor for BuyAssociation, said Spain, France and Portugal were still very much the leading countries in terms of retirement destinations, followed by Cyprus and Italy.

However he added that improvements in infrastructure in emerging markets had helped to raise their popularity among retirees.

"We're starting to see places like Bulgaria again, as that market starts to emerge and things like healthcare and transport links improve, then people start to see that as a viable option," Mr Collins explained.

"It may be another five or ten years before we see it as a really serious retirement destination but it's something that's out there and people are thinking about it.

"When you retire you want a slightly slower pace of life, and to be able to enjoy that extra time that you've got. And for a lot of people the [warm] weather is not only more relaxing, it helps with the aching bones as well," he added.

Source: novinite.com

Overheating Bulgaria Still Best for Overseas Property Investment
Bulgaria has been named the best destination for overseas property investment, even though its tourist hotspots are showing signs of overheating, according to a new research.

UK ranks as the best for investment returns with Bulgaria second, says the quarterly investment tracker, released by British investment firm Assetz. Making up the rest of the top five are Canada, Cape Verde and Cyprus respectively.

Bulgaria maintains a strong position in the tracker with a total of 71% return on cash invested, but Assetz advised caution to investors, especially in the tourist hotspots such as Sunny Beach and Bansko where there is a severe oversupply of apartments.

Local agents are reporting a lack of demand resulting in weak rental yields being achieved and the resale market is still unproven, the company said.

However, average prices have increased from 17.3% to 22.5% annually in June 2007, possibly due to a number of ‘prestige' developments coming onto the market.

Assets commented that the rate of growth in many countries, such as Poland and Bulgaria, could not continue at a rate of 20 - 30%, and a reduction to a more stable and realistic rate of growth was necessary.

Source: novinite.com

Coastal Varna airport opens new passenger terminal, doubles capacity

The airport in the city of Varna, on the Black Sea, has doubled its passenger traffic capacity with the launch of a new terminal, said airport executive director Andreya Andreev.

The 6,000 sq m facility cost 7 mln levs and was financed by Fraport Twin Star Airport Management which manages the airport under a 35-year concession arrangement.

The new terminal boasts 10 check-in desks, two baggage carousels, 6 passport control desks each for arrivals and departures, offices occupied by the customs administration, border police, tour operators and airlines as well as a mix of café and retail outlets.

The new passenger terminal, part of Fraport Twin Star's obligations for immediate improvements to passenger services stemming from the concession arrangement, can handle up to 4 incoming or outgoing flights simultaneously which is around 800 to 1,000 passengers, said Andreev.

Fraport Twin Star Airport Management, a unit of Germany's Fraport AG, is developing a project for another passenger terminal, said Andreas Helfer, general executive director of the concessionaire. The design and construction phases of the project will be completed in 2 years.

Fraport Twin Star has so far invested 2 mln euro in new ground equipment, ambulance and other improvements at the Varna airport, said Helfer, adding that the equipment of the airport's fire unit will be replaced by the end of the year.

Passenger traffic via the Varna airport is seen up 8-10% to 1.7 mln in 2007, said Andreev, explaining the 9.3% year-on-year slump recorded in May to the non-arrival of Austrian retirees that last year vacationed in Bulgaria.

The concession company is in talks with airlines to open new regular routes to Varna. Low cost carriers are also expected to beef up their flight schedule to and from the costal city.

The concession granted to Fraport Twin Star Airport Management, a partnership between Fraport and Varna-based company BM Star, also covers the Burgas airport further south along the Black Sea coastline.


Source: dnevnik.bg

Bulgaria Touted as Europe's Third Biggest Property Hotspot
7 June 2007, Thursday

A new research has ranked Bulgaria as the third most attractive residential investment destination in Europe.

The study carried out by Global Property Guide (GPG) compared several factors, which were judged to contribute to the attractiveness of buying residential property.

Bulgaria came in third with 10.6% gross rental yields, reform on track, low prices, but very high transaction costs on purchase.

Slovakia grabbed the first spot with inexpensive house prices, very high GDP growth, low rental income tax and no capital gains tax on long-term property holdings.

Second came Turkey, whose major attractions are the strong GDP growth and the dynamics of the housing market.

Source: novinite.com

Low cost carrier SkyEurope opens Burgas service Jun 9

Budget carrier SkyEurope said it will launch flights from Bulgarian Black Sea town Burgas to Krakow, Prague, Bratislava and Budapest.

The Burgas-Krakow route will be available three times a week from June 9, Burgas-Bratislava from June 16 and Burgas-Prague from June 23. No date has been set for the flights to Budapest.

SkyEurope offers an onward coach connection from Bratislava to Vienna.

Norwegian Air Shuttle launched a regular service from Burgas to Oslo on April 14. The flights will be available every Saturday through October.

German no-frills carrier Germanwings started flying from Burgas to Berlin, Cologne and Bonn from May 20.

The Burgas airport expects passenger traffic to increase by 10% to 2 mln in 2007


Source: dnevnik.bg

Bulgaria in the "Limelight of Property Developments"
Property developments in Bulgaria are very much in the limelight now that it has joined the EU, the Times of Malta writes in its latest issue and describes the operations of leading Maltese real estate company Dhalia Group.

"Foreign investors look at tourist growth, gross domestic product growth, transparency of the property purchasing process, wage inflation and easier access to mortgages," Mr Valletta from UK company Vector International explains the reasons for Bulgaria's success.

"Rapid tourism growth in Bulgaria is mainly due to a good mix of markets. You go to the heart of Sofia, which is truly elegant, yet is becoming a great commercial hub, attracting huge institutional investors," he says.

"Then there are leading ski destinations such as Bansko, Borovets and Pomporovo, Black Sea resorts such as Albena, Golden Sands and Sunny Beach, central Bulgaria with its rose cultivation and perfume making, the Radopi Mountains, and other beautiful places such as Plovdiv, with its 20,000-year-old prehistoric remains, and Rila Monastery in the mountains."

FULL text of the article READ HERE

Source: novinite.com

5 golf course projects to tee off in Shabla coastal area

Developers plan to shoehorn no less than 5 golf resorts between Shabla and Durankulak, a 20 km stretch on Bulgaria's northern Black Sea coastline.

The Shabla municipality said the projects will be developed by Bulgarian Golf Society and Oil and Gas Exploration and Production Co., both part of Varna-based economic conglomerate TIM, Litex Commerce, Bulgaria Hold and Rosinvest.

TIM is also developing a marina project in the Shabla bay area.

The developers are in a rush to secure planning approval and all the necessary documents before the state designates the sites in the area that will be protected under the European Natura 2000 network. The Natura 2000 decision for the Shabla area and the area of the Durankulak lake was postponed for October 2007. Sites with approved masterplan or detailed development plan are not eligible for Natura 2000 protection.

Shabla mayor Velichko Makakov said the developers have squared their plans with the environment ministry and have no concerns about a likely wildlife protection zoning.

The Shabla municipality will participate in 3 of the golf developments. The municipal council has already approved the contribution on the part of the city of 120 ha of land. The city will control 35% stakes in the joint ventures with the private developers.

The first of the 3 golf resorts is located near the village of Vaklino. It will be implemented by Bulgarian Golf Society over a 5-year period.

The second project approved by the municipal council is the golf resort near the village of Ezerets which will be developed by Litex and Bulgaria Hold.

Shabla Golf is the third project involving the municipality. It will be developed by Oil and Gas Exploration and Production Co. on 140 ha near the village of Tylenovo.

Litex and Bulgaria Hold each have one more golf resort in the area. Those projects require no sanction from the municipal authorities because they will be implemented on private land.

The Litex golf course, a partnership with Rosinvest, will take shape near the village of Krapets while the Bulgaria Hold project is located near Durankulak. Neither has building permits but the developers are hopeful they will be granted by September.

Litex Commerce recently announced it will invest some 100 mln euro in a 60 ha vacation complex near Balchik, another coastal town emerging as a major golfing destination along the Northern Black Sea coast. Construction of the 500-villa complex should begin this summer


Source: dnevnik.bg

Bulgaria, US Neck-to-Neck in Race for UK Property Buyers
Bulgaria is the third most popular country for UK property buyers, with 7.7% of the market, just edging the US into 4th place on 7.5%, the Association of International Property Professionals (AIPP) has revealed.

AIPP described the position of the Eastern European country as "phenomenal", the only market that has grown to such prominence so quickly.

"Seeing it sandwiched with Spain and France above and the US below highlights the level the Bulgarian market has reached," AIPP explained.

Paul Owen, AIPP's chief executive said: "It's gone from emerging to almost-established in three years, which is just unbelievable.

"It had a free run of being 'the' emerging market for three years, but it's now got competition from many others coming in Poland, Latvia, and Montenegro and there are a lot of emerging nations with comparable property prices which are relatively unheard of."

He also added that the extent of Bulgaria's success would be revealed in the resale of homes in a few years' time.

"There's a lot of properties being built, there's no doubt that prices have gone up in the last few years properties will be sold a second time around, the second wave of buyers will come in," he added.

AIPP's 2006 Report shows that Spain and France are still the top two markets for Britons buying abroad.

Nearly 1/3rd (31.6%) of overseas properties bought by British buyers in 2006 are in Spain. In second place was the other perennial favourite France with a little under 1/5th (18.9%) buying just across the Channel.

Italy ranked fifth with 2.8% of the market.

Source: novinite.com

Over 150 entrants for first edition of Balkan property exhibition

Over 150 companies from around the world have registered for participation in the inaugural edition of Balkan property exhibition BalPex, said Nedajda Riashi, commercial director of the event.

The exhibition, to be held May 18-20 at the Inter Expo Center in Sofia, will be dominated by residential projects but the number of office, retail and logistics offerings is on the rise.

Growth is robust across all segments of the property market in Bulgaria, said Atanas Garov, managing director of the local office of international real estate consultants Colliers International.

The supply of retail inventory will jump by 300% over the next 5 years while the area of office space will double, said Garov, adding that similar trends are also shaping the markets in Serbia and Romania.

The first edition of a conference on the property investment opportunities in the region will also be held during the exhibition.

The May 17-18 BalPec conference will engage industry professionals in panel discussions on the real estate business and investment climate in Bulgaria, Serbia and Romania.

The event will be attended by the managers of the biggest projects underway in the region like Baneasa Investments, GTC, Engel East Europe, Pradera, Pinnacle, BSDP, Development Capital Management and Eyemaxx


Source: dnevnik.bg

Bulgaria statistical authority: housing prices up 10% in Q1

Domestic home prices added 10% in the first quarter of 2007, Bulgaria's statistical authority said on Monday, April 23.

Six regional housing markets have now reached the 1,000 levs/sq m milestone: Sofia, Varna, Burgas, Ruse, Stara Zagora and Plovdiv. Blagoevgrad missed the cut by just 40 levs/sq m.

Local realtors said the market downturn forecasts made in late 2006 fell flat and business was as brisk as usual in March with pricing continuing on the up.

Housing prices are expected to post a growth of 15-20% over the entire 2007 but that mark has already been hit in some regional markets. Residential prices in Blagoevgrad, Targovishte and Varna rose 16% in Q1. Usually buzzless markets like Kyustendil and Silistra were also in the double-digit mix with increases of 11% and 15.8%.

Despite the Q1 gains, the latter two region are still the nation's cheapest with homes selling at 560-570 levs/sq m.

Housing prices in all other regional cities now start from 600 levs/sq m.


Source: dnevnik.bg

Bulgaria residential prices gain 7.74 in Q1

Domestic housing prices have rallied 7.74% in the first quarter in comparison with the end of 2006, shows data of local realtors Address based on documented property transactions.

The residential market in coastal city Burgas posted the biggest quarter-on-quarter gain at 17%, followed by Plovdiv with 6.8%. Home prices in Sofia clicked up 2.61% over the end of 2006. Varna edge up 1.06%.

In terms of average housing prices, Varna leads the national market with 765 euro/sq m head of Sofia with 726 euro/sq m.

Loan-financed home purchases increased to 80% of overall transactions in Q1, indicating that the average home buyer falls in the mid-income bracket and is in the market for mid- or low-priced properties.

A large number of developers have ample capital resources and are holding out on off-plan sales.


Source: dnevnik.bg

Bulgaria "Third Most Profitable for Buy-to-Let"
Bulgaria has been ranked the third most profitable country for buy-to-let investors, lagging behind Poland and the United Kingdom, according to a report of property investment firm Assetz.

Bulgaria is followed by France, Turkey, Greece, Spain, South Africa, Cyprus and Portugal as the top ten most profitable locations.

Poland offers a 165 % net capital gain on cash invested, the UK - 63%, Bulgaria - 54%, France - 51% and Turkey - 45%, according to the study.

At the end of last month The Observer ranked Bulgaria, Turkey and northern France as the current hotspots for British first-time buyers overseas.

Source: novinite.com

Austrian Airlines Announces Flights to Burgas
Austrian Airlines will open a new route from Vienna to the Bulgarian Black Sea port city of Burgas starting in May, the company said on Wednesday.

The route will have three flights weekly, starting from May 15, Austrian Airlines manager Kamen Kichev told reporters.

The airline also announced it cut prices for the Sofia-Vienna flights to EUR 69, airport fees excluded, starting from March 25, if a place is booked more than three weeks in advance.

The round trip fare for the flights linking Burgas, Varna and Sofia to Vienna is EUR 169, plus airport fees.

The Austrian capital is one of the top destinations for Bulgarians flying out of the country. Last year, more than 130,000 people flew to Vienna, including 60% who used it as a transit point, according to Austrian Airlines data.
Source: novinite.com

Bulgaria Still Tops Real Estate Buys among British

Bulgaria is still a preferred country by the British for the purchase of real estate, despite negative publications in the media.
The percentage of real estate purchase by foreigners in Bulgaria is 29%, from which 66.87% are by British people. US citizens make 6% of the real estate deals followed by the Germans with 4% and Italians - 3%.

New for the Bulgarian market are citizens of Spain and Malta who look mainly for lands for building. Asta Bridge officials define them as speculators, as they aim at the best gain and not the best purchase. The biggest interest was recorded in the purchase of land in the mountain resorts.

Among UK citizens, it is the Irish who buy the most properties in Bulgaria, the survey revealed. The British usually buy studios or small apartments at the Black Sea coast and pay for them between EUR 50 000 and EUR 100 000.


Source: novinite.com

Slight Increase in Prices on Bulgaria's Holiday Home Market
The coastal resort of Sunny Beach and winter resort of Bansko retain their position as the most expensive locations for holiday apartments in Bulgaria, a market overview shows. Developments there are offered there at levels, ranging from EUR 580/m2 to EUR 3,000/m2 and EUR 635/m2 respectively.

High-end sales prices of holiday apartments marked a slight increase due to newer developments.
Prices of second homes vary according to several criteria, the major ones being location, quality of holiday resort and complex facilities, and stage of completion. In general, most prices fall between EUR 800 and EUR 1,600/m2. However, some developments are offered at levels in excess of EUR 2,000/m2.

Sales prices also vary according to the development status and level of completion. When offered off-plan, second homes cost approximately 15% to 30% less than when finished. When offered during rough stages of construction, apartments are sold at prices 10% to 15% lower than the original ones.

The holiday homes market experienced significant growth in 2006. More than 26,000 apartment units were added to the overall supply in resort areas, bringing the total to more than 53,000.

The overall vacation homes supply in Bulgaria's mountain regions amounted to more than 18,000 units by the end of 2006, which represents a 53% increase compared to June 2006. Developments in the mountain resorts range from premises offering fewer than 10 units, to resort complexes featuring as many as 400 apartments.

Vacation homes supply on Bulgaria's Black Sea coast amounted to almost 35,000 units by the end of 2006, which represents a 54% increase during the last 6 months of 2006.

The demand is predominantly comprised of private individuals from UK and Ireland, followed by Bulgarians living or working abroad, Russians, Germans, and Scandinavians etc.

Source: novinite.com

Golf courses take over Bulgaria's Black Sea shoreline

The Bulgarian municipalities on the booming Black Sea coastline are rushing to commission updates of their zoning masterplans in response to heightened investor interest and in a bid to pre-empt the inclusion of more sites in the Natura 2000 network of protected habitats.

The zoning masterplans of Shabla, Kavarna, Balchik, Varna, Dolni Chiflik, Biala, Nesebar and Burgas are all due for revision.

The zoning masterplans for coastal municipalities Primorsko and Pomorie were rubber-stamped last year. Work is in progress on the zoning masterplans of Tsarevo, Avren and Sozopol, all on the Black Sea coast.

In related news, the Official Gazette promulgated a government decision excluding from the designation of protected sites urbanised areas where a general or a detailed zoning masterplan has taken effect.

The government also announced it has added a further 9 to the list of 17 sites whose development specifications within the Natura 2000 program will be determined in October.

The deferral concerns Sredna Gora, the Western Balkan Range, Sakar, Vasiliovska Planina, Western Strandja, Balchik, Kamchiiska Planina, Belite Skali and Mandra Poda.

Representatives of the regional development ministry are scheduled to meet this week in Burgas with the head architects and mayors of the coastal municipalities to discuss the challenges of construction development.

The emphasis should be on projects like golf courses and eco settlements to avoid the overdevelopment afflicting resorts like Sunny Beach and Golden sands, said deputy regional development minister Savin Kovachev.

Construction intensity will be cut 3-4 times, he said, adding that the reduction will apply not only to newly-zoned areas but also to sites with already approved detailed masterplans.

No less than 5 golf courses projects have been submitted for the areas of the Shabla and Durankulak lakes. Two of the projects are drafted by Varna-based business conglomerate TIM.

The first project is for a complex comprising a swimming pool, villas and a yacht marina at the village of Tyulenovo. The project, developed by TIM-owned Bulgarian Golf Society, will cost around 100 mln euro. The Shabla municipality will contribute 160 ha of land.

The second TIM project concerns 200 ha of land managed by subsidiary company Oil and Gas Exploration and Extraction Company under a 35-year concession arrangement.

Local companies Litex and Bulgaria Hold have tabled the remaining 3 golf course projects, one in partnership with each other and one each independently.

The decision on whether or not the 2 lakes will be included in the Natura 2000 program has also been deferred for October.

Another 3 golf course projects are underway between Balchik and Kavarna. One is developed by Landmark-owned BlackSeaRama, another one by the partnership of Sawyers Development, Barage Co and Balkanstroy and the last one by Barage Co and Balkanstroy.

Electronics retailer Interservice Uzunovi is building a coastal golf course complex near Kaliakra. The fate of that project also awaits the Natura 2000 decision in October.

Golf course projects have also been proposed for the areas of Sozopol, Nesebar and Pomorie.

Dolni Chiflik mayor Borislav Natov said 5 investors are keen to see the updated zoning masterplan of the area. He said the investors plan to develop sea, hunting, rural, balneological and eco tourism.


Source: dnevnik.bg

EU Accession Drives Bulgarian Real Estate Prices Up
Business: 6 March 2007, Tuesday.

Bulgarian real estate prices rose by 10% in the first two months of this year after the country's accession to the European Union, 24 Hours daily reported on Tuesday.

Demand continues to grow, driven by the increasing number of young people looking to buy housing, while supply is limited.

The trend surprised industry insiders, who expected prices to stabilize after accession.

Should the tendency continue in the next months, the higher prices could be here to stay, said Strahil Ivanov, head of the Yavlena real estate company.

Some prospective buyers believe that supply could dry out entirely within months, driving the prices even higher, he added.

Other brokers, however, argue that the market will settle down. Despite higher prices demanded by sellers, most of the deals were carried out at the real valuation of the properties, said Vasko Atanassov of the "Victoria Invest" real estate agency.

Bank credits remain the main source of financing for real estate deals, as Bulgarian consumers remain hungry for loans and are willing to draw larger sums, a report by lending consultants Credit Centre showed on Monday.

The average size of loans drawn in Bulgaria, according to the report's data, rose by nearly one fifth to EUR 31,300 at the end of February, compared to EUR 26,000 in December last year.

The report also claims the share of loans over BGN 100,000 (roughly EUR 50,000), rose to 18% in February, compared to 15% in December and 6% at the beginning of 2006.

Source: novinite.com

Bulgaria, US Sign Agreement on Avoiding Double Taxation
Business: 24 February 2007, Saturday.

Bulgaria and the United States of America signed on Saturday an agreement for avoiding double taxation between the two countries.

The agreement was signed by Bulgaria's Minister of Finance Plamen Oresharski and the US Deputy Secretary for the Department of Treasury, Robert M. Kimmitt.

"This is an important event for the development of our relations. Signing this agreement will bring serious growth of US investments in Bulgaria," Kimmitt said at the signing and underlined this is the first of a kind agreement, signed between the two countries.

The agreement will bring financial advantages to the Bulgarian financial environments and to US business, Minister Oresharski said.

The agreement, which will substantially lighten the tax burden over dividends of trans-border trade, provides for special mechanisms that will keep it safe from violations by citizens of third countries. The document also includes clauses on exchange of any kind of financial information between the two countries.
Source: novinite.com

Little Risk of "Looming" Bulgarian Lev Devaluation - Report
Business: 22 February 2007, Thursday.

Bulgaria faces little risk for devaluation of the lev because ample foreign exchange reserves and investment help compensate a growing private-sector foreign debt and current account deficit, Nordea Bank AB said on Thursday.

The news came from an article in the Budapest Business Journal, which cites a report of Nordea, issued on Thursday.

Nordea, the biggest Nordic lender by market value, said in a report that speculation of a devaluation of Latvia's currency, the lats, may trigger similar concerns about Bulgaria, which, like Latvia, has a currency board system that involves a fixed exchange rate.

According to the article, a devaluation of Bulgaria's currency, the lev, is unlikely.

Bulgaria's EU membership and low labour costs will continue to attract foreign investment which will spur growth of more than 6%, the report read.

Bulgaria's currency is pegged at the rate of 1.955 lev per euro since July 1997, when it imposed the currency board system to recover from a financial crisis that closed one-third of the country's banks and fuelled inflation to 2,020%.
Source: novinite.com

British invasion brings boom for Bulgaria
By Grainger Laffan
Last Updated: 1:59am GMT 23/02/2007

In the medieval city of Veliko Turnovo, perched on three hills above the Yantra river in central Bulgaria, there used to be only two estate agents.

 
Bansko, British invasion brings boom for Bulgaria
Bansko, a ski resort in the shadow of the Pirin Mountains, is a popular spot for Britons

In the last two years, however, at least 80 new ones have opened their doors to a wave of British buyers looking for a slice of the Bulgarian housing market.

Malcolm Yaxley, 55, gave up his construction job in the UK and moved to Veliko Turnovo last year. "The number of new people doubled last year, and it will double again next year," he said.

The city used to be best-known for being the home of Trifon Ivanov, the bearded football defender who helped Bulgaria reach the World Cup semi-final in 1994.

Now there are so many Britons in the city that is becoming known as one of the places at the forefront of the British invasion. And it is an invasion – there are 30,000 British home owners nationally, according to figures released this week by the Bulgarian government.

Mr Yaxley recently decided to set up a social club for expats. He said most of his members were over 50 years old and had moved to Bulgaria to make their pensions stretch further.

But he said there were also plenty of Britons looking to make a quick profit in Bulgaria's thriving property market, which has grown by 30 per cent in the last four years. Prices are predicted to rise another 10 per cent this year now that the country has joined the European Union.

 
Britain-Bulgaria comparison, British invasion brings boom for Bulgaria


According to the latest statistics from the Bulgarian interior ministry, many of the British property owners live in the country for at least some of the year. By contrast, the Office for National Statistics believes 80,000 Bulgarians will seek work in the UK this year. The influx of Britons has brought startling prosperity to Veliko Turnovo. Mr Yaxley said the streets were full of new shops and businesses. "People are even turning old garages into small offices," he said.

The influx of money into the former communist state is evident elsewhere. At Bansko, the country's leading ski resort, tourists can check into the Hotel Kempinski where there is Wi-Fi in the rooms, a cigar lounge, a vitamin bar and a spa. Down the street, Savills is selling penthouse apartments for £320,000 each.

In Hotnitza, a town near Veliko Turnovo, the progress is slower. However, the mayor is delighted with his new citizens. "When the Brits arrive, services improve, the infrastructure gets better and jobs are created," said Atanas Ivanov.

As a gesture of friendship, he now delivers his major public speeches in both Bulgarian and English. Hotnitza has 400 inhabitants, but as 47 local homes have been snapped up by British buyers, the locals could soon find themselves a minority.

Other small towns are making similar efforts to please their new arrivals. Rujitza, a hamlet near the shores of the Black Sea, has even set aside land for a golf course.

A few years ago, the locals believed that the village would soon die as younger inhabitants moved to cities. Now, one third of the population is British, and they are building their own church.

Carol Woodley and Steve Lewis bought a holiday home in Rujitza two years ago.

They later made the move permanent. While the paperwork involved in renewing residency visas initially proved tiresome, they said they had few regrets.

"It's stress-free and friendly and after an initial settling-in period there is hardly anything you miss," said Miss Woodley.

"Thanks to the British, it is like we live in a new village," said the mayor, Krassimir Kostov. "The first thing they do when they arrive is to renovate their homes, then they start work on the paths, then the roads."

The low price of Bulgarian property is a major draw for most buyers. Graham Devers, a 62-year-old brickyard manager who arrived from Manchester about a year ago with his wife, Marie, paid £11,000 for a house in Rujitza. He said: "The people here are the most friendly and generous that I have met."

Mr Devers said he would have to pay £150,000 for a similar property in the UK.


Source: telegraph.co.uk

Property Experts Gather to Promote Bulgaria in UK
Business: 22 February 2007, Thursday.

In response to recent negative press and complaints from British investors, Sash Solutions, independent Bulgarian property consultancy, gathered together with like-minded companies to present a series of educational seminars.

The lectures, which are to take place in the Birmingham city centre, in the property seminars are free for the public to attend.

The weekly seminars will cover many key principles and helpful lessons on making good investment decisions including: buying below market value, capital growth, and deal structure. As the target investment destination, Bulgaria will be presented in detail by a variety of speakers including independent mortgage and legal experts.

They will be addressing rare investment opportunities and show that Bulgaria is a truly fascinating country to be discovered.

In addition to the lectures, guests will be invited to socialize and enjoy a glass of popular Bulgarian wine while receiving personalized advice from local Bulgarian property experts.

"When investing in Bulgaria you invest in the opportunity that this country offers," Galina Mihaylova, managing director of Sash solutions, said.

Chris Dawnham, managing director of Bulgarian Home Loans, is also excited about Bulgaria and states that the true property market is still to be discovered, while economic development has thriving long term potential.

"Our goal is to give an accurate view of the market condition and to show why investing in Bulgarian property makes financial sense," Mihaylova added.

The seminars aim to give a truly factual picture of the property market and present real-world figures.
Source: novinite.com

German, Austrian Pension Funds Eyeing Property in Bulgaria
Business: 13 February 2007, Tuesday.

German and Austrian pension funds have started investing in business properties in Bulgaria since the beginning of 2007.

Insurance companies are also eyeing the real estate market in the country.

If 2006 had been the year of the big talking about business and office projects, than this one would be the year of actually concluding all those deals.

Demand grossly exceeds supply right now and the conservative players that the pension funds are, are just entering the market now.
Source: novinite.com

Bulgaria property transactions to top 5 bln euro '06
The year-end tally of transacted properties should reach 260,000 with a combined value of 5 bln euro, Strahil Ivanov, manager of Yavlena real estate company, said in the sidelines of the Southeast Europe Economic Forum underway in Sofia.
Some 240,000 properties were transacted in 2005, up from 117,000 the year before.
Real estate prices have gained between 8% and 15% so far in 2006.
Second-home ownership is expected to gather momentum over the next 2 years, said Orlin Vladikov from real estate agency Orvitex. Other emerging property hot spots are the spa centers like Sandanski, Hisar and Velingrad which have already seen the launch of several gated residential communities.
Demand for high-street shopping locations will remain steady, said Forton manager Valeri Valchev. Out-of-town factory outlets for brand name apparel will appear in Bulgaria over the next 3-4 years, predicted Valchev.
Source: dnevnik.bg

Bulgaria in Top Three Overseas Mortgage Distributors by 2020
Bulgaria will be one of the top three countries for overseas mortgage distribution by 2020 according to a study by Alliance & Leicester Mortgages.
The other two countries are Spain and France. The three countries look like being the hotspots of the future in the European mortgage market, the study showed.
The Broker World in 2020 study reveals that two-thirds of brokers (68%) think they will do more business in the overseas mortgage market in the future. Nine out of ten (90%) of them think Europe will see the biggest impact and nearly half (45%) expect to expand into Europe by 2020.
"The appearance of Bulgaria as a booming property market is interesting as I would class this as an 'emerging' country, compared to the more established property markets of Spain and France. House prices remain relatively cheap for Brits, and joining the European Union should make the prospects for this area even more attractive", said Mehrdad Yousefi, head of Intermediary Mortgages at Alliance & Leicester.
The research also reveals that brokers expect to form more strategic partnerships with lenders which will lead to more consolidation in the broker market and also to lower profitability for brokers by the year 2020.
Source: novinite.com

EU Entry Fuels Brits' Interest in Bulgaria's Property Market - Survey
 Investments in Bulgaria and Romania rise in popularity in the United Kingdom following the European Commission's announcement that both countries will be admitted to the EU in January 2007, a survey shows.
The percentage of people looking to buy in Bulgaria has increased by 40% in September, said the currency specialist HIFX in its sixth Global Property Hot Spots survey into trends for Brits buying property abroad.
"As people return from their summer holidays their thoughts inevitably turn to buying abroad. Spain and France remain the firm favourites with British holiday homeowners and property investors alike. Last month, 46% of all the overseas property enquiries we received related to Spain and France," says Mark Bodega, Marketing Director for currency specialists HIFX, as cited by easier.com
"We've also begun to see a significant rise in the number of clients buying property in both Bulgaria and Romania as British investors look to cash in on the European Commission's September decision."
Bulgaria is one of Europe's fastest growing economies, and has a vast array of reasonably priced properties in mountain, seaside and city locations, easier.com comments.
Romania on the other hand is eager to cast off its label of being one of the poorest nations in Europe and is crying out to get in on the property investment action.
Source: novinite.com

Mall To Open at Bulgaria's Sunny Beach Resort
 After taking Sofia and other large cities by storm, US-style malls will start to appear at seaside resorts in Bulgaria as well.
Royal Garden Mall will open its doors for visitors at the Sunny Beach resort in May of 2007, when the new tourist season begins, investors have announced.
The huge shopping and entertainment venue will house 140 shops, 4 restaurants a spa center and a piano bar among other things. It will rise at the place of the Saturn Hotel, spreading on about 10,000 square meters in total.
Investors from Galaxy Property Group have decided to settle for a year-by-year rent, bearing in minds the fact the seasonality of the resort. Renting a store in the new mall will cost between EUR 650 and EUR 400 per square meter.
Source: novinite.com

Bulgaria's Golf Courses Get International Index Licence
 Bulgaria's golf courses located in Ihtiman and Sliven received an official licence to use the handicap index system of the American Golf Association (USGA), local Trud daily reported.
The licence was handed by Malcolm Good, the head of the European USGA project during his four-day visit in Bulgaria.
The index of the Ihtiman golf course is 71.3 for professional golfers and 131 for amateurs, the course manager said. The figures show the course's complexity is above the average for Europe.
Except the licence, the Sliven course has a new name "Sliven Golf links". The landscape, wind, the lack of tall vegetation and water obstacles make the course look like the Scottish coast courses, golf experts said.
On October 7 and 8 the Ihtiman golf club will organize an open championship, The winners will play in the world golf finals in South Africa.

Source: novinite.com

Dreamville to build residential complex in Plovdiv
 Bulgarian construction company Dreamville has won a competition organised by the Plovdiv municipality to develop a park in that city into a residential complex, online news outfit investor.bg reported on Monday.
The first stage of the project, priced at 16 mln euro, will involve the deployment of the necessary infrastructure on the 6.0 ha site.
Dreamville will be assigned the property rights after the finished infrastructure is handed over to the municipality.
The cost of the whole project is tentatively seen at around 60 mln euro.
Dreamville has so far completed 7 condo buildings along Bulgaria's southern Black Sea coast, 6 in the Sunny Beach resort and one in the city of Ravda. The total area of the completed developments adds up to 60,000 sq m.
Dreamville plans to complete over the next 3 years another 10 holiday communities with a total of 1,000 apartments.
Source: dnevnik.bg

Property Investors Set New Buying Trend in Bulgaria
Property buyers are homing in on signals from the maturing rental market and spread their investment across multiple apartments, shows a local realtor analysis.
One in every twelve purchases in the three months to July 2006 was for more than one apartment, which marks a 107% increase on the equivalent figure of one in twenty-five for the previous quarter, the latest quarterly analysis from BulgarianProperies show.
The new trend for buyers is to look for a combination of a 1-bedroom apartment and a studio, rather than the pricier 2-bedroom apartments. At the purchase level this gives them a 2-bedroom, 2-bathroom property without the premium that this would normally carry - and, because this is a double purchase, it will almost always include a significant discount as well.
With the continuing growth of self-planned holidays, rather than tour packages, BulgarianProperties are forecasting that the multiple purchase mix will become more and more attractive.
Source: novinite.com

WB: Bulgaria 54 Best Location for Doing Business
Bulgaria ranked 54th in the annual report of the World Bank for the easiness of business in 175 countries worldwide. The country has moved 5 spots up compared to last year's report.
The report shows Bulgaria has made serious progress in reforming and improving the business environment. Bulgaria has climbed 6 places up in the "starting business" criterion and just as many in the employing workers criterion.
The report gives highest assessment on getting a credit, where the country marks a rise by eight positions for the period 2005-2006. Bulgaria has scored lower only in the criteria paying taxes and trading across borders compared to last year.
Doing business became easier in Eastern European countries in 2005-2006, according to the report, prepared by the World Bank and the International Finance Corporation (IFC). The countries in Eastern Europe have reformed more than any other region, including Western Europe and other OECD countries.
The top scorer in the report is Singapore, followed by New Zealand and USA. Top 10 include Canada, Hong Kong, Great Britain, Denmark, Australia, Norway and Ireland. Germany ranks 21, France - 35, Italy - 82 and China has climbed from spot No 108 to 93.
The report evaluates 175 countries on the basis of how easy it is to do business there. The World Bank compares economies according to ten specific areas of business regulation, including the ease of starting and closing a business, employment, getting credit, etc.
Source: novinite.com

Briskest demand for Bulgarian Property Coming from UK - Survey
The majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland. This was reported in property website Homesgofast.com that cited a market overview by Colliers International.
The survey found that the interest in Bulgarian property from these investors has supported significant developments in recent years, both in mountain and coastal resort areas.
The town of Bansko is the most popular area for homes in mountain regions, as it accounts for 64 per cent of the holiday homes in these areas.
In June this year, supply of homes in mountainous areas amounted to over 12,000 units, an increase of 152 per cent in comparison to June 2005.
For coastal resorts, St Vlas was found to be the area most in demand, while Sunny Beach and Sozopol, all of which are on the country's Black Sea coast, were also popular.
Collectively, Bansko and St Vlas had 70 per cent rates of absorption for holiday home developments as of June 2006. The overall rate of absorption for Bulgarian property and holiday home developments was estimated at 60 per cent in mountain resorts and 56 per cent on the coast.
Sales prices of holiday homes in Bulgaria were found to be fairly stable in the Colliers International report, despite the fact that increasing supply was in excess of demand.
Source: novinite.com

Large Recreation Complex Emerges in South Bulgaria
 The first stage of the construction of Bojurlannd recreation complex in the southwestern Bulgarian town of Bansko has already been carried out.
The company, which has invested EUR 6 M so far, plans to complete the project by the end of 2008.
The complex, spread on a 22dca area, is comprised of 250 residential houses and SPA&Wellness center.
The second stage will end by March 2007 and will include the construction of three apartment buildings.
The last part envisages the raising of a large luxurious complex, embracing 85 apartments, a 4-star hotel and SPA&Wellness center.
The total investments in the project are seen to reach EUR 20 M.
Source: novinite.com

Bulgaria to See Rise in Economy in 2010
Bulgaria's economy will mark a rise of about 5.5% each year until 2015, reaching peak levels of 6% after 2010, Finance Minister Plamen Oresharski has said.
The country still had to remain fiscally cautious over the next few years, the minister added, quoted by Darik News. There would be the need of vast investments by the state in infrastructure for example, and Bulgaria's budget would be quite burdened, Oresharski said.
Over the past four years the country has doubled its investments in infrastructure and they have reached BGN 2.2 B for 2006 alone. The amount is expected to rise to BGN 2.5 B in 2007, and continue its upward pace, reaching BGN 5 B in 2015.
Source: novinite.com

Real Estate Prices in Bulgaria Up 20%
Real estate prices in Bulgaria have increased by 20% over the last year, according to London-based Knight Frank Estate agents. Bulgaria ranks second in respect of property prices growth after Latvia, whose capital is enjoying a 45.3% rise for the said period, the agency's survey showed. The ongoing trend of significant increase is due to the low inflation rate, the growing life standard and the easy access to mortgage credits, according to experts. Within five years, the Russian capital Moscow will rival London as the world's most expensive city, Knight Frank's experts note. The index, which covers 30 countries or capital cities, is based on official statistics or local survey data.
Source: novinite.com

British Property Buyers Go for the Rural in Bulgaria
 Disillusionment with the quality of life in Britain, the cost of living and "Nanny-state" are the reasons most people cite for leaving the country, a survey has found. According to a recent survey for Quest Bulgaria, English language monthly magazine about Bulgaria and Bulgarian property, people are shifting from buying holiday homes in Bulgaria and opting for a permanent move there. And it's happening four times faster than in France. The move, led by the under 50s, shows a rapid trend away from the ski resorts and the sun-kissed beaches to rural areas, with more than half of all property buyers opting for the country life. A huge 52% of all buyers are intending to purchase in rural areas, double the number of one year ago. With only 20% for ski and 23% for coast, the turn-round in where buyers are heading is significant. Purchasers feel they can get a lot more for their money in the country areas. Few people at first looked to Bulgaria as a permanent base, but in the last couple of years the numbers are growing rapidly: 56% of respondents said their reason for buying in Bulgaria was for a permanent move. Some young couples are even taking their children and educating them in the country. More than half (52%) are also opting for older properties with just 29% now preferring off-plan or new build options. In this year's survey of more than 2,000 people, the 30 to 40 age group have gained ground with an increase of over 20%. The previous year 55% of the buyers were in the group of over 50s.
Source: novinite.com

Bulgaria construction permits up in Q2
Bulgaria handed out 4,782 construction permits in April-June, up 874 over the year-ago period. The combined built-up area of the construction projects greendlighted in Q2 is 2.7 mln sq m, up 607,000 sq m over the year-ago period. Permits were issued for the construction of 2,682 residential buildings with a total of 11,983 apartments and for 87 office buildings, down 22 over 2005. Another 2,013 permits were granted for sports and entertainment venues and industrial buildings. The biggest number of new residential developments is concentrated in Sofia and the greater Sofia area, Varna, Burgas, Plovdiv and Dobrich. The biggest number of Q2 construction permits - 421, were issued to developers in Burgas, followed by Sofia with 327, Varna with 303 and Dobrich with 271.
Source: dnevnik.bg

Black Sea Property makes additional land investment in Byala
The Black Sea Property Fund Limited was quoted by news agency Dow Jones as saying Monday that it has made an additional land investment in Byala, 50 km south of Varna on the Black Sea Coast, as an extension to the investment announced in March 2006. The group said 1,110,360 euro has been invested in 18,506 sq m of land at Byala. It was the Board's intention at the time of the original investment in March 2006 to make such an additional investment as soon as suitable land became available. The owner of the land, the Bulgarian Property Investment Trust (BPIT), plans to develop the site, together with other adjoining land owned by BPIT, into a major luxury holiday complex, said Dow Jones. The investment is structured in the form of a loan in order to simplify the development process and the loan has been secured by a first charge over the site, said the news agency. The fund and BPIT will, when construction starts, convert the loan into financing equal to 30% of the value of the units to be built at a fixed cost of 650 euro/sq m. On the sale of the units, the fund will, in addition to the repayment of such financing, receive the first tranche of the net sale proceeds equal to 25% of the fund's financing price (162.5 euro/sq m) and share the balance in the ratio 70% to BPIT/30% the Fund. A potential gross return of approximately 91% is anticipated in respect of the fund's total investment in land at Byala of 9,709,200 euro (consisting of 1,110,360 euro invested Monday and 8,598,840 euro invested in March 2006). This assumes that a development of approximately 220,000 sq m (representing 2,700 units) is commenced on site in June 2008 and that an average sales price of 1,230 euro/sq m (including VAT) is achieved, said Dow Jones.
Source: dnevnik.bg

Bulgarian Land Development to build holiday complex in Kavarna
Bulgarian Land Development, a property fund listed on the AIM segment of the London Stock Exchange, plans to build a holiday village in Kavarna, on the Black Sea, said the company's executive director Dimitar Savov. The fund will bid in partnership with the Kavarna municipality in the competitive sale of land for the project. The fund also said it expects to obtain the necessary construction permits for its first gated holiday complex. Harmony Hills, near sea resort Albena, will have a built-up area of 13,000 sq m. The 177-apartment development should be ready by the spring of 2008. Bulgarian Land Development plans to buy a holiday project in one of Bulgaria's ski resorts that is already underdevelopment so that it could be finished in time for the 2006-2007 winter season. Savov said the company is eyeing the Borovets or Bansko resorts. Luxury residential properties in the Sofia downtown are also in the pipeline but no further details were immediately available. Bulgarian Land Development raised 25 mln British pounds on the LSE in March this year, the first float by an outfit incorporated by Bulgarian citizens.
Source: dnevnik.bg

Lewis Charles Sofia Ppty Fund finances leisure development
The Lewis Charles Sofia Property Fund Ltd, the residential property investment fund specialising in Bulgarian properties, was quoted as saying by news agency Dow Jones Monday that it has agreed to finance the development of a residential leisure complex at Govedartsi, Bulgaria, to be called Crystal Vale. The fund will purchase 12,186 sq m of land in three contiguous plots on which Anglo-Bulgarian Real Estate Ltd will develop the complex. The Crystal Vale development will consist of a condominium building containing 22 apartments, and 7 lodges each containing 13 apartments. The total 'built area' will be 9,630 sq m, said the company. Crystal Vale will also contain its own leisure facilities including a swimming pool, restaurant, bar, spa and tennis courts converting to skating rink in winter. Construction will begin this fall and the project should be completed by the end of 2008. The fund said it will invest 1.9 mln euro in the Crystal Vale. Govedartsi is 1,200 m above sea level, 75 km south east of Sofia, and is 9 km away from Samakov and the site of the planned new ski gondola to the pistes of the major ski resort of Borovets. The municipality of Govedartsi plans to build a new ski lift in 2006-2007 which will go from the village of Govedartsi replacing the old one which is further up the mountain. A planned new dual-carriageway road from Sofia to Samokov should bring the Crystal Vale development within 40 minutes' drive from Sofia International Airport, said the company. The managers believe that the combination of accessibility from the airport and to the Borovets and Govedartsi/Maleovitsa ski resorts, the proximity of the Rila National Park for summer activities and the superior construction quality of the Crystal Vale apartments make this an attractive investment.
Source: dnevnik.bg

FairPlay Properties buys hotel project in ski resort Bansko
Real estate investment trust FairPlay Properties has bought off-plan the St Ivan Rilski hotel in ski resort Bansko. The hotel should be completed by March 2007 at a cost of 14 mln levs. St Ivan Rilski will have 6 above-ground levels with combined area of 8,887 sq m and 3 underground levels with combined area of 4,350 sq m. The hotel is part of the St Ivan Rilski Spa&Apartment complex developed by FairPlay Properties' parent company FairPlay International. A hotel management company will be hired to run St Ivan Rilski after the hotel is finished. The hotel deal is part of FairPlay Properties' investment program for 2006. The company is also building the Santa marina holiday village near Sozopol, on the Black Sea.
Source: dnevnik.bg

The Rise And Rise Of Bulgarian Property
Anyone who has bought property in Bulgaria will tell you that the prices are so low, it is impossible to lose. Prices will continue to rise. The only uncertainty is by how much. And how long. The Balkan country already has had 12 years of increases. And the National Statistical Institute reported in January that the average sales price per square meter for residential properties in Bulgarian cities had gone up 36.6 percent in the previous year. But residential prices in Sofia still average only EUR 600, or USD717, per square meter, or USD66 per square foot. That is much less than the EUR 750 average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and EUR 1,500 in Prague, according to the National Real Property Association of Bulgaria. Those numbers have pushed Bulgaria squarely into the real estate spotlight, attracting West Europeans lured by the current hot place for vacation homes and, to a lesser extent, for investment. And real estate agencies from small European countries like Ireland and Malta have opened offices in Bulgaria in an effort to expand their businesses. Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than EUR 4 billion, according to the property association. The year before they generated 18 percent of all sales, or EUR 3.36 billion. Overall, real estate is one of the fastest growing sectors in the national economy, which grew by 5.2 percent in 2005. Observers say that while the foreign interest certainly has not hurt, the country itself is producing much of the change. "I don't think this kind of growth can be supported by international investors," said Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors in London. "It must be driven by organic, domestic growth." Much of the interest is linked to the country's expected entry into the European Union. Bulgaria and its northern neighbor, Romania - the two poorest of the former Soviet bloc countries in Europe - are on track to join the European Union on Jan. 1, 2007. Construction costs, sales prices and incomes are all expected to jump after membership, fueling a "now or never" air of urgency among citizens and foreigners alike. "If the prices are so low, people assume the prices must go up a lot, which means that the GDP and incomes will catch up with the EU average," Khatri said. However, he cautioned, "they may never take off." At the end of World War II, 85 percent of Bulgaria's population lived in villages. Communism brought industrialization and blocks of Soviet-style housing, most of it concrete and all of it drab. In the years after the collapse of communism, Bulgaria adopted a post-Communist style common to much of Eastern Europe: garish construction done quickly and cheaply, unmistakably meant to impress. But things are changing. Deyan Kavrakov, a partner with Equest Investments Bulgaria and a specialist in luxury properties, says about two-thirds of the better properties being sold now are new construction, partly because renovations can easily be one and a half times as expensive as new builds. Isolde Pringiers, an interior designer from Belgium who moved to Sofia with her husband and two children in 1998, said, "Some of the best work is now being done by interior decorators who are going into building." "They are traveling, they subscribe to the international magazines, they are very well informed," Pringiers said. "They go to the Milan Fair to see what's going on. They have much more of a sense of space and how you live." When she bought her house in 1999, there was far less to choose from than there is now. She searched for months before finding what she described as a house "with a spirit." It was built in 1939 by a German architect, and she fell in love with it and renovated it. Kavrakov said he finds affluent professional Bulgarians in their 30s - the first generation to reach adulthood after communism - are developing a taste for modern minimalist interiors with integrated high-tech systems: blinds, air- conditioning, audio systems, security and lighting. "There are excellent examples in the area of contemporary modern style with more space," he said. While Bulgaria is stable politically and economically, with protection for the rights of property owners, the regulation of the public space outside a home is chaotic. Urban planning is very much a new concept. "You don't know what's going to be next to you next year," Pringiers said. "That's the scary part." Also, the rental market is in its infancy. The rate of home ownership is one of the highest in the world - more than 90 percent - so few Bulgarians rent. Foreigners who are thinking of investment, or who are planning to help finance the purchase of a vacation home by renting it when they are not using it, should first think about how to find tenants. The property market is linked to tourism, one of Bulgaria's largest industries even during the Communist era, when attracting Westerners was seen as an effective way of getting hard currency into the country. Much of the current growth along the Black Sea, for example, has its roots in those times. But now, according to Orlin Vladikov, chairman of the national property association, green spaces are being preserved and the country's policy makers have learned "not just from bad experience but also from best international practices." "It's not easy," Vladikov said. "But it's happening."
Source: novinite.com

UK Multi-millionaire Plans to Buy Bulgarian Town - Report
Britain's vainest man, multi-millionaire Scott Alexander, is arranging a deal to buy an entire Bulgarian town, Sunday Mirror reported. The rich man, who has spent a fortune turning himself into a bronzed, but balding Adonis, reportedly intends to rename the town after him - Alexander. The price of the deal was disclosed to be GBP 3 M. The 31-year-old man earned himself the fame of Britain's vainest man after spending GBP 55,000 on a new set of teeth and forking out GBP 2,000 a year on Botox. His latest "miracle" defence against ageing is a GBP 100,000-a-year growth hormone programme, which he hopes will keep him alive until he's 140. Scott estimates he has spent GBP 500,000 on his looks since he took up training as a weedy 19-year-old law student. He made his millions by advising the super-rich on how to obtain the ultimate body and luxury lifestyle. "If you move in circles with the big players, you've got to step up to the plate," says Scott, who spends GBP 300,000 a year on clothes - excluding jewellery.
Source: novinite.com

It's a Small World After All
The world is getting smaller, or so it seems, as developers, investors and other real estate professionals go to great lengths to find opportunities these days. Recently, global real estate leader CB Richard Ellis opened a new Property Service "Centre" in Phuket, Thailand. The center, the first one-stop shop of its kind on the island, clusters experts in four real estate and related disciplines. Besides CB Richard Ellis, the consultants include Johnson Stokes & Master, an international law firm; a villa rental Web site and the architectural and design firm RMJM. Amberlamb, an independent property investment analysis firm, assessed 44 established and emerging markets around the world for their investment potential and compiled the information into a handy Internet resource. Released in April, the online property guides cover markets in Europe, the Middle East, Asia and Central and South America and the Caribbean, as well as the United States, Canada, Australia and New Zealand. Meanwhile, a new property investment agency opened its doors in March to market real estate in Turkey. With offices in Bodrum, Turkey and Glasgow, Scotland, Sonata Elite Turkish Properties says it wants to "talk turkey" with overseas buyers. Certainly, one of the most intrepid developers is Los Angeles-based Tishman International Cos., which is under development on a major project in Sofia, the capital city of Bulgaria. Sofia Airport Center will comprise 1.5 million square feet of mixed-use office, hotel and logistics distribution space, along with some service retail, on a site across from the new Sofia International Airport. The center is the first commercial real estate project in Bulgaria by a major global developer. The project is valued at 75 million euros - that's about $90 million in American dollars, according to Tishman International Chairman Alan Levy. Tishman had been active in London, where its European office is located, since the 1980s. Levy said one of the company's London bankers had been approached by the investment division of Bulgaria's Interior ministry, which wanted to know if it had any clients who would be interested in developing Western-style buildings in that country. Having previously developed some supermarket projects in the Czech Republic in Central Europe, Tishman sent a couple of guys over to get the lay of the land and decided the Southeast European country offered great opportunities. "Bulgaria was about to enter NATO, which it did, and is scheduled to enter the European Union in 2007, which it will," Levy said. In addition, the company saw a need for logistics and distribution facilities, and knew such a project near an airport would attract international tenants. Furthermore, he said, the government encourages inward investment, and the entitlement process is relatively straightforward and simple. "They don't have all the environmental studies and traffic studies and difficult and time-consuming bureaucratic procedures to get development rights," Levy said. "It's a much more efficient and welcoming process." Tishman isn't the only company to discover Bulgaria, once known for using "killer umbrellas" - ordinary bumbershoots modified to shoot poisonous ricin-filled pellets at dissidents - during the Cold War. Levy said that a number of Westerners, though not from the United States, have undertaken residential developments in the country. A report from a real estate exposition held last fall in Sofia described Bulgaria's real estate market as "maturing" and evolving into a customer market, especially in residential properties and holiday homes. Showing that some things transcend boundaries, the report noted that a "lack of free terrain" in the center of Sofia is forcing construction activity out to the suburbs, such as the slopes of Vitosha Mountain - the Bulgarian version of sprawl? Levy flies to Sofia about once a month. He describes Bulgaria as being about 10 years behind the Czech Republic in terms its post-Communism development. So, what's it like for a Yank in a country that not too long ago was within the Soviet "sphere of influence"? "First of all, they like Americans, which is nice," Levy said. "They welcome Americans." The younger generations of Bulgarians all speak English, he added. Besides Bulgarian, German and English are the two main languages that are taught at any early age. The business culture tends to be more Western-style and less formal than, say, Japan's. "You get to know somebody on a first-name basis much more readily than the Japanese culture permits," Levy said. In addition, he said, the education level of most Bulgarians is very high and the work ethic is very good. Levy said local newspapers still have stories about corruption and bribery, but the government is trying to crack down on that, particularly since Bulgaria is poised to enter the European Union. If fact, he said one of the country's chief crime fighters recently was elected as the mayor of Sofia. "One of his campaign promises was to patch all the potholes in town, and he actually did," Levy said. "He got the streets cleaner. It's becoming a more user-friendly city, because it's an international city."
Source: novinite.com

Israeli company to build 40 mln euro residential complex near Veliko Tarnovo
 Israeli company Tidhar Group said it will invest 40 mln euro in the construction of a residential community near Veliko Tarnovo, Northern Bulgaria. The suburban Veliko Tarnovo Hills development will consist of 10 five-storey apartment buildings with a total of 500 home units and 45 detached houses. In addition to the residential buildings, the 8.7 ha lot, overlooking Veliko Tarnovo, will accommodate medical and retail centers and various sports facilities like tennis courts and swimming pools. The construction of the residential property, with a built-up area of 100,000 sq m, will begin at the end of June and should be completed by mid-2009. Tidhar Group also plans to build a residential complex near Arbanasi, near Veliko Tarnovo, and a holiday village in Predela, an area close to Razlog, South-western Bulgaria.
Source: news.dnevnik.bg

Eurosilex to invest 45 mln euro in residential complex near Aksakovo
 International property developer Eurosilex said it will invest 45 mln euro in luxe residential property in Aksakovo, a municipality some 10 km inland from coastal city Varna. The 8.5 ha complex will consist of 2 gated residential communities and a golf school. Construction is due to kick off in mid-June. The 3.6 ha Golden Valley community will feature 22 detached houses and 4 multi-unit buildings with 81 apartments. A 1.1 ha training golf course will be attached to the 15 mln euro Golden Valley property. Both properties are due for completion by September 2008. Crystal Spa Residence, the second residential component of the complex, will place on the market 370 apartments upon completion in late 2008. Over 20 mln euro will be invested in the development of the 3.9 ha property. Eurosilex will also build a wastewater treatment plant to service the residential complex and the nearby village of General Katrandjievo. Over 50% of the apartment stock has been sold off-plan to buyers from Britain, Ireland, the U.S., Russia and Scandinavia.
Source: news.dnevnik.bg

Real Estate Fund Bulgaria buys 355 ha of agricultural land.
Special purpose vehicle Real Estate Fund Bulgaria said it has added 355 ha to its portfolio of agricultural land which now exceeds 1,000 ha. The newly acquired farmland properties are located in Northern Bulgaria. The company plans to amass 4,000 ha by the end of 2006. Bulgaria Real Estate Fund raised over 50 mln levs in a capital hike in May The property fund is currently developing a villa community on Bulgaria's southern Black Sea coast and in a commercial center and a residential building in Sofia. On account of the long-term financing tapped by the company, the shareholders recently extended its life-span from 7 to 15 years. In addition to the capital raise, the fund plans to borrow as much as 10 mln euro from a local and a foreign bank in 2006.
Source: news.dnevnik.bg

Prime Property embarks on record-setting cap raise.
The rights issued by real estate investment trust Prime Property BG for the purposes of a its capital raise will trade from June 28, the Bulgarian bourse said on Tuesday, June 14. The REIT plans to raise its capital from 15.2 mln levs to 76.1 mln levs. The issue price of the new shares is 1.60 levs which means the exercise could raise as much as 97.4 mln levs, setting a new domestic mark for a capital hike performed by a special purpose vehicle. The company has not set a minimum subscription target. The previous benchmark was set by Real Estate Fund Bulgaria which raised 50 mln levs in one go. Elana Agricultural Opportunity Land Fund is also undergoing a capital raise that could generate as much as 49.8 mln levs. Investors can subscribe as many new shares as the number of acquired rights multiplied by four. The raised cash will be invested in the projects that company is already developing. Prime Property plans to acquire 6 lots in 2006 for the construction of residential, office, commercial, tourist and industrial buildings. The company plans to spend around 180 mln levs on the projects, soliciting external financing as well. If the capital raise falls short of expectations, the portfolio will be resized accordingly. The company's active projects include a residential development in the area of the village of Tsarevo, on the southernmost tip of Bulgaria's Black Sea coast; a holiday village in St.Vlas, a sea resort north of Bourgas; a shopping mall near the Sofia bus and train stations; an upscale apartment building and 2 office buildings in Sofia.
Source: news.dnevnik.bg

Bulgaria to Spend EUR 10 M on Seaside Purifying Station
Seaside resort Golden Sands' new water purifying station will cost about EUR 10 M, Bulgaria's Deputy Regional Development Minister Dimcho Mihalevski has said. Mihalevski, who is currently in Varna, refuted rumours that the station would cost EUR 30 M. He also added that the Ministry would publish more information about an upcoming tender for a project for the station. The project should be completed in two and a half months. The increasing number of hotels and tourists in the resort has presented the municipality of Varna with the problem of coping with much bigger water consumption. The current water purifying station is struggling to keep up with all the hotels, so the resort needs a new one.
Source: novinite.com

Activ Properties ups to 6 ha area for residential construction
 Bulgarian real estate investment trust Activ Properties said it has acquired 2 undeveloped lots with total area of 20,782 sq m on the outskirts of Plovdiv. The company now owns 6 ha of land in the area which will be developed into a residential community Activ Properties signed last week a sale contract for 6 lots of agricultural land near the airport in Plovdiv. The deal price was not disclosed. The company paid 439,000 levs for the 4.5 ha in March this year. It has managed to rezone 12,391 sq m of the land. Active Properties posted a profit of 28,000 levs in the first quarter of 2006. Revenues came in at 72,000 levs, including 68,000 levs from rents.
Source: news.dnevnik.bg

Europe Discovers Attractive Properties in Bulgaria
 Bulgaria and Romania that are about to join the European Union (EU) over the next year are promising real estates hotspots, an international report claims. The report of the international consultancy company for real estates DTZ, as cited by the German Die Welt newspaper claims that Bulgaria and Romania are emerging as attractive real estate hotspots following Poland, the Czech Republic and Hungary. The new East European property markets have already attracted the attention of the international investors. "Investors who are risktakers and have a spirit of discoverers are already working in Poland, the Czech Republic and Hungary", the DTZ report reads. Bulgaria and Romania are also topping the list of the investors, DTZ report continues, forecasting that very soon Russia and Ukraine will also appear on the investors' map. Still, in Sofia there is a lack of attractive real estates. The main area of expansion at present is land trade and trade centres construction development. Although the properties market in Sofia is smaller as compared to Bucharest Bulgaria's capital remains of great interest for the investors, DTZ concludes.
Source: novinite.com

UK Company to Invest EUR 20 M in Bulgarian Vacation Village
UK company EskiZara will invest more than EUR 20 M in the construction of a vacation village near the southern Bulgarian city of Stara Zagora. The project that will be developed with the assistance of the Agency for regional economic development will be presented on Monday. The investment will be used for the construction of a vacation village with medical and trade centres, sports and spa areas as well as for the establishing of partners' projects for the restoration of the culture and history heritage in the region that would be used as tourism spots. EskiZara Golf at Spa Valley is a new concept in golfing destinations and cultural property developments. It is a community of exclusive villas with 18 hole championship golf course completing in 2007 with on-site mineral and spa waters, beauty treatment centre and cosmetic dentistry practice.
Source: novinite.com

Spanish hotel chain Barcelo enters Bulgarian resort '07
Spanish hotel giant Barcelo Hotels and Resorts said it will manage the 5-star hotel complex Royal Garden in Bulgaria sea resort Sunny Beach when it is completed in 2007. Barcelo has already signed the management contract with Galaxy Property Group, the company developing the hotel complex. Barcelo has already taken charge at the four-star Festa Barcelo Premium Sofia hotel which opened in the Bulgarian capital in 2005. Royal Garden will consist of 6 residential buildings, a hotel and commercial outlets. The complex will also feature a 9,000 sq m park, conference rooms, 6 restaurants, squash and other sports facilities, swimming pools, tanning saloons and a medical care unit. In addition to Royal Garden, Galaxy Property Group also owns the 4-star apartment complex Majestic and Oasis VIP Homes, an 82-unit deluxe apartment complex, in Sunny Beach.
Source: news.dnevnik.bg

Linexa Property to build holiday community near Kalikra cape
Bulgarian developer Linexa Property said it will invest 20 mln euro in a new holiday complex near the Kaliakra cape, on the Black Sea. The complex, located in the golfing haven taking shape in the Kaliakra region, was designed by Spanish firm Kloster&Notenson Arquitectos. Financing for the project will be provided by Linexa Property, banks and off-plan sales. The first section of the complex, the 9 mln euro Kaliakria, should be completed by July 2007. It will consist of five 4-storey buildings with 104 sea-view apartments. Work on the second and third phase of the project - Kaliakria Hills and Kaliakria Gardens, will begin in the spring of 2007. The cost of that stage of the project is seen at 13.5 mln euro. In addition to the Kaliakra development, Linexa Property plans to build a tourist complex near Razlog, South-western Bulgaria, consisting of a 5-star hotel, apartment buildings, villas and commercial outlets. Work on the 50 mln euro project will begin in mid-2007. Linexa Property has already completed the Sun Villas residential complex in Sofia's Dragalevtsi district. The community consists of 8 luxury houses that fetched between 150,000 and 200,000 euro. Real estate agency 1-estate and HomeCare, a property management firm, are also part of the Linexa group.
Source: news.dnevnik.bg

US Cash Sought for Business Park in Bulgaria
 A Bulgarian town is planning to build a modern business park, and eying potential American investments, media said Thursday. Municipal officials in northwest Vratsa have begun to develop the project, according to Darik radio. The facility will eventually rise on a plot of a total of 50 decares. Now experts are set to draw up a marketing plan and make brochures for potential foreign investors. Authors of the project will also seek meetings with US companies to try draw cash into the initiative.
Source: novinite.com

German Giant Kaufland Steps in Sofia
Germany's retail group Kaufland Stiftung & Co KG started the construction of its second new outlet in the capital Sofia, part of its further plans to step on the local market. Sofia mayor Boyko Borissov was special guest to the groundbreaking ceremony of the new hypermarket, located in the district of Druzhba. It will open doors for its first customers in December this year. The first Kaufland hypermarket in Sofia, to open this year, is located in the district of Mladost, creating a total of 200 jobs. Kaufland is one of three German retail groups that steps on the Bulgarian market, rivalling Billa and Metro hypermarkets, which have already gained good positions in the country. The company has over 650 hypermarkets in Germany, the Czech Republic, Slovakia, Poland, Romania and Bulgaria.
Source: novinite.com

Bulgaria's Bansko Puts Brake on Booming Construction
 Bulgaria's famous Bansko mountain resort, once a haven for winter sports but now seeking a year-round appeal, announced plans to restrict construction activities. The resort town that sits 150km south of Bulgaria's capital, Sofia, has seen lately construction and improvements going on apace and the tourism industry booming after decades of stagnation. Now authorities plan to divide it into three zones, where construction works will be prohibited, limited or monitored respectively. Bansko boasts the lowest unemployment rate in Bulgaria, set at under 4%, namely thanks to jobs creation in the construction sector, mayor Alexander Kravarov told journalists. According to Kravarov the development of neighbouring Dobrinishte and Razlog will attract part of Bansko tourist flow. The resort currently offers accommodation to 30,000 tourists. More than 1000 new beds in hotel rooms and apartment houses opened during the latest ski season and another 2,500 new hotel rooms and apartments in holiday villages are planned. In the summer, tourists may expect to find their leisure time fully occupied with the arrival of an equestrian centre, a golf course designed by British star Ian Woosnam, and bike and hiking trails.


Source: novinite.com

E.ON unveils new substation in Varna
 German power and gas company E.ON inaugurated late last week a new electrical substation in the Vinitsa residential district of the city of Varna, on the Black Sea. The new facility will transfer electricity to 10,000 customers in an area 20 km in diameter which has seen a boom in the construction of residential communities and hotels. E.ON has installed 7 electricity transformers to service the SS Konstatin&Elena resort, the Briz residential district and the Trakata villa zone. Another 8 transformers will be launched by the end of the month in several villages around Varna. E.ON, which owns the power distribution companies servicing the Varna and Stara Zagora regions, said it will invest over 40 mln levs in infrastructure projects next year on top of the 43 mln lev spend budgeted for 2006. The company's investment efforts will have an impact on electricity prices which is difficult to quantify at this point, a top E.ON official said at the launch of the Vinitsa substation.
Source: news.dnevnik.bg

New 5-star hotel to be built in Duni sea resort
Bulgarian company Duni AD said it will add a new 5-star to its Duni Royal Resort on the Black Sea. The resort already boasts two 5-star hotels. The new beachfront complex, with a 12 mln euro cost estimate, will consist of 2 sections with a total of 256 rooms. The first 75-room section of the Marina Beach complex is already finished. The whole complex should be ready by mid-2007. Duni AD owner Lyudmil Stoikov plans to upmarket Duni Royal Resort as an exclusively 4- and 5-star holiday destination. The all-inclusive resort posted 320,000 overnights for 2005 and is expected to beat that mark by 30,000 in 2006. Some 35,000 vacationers are expected to stay at the resort this year. No new hotels will be added to the 3,000-bed resort after the completion of Marina Beach to prevent overdevelopment, said Stoikov.
Source: news.dnevnik.bg

Spanish co's eager to invest in Bulgarian property, construction projects
Over 20 Spanish construction, infrastructure, real estate and financial corporations are sounding out the investment potential of the Bulgarian economy, it emerged at a real estate property forum organised by the Spanish Foreign Trade Institute and the commercial department of the Spanish diplomatic mission in Sofia. One of the most active Spanish investors here is Detea. The construction company has started work on a Volvo sales and service center in Sofia and should get underway by the end of 2006 the commercial park section of Business Park Sofia and a project for a logistics center near the capital's international airport. Ferry Group has earned a First Class Investor certificate for its 150 mln euro golf course complex to be built near the village of Katina, in the Sofia area. Keros Ceramica plans to open a factory for ceramic tiles in Ruse, on the Danube. The Spanish entrepreneurs were interested in Sofia's new zoning plan and the plans for a new international airport. An official from the municipality said the new zoning of the capital is a political issue and added that the plan could be approved before the MPs bunk off for their summer recess. The official disappointed the Spanish business people with the news that Sofia will not have a new airport before 2020.
Source: news.dnevnik.bg

BA Makes Varna-London Flights Year-Round
British Airways announced Monday that its flights from Varna to London's Gatwick will continue to fly throughout the whole year. The British company opened, the Varna destination in March with two evening flights weekly, on Wednesdays and Saturdays, and added early Monday and Tuesday flights in May to cope with the increased demand over the summer. The Varna - London line proved quite successful for the company, just as we expected, Emil Delibashev, BA Sales Manager for Bulgaria said. The two-way ticket costs EUR 160, without airport fees. All flights will be operated by Boeing 737-400 aircrafts, accommodating 146 passengers each.
Source: novinite.com

New residential complex to open in Sunny Day resort
 Bulgaria's Sunny Day Co., owner of the Black Sea resort of the same name, said it will invest an undisclosed amount in a new residential complex on the site of the resort. Port Palace, due for completion within months, is the first property in the resort that will be sold to private owners. The gated complex will consist of around 130 deluxe apartments ranging in size from 90 to 180 sq m. Two-thirds of the apartments have already been sold, said Sunny Day executive director Maria Georgieva. The beachfront Port Palace will boast a yacht marina and 5-star luxury all-round. The Sunny Day club resort is marketed mainly to German, Scandinavian and Russian tourists. The resort, which posted 180,000 overnights in 2005, consists of two 4-star hotels and one 3-star hotel with a combined bed capacity of 1,300. With the exception of Port Palace, the rest of the hotels operate all-inclusive programs.
Source: news.dnevnik.bg

BenchMark Fund Estates to develop hotel, residential property in Kyustendil
Bulgarian real estate investment trust BenchMark Fund Estates said it will build a residential and hotel complex in Kyustendil, Southern Bulgaria, on an 89.1 ha plot it won at an auction organised by the local municipality. The fund and the municipality are yet to sign the contract for the purchase of the option to build a complex consisting of 4- and 3-star hotel facilities, a conference center and indoor and outdoor entertainment venues. The complex, with undisclosed construction cost, will have a built-up area of 29,600 sq m. BenchMark Fund Estates said it has no plans to raise money especially for the Kyustendil project. The company's capital was last enlarged to 23.3 mln levs in early 2006 when it issued 15 mln new shares. The Kyustendil project is the fourth in the fund's portfolio. It has completed a commercial center on a 17,000 sq m site in Plovdiv. The tenants of the center include toy retailer Felyx Toys, furniture makers Neoset and Jysk and electronics and home appliance retailers Zora and Technomarket Evropa. The fund is currently developing a 14 mln euro mixed-use building on Sofia's Tsarigradsko Shose boulevard with a built-up area of 34,000 sq m. The company has also signed a preliminary contract for the purchase of a 9,000 sq m land plot in ski resort Borovets. The lot will accommodate a hotel with built-up area of 12,000 sq m which should be completed by the end of 2007.
Source: news.dnevnik.bg

Rock Hearth of Bulgaria to Meet Golfers
 The small Black Sea coast of Kavarna, which has earned the glory of "rock capital", is on the way now to have its own golf field. The town's mayor Tsonko Tsonev, awarded Man of 2006, turned Saturday the first sod of a major investment project, thus opening a new horizon of prosperity for the whole region. The project for a golf and spa complex, to be named Thracian Cliffs, estimated at EUR 120 M, is an investment of Thracian Cliffs Golf & Spa Resorts AD. It plans also the building of a new residential complex to be constructed just next to the town, with a five-star hotel, 316 apartments, and 90 cottages. The recreational and sports complex will spread on a total area of 1,400 decare, CEO of the investor Stefan Staykov said. The golf field will be ready to meet visitors by June 2008 and all construction works would be completed by 2010. The increased interest in Kavarna property resulted in a record income from land deal taxes. Kavarna expected over BGN 2 M for 2006, Bulgarian media have reported. 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.
Source: novinite.com

Equest fund to build 30 mln euro holiday complex near Sozopol
Irish equity fund Equest Investment Bulgaria Ltd. said it will invest 30 mln euro in a vacation complex near Sozopol, on the Black Sea. The investment will be deployed via Immofinance, a 100% subsidiary of Equest-owned Immofinance Holding Ltd. The construction of the complex will begin in late 2006 or early 2007. Equest has purchased for the project a 10 ha lot 1 km south of Burgas. The 63 two-storey houses will be styled after the Old Town of the nearby Sozopol. The complex will also feature a spa center, swimming pools, shops and a 45-room boutique hotel. The fund is in talks with 2 international chains to manage the hotel and the houses, said Equest managing partner Georgi Krumov. Both chains already managed hotel properties in Bulgaria. The successful candidate will also manage the other holiday and residential complexes that will be build by Equest. Equest said in mid October 2006 it planned to inject via Immofinance a total of 30 mln euro in a holiday village in Sofia's upscale neighbourhood Boyana and in a spa complex in the village of Banya, close to popular ski resort Bansko. The construction works are due to kick off next spring and finish in 2008. The 10 mln lev Banya project is implemented in partnership with the municipality of Razlog which has contributed the land in exchange for a 30% stake in the joint venture. The 27,000 sq m complex will incorporate a hotel, family houses and three- and four-storey apartment buildings. The development on the outskirts of Sofia, dubbed Boyana Park, will absorb 20 mln euro and will cover 30,000 sq m.
Source: news.dnevnik.bg

Delta Imoti to build 300-house community near Sofia
Property developer Delta Imoti said it is building a gated residential community of 300 detached houses in the village of Kladnitsa, in the Sofia area. The 70 mln lev development will occupy a 40 ha land plot and will contain 12 types of houses ranging in floorage from 180 to 300 sq m, including garage premises and porches. Each house comes with a yard of between 700 and 1,300 sq m. Work on the first 33 houses is scheduled to begin by mid-November after all the necessary infrastructure is in place. The whole complex should be ready by 2010. The going rate of the houses is 550 euro/sq m. The construction contractor is Estonia's Koger&Partnerid which will also manage the project. Delta said it has on the drawing boards another 3 residential complexes of similar scale. The company also plans to build 2 tech parks. The investor withheld the locations of these 5 projects to prevent a spike in land prices.
Source: news.dnevnik.bg

Deutsche Bank Steps onto Bulgaria's Real Estate Market
Deutsche Bank made its first step on Bulgaria's real estate market, it appeared Monday. RREEF, part of Deutsche Bank, and Bulgarian company Winslow Developments established a joint venture for investments and projects in the real estates sector in Bulgaria. RREEF is the unit for development and investment projects management in the area of infrastructure and real estates of Deutsche Asset Management - the global asset management organisation of Deutsche Bank. Winslow Developments is a Bulgarian company developing active business on the real estates market since 2001, which has already managed to develop series of successful projects in the ski resort Bansko. Through its partnership with Winslow RREEF launches its first investment project in Bulgaria and spreads its activities in Central and Eastern Europe. Deutsche Bank officially opened its office in Bulgaria on July 4. A month later we announce our first FDI project in Bulgaria through RREEF, Pavel Ezekiev, head of the Bank's desk in Sofia explained Monday. A total of 88% of the joint venture is owned by an investment fund managed by RREEF, whereas with the rest 12% Winslow Developments assumes the task of operative partner in the unit. Initially the new venture will focus its efforts on residential construction in the capital Sofia. RREEF and Winslow Developments are already working on projects for the construction of two residential complexes in Sofia, which will include the 700 apartments and the planed investment is EUR 10 M.
Source: novinite.com

Bulgaria's Tourist Trade Set for "Bumper Year in 2006"
Bulgaria has seen its popularity among tourists rocket in recent years and the country's tourist trade looks set to see another bumper year in 2006, forecast property investment experts from leading UK company Assetz. "With the growth of low-cost travel helping to boost the boom in travel around Europe, Bulgaria has been a major beneficiary as travellers have looked to the country as the perfect destination." According to Assetz agency Bulgaria is set to see a boost in visitor numbers throughout the course of 2006 because they are able to enjoy the warm weather and relatively cheap economy of the country. The experts note that British Airways launched two evening flights to Varna earlier in the year, but soon had to add further flights to the airport following a major growth in interest from customers in the UK. "British Airways has found that the routes are so popular that it is now opening them up all year round. Flights between Varna and Gatwick will now operate throughout the year into the foreseeable future, as the company recognises that more people want to travel to Bulgaria than ever before. With EU entry expected in 2007, that demand is only likely to increase." The British experts claim that Bulgaria is one of the destinations that reap the benefit of global air market growth and meet the demand of the "more adventurous British public". They expect the country to become even more popular following its entry into the European Union (EU) next year.
Source: novinite.com

Luxurious Complex to Rise at Bulgaria's Seaside
Investors from Orchid Developments started Monday the construction of the biggest apartment complex in the northern seaside city of Varna. Orchid Hills will include about 800 luxurious apartments, several commercial buildings and entertainment venues and will be completed by a business center. The city's municipal council head Borislav Gutsanov and Ofer Miretzky, founder of Orchid Developments turned the first sod of the construction and placed a time capsule in the foundations of the complex with a message to future generations. The two placed issues of the Monday editions of Varna newspapers and other keepsakes of the current spirit for people to find one day. "We have already realized several projects in Sofia and Varna," Miretzky said." Bulgaria's "seaside capital" is a lovely place with great investment potential and this is why we chose it for this project. We do hope that it means as much to the people of Varna as it does to us in Orchid Developments. " The company has already invested over EUR 100 M in Bulgaria, and the majority of the money has gone to the Varna region.
Source: novinite.com

Bulgarian property market lures conservative investors

The most newsworthy real estate trend to emerge in the first month since Bulgaria's EU entry was the arrival of conservative investors like pension and insurance companies, said Valeri Valchev, executive director of local Cushman&Wakefield affiliate Forton International.

The new investors are attracted by the lowered political and economic risks inherent to major investment projects and the availability of soft-term loan financing.

2006 saw the first real estate takeovers involving U.S. institutional investors - GE bought Mall of Sofia while Gramercy acquired Business Park Sofia. Now it's the turn of German and Austrian pension funds, said Valchev.

According to Forton, the conservative investors will be targeting prime-location commercial and office developments fully leased for a period of no less than 5 years and specced out to relevant EU standards.

Local realtors said business properties in Bulgaria currently yield 9-10% versus an EU level of 5-6%. The influx of conservative investors will moderate that rate to 7%, said Ralf Holland, the newly appointed projects manager at Forton. Valchev concurred, forecasting that Bulgarian yield levels will dip below 8% within the next 18 months.


Source: dnevnik.bg

Bulgaria, Latvia, Denmark Fastest Risers on World's Property Market
Property prices in Latvia, Bulgaria and Denmark rose faster than anywhere else in the world in the third quarter of 2006, according to a survey by British estate agency Knight Frank.
The global index, compiled by the realtor, looks at property markets in 32 countries. It shows global property price inflation running at 8.4% in the twelve months up to September 2006.
In Bulgaria growth was buoyant and helped maintain house price inflation at 19 %. In Denmark it stood at 17.8 %.
The biggest movement up the global property market table was by Norway (up 12 places), followed by Australia (up ten places) and the UK (up nine places).
"The general picture remains a slowing of growth across the board, especially in the previously incredibly hot locations in the recent EU eastern European accession states," said Liam Bailey, head of Knight Frank residential research.
"A levelling up is affecting almost all the markets in the former eastern bloc - especially those which have joined the EU in recent years.
"Wage inflation, growing prosperity and access to less constrained mortgage finance have all contributed to rapidly rising prices. The same process has been experienced in Bulgaria where domestic demand has been complemented by international second home demand.
"Denmark has seen prices benefit from a low but growing proportion of owner-occupation, full transparency of ownership for overseas investors and a low and stable inflation and interest rate environment.
"The general trend is that global residential markets continue to experience slowing but positive growth in spite of concern about increasing affordability issues, mounting household debt and market sustainability."
At the bottom end of the table, house prices in Hong Kong, the US and Italy dropped the most places, with the German housing market taking last place, with prices down three per cent from July to September 2006.
Source: novinite.com

Bulgaria reserves dropped from Natura 2000 program

After the Bulgarian environment ministry dropped massive mountain tracts from the list of protected sites that will be proposed for inclusion in the Natura 200 program, the government Thursday struck from the roster many of the country's most famous protected wilderness areas.

This means that the European Commission will be presented with a list of sites that covers 20% of Bulgaria's territory but with a significantly less protected bio diversity.

The government also decided to postpone the debate on the possible non-inclusion in the list of the Alibotush reserve and protected tracts in the areas of Irakli, the Kaliakra cape and the Kamchia river, among others. The Durankulak lake, a World Heritage site, has also been dropped from the Natura 2000 list.

The cabinet approved the proposal submitted by regional development minister Asen Gagauzov to exclude from the program not only the urban and industrial zones but also all sites that had general or detailed masterplans before being declared protected sites by the environment ministry.

The program will also not include sites necessary for the construction of top-priority infrastructure facilities, said Gagauzov


Source: dnevnik.bg







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