News of AustersBG.com

19.4.2008 | "It's easy to socialize with Bulgarians"

Sat, 19 Apr 2008 00:00:00 -0700

FT REPORT - HOUSE & HOME: 'It's easy to socialise with Bulgarians' By Theodor Troev Published: Apr 19, 2008 Born in England, Vesey Crichton, 58, studied and taught transcendental meditation in the 1970s and 1980s, when he was based mainly in Switzerland. For the next 15 years, he was in the information technology industry and instrumental in setting up the internet search engine Altavista, building operations across Europe, Australasia, India and South America. Now he works with Cleves, a Bulgaria-based property investment fund. I first came to Bulgaria in 2004 with a couple of business partners, scouting around for a new venture. We noticed that when countries join the European Union, property values rise fast. When we first came, it was far from certain that Bulgaria would meet the criteria for EU accession, but we liked Sofia and felt the opportunity was strong. The big property stories of the day in Bulgaria were the Black Sea coast and ski resorts such as Bansko and Borovets. We were not convinced. But we did notice that it was hard for westerners to find nice places to rent in the capital. So we set out to build a portfolio of upmarket furnished flats with great service. I did not speak Bulgarian, but fortunately English goes a long way here. Almost everyone we work with speaks good English, which is lucky because I find Bulgarian seriously difficult. It's a Slavic language and uses the Cyrillic alphabet. Having studied Greek at school helps a little when you need to decipher street signs - in Sofia, the street signs are never in Latin script - but after three years here my vocabulary is still almost non-existent. An expat would face a variety of challenges in Bulgaria. As capital cities go, Sofia is fairly small - 1.5m people - but getting around town can be tedious because of the traffic. The streets just aren't designed for the volume of vehicles. Work-wise, communism has left a mark: people are less used to making decisions or following things through - though this is changing gradually. Also, there are some local idiosyncrasies. For instance, Bulgarians don't really "do" e-mail. If you want to progress something, you'd best pick up the phone. Communism fell 18 years ago and now Bulgaria is a full member of NATO [The North Atlantic Treaty Organisation] and the European Union. Gross domestic product is growing fast. Inward investment is strong. Tourism is increasing. Things are on the up. Yet Bulgaria is still the poorest state in the EU. Will the gap close? How long will it take to catch up? Bulgarians are friendly to foreign settlers and it's easy to socialise with local people. It takes a short while to acclimatise. Initially Bulgarians can seem taciturn but quickly that gruff exterior melts. There's a twinkle, then real warmth and enduring friendship. People here are great - so warm and welcoming. Back in the UK, friends ask which parts of Bulgarian life I enjoy most. A Bulgarian friend summarises his country's charms with three letters: WWW - which he says stand for wine, women and weather. For me, it is less specific. This is a very pleasant place to live. There is lots to do. The city feels very safe. Society is surprisingly gentle and civilised. There is a quiet sense of national pride. Bulgarians have a deep affection for their culture and history. Most of all, for the majority of people there is a genuine excitement about the future. Sofia has quite a buzz. Life in England is pretty established and predictable. Here in Bulgaria, it's all change. For 500 years this was a satellite of Turkey; for nearly 50 years, a satellite of Russia. Now, almost for the first time for centuries, Bulgarians are free to chart their own course. So there is a lot of pride and a palpable sense of excitement. It's great to be a part of that. There are about 15,000 expatriates in Sofia and the foreign community is growing. For Cleves' portfolio, this is the target market, but for ourselves, we spend much more social time with Bulgarian friends. As for the foreigners, we've found that a large number of people from western Europe have bought houses in the countryside as second, or even first homes. The same has happened on the coast and in the mountains. Then there are also pure property investors. Over the past few years the British and Irish led the charge, often drawn by low prices in holiday areas. Nowadays it's the Russians - but their focus is quite different: they favour upmarket apartments in Sofia. Ironically, for somebody who works with a portfolio of lovely flats, I still live in hotels. Our apartments rent so quickly that it's easier to keep them ready. If I invest in a Bulgarian second home myself, it will probably be in my favourite area in outer Sofia, called Boyana, on the lower slopes of Vitosha mountain, which dominates the south of the city. Not just for the fabulous views but also for the excellent restaurants, the village-like atmosphere and the history. In the centre is Boyana church, which dates from the 10th century and has beautiful medieval frescoes. I eat out a lot. Sofia boasts a fine selection of swish, upmarket restaurants but also lots of simple places with terrific food. Friends who work in Bucharest, Romania, say they are jealous. Surprisingly, this is a great country for a vegetarian like me. Traditional Bulgarian cooking includes lots of non-meat, non-fish offerings and the vegetables are tastier than in most western countries. One restaurant, called Manastirska Magernitsa, has the longest menu I've seen anywhere in the world - it's the size of a small book. My current favourite restaurant is Chepishev in Boyana. Sofia is one of the highest-altitude capital cities in Europe, so seasonal changes here are marked. In summer it can get very hot - I've been here when it's been 44°C. In winter temperatures can drop to -20°C - though the past couple of years have been quite mild. There cannot be many capital cities in the world where you can be skiing 50 minutes after leaving the town centre. There is great skiing all around - not just on Vitosha but also an hour away at Borovets and two hours away at Bansko. I enjoy Sofia but am embarrassed to have explored so little beyond it. So far I have travelled mainly in some of the mountains. My most memorable experiences were in the Rila mountains, which have glorious walks and some famous old monasteries. My sister-in-law recently wrote the section on Bulgaria for Frommer's Eastern Europe and has mapped out a 10-day trip of her favourite places for my wife and I. What I miss here is a river. Unusually for a capital city, Sofia has no large river flowing through it.Since home in the UK is in Twickenham [south-west London], I do miss walks along the Thames and the glories of Marble Hill and Richmond Park.

16.1.2008 | Sofia sixth most attractive destination for retail chain expansion

Wed, 16 Jan 2008 00:00:00 -0800

In 2007, Sofia ranked sixth among the 20 most attractive expansion destinations for European retail chains in the next five years, consultancy company Cushman & Wakefield research showed. Sofia had moved two places up since 2006, when it ranked eighth, investor.bg said. Romania’s capital ranks right after Sofia on a seventh position. In 2006, Bucharest was ninth. According to the research, the Central and Eastern European cities were the most preferred destinations for expansion of retail chains. Moscow ranked first, followed by St Petersburg, Prague, Bratislava and Ljubljana. Budapest and Tallinn ranked eighth and ninth. The only Western European city in the top 10 was Amsterdam, which shared the 10th position with Kiev, investor.bg said. The United Arab Emirates and Russia were the most desired countries for expansion of the retail chains, according to the research. Nine per cent of the companies said that they planned expansion in the two countries in the next five years. Slovakia followed in the ranking with six per cent of the companies planning expansion there. Five per cent of the companies said Bulgaria, Slovenia and Hungary were targets for their expansion. The research was conducted among managers in the real estate sector, in charge of the expansion of 250 retail chains in 23 European countries. Most of the companies said that economic development in a certain country, renting prices, labour market and consumers’ attitude were among the key factors for expansion. Sofisecho.com

07.1.2008 | A new ski resort for the Byala Cherkva region

Mon, 07 Jan 2008 00:00:00 -0800

The resort, in the Rhodopi mountain, will have 7-8 runs with a total length of 12 km, said Kuklen mayor Dimitar Sotirov. The Kuklen municipality, in Southern Bulgaria, plans to team up with private partners to develop a new ski resort about 35 km from Plovdiv, Bulgaria's second largest city. The resort, in the Rhodopi mountain, will have 7-8 runs with a total length of 12 km, said Kuklen mayor Dimitar Sotirov. The highest point in the area is 1 670 m, catering for a vertical incline of 450 m. A 20 km gondola ride is also planned from the village of Markovo to Byala Cherkva. The Plovdiv regional and district courts have both ruled in favor of the Kuklen municipality in a legal dispute over the ownership of 22.6 sq m of forest land. A hearing on the case is scheduled for April 8 at the Supreme Cassation Court. If the highest court upholds the ruling, the municipality will begin exchanging woodland stock with properties accommodating the ski piste routes. Sotirov said private investors are already showing interest in the project. He added that the development of the concept for the ski runs and lift and water supply and electricity grids will begin after the court pronounces its final judgment. No lodges or hotels are planned for the initial phase of resort development. There is already one 1.1 km ski run and a ski-drag in the Byala Cherkva zone, both the property of Ski Club Plovdiv.

22.12.2007 | Membership in the Union reflects favorably on Bulgarian tourism image

Sat, 22 Dec 2007 00:00:00 -0800

The interest towards Bulgaria is growing as well as the foreign tourist flux. More than 4 million tourists had spend their winter or summer vacation in Bulgaria this year. Compared to 2006 the tourists were with 7% more. More than 70% of the foreign tourists who visit Bulgaria are from the EU - mostly from Greece, Germany, UK, Sweden, Finland and other. Guests from these countries are with 30% more since 2007 started. Despite all numbers, Bulgarian tourism considered as the ‘Tiger of the Balkans' marked a stagnation compared to previous years. This was noticed in the very beginning of summer season 2007. For first time from years, the fast built hotels in the seaside resorts remained empty until the end of July. Experts explain the anxious tendency with the irresistible constructions of hotels, vacancy villages, golf playgrounds, night clubs which entirely changed the picture for Bulgaria as destination for quite family vacation in silence among preserved nature. In the first seven months of 2007 in the country were built record number of hotels and amusement places - over 1,800. Meanwhile more people in Bulgaria realize that tourism doesn't mean only constructing and offering of luxury bed basis and clubs. There are many tourists who would like to know Bulgaria's real face. Foreigners direct to up country for see local monasteries, medieval castles, Thracian heritage and others. It comes out that foreign tourists prefer Bulgaria mostly because of its preserved nature and the thousand-year old cultural-history heritage. This is main reason many Britons to settle in Bulgarian villages, situated in mountain or near the Black sea coast. This year winter came earlier and the snow already covered with powder local ski resorts. As a tradition biggest fans of Bulgarian winter resorts are the British. Many Scandinavians and Russians are also big parts of the tourists.

19.12.2007 | Varna's properties overpriced according to brokers

Wed, 19 Dec 2007 00:00:00 -0800

The rising trend in Bulgarian property prices started at the end of 2003 and will continue for at least another three years, she said. Varna may be the city with the most expensive real estate but it is not the site of the highest incomes and living standards in Bulgaria, according to some local realtors. Summer rates notwithstanding, rents in Varna are lower than in the capital. Considering the rent/sale price ratio and sales/personal annual income correlation for real estate in the Bulgarian market, some specialists now expect a fall in prices. Such a trend may only affect certain sectors - either those that have either seen a sharp price increase or low quality units. The property market will probably experience a certain price differentiation and segmentation in 2008, according to experts. High quality, well located real estate will rise in price whereas poorly constructed developments will see a downward movement. FOROS Real Estate agency registered a 26.6 per cent increase of pre-fabs in Varna for the first nine months of the year, notably in the so-called Generals region, the Sports Hall, the Technical Schools and the Izgrev neighbourhood. Pre-fab panel apartments will be the first to acquire more realistic prices next year, meaning that they are expected to lose some 12-13 per cent in value. The experts said that the market has started to mature as clients have become more discerning. They noted that they register with agencies and receive professional advice from lawyers and builders before they buy. They implied that similar properties might maintain their price level or even increase if they receive adequate management and remodeling. Certain apartments in the Mladost neighbourhood may receive a price boost due to the construction of several malls nearby. The sports-amusement complex project, to be named Mall Varna (located at the junction of Vladislav Varnenchik and Hristo Smirnenski Blvds), which will house the city's first skating-rink, has also lifted real estate prices in the area. Currently, there are prefabs in this region, asking as much as 790 euro a sq m. An identical flat, situated in a poorly-maintained building in the same district, might sell at 100 euro a sq m discount, according to brokers. The rising trend in Bulgarian property prices started at the end of 2003 and will continue for at least another three years, she said. source: www.propertywisebulgaria.com

11.12.2007 | Sofia Airport Surroundings Become High-Quality Office Space

Tue, 11 Dec 2007 00:00:00 -0800

As Sofia expands to meet demand for high-quality office space and commercial premises, the district around the international airport is set for rapid development. Because the city lacks a central business district with easy access, adequate parking and modern office facilities, international companies as well as medium-sized and large Bulgarian enterprises have opted to move to the suburbs. European Union accession, together with high economic growth, has reinforced investors' confidence in Bulgaria's prospects. Sprawling warehouses and glitzy showrooms are springing up around the airport, close to a new international passenger terminal. Two high-profile foreign projects are intended to transform the airport district, five kilometres from the centre of the capital, into a fully-fledged business hub. The 250m Sofia Airport Centre is Tishman International's biggest development in Bulgaria to date. The US-based group is building a landscaped business park on a 165,000 sq m site that will include offices, logistics space and a 250-room hotel. source:news.bg

11.12.2007 | Bulgaria is still a good investment spot

Tue, 11 Dec 2007 00:00:00 -0800

With Black Sea beach resorts and high quality ski destinations, as well as a fascinating blend of eastern and western architectural and cultural heritage, the country clearly has something to offer almost everyone. Bulgaria's reputation as one of the best places to invest in property in Europe is still assured as a new survey confirms that it has seen the highest annual property price increases worldwide this year. The European Union's newest member topped the latest Knight Frank Global Price Index, just ahead of Singapore. Annual property price growth in Bulgaria for 2007 stood at 30.6 per cent, according to the survey - three percent above the south-east Asian economic powerhouse. Last year, the highest ranking country was Latvia, which saw property price growth of 56.9 per cent. However, this dropped in 2007 to 10.9 per cent, on account of concerns about overpricing in the Latvian capital, Riga. "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 hot spot at the top of the Knight Frank league," the report declared. Bulgaria is becoming ever more popular with British investors. With Black Sea beach resorts and high quality ski destinations, as well as a fascinating blend of eastern and western architectural and cultural heritage, it clearly has something to offer almost everyone. (holidaylettings.co.uk)

05.12.2007 | Pamporovo Opens its Winter Season

Wed, 05 Dec 2007 00:00:00 -0800

The winter season will officially open in Pamporovo on 16 December when the first groups of British tourists are expected. December 2006 is the warmest on record in most of Europe and Bulgaria is no exception. Although dense fog has been covering low-lying areas, the weather in the mountains is warm and sunny. Global Warming is playing havoc with the weather it seems, and its effects are becoming increasingly obvious. Temperatures reach 15'C during the day, while it remains below zero in cities like Sofia and Plovdiv with dense fog covering those areas 24/7. This autumn has been unusually dry and warm but very foggy. Usually, snow falls in Bulgaria during November and it is often in the form of wintry mix. No snow has fallen so far and some additional attractions were created in Pamporovo, like no-snow walks in the mountains. Artificial snow has been used but is unable to provide the conditions needed for skiing. With Christmas around the bend, ski resorts in Bulgaria are desperate for snow. No one knows for sure what this winter has in store but one thing is for certain. There will be snow. The question is when. source: news.bg

01.12.2007 | Russians in a Rush for Bulgarian Property

Sat, 01 Dec 2007 00:00:00 -0800

Bulgaria and Monte Negro are favorites to the Russians for buying of vacation house this season. Bulgaria offers a magnificent proportion between prices and quality. According to Ekaterina Tain of Knight Frank, the real estates market in Bulgaria is attractive for investments, because is in its start stage of development. In the both Balkan countries most wanted are the vacation homes in the resorts. Most of the Russians prefer to buy currently building houses in the mountain ski resorts. One of the main reasons is the similarity in people mentality and cultural traditions, because in these aspects Bulgaria is much more close to Russia, than the western countries. source: Web Media Group. News.bg

30.11.2007 | World-famous architect Norman Foster to visit Sofia on December 12

Fri, 30 Nov 2007 00:00:00 -0800

The renowned London architect Norman Foster is expected in Sofia on 12 December. Among his famous projects are the 30 St Mary Axe, better known as the Gherkin to locals, the Hearst Towers in Manhattan and the rebuilding of the Reichstag in Berlin. Sir Norman Foster is to inaugurate an exhibition of Foster & Partners at the National Gallery for Foreign Art on December 12. The exhibition will run until January 15, 2008. It is organised by the Ministry of Regional Development and Public Works (MRDPW), Ministry of Culture, International Academy of Architecture, Iakov Chernikov Foundation. It will be the second event, part of the so-called the Week of European Architecture in Bulgaria. Sir Norman Foster is the founder and chairman of Foster & Partners. In 1990 he was granted a Knighthood at the Queen’s Birthday Honours, and in 1999 was honoured with a Life Peerage, becoming Lord Foster of Thames Bank. source: Property Wise Bulgaria

28.11.2007 | Bulgaria Hits Top 10 of The Most Preferred Destinations in Germany

Wed, 28 Nov 2007 00:00:00 -0800

GIATA - Hoteldatenbank Ranking ranked the most wanted destinations compared to the same month last year based on sold travels and showed interest. In the analyses is included data of checking ins in 60, 000 hotels and nearly 200, 000 sold tourist products of the 75th most popular German tour-operators. From 19th place last year, now Bulgaria takes #8. But in this case this place is a result not only of the travels to Bulgaria in 2007, but also the already reserved SPA programs travels for Summer 2008. This year, as the last, Spain and Turkey occupy first places of tourist destinations. Greece is third and Egypt takes the 4th place. There is a decreasing in the interest towards tourist travel to Portugal and Italy. In the region classification the Turkish Riviera, Palma de Majorca and Hurgada keep their leading positions. Two Greek islands are also in the head position- �rit and Rodos Islands. The last one, Rodos, has moved rapidly in the classification as it took 31st place last October, now it enters the Top 10 with the 10th position. This obviously dues to the aggressive advertising and enormous advertisement budget, which was spent for promoting Greece in Germany during the last two years, comment specialists. The GIATA's ranking was released only week after ‘Times' pointed Bulgaria on 9th position in the Top 10 most preferred winter destinations in UK. source: Kristalina Ilieva - Web Media Group. News.bg

26.11.2007 | 4878 Granted Construcion Permits in Bulgaria for Q3 of 2007

Mon, 26 Nov 2007 00:00:00 -0800

Some 4878 construction permits for new buildings in Bulgaria have been issued for the third quarter of 2007, National Statistical Institute quoted. 3110 of them are given to residential property projects with a total number of apartments amounting to 18 050 and a gross actual area of 2 090 633 sq m, 114 permits were granted to administrative developments with a total built-up area of 75 515 sq m and 1654 were destined to other establishments with a gross actual area of 1 015 902 sq m. Residential permits have recorded a 13.7 % mark-up as compared to the second quarter of the year and a16.87 % rise against the figures for the same period in 2006. Administrative buildings registered a 34.1% increase as compared to the previous quarter and a 8.8 %drop on an annual basis. Bourgas region continues to be the leader in terms of number of granted residential permits - 534 new apartment buildings will add 3954 new units to the market. Varna ranked second according to this criterion - 442 permits for 2628 flats, Sofia is third - 329 new buildings would deliver a total of 1403 apartments. Blagoevgrad is fourth - 264 residential blocks, Plovdiv with its 258 permits comes next . More than 200 buildings are to spring up in Dobrich. Vidin and Montana region received the smallest number of permits - 4 and 7, respectively. As far as administrative projects, Plovdiv is again at the head of the chart with 20 permits, Blagoevgrad is second with 15, Pernik comes third with 12 new permits for administrative projects and Sofia was granted as much as 11. source: Property Wise Bulgaria

26.11.2007 | Bansko Resort to See Video Monitoring System

Mon, 26 Nov 2007 00:00:00 -0800

Video monitoring system installation in the Bansko mountain resort was under way, Deputy Interior Minister Kamen Penkov said. Bansko municipality would provide the money needed for the system, Penkov told Focus news agency. Borovets resort already had such system for the sky runs, connected to the local cable television. In Pamporovo, the third big mountain resort of the country, some of the big hotels had private video monitoring systems as part of their security system. Penkov said that Interior Minister Roumen Petkov ordered the formation of a special work group for the installation of video monitoring systems in the country. These systems were currently functioning effectively in Sofia, the Sunny Beach coastal resort, Samokov and other towns. Varna, Bourgas, Vratsa and Primorsko were to see such systems introduced. Lack of funding was the main problem delaying the installation of video systems throughout the country. Some municipalities decided to fund the installation themselves and to grant the use of these systems to the Interior Ministry, Penkov said. source: The SofiaEcho

22.11.2007 | Bulgaria Booms Despite Credit Crisis

Thu, 22 Nov 2007 00:00:00 -0800

Home owners in many parts of the world have reason to worry about the implications of the international credit crunch. In Bulgaria they do not. Bulgarian residential property market is showing unexpected resilience to the impact of the crisis thanks to investment by east Europeans and increasing numbers of local buyers. Interest from foreign investors remains high as they are aware that Bulgaria still has the lowest property prices in the EU. Investors from Romania an Russia have started to replace the Irish and British buyers who were the first to put Bansko, a ski resort south of the capital Sofia and the Black Sea coast, on the international second-home map. "The credit squeeze has had an impact mainly in the UK and the US, while the market in the past six months has been driven predominantly by investors from Russia, Romania, Poland and Ukraine," says Rossen Dimov of Rockarch Estates. Russians and other east Europeans, who filled Bulgaria's Black Sea resort hotels in the communist era, are returning as buyers of holiday homes. While no official statistics are available, local estate agents say sales to east Europeans, whether of low-priced apartments or high-end villas in gated developments, have shown a significant increase this year. "I chose Bulgaria because it's close enough to drive to if I want, and I feel at home - all the older people speak Russian. And it was affordable, unlike the prices here," says Pavel Sinelnikov, a businessman in St Petersburg who bought a two-bedroom apartment at Golden Sands, the second-largest Black Sea resort. Georgi Kirov of Colliers Bulgaria, the property consultants, says prices at big resorts on the Black Sea coast had doubled within a few years before starting to decline even before the credit squeeze, because of an oversupply of apartments and the slow pace of local infrastructure improvements. Other market segments have not been affected, however. "The credit squeeze accelerated this trend regarding seaside apartments, but high-end coastal developments and residential property in Sofia are doing well," he says. Bulgaria's strong economic growth in the run-up to EU membership, averaging more than 5% annually, has pushed up incomes for private sector workers. Mortgages are widely available from the Bulgarian subsidiaries of Italian, Greek and Austrian banks. According to the Bulgarian central bank, property purchases in the first eight months amounted to €1.16bn (£808m), equivalent to about 35 per cent of total foreign direct investment since Bulgaria joined the EU last January. Bulgarian property boom was initially driven by investors from the UK and Ireland, attracted by cheap prices for newly built second homes and one of the lowest costs of living in Europe. The capital Sofia, along with the port of Varna on the Black Sea coast, is seeing steady population growth as skilled workers migrate from provincial cities. The supply of residential properties is growing fast, but demand is still stronger. Prices have risen 13-18 per cent this year, according to Myles Summerfield, chief executive of LS Property, a Sofia-based company that focuses on retail and commercial developments in the Balkan region. "This market looks strong as prices are still 20-30 per cent less than other comparable east European cities, and there is a growing local market looking to buy in better areas, in developments with more facilities," he says. source: The Financial Times

20.11.2007 | The Bulgarian Property Still Cheapest in The EU

Tue, 20 Nov 2007 00:00:00 -0800

Bulgarian residential property still commands the lowest prices in the EU despite an annual 21% price hike over the last 5 years, according to a comparative overview of 19 countries. A top-quality home, which had fetched no more than 150 000 EUR in 2005, practically doubled in price to 300 000 EUR for just one year. A major impetus to rising the property prices was the EU accession of Bulgaria at the beginning of 2007, when demand briefly outstripped supply. In 2006 alone, property prices rose by an average of 15% after the registered 40% jump the year before. The Bulgarian residential property prices had tripled over the last five years. The same trend has continued in 2007. Some Bulgarian cities posted a 25% increase in property prices in Q1 2007. The market value of old homes remained steady while upmarket properties gained 10% year-on-year in Q1 2007. An average home in Sofia sold for 78 000 EUR in 2006, against a nationwide average of 44 000%. The higher cost of capital cities properties is also seen in other countries. In Austria, for example, the nationwide average is 165 000 EUR and the price of housing in the capital, Vienna, is 242 000 EUR. The respective figures for the Czech Republic are 67 000 EUR for nationwide average and 112 000 euro in Prague. However, to get a realistic picture of the Bulgarian property market, data, provided by Era, should be seen in the perspective of the country's poor annual salaries. Although the country has some of the lowest prices on the continent - with an average property unit offered at only 54 570 EUR - low average earnings render properties expensive for Bulgarians. Nevertheless, revenues, generated by sales of Bulgarian residential units to foreign nationals, tripled year-on-year to 1.1 billion EUR in 2006, Era data showed. The real estate company expects that this trend will persist. source: Property Wise Bulgaria

18.11.2007 | Pamporovo to Open The Ski Season With New Ski Runs

Sun, 18 Nov 2007 00:00:00 -0800

The mountain resort Pamporovo will open the new summer season with two new ski runs and a new lift. The runs will slope down from Snejanka to Stoikite village. The new lift will start from the centre of the village to Studenets chalet. Testing of the facilities began on October 1 2007, the resort manager Pamporovo AD said. All main parts of the lifts were being replaced. The ski runs were cleaned and re-cultivated, Focus news agency reported. Artificial snow system will be widened by two km and 11 new snow machines will be installed. Thus the number of the snow machines will reach 16. Pamporovo AD said that the prices would be clarified by the end of October 2007. source: The SofiaEcho

14.11.2007 | 280 000 Euro to be Spent on Infrastructure Restoration in Bansko

Wed, 14 Nov 2007 00:00:00 -0800

Bansko municipality was to utilize 280 000 Euro from the funds of EU by the end of December 2007, Alexander Kravarov (Bansko mayor) said. The money would be used for improvement of the infrastructure in the old part of Bansko and restoration of the church Sveta Troitsa, Kravarov told Focus news agency. The church restoration project was under way, but delayed because of municipal elections held late October and early November 2007. Almost nothing was done until now, Kravarov said. Work on road repair was to begin, according to Kravarov. Kravarov said that among the first measures to be taken before the winter was to provide fuel to schools and kindergartens in the municipality and to prepare companies to clear the fourth-class roads, connecting the villages. source: The SofiaEcho

05.11.2007 | Bulgarian Pravets Golf Resort will be completed by 2010

Mon, 05 Nov 2007 00:00:00 -0800

Property developers Terra Tour Service's planned country club and golf resort near the central Bulgarian town of Pravets will benefit from fiscal incentives after receiving recognition as first-class investment from Bulgaria's investment agency on Thursday. The total cost of the project is estimated at BGN 71,8 M and it will be completed by mid-2010. The world-famous course designers Haradine-Golf laid out the 18-hole course, fit to host Professional Golf Association (PGA) Tour international events. In addition to the golf course and training grounds, the country club will feature a golf equipment shop, a luxury hotel with a total built area of 24,500 square meters, a spa center and conference rooms.

05.11.2007 | Bulgaria Holiday Properties Supply on the Rise

Mon, 05 Nov 2007 00:00:00 -0800

The resort apartments segment of the property market in Bulgaria is growing at an increasing pace, real estate consultants Colliers said on Tuesday. The number of such properties in the mountain resorts grew by more than half in the first six months of the year to reach 76,500 at the and of June. The growth was most significant in the Bansko area, including Razlog, which accounts for 78 % of the new supply. Supply in Black Sea resorts rose at a slower pace, but still recorded an impressive 39 % growth, or a total 13,500 apartments, in the same period. 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 vacation homes supply increased by 52 % and 62 % respectively, Colliers said. But the 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 EUR 800 and 1,700 per square meter, according to Colliers' data. source: novitite.com

05.11.2007 | The Potential Of Bulgarian Spa Resorts is Underused

Mon, 05 Nov 2007 00:00:00 -0800

Bulgaria uses up to 5% of the potential of its mineral springs, deputy head of the State Agency for Tourism (SAT) Stanislav Novakov said. Sofia has 46 mineral springs and no facilities make use of them, Novakov said. Spa tourism should be developed since nearly 90% of the springs in the country have healing power. Only foreigners living in Bulgaria and Bulgarians make use of spa tourism opportunities. These remain unpopular among the foreign visitors of the country. Bulgaria should try harder to popularize this type of tourism, Novakov said. In May, it will take part in a spa and wellness forum to be carried out in Finland. A spa seminar will be carried out in Sofia from April 24 to 28. Representatives of Austria, Croatia, Poland, Romania, Slovenia, Serbia and Macedonia will participate in the forum. Foreign participants will travel to Kiustendil, Velingrad, Bansko, Katarino and Hisarya, some of Bulgaria most well known spa destinations. source: The SofiaEcho

05.11.2007 | Sandanski Have the Potential to Become One of the Best-known Spa and Wellness Resorts in Europe

Mon, 05 Nov 2007 00:00:00 -0800

So far Sandanski in southern Bulgaria is the only spa resort that has seen significant recent development. Its springs have attracted visitors for centuries, from the ancient Thracian Medite tribe to Todor Zhivkov, Bulgaria's ruler under communism who built himself a spa residence on a hilltop site outside the town. Set on the Struma river, Sandanski enjoys the mildest climate in Bulgaria and claims to be among the best places in Europe for treating bronchial asthma. Andon Totev, the town's mayor, who managed the main spa hotel under communism, says more than 70 per cent of visitors are foreign. Scandinavians come every year for treatments lasting several weeks, while Greeks, Macedonians and Serbs drive across the border to spend a weekend taking the waters. "We have the potential to become one of Europe's best-known spa and wellness resorts," Mr Totev says. source: Theodor Troev, Financial Times

31.10.2007 | British property interest shifting towards Bulgarian mountain resorts and cities

Wed, 31 Oct 2007 00:00:00 -0700

Real estate in Bulgaria's larger cities was increasingly popular among UK buyers, Paul Collins, an expert with the BuyAssociation web site, said on October 5, as quoted in an interview for investor.bg.While until recently, Brits were prone to buying property at Bulgaria’s Black Sea resorts, now they were more and more turning their attention to residential and vacation property, offered at the winter ski resorts and the big cities, Collins said.The real estate market for mountain resorts had better sustained development potential, he said.Holiday homes’ supply in the ski resorts increased by more than 50 per cent in the first half of 2007, according to Colliers International’s latest holiday homes report. Some 10 000 new housing units were offered on the market during the same period. The total supply of vacation property in the mountain resorts was more than 28 000 units, Colliers says.According to the report, Bansko was the resort with the most significant growth, as it accounted for 78 per cent of all newly supplied apartments and houses. The rest of the offered newly constructed vacation housing was divided mainly between the other two large ski resorts – Borovets and Pamporovo.Despite certain signs of over-construction in Bansko and other resorts, the real estate in the mountains was a preferred option for individual investors. Owning property there looked an easier way of making money through buy-to-let, Collins said.

19.10.2007 | Property prices in Sofia reach 1000-2000 euro per sq.m

Fri, 19 Oct 2007 00:00:00 -0700

Property prices in newly built residential districts Bulgaria’s capital continued to rise, reaching 1000 euro per sq m, a new Colliers Bulgaria research showed. Prices in Sofia’s most preferred areas, such as Doctors’ Garden, Ivan Vazov and Lozenets grew solidly in the first half of 2007 with an increase of 19, 11 and 19 per cent respectively. The increase in average sales price in some areas was nearly 20 per cent in first half of 2007. Properties in Doctors’ Garden were offered at nearly 2000 euro per sq m. in 2007, Prices in Iztok residential district saw a 51 per cent increase on annual basis. Rental rates increased “only marginally” in comparison to sales prices, the report said. Atanas Garov, managing director of Colliers Bulgaria, said that “the supply of residential properties continues to increase at a steady pace, and the focus remains on planned communities and compound developments.” According to Colliers Bulgaria general manager of Ivan Velkov, “demand for premises in residential complexes offering higher level of comfort through added services and amenities is increasing, and will be one of the main driving forces of the market.”

19.10.2007 | Scottish company buys Biggest Shoping Mall in Varna

Fri, 19 Oct 2007 00:00:00 -0700

Scottish company Miller Developments purchased Mall Varna for 120 million euro, consultancy company Forton International reported. The sales negotiations lasted more than a year and involved consultants from Forton and Cushman&Wakefield, investor.bg reported. The construction of the mall itself was launched a bit earlier by the investor Interservice Uzunovi. Gross built-up area of Mall Varna was 70 000 sq m. Nearly half of the mall’s area, 32 000 sq m would be offered for rent. The mall should be opened within half a year. Pavlina Nikova, Forton manager for the project, said that there were already tenants for 26 000 sq m of the area to be rented. The mall would have a cinema, supermarket, bowling, bookstore and 10 restaurants, she said. Miller Group is the biggest private property construction holding in the UK.