Property for sale in Bulgaria

Bulgaria Property 

Further investment boosts Bulgarian property market
Hardly a week goes by without news emerging from Bulgaria about another planned investment project as the country looks to enhance its reputation in advance of EU accession. In addition to large-scale property investment, officials are also working hard to stamp out corruption and to combat some of the other legal concerns that have been Bulgaria's perennial weakness in years gone by. It was reported in the Sofia Echo today that health minister Radoslav Gaidarski is now in the process of producing an anti-corruption strategy for healthcare institutions. This forms part of the country's overall desire to rid itself of the problems that have plagued it in the past, with prime minister Sergei Stanishev fixed on the idea of modernisation at every level. The new strategy for the healthcare institutions is in direct response to the European Commission's monitoring report on May 16th, it is reported. Bulgaria was criticised for levels of corruption in both healthcare and education, but the rapidity of the response in beginning this anti-corruption strategy is testament to the resolution to meet any conditions specified by the EU. The issue of EU accession is important for Bulgaria for a whole host of reasons, but it is also particularly significant for property investors who expect the occasion to coincide with notable house price growth in the country.

Optimism high in Bulgaria
Accession to the European Union is inevitably going to play a central role in the future of property investment in Bulgaria. Bulgarian property is already proving popular with investors looking for long-term capital growth, but there is no doubt that accession to the EU will encourage many more to purchase properties in the country with a view to capitalising on the extensive house price growth that will presumably ensue. The road to EU membership has certainly been a bumpy one for Bulgaria and reports on its progress have let officials know that there is still some work to do. Despite this, financial experts in the country are seemingly confident that everything is on track to join on January 1st next year. The implications for property investment could be immense. Speaking to the Sofia News Agency, Mr Maxim Behar, head of the Bulgarian Business Leader Forum, said: "I am even more optimistic than before. I am sure that we are going to join the EU on January 1st 2007. The tone of the monitoring report is very positive."

Carving out his own niche
Harrie Niemeijer from Friesland, The NetherlandsHarrie Niemeijer came to Bulgaria a year and half ago, to set up a furniture factory for the Dutch company Bylsma in Lovech, under the name Belsma furniture EOOD. Having expanded as far as possible within the Netherlands, the company (which produces tables, chairs and cabinets) set its sights to Eastern Europe. They asked Niemeijer, who had previous experience working in countries in the region with his industrial IT company, to take part in the venture and he accepted the challenge. Initially, Romania was chosen as the location for the new factory, but, says Niemeijer, they ran across problems trying to set up a business there. The move to Bulgaria came about by chance. Some colleagues were in Croatia at the time and they decided to meet up and visit Bulgaria. “We travelled around by car, and I thought: ‘hey, why not Bulgaria?’”. It offered the “opportunity”, the “place”, and the “people”. They found a suitable property and bought it from the old Balkan company. “I knew that I had about six months building time – that’s not a lot.” Then there were considerations such as licences, which are “very difficult to get here”, but Niemeijer was aware of this fact when he made the decision to locate the factory in Bulgaria, and remained undeterred.”I had a good feeling; it was just a feeling about the municipality Lovech which I was dealing with”. Of the move into Eastern Europe, Niemeijer says that one of their biggest competitors in the future will be China: “For me it is a challenging start to beat the Chinese in the future and keep the factory in Holland through Bulgaria. So, the automation grade is high and our target is organisation by efficiency and logistics.” As with the setting up of any new business venture, the initial organisation was challenging. “Imagine: you are a stranger and you are sitting in your hotel and organising everything from your hotel room or a terrace.” But, things progressed quickly. Construction started in October 2004. In January, they installed the equipment, and production started in March 2005. A year later, they had employed 80 people, which will grow at the end of the year to 120, and after that to more than 200. The factory in Lovech produces cabinets and they have also started a special line producing designer furniture for Rietveld by Rietveld, family of the famous designer and architect Egbert Rietveld. “The family decided to introduce small quantities of licensed furniture onto the market. And I’m very pleased that we can do this here in Bulgaria.” Belsma is still the only foreign investor in Lovech, where, he says, there are only two or three other big companies. “We are a small enterprise, we are not a huge company, or a big American company with 2000 people or whatever, and we also don’t want to be that. The nice thing is that I think they are happy with this and we are happy with them,” he says of their workforce. At the beginning, it was difficult to find experienced personnel, so they invested in intensive training programmes. Now, he says, this has paid off and things are running smoothly because people have more and more expertise, and rather than going to work abroad they stay – not just because of the salaries, but because of the work culture: “We are paying in the European way of paying – with taxes, sickness leave, only a maximum of 40 hours a week and holiday time.”

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.

Hotel for Sale Luxor
This hotel for sale in Luxor, Egypt is a modern hotel situated near the Nile, some 350 metres from Luxor Temple and Museum, and 15 kilometres from the airport. The 55 air- conditioned guestrooms are spread over four floors and have simple modern decor with wicker furnishings. All guestrooms open onto balconies and include satellite television, minibars, direct-dial telephones, and bathrooms with designer toiletries. After a dip in the pool, hotel guests can relax with a drink at the poolside bar. The Restaurant is a buffet restaurant, serving continental and middle eastern food in a relaxed atmosphere. The Bistro Restaurant, situated in the foyer, serves light meals and drinks. After a meal, guests can chat over drinks in one of the bars, or take advantage of round the clock room service. The hotel has laundry facilities, and multilingual staff at the 24-hour front desk can exchange currency and advise on local amenities and attractions. Guests can visit the Luxor Temple and Museum 350 metres away, or the Karnak Temple three kilometres away. Luxor International Airport is 15 kilometres from the hotel, with an approximate driving time of 20 minutes. Facilities: Restaurant Swimming pool English style pub Laundry service Telephone and fax service (International)/Conference room. Baby Food Gift Shop Bamboo styled, private balconies Telephone Color T.V In-house video Satellite T.V. channels Area Activities: Luxor Temple & Museum - 350 metres Karnak Temple - 3 kilometres (2 miles) Valley of the Queens - 25 kilometres (16 miles) Valley of the Kings - 28 kilometres (17 miles)

Real Estate Egypt
Spanish property agent - Lemon Tree Villas, prepares the way for property investors in Egypt. Trading in Egypt under the name Elite Properties Egypt they have recently opened new offices in the ancient city of Luxor to cater for the rapidly increasing demand for residential and commercial development properties from both European and North American investors. "Interest in the investment property market in Egypt is beginning to awaken as the wider world becomes aware of the incredible investment opportunities and incentives available for investors in Egypt." Says Peter Jennings of Elite Properties Egypt. The key factors attracting overseas investor interest include Egypt's fast growing tourism sector, the fact that the government is continuing to commit to legislative initiatives designed to enhance the investment climate and the fact that property prices in Egypt remain low and affordable whilst demand for quality property for sale and short term let is increasing. The majority of real estate investment interest is currently centred upon the resort areas of Egypt and the major cities like Cairo, Luxor and Alexandria. "In the resort areas on the Red and Mediterranean Sea coasts property investors are tapping into the increasing tourist demand for short term rental accommodation." This market is currently returning the best rental yields countrywide. The second home resale market in the resort areas is also beginning to present profit potential on the underlying capital investment made because more overseas buyers are seeking holiday homes or second homes in these areas. Egypt is close at hand for European holidaymakers and therefore owning a holiday home in this exotic location makes perfect sense for many European travellers. In Egypt's main cities like Cairo, Luxor and Alexandria overseas property investors are again seeking to profit from rental returns, and with the creation of brand new luxury residential property districts like Cairo Heights, international interest is increasing. Overall the future prospects for the property market in Egypt are positive. Egypt is a politically stable country and one currently enjoying the best relationships with many of the world's most influential economies that it has ever enjoyed. The economic climate in Egypt is open for investment and investors are being actively encouraged by taxation breaks, low labour costs and a country that has a growing middle class who are beginning to exercise their increased purchasing power. Overseas real estate investors are aware that the growth in the purchasing power of the domestic market is fantastic for the long-term profitability of all investments in Egypt's property sector. The overseas tourism and second home markets will account for good yields and returns but a growth in domestic demand and purchasing power will allow investors to more aggressively target Egypt safe in the knowledge that they have a wider market to potentially profit from

The changing face of European property investment
With property investment television programmes dominating the listings, it is inevitable that real estate is beginning to attract more and more potential investors. Most of these programmes are also becoming increasingly adventurous in terms of the places they cover, which is having a direct result on the investment patterns of UK residents. In a report for Antara News, for instance, journalist David Burrows says that many investors are beginning to turn away from France and Spain in search of better value. He suggests that Bulgaria is a prime example, in that prices in the country are still exceptionally low but experts are predicting something of a boom before long. "The EU may be balking at Bulgaria's failure to rein in organised crime but second-home hunters seem to have no worries," pointed out Mr Burrows. The Sofia Echo has today reported that the coastal resort of Sozopol is seeing the highest demand for real estate at the moment. Referring to a report in 24 Chassa, the publication points out that the seaside resorts of Tsarevo and Ahtopol are also experiencing high demand, with slightly cheaper prices in both of these areas. Bulgaria does have an advantage over many of its near neighbours in that it offers a hugely diverse selection of opportunities for property investors. There is great potential around the Black Sea regions but there has also been staggering growth in Bansko, with investors taking advantage of the rising number of holidaymakers heading over for cheap ski breaks each year. While it may seem a small point, Bulgarian property is also benefiting from the fact that many investors are simply looking for a change and there is a certain kudos associated with buying a property somewhere slightly out of the ordinary.

Bulgaria a hot property destination for Welsh
The number of Welsh families buying property abroad is on course to double within the next seven years, with Bulgaria proving the hot destination. Even first-time buyers priced out of the domestic market are turning to the former Soviet bloc nation to get a foothold on the property ladder, says Swansea-based Britannia Overseas Property. Britannia - one of the UK's leading developers in Bulgaria - say impending EU membership and low property prices are helping money pour into the Black Sea resort nation. Such is demand, Bulgaria last year recorded an average property price increase of 47.5 % with experts predicting values will more than double over the next 12 months. Britannia's Bulgarian ski and coastal development properties sell on average for £45,000. Attracted by its long, hot summers and the Black Sea beaches' white sands the number of foreign tourists visiting Bulgaria has increased by almost 50%, with those from the EU growing by nearly 90%, over the past two years. Andy Moore, former Wales rugby international and Britannia's joint managing director, told the Western Mail yesterday, "The majority of our local investors are buying properties on the coast or in mountain resorts for capital growth, rental income and a chance to visit for their own holidays. "Many have previously owned property in Spain and the UK, but are moving their money to Bulgaria, as some see it as like Spain years ago, and Ireland before it joined the EU, offering the potential for similar returns." Marc Davies and his wife Dawn bought a studio apartment in the Bulgarian ski resort of Bansko a month ago for £35,450 as an investment. The couple, from Mayals, Swansea, say they were put off buying an investment property here by inflated prices. Salesman Mr Davies said, "If you buy property here now the rental income will not even cover the mortgage. There are very few properties here now where you can completely re-do the house and then make money on it." Mr Davies, 32, who has never visited Bulgaria, is hoping to rent out the property during the ski season between November and February's end.

Bulgaria faces up to more work
It is looking increasingly like Bulgaria's accession to the European Union will be delayed, raising a number of issues in relation to property investment. Purchasing an investment property in Bulgaria has been a popular strategy for a number of years and the country's progress in the vast majority of areas has been staggering since membership talks began in 2000. The property market in Sofia, for instance, has benefited from a series of redevelopments, while the ski resorts are proving incredibly popular with tourists from around the world. Developments in Bansko have been significant in the last couple of years and investors have are now able to look forward to excellent rental potential as well as impressive capital appreciation. A similar scenario has developed in the Black Sea regions, which tourists are beginning to see as an alternative to some of the more traditional options in Spain. Sunny Beach is one of the key growth areas on the Black Sea coast and it boasts an impressive beach that is eight kilometres in length. The future certainly looks bright for investors in Bulgaria and the groundwork has already been laid for future growth, but there are undoubtedly hurdles that need to be cleared. Bulgaria signed a joint accession treaty in April last year and accession was pencilled in for January 1st 2007. According to reports, however, the European Commission is likely to tell both Bulgaria and Romania that a number of standards need to be met before EU membership is an option. As reported by a special BBC report, the EU actually has the option to invoke a clause in the accession treaty that would allow for the postponement of EU entry until 2008. The key concern for Bulgaria in particular is corruption, although a series of measures are now in place to tackle this perennial problem.

Property investors observe Bulgaria's progress
The European focus is very much on Bulgaria at the moment and few will be watching more intently than those in the property investment business. In the last few years, Bulgaria has developed at an impressive rate and the fact that the country is currently being considered for EU membership is testament to this. At the same time, Bulgaria's problems with law and order have been well documented and it is an area that threatens to delay both EU accession and the growth of the property market. Nonetheless, Franco Frattini, vice president of the EC responsible for justice, freedom and security, says that he is impressed with the "enormous progress" that has already been made, reports the Sofia News Agency. Mr Frattini is reportedly positive about the judiciary agenda that has been proposed by Bulgarian chief prosecutor Boris Velchev and he has stressed that Brussels has a duty to support in the consolidation of institutional reforms. Growth in the Bulgarian property market has been impressive even without EU accession and the country is already making strides in terms of its attractiveness to tourists and investors

Press praises Bulgaria’s property market
The Wall Street Journal and London-based newspaper The Independent have published articles praising property market opportunities in Bulgaria. In an April 18 report in The Independent, which describes Bulgaria as a “beautiful country”, writer Robert Nurden says that property investment in the country falls into four main categories. The first is in the capital city, Sofia, which is “growing economically and geographically faster than any other former East European capital”. The property boom has now hit the centre, with locals themselves pitching into the market, always a good sign, the report says. “With the country on the threshold of EU membership – and entry into the euro itself likely in about three years’ time – an international and transitory population in this ‘engine of the country’s growth’ is inevitable. This means a huge demand for good rented accommodation.”The Independent says that an average, two-bedroom, newly built apartment in the centre sells for between 69 000 pounds and 87 000 pounds (195 245 to 246 190 leva), and values are “rising almost by the day”. The rent from such an apartment would be up to 700 pounds a month, according to Robert Jenkin of estate agents Bulgarian Dreams. “‘These are fantastic investment opportunities in a city that is becoming more cosmopolitan and whose economy is stable and performing well,’” he is quoted as saying.

Dreaming snowbirds warned to make a reality check
Growing numbers of Britons are retiring abroad, swapping the cold and rain for mostly warmer climes. No wonder that they are now known as “snowbirds”. About 1m British pensioners are drawing their state pension abroad, according to the Department for Work and Pensions. This is up from 770,000 in 1997. Britain’s former imperial reach explains part of the pattern with Australia accounting for 241,000 and Canada for 151,000. But sunnier European destinations have a strong appeal with Spain accounting for 71,000, Italy for 32,000 and France for 31,000. “There has been a shift from a second home for retirement being regarded as a luxury to it being something attainable by most people with the drive to achieve it,” says Liam Bailey, head of residential research at Knight Frank, the estate agent. In 1995 the average price paid for a second home overseas was 165 per cent of the average UK property price. By 2005 it had fallen to 90 per cent, reflecting in part steeper house price inflation in the UK but also the fact that second homes had become more of a mass market aspiration. Internationally, recent rapid growth in house prices has slowed, according to the global house price index launched last month by Knight Frank. The average house price globally rose an annualised 6.1 per cent in the first quarter of 2006 compared with 10.9 per cent in 2004. But the news for Britons selling up to retire to the Mediterranean is not so positive. Spain rose 11.6 per cent while France was 9.3 per cent higher compared with an increase of only 5.3 per cent in the UK. Despite recent unfavourable price trends, the impact of growing prosperity, cheap flights and the low cost of borrowing – even lower in the eurozone than in the UK – mean the trend for retiring abroad is expected to accelerate.

That the sun may shine

Magdalena Rahn travels to Bulgaria’s southeast wine-growing region to learn about the traditions in this area and the wine co-operative that is fighting to preserve them. Friday: first impressions Even in the twilight they stun the eye: striated tan cliffs, topped with scrub verdancy, a lone pine on pinnacle, twists of pikes like sandstone Matterhorns. We are in a taxi from Sandanski, after a four-hour bus ride from Sofia the first Friday evening in April, on our way to Melnik for the weekend. One enters upon the panorama unexpectedly, among chapparel hills; the road turns: a sudden hewn valley. “It’s natural,” says Josh Kroot, a US Peace Corps volunteer from Pazardjik who has invited me to come to see the projects on which he and Audrey Amara, a US Peace Corps volunteer from Kazanluk, have been working since the beginning of 2005. The two regularly go down to Melnik to speak with various viticulturists and oenologists about problems they as local producers have been facing in bringing wine and grapes to market. Most of the people they met while travelling with another Peace Corps volunteer, Joe Ferguson from Kolarovo. Though possessing only slight information about vine cultivation and winemaking, Audrey and Josh soon recognised there to be a number of ways to work with people in the region. Through the Peace Corps, they were put in contact with Volunteers for Economic Growth Association (VEGA), a group funded by USAID, which helped them to bring a wine expert from California to the region and evaluate the potential to create an organisation that would brand and sell the wine that was being made by small local winemakers. “We’re almost there,” he says, “and after we drop our stuff off at Hotel Mario, we’ll go to this great place for dinner.” Upon reaching the town – officially the smallest in Bulgaria with a population of 275 – one immediately remarks its picturesqueness: all the buildings must be built and maintained in the Bulgarian National Revival style. And it’s clean, and fresh, and charming. A canal runs down its one main street, itself lined with guest houses, hotels and mehanas. Still at 8pm, one can make purchases from selections of local wines, honeys and fruit preserves.

More British Tourists Visit Bulgaria's Ski Resorts.
Balkan Holidays tourism agency registered a 35 per cent increase in the number of British tourists who visited Bulgarian ski resorts. More than 25,000 people arrived in Bulgaria, using the services of the company, Dnevnik newspaper reported. For the 2004-2005 season Balkan Holidays registered a 70 per cent increase in tourist figures, compared to the numbers for the previous season. Company representatives said the new infrastructure and hotels in leading ski resorts like Bansko, Borovetz and Pamporovo naturally increased the interest of foreign tourists. Dnevnik reports Balkan Holidays is one of the leading companies on the British market, managing to bring high number of foreign tourists to Bulgaria. In 2005, the company attracted more than 165 000 British tourists, interested in both summer and winter tourism opportunities. In the beginning of this year the company registered a slight decrease varying of three to four per cent. Other companies also complained from the lower interest toward summer vacation opportunities in Bulgaria.

Orchid convinced that Bulgaria property market will bloom.
Losses have increased at Orchid Developments, a property and hotel operator specialising in Bulgaria, but the group says it exceeded expectations in its first set of results since it floated on AIM last July. Orchid (OCH) operates in commercial, residential and retail markets, and since the float has paid €21 million (£14.5 million) for three new development plots in Varna totalling around 38,000 square metres. It is continuing to develop its land bank and says land values are increasing rapidly. Five of Orchid’s projects are co-financed by the European Bank of Reconstruction and Development which has agreed a €30 million debt facility. This breaks new ground for the financing of real estate developments in Bulgaria, providing long-term funding that was not previously available, says chairman David Holland. ‘The real estate market in Bulgaria remains buoyant and is expected to experience further growth’ he said. Group revenue rose from €1.1 million in 2004 to €3.4 million in the year to 31 December. The net loss before tax was €1.175 million against €953,000 in 2004. Orchid says the net loss increased because of an increase in the size of the development team and higher expenses arising from increased activity. The results reflect a profit of €1 million from of the sale of 70 of the 167 units in phase one of the Orchid Sofia Hills residential project. Total sales were €7.25 million. Since the year-end a further 40 apartments have been sold for €3.3 million taking the total to 110 worth €10.6 million. Another source of revenue was the four-star, 224 room Yavor Hotel in the Golden Sands beach resort close to Varna on the Black Sea which is owned and operated by the group. Last year Orchid completed a second hotel, the Golden Yavor, on an adjacent site providing 167 units, mostly self catering apartments. The Golden Yavor operated for half the season and the combined revenue of both hotels was €1.7 million.

Investment in Bulgaria is becoming an increasingly attractive prospect.
Property prices have been rising steadily for a number of years now as Bulgaria widens its appeal to a broader cross-section of the investment community. With the ski resorts including Bansko and Borovets improving annually and the Black Sea resorts also building up an impressive tourist industry, there is certainly a lot to look forward to in Bulgaria. The Sofia Echo has today referred to reports in both the Dnevnik newspaper and the Wall Street Journal, both of which point to a significant rise in demand for properties in Bulgaria and in central and eastern Europe in general. Bulgaria, the Czech Republic, Poland, Romania, Russia and Slovakia collectively brought in €5.8 billion through property deals last year, according to the report. This is thought to have represented a 38 per cent increase on the investment figure for 2004. Writing for the Independent recently, journalist Robert Nurden remarked that thousands of Britons had now "seen beyond the cliches" associated with Bulgaria and were investing their money in the property market. Mr Nurden went on to describe the sheer variety of investment opportunities in the country, with the capital city of Sofia one of the most notable. He suggests that the property boom has now reached the centre of Sofia, with locals also actively contributing to the market. Bansko was also mentioned in his article, with the gondola from the town to the pistes rated as "second to none". Bulgaria, largely on the basis of the potential that many see in its real estate market, is often referred to as the new Spain. It is a comparison that will be tested when Bulgaria gains EU accession, as this progression proved vital for Spain as property prices began to soar. According to Mr Nurden, the parallel can apply specifically to Sunny Beach, which he suggests could feasibly become the new Costa del Sol. While Bulgaria has a long way to go before this could be considered an accurate description, the potential for growth has certainly encouraged many and the extent of the investment around the Black Sea regions is testament to this. Property is generally extremely cheap in Bulgaria which is of course one of the key reasons that investors have taken such a keen interest.

Bulgaria: Sofia So Good.
Who would invest in property in a former Eastern Bloc country? They still haven't recovered from the Cold War, they're full of concrete tower blocks and they queue for vegetables, right? Wrong, at least as far as Bulgaria is concerned. Thousands of Britons have seen beyond the cliches and are pouring their hard-earned into the country. The property investment opportunities in Bulgaria, which is set to join the EU in January next year, fall into four main categories. The first lies in the capital, Sofia, which is growing economically and geographically faster than any other former East European capital. The property boom has now hit the centre, with locals themselves pitching into the market - always a good sign. With the country on the threshold of EU membership - and entry into the euro itself likely in about three years' time - an international and transitory population in this "engine of the country's growth" is inevitable. This means a huge demand for good rented accommodation. An average, two-bedroom, new-build apartment in the centre of Sofia is selling for between GBP 69,000 and GBP 87,000, and values are rising almost by the day. The rental from such an apartment would be up to GBP 700 a month, according to Robert Jenkin of estate agents Bulgarian Dreams. "These are fantastic investment opportunities in a city that is becoming more cosmopolitan and whose economy is stable and performing well," he says. Drive two hours south and head for the mountains for opportunity number two. Bulgaria has a burgeoning skiing industry whose centre is undoubtedly Bansko, an ancient village at the foot of the Pirin Mountains. In the past two years, it has added on a huge number of apartment blocks geared to the winter season. Anyone with the idea that its winter sports infrastructure is bound to be third-rate should think again. It boasts a gondola from the town to the pistes that is second to none.

Golf in Bulgaria - luring the buyers.
In 15 years time there will be 40 golf courses in Bulgaria - on the Black Sea coast, around Sofia, Elena, Gabrovo, Trun, and Miroviane. There will be new houses and apartments built around the new courses, which will serve as a “carrot” for buyers. Manuel Ferry Sanches, president of Spain’s Ferry Group, signed a contract with Sofia municipality, confirming his company’s plan to invest 150 million euro in the next three years in the Kuttina golf resort project, which will include a multifunctional modern golf centre, commercial centre, and recreation area with a sports centre including swimming pools and tennis courts. Sport Center Kuttina received a first class investment certificate from InvestBulgaria Agency in accordance with the Investment Promotion Act. During the construction phase, there will be about 2000 jobs, and about 700 permanent jobs after the project is completed. Sanches, who has 20 years experience in the golf industry, said that in Europe municipal golf courses were common. He said that golf is not elitist, and is not only a sport - it is a business, an industry in its own right. He does not agree that the golf course should be built before the houses; in Spain there is a similar problem with investors who cannot complete the building of their golf course. Sanches said that Bulgarian investors should stop waiting for help from the state and for grants. They should start to act, said Sanches. To him, not only is golf is a sport, but it also encourages protection of the environment and land regeneration. Golf additionally supports the property and tourist sector and is a separate and independent industry. A lot of people live in golf complexes, yet do not play golf; they live there because of the pleasant environment, he said.

Image revamp for Bulgarian property investment.
It appears that attempts to ready Bulgaria for EU accession are gaining momentum, with tourism and property investment at the forefront of much that is being done. With the ski season coming to an end, attention is now turning to the stunning Black Sea regions and the authorities in Bulgaria have been busy working on measures to maximise the potential of the already popular resorts. Already, a National Tourism Board has been created, which will meet in May to discuss ways of uniting large investors, non-governmental organisations and businesses that provide for tourism, reports the Sofia Echo. Many of the plans will directly impact upon property investment in Bulgaria, with analysts frequently observing that a successful tourist industry is the first step towards a property boom. "The future National Tourism Board will formulate and seek solutions to essential problems related to regional development, infrastructure, beach and airport concessions, promoting new tourist products, developing new markets, building a network of Bulgarian tourist offices abroad under public-private partnership schemes, and a bigger budget for advertising Bulgarian tourism abroad," said the initiators of the new board. The Sofia Echo has also reported on the most popular property investment spots in Bulgaria, as seasoned investors begin to familiarise themselves with the best options for good returns. The statistics show that 25 per cent of property investors in Bulgaria prefer to purchase land close to major cities, with most of these investing in commercial property ventures such as office buildings or trade centres. A similar percentage of investors prefer agricultural terrains, however, which is perhaps testament to the diversity of property investment opportunities available in the country at the moment. The survey also drew attention to the advantages of investing around Sofia as well as the Black Sea, while around eleven per cent favoured ski resorts such as Bansko, Borovets, and Pamporovo.

Easter boom for property purchases.
The property market in the UK is continuing to strengthen, according to most experts, and it will receive another welcome boost this Easter as buyers take the opportunity to step up house buying activity. Because confidence was severely dented in 2005 when some pundits were speculating about the possibility of a crash, it has inevitably taken a while for the market to return to form. The cut to interest rates in August was clearly instrumental in instigating this transformation and analysts have since been observing a steady improvement as house prices have climbed across the UK. Property investment has again been attracting huge amounts of attention, while A-Day added extra impetus with the hugely popular changes to self-invested personal pensions (Sipps). While Nationwide's Quarterly Regional Review recently reported on the fastest quarterly house price increase since the middle of 2004, there have still been some doubts as to whether the growth will continue, but haart estate agents is expecting substantial interest in the coming days and weeks that suggests the market is ready to kick on again. Part of the Spicerhaart group, the largest independent network of agents in the UK, haart has reported a 32 per cent increase in appointments booked over the Easter break compared to last year. "We are expecting an incredibly busy weekend this Easter," said Paul Smith, chief executive of haart. "On top of the highest level of property viewings booked for a weekend so far this year, we are expecting many more potential buyers through the door as the weekend progresses."

Bulgaria tops property investment hotspots
The latest Property Investment Tracker from Assetz has found that Bulgaria is leading the way as an overseas hotspot. While experts have been predicting for a number of years that Bulgaria will emerge as a leading choice for investors, Stuart Law, managing director of Assetz, has indicated that the new research firmly positions the country at the top of the chart. With yields rising to 12 per cent and capital gains remaining impressive at 36 per cent, it is thought the total return on cash invested was 116 per cent last year. This phenomenal statistic has pushed Bulgaria above Cyprus in the chart for total returns on cash invested, backing up the popular claim that Bulgaria is now comparable to Spain in the 1980s. For those looking for capital gains and those entering into the buy-to-let market, there is clearly huge potential. Furthermore, while deposit levels are in the region of 30 per cent, they are largely accessible to investors because property prices in the country remain low, despite the speed of the growth. A typical two-bedroom apartment, for instance, will set you back only £80,000, which is partly why there has been such a staggering influx of foreign investors in recent years. The Assetz research suggests that the steep incline in house price increases will level off to some extent before the year's end, but market growth is expected to remain high. The ski resorts of Bansko and Borovets continue to draw a huge amount of interest from property seekers, with significant construction projects now underway to accommodate the demand.

Bank on Bansko
Once a haven of cheap but risky second home deals Bulgaria is definitely about to go up market. Since 2003 thousands of Britons have bought holiday homes from as little as £15,000. But these purchases have not been without problems – such as disputes over who owns land, worries over new developments blocking views and destroying privacy and shoddy work during construction. But now estate agents Lemon Tree Villas - best known for selling trouble free properties in Spain are moving in to clean up Bulgaria’s act. The agent works with British developers and conducts scrupulous checks on land ownership and future plans in the area to prevent any nasty surprises after clients have bought. “There are too many developments that haven’t been finished because builders have run into financial difficulties, or lie unsold because they have been built in the wrong location” says Mark Schubert of Lemon Tree Villas. His apartments in the ski resort of Bansko start at £26,700 and investors can expect to see returns of 20% over the next year.

Winter sports fans snapping up property in ski resorts are driving British interest in Bulgaria and Canada.
The latest Global Property Hot Spots league compiled by currency specialist HIFX has shown enquiries for cash aimed at purchasing homes in the pair of increasingly popular destinations for British skiers rose substantially in February. Interest in Canada rose by 66% during the month, while enquiries for Bulgaria increased by 17%. But both continued to hold a far smaller proportion of all enquires – 9.4% for Bulgaria and 2% for Canada – than old favourites Spain and France, which attracted 25.25% and 17.8% of all interest respectively. Interest in Australia, which had risen rapidly in January, fell back substantially – dropping by 63% to 10.6% of all enquiries – while demand for the United Arab Emirates, home to Dubai, fell 79% to 1.5% of all enquiries. Bulgaria's reputation as the latest property hotspot has been supported by the arrival of upmarket estate agents Savills and Hamptons in the market. Both have begun to heavily advertise new property in Bansko, considered the country's number one ski resort. The luxury apartments are expensive by Bulgarian standards but the agents have vowed to offer a five-star service with problems often encountered in property purchases in the country ironed out. Experts have warned however that the Eastern European property bubble could be at risk of overheating, with large numbers of developments being built and investors chasing high returns who could be easily scared off by any market wobble. HIFX said its study showed Britons considering buying property abroad fell into three categories. The traditionalists make up the largest group – opting for holiday homes in France, Spain and other destinations close to the UK. Cheap flights, the ease of renting out properties, a well-established expat community and the simplicity of escaping to the sun are the driving force behind their purchases.

Snow news is good news
It has been a great season for British skiers for that most obvious of reasons: both North America and the Alps have had great snow. The industry has also been helped by new destinations, such as Finland, Slovenia and Serbia. And it is not over - in the Rockies and the Alps, the snow base is ensuring one of the later seasons in recent history. A combination of superb conditions and tour operators working harder than ever to sell new resorts has offset a certain caution in people's spending habits. Crystal's annual research report on the British ski market doesn't come out until summer; meanwhile, the evidence suggests that there has been a small increase in the numbers of skiers in the traditional countries - France, Italy, Switzerland and Austria - but the main growth is elsewhere. The US has been boosted by additional direct flights to Denver, with something like a doubling of the number of British skiers in the Rockies. The snow has been brilliant, extending the season - we are off to Breckenridge this weekend - and issues such as tougher immigration requirements have done nothing to stem demand. Canada has seen a fall in UK visitors this year, despite a sharp recovery by Whistler. So the ease of getting to a resort does matter. Other things that have helped the US have been a reasonable exchange rate, a big effort by the UK operators there and deals such as a free lift-pass offer at Copper Mountain. Tip for independent travellers: buy a ski-pass early and online, and you can often get a big reduction in the cost. One of the most interesting things will be to see how much the transatlantic habit will grow. Once people have experienced the dry powder of the Rockies, some will lose interest in Europe. They will also want to test the more exotic North American ski-areas such as Montana's Big Sky. Should the dollar weaken against the euro, expect the transatlantic boom to gain even more legs. In the Alpine resorts there has been a lot of work to increase the British market, particularly in France. The general impression, however, is that some tour operators are finding things pretty flat. But Nina MacMaster of Neilson reckons that although the figures appear a bit down, "Overall there may have actually been a slight increase year-on-year - possibly with many people taking second or even third ski trips but not full weekend-to-weekend breaks." The real boom for ski operators has been in the "new" market. Neilson notes the success of Bansko in Bulgaria, where many Brits are buying apartments in anticipation of the country's entry into the EU. You have to realise that for a lot of people, skiing is not just about fun: it is also about investment... or maybe the investment is part of the fun. First Choice has had success with Bulgaria and also Serbia, where Kopaonik was featured on the BBC early in January and then sold out for the rest of the season.

New budget Bulgarian service
Travellers looking for cheap flights to Eastern Europe are to get a boost with the launch of two new services from London to Bulgaria. Wizz Air will begin operating flights from Luton Airport to the Bulgarian capital Sofia four times weekly, as well as flights from Luton to Bourgas three times a week, from May 1. The new flights, which will cost as little as £42.46 including taxes and fees, were announced at a press conference at the Radisson Hotel Sofia last week, Bulgaria property.com reports. Bulgaria is proving a popular choice amongst Britons looking for a second home, and UK-based property companies have also moved quickly to develop in the country. James Knight, director of property firm Knight International, congratulated Wizz Air's decision saying the 'UK and Bulgaria have grown ever closer today'. Wizz Air is the first low-cost airline to offer flights from the UK to Bulgaria. The budget carrier enjoyed a three-fold increase in passenger numbers in 2005 and believes it will become the largest airline in Central and Eastern Europe within two years. Bulgaria Property

Building season begins in Bulgaria's ski resorts
The reputation of Bulgaria as a premier country for ski holidays is continuing to grow and investors are starting to take advantage of this by snapping up properties. According to the Sofia News Agency, there is currently a large selection of plots for sale in Bansko and Pamporovo – two of the country's finest ski resorts. Citing the Investor.bg website, the Sofia News Agency states that offers are now pouring in as the new building season gets underway, with investors keen to find themselves a bargain that will presumably gain a tremendous amount in terms of value during the coming years. It is an option that is increasingly appealing to investors who have become frustrated by high prices in alternatives including Austria and France, with property in Bulgaria still remarkably cheap despite the quality of the ski slopes. Nonetheless, it is claimed that the ever-popular Bansko is seeing much higher prices than some of the other resorts, starting at around €50 per square metre and rising to around €150. The report suggests that there are approximately 450 plots for sale in Bansko, with existing ski properties and off-plan projects attracting interest in equal measure. As prices begin to rise considerably in the country, off-plan investment has been tipped as a particularly sensible option, in that house price inflation can mean that investors have made huge returns on properties before they are even completed. The ski resorts have also seen hotels and rented accommodation springing up in recent years to cater for the growing number of tourists hitting the areas each season. Bulgaria Property For Sale

Eurobank Analysts Remain Positive towards Bulgarian Eurobonds
Eurobank analysts issued an assessment report on Bulgaria's economic status and future prospects stating that Bulgaria was one of the best performers within EMBI+ components during the recent EM sell-off outperforming other lower-rated constituents of the index, reinstating its defensive nature, sound fiscal policy adding that the country has made significant progress on reforms implementation in accordance with EU demands. Specifically, on the reforms front, following the European Commission's annual progress report on Bulgaria last October, Parliament has passed a number of laws, including a new Penal Procedure Code and legislation allowing confiscation of criminal assets. Up to this point, a greater portion of the 2005 Action Plan for EU-related reforms has already been passed and the approval of the remaining legislation is likely in due course. Bulgaria Property

Developers Queue To Buy Land In Bulgaria.
About 30 developers and property hunters line up on an empty white sand beach, straining to hear the English translation of a speech from Krasimir Todorov. Todorov, the mayor of Avren, is trying to sell 300,000 sq metres of municipally owned land south of the Black Sea port of Varna. It includes a thick strip of forest and hot mineral springs suitable for spa treatments, and it borders the Kamchia River that is part of a protected environmental area. “This is one of the prime properties along this coast,” he says, gesturing towards the sea. “We offer an excellent return for investors but also a great place for a holiday home.” His sales pitch seems to be working. The Moscow government has already invested in this area of Bulgaria’s coast, with plans to build two five-star hotels on a promontory enclosing the south side of the beach. And more buyers – institutions and individuals from Russia, the UK, Ireland, Spain and France – are circling, eager to get in on Europe’s latest emerging market property boom. Not surprisingly, the latest trend is a move toward more upscale development – high-end villas and bigger apartments that will serve as long-term second homes rather than rental properties. It helps that the country’s government has backed new legislation aimed at protecting the Black Sea coast; high-rise buildings will be banned and new zoning regulations required a certain amount of green space to be preserved amid new construction. As Bulgaria comes closer to European Union accession, financing a property purchase has become easier, and airlines are ramping up flights to Sofia and Varna. “We believe the market is moving from a mainly investor-driven one to a more balanced investor/lifestyle profile,” says Mark Schubert of Lemon Tree Villas, a company that twice a month brings 30 to 50 potential home buyers to the country. Bulgaria property for sale

Bargains in Bulgaria
Not so long ago, the very idea of taking a holiday in Bulgaria would have seemed far-fetched. Buying a home there would have certainly meant you received strange looks in the street. Yet the former Eastern Bloc country has gained popularity to such an extent that tourist numbers have soared and it is now seen as not only a good place to invest in property, but somewhere to live. Property is cheap, the climate is good and the beaches and mountains offer a spectacular backdrop. Visitors are often shocked to discover that Bulgaria, once a favoured holiday haven of people from the Soviet Union, has 137 miles of Black Sea beaches and more than 130 peaks over 2,000m (6,560 ft) high. The country is an excellent destination for those who enjoy skiing and hillwalking. If there is a time to invest, it is now. Bulgaria is due to join the European Union in 2007 and the slow pace of economic development will undoubtedly begin to quicken. Currently, it is one of Europe’s poorest states - Gross Domestic Product per head of population is less than a third of the EU’s average - but the Bulgarian economy is growing faster than just about anywhere else. Slow development has meant low prices for those savvy to the charms of Bulgaria. A three-course meal for two with wine can cost as little as £6 or £7 and a pint of beer can be drunk for around 50p. Bulgaria property

So, What does the future hold for Bulgaria’s real estate market?
The Bulgarian commercial property market has experienced dynamic development in all sectors, with trends varying greatly in terms of growth cycle, performance, investor interest, and geographic location. Modern quality supply has registered robust growth, with most of the activity concentrated in the office and retail sectors of the market. However, modern-standing investment stock is still limited in supply, with the retail and industrial sectors of the market offering the greatest investment potential. Office market is most likely going to reach its stage of maturity in 2006, as about 200 000 sq m of office space is in the pipeline, and another 100 000 sq m is at the project design phase. Yet, there are unexploited niches with enormous market potential, where demand for the right product in the right location is huge. Thus investment timing and location will continue to be of major importance. With Bulgaria's ranking at 15th position among the top outsourcing destinations in A. T. Kearney’s index, the country is expected to attract substantial level of investments in the services sector, which will increase demand for quality office premises. 2005 and 2006 have appeared to be the long awaited turning point in the retail property sector of the market. The first three malls that will provide a combined modern retail space in excess of 100 000 sq m are awaiting completion, and will put under pressure some of the prime high-street locations. These are: Mall of Sofia that will offer 54 000 sq m of retail space; Sofia City Centre Mall with about 31 000 sq m of retail space, and Sky City Mall with 16 000 sq m of retail space. As 34 per cent of monetary household expenditure goes on foods and drinks, the food retail sector is expected to continue to be the major sector, driving retail growth. With hypermarkets/supermarkets facing constantly increasing competition, the first discounters are to enter the Bulgarian market, probably by the end of 2006. Some of the largest retail chains, operating in Bulgaria, are: Metro Cash & Carry, REWE Holding (Billa - 18 stores till the end of 2005 & Penny Market expected in 2006), Ramstore, VP Market, Praktiker, Mr. Bricolage, Praktis, Technopolis, Technomarket, HIT and many others. Some retailers that have shown interest in entering the Bulgarian market in 2006 are: Lidl, Kaufland (already acquiring land in the largest cities) and Mercator. Indisputably, the logistics/warehousing sector is the sector, anticipating its dynamic growth and development phase. The current level of modern stock is obviously insufficient. Due to the lack of such products, prime rents remained at their high last year level of five euro a sq m, with almost no vacancy. Older stock however will continue to retain vacancy rates of about 30-50 per cent. Approaching its EU accession, Bulgaria will have to absorb a constantly increasing level of FDI, which factor will set high requirements for the industrial property sector of the market. In the past few years, demand has concentrated in several industrial zones in key parts of the country like: Sofia, Plovdiv, Rousse, Stara Zagora and others. However, unexploited opportunities for development still exist along the Pan-European Transport corridors (mainly along corridor No 7 - The Danube River), and near the major Black Sea port towns of Varna and Bourgas. Bulgaria property for sale

EU Cash To Upgrade Bulgaria's Transport Infrastructure
Almost two billion euro is expected to come to Bulgaria from EU funds for the period 2007-13. The money will be used for repair works of all first-class roads and railway lines between Sofia and the Black Sea coast. The money will also be used for granting on concession the Trakia, Maritsa, Struma and Cherno More highways as well as all Bulgarian airports except the one in Sofia. According to an action plan presented by Gagauzov, one billion euro is expected to come from the EU Cohesion Fund. The fund aims at helping countries reach EU standards. The money will be used for reparation works of nine roads and the ring roads of Montana, Vratsa and Gabrovo cities. With 1.5 billion euro for the fund, the Government expects to modernise the railway lines between Sofia-Pernik-Radomir; Sofia-Dragoman; Mezdra-Gorna Oriahovitsa and Parvomai-Svilengrad. The construction of all highways will continue except for the Hemus highway, connecting Sofia with the Black Sea city of Varna. According to officials from the Ministry of Regional Development and Public Works, the last 118km of the Trakia highway will cost 250 million euro. The Trakia highway connects Sofia with the Black Sea city of Bourgas. Part of the Trakia construction includes the construction of Sofia’s south ring road. Bulgaria property

Promoting Bulgaria
There are many ways - some traditional, some alternative - to promote Bulgaria as a tourist destination, with various original undertakings being demonstrated since the beginning of the month. The first to embark on a different approach was the national flag carrier Bulgaria Air, which on March 1 launched a series of initiatives to present Bulgaria to the world. The company management and Transport Minister Petar Mutafchiev announced the start of a project entitled The Spirit of Bulgaria on Board Bulgaria Air. On March 1, the Bulgaria Air planes were decorated with “martenitsi” - red and white tassels believed to bring health and good luck - that Bulgarians traditionally exchange on the date. All passengers were acquainted with the tradition and each given a martenitsa. However, the project did not end with the red-and-white decorations. Throughout the campaign, there will be a series of one-month events focusing on various aspects of the Bulgarian identity - the national cultural and historical heritage, the Bulgarian language, sports, nature, Bulgaria’s faces and others. The events will be implemented through changing the outside decoration of the aircraft and organising special experiences on board the planes. This way the message will get directly to 40 000 passengers a month, and hundreds of thousands of foreigners, who will see the planes at airports all around the world, will get it indirectly. Bulgaria property for sale

IBAN Introduced in Bulgaria From June 5 2006
The Bulgarian National Bank (BNB) launched on March 1 an awareness campaign for the introduction of the IBAN standard. The IBAN (International Bank Account Number) format will become effective on June 5 2006, and after this date all local payments and transfers from Bulgaria will be made from client IBAN accounts, said Dimitar Kostov, deputy governor of BNB. The new bank account numbers will have 22 symbols instead of the current 10 and will feature letters along with the figures. On March 1, all Bulgarian banks started replacing the numbers of the more than six million accounts used by companies and individuals to date. This account number would guarantee the security, speed and quality of local and international bank transfers, said Levon Hampartzoumian, executive director of Bulbank and head of Bulgaria’s Association of Commercial Banks, said. IBAN is a client account number aligned with ISO 13616. The IBAN concept was developed by the European Committee for Banking Standards and the International Organisation for Standardisation. The concept is recognised internationally as ISO 13616:2003. The Bulgarian Institute for Standardisation has adopted it as BDS ISO 13616:2004. Bulgaria property

Focus on Bansko
Nestled between the Pirin, Rila and Rhodope mountain ranges, Bansko is located at the foot of the Pirin National Park, listed in the World Register of Natural Heritage. It is a climatic mountain resort with a short hot summer and long mild winter. Snow falls are abundant, providing a constant winter snow cover up to 2 m thick. The region is famous for its cuisine and colorful folklore and offers various entertainment opportunities. The access to Bansko is convenient even in winter conditions. The distance to the nearest airport – the Sofia Airport - is 160 km, and is covered in just 2 hours by car. Bulgaria property

Funds rush into Bulgarian property placing
Top fund managers have piled into Bulgarian Property Developments (BPD) in a share placing to raise £75 million to develop several property sites in Bulgaria. New Star’s Paul Craig is one manager who has taken advantage of the share issue, taking a new 3.76% stake in his New Star Global Strategic Capital fund (New Star Global Strategic Capital). He has also taken a 2.51% position in his New Star UK Strategic Capital Growth fund (New Star UK Strategic Capital). Craig’s colleague, AAA-rated Guy de Blonay, is also a fan of BPD (BPD) taking a fresh stake in the firm worth 1.38% for his New Star Global Financials fund (New Star Global Financial Ret). New Star controls 10% of the £43 million company in total. Another retail fund with a new stake is Aurora investment trust (ARR), run by James Barstow, which holds 0.28%. Hedge fund managers GLG Partners and Millennium Partners, also took hefty positions of 25.1% and 6% respectively following the share issue. Other investors include Moore Capital and QVT Fund. Bulgaria property for sale

Strong year for EU housing markets
Yet again, 2005 was a strong year for the majority of the EU housing markets as house price inflation remained impressive in all but a handful of countries. The latest assessment from the Royal Institution of Chartered Surveyors (Rics) has said that while some of the smaller countries saw the most astonishing growth, "the great European house price boom continues on its way". Experts from Rics suggest that growth in 2006 may be slightly slower than in past years, but it is an evaluation that is checked by the reassuring news that there is no evidence at all of a property crash in any of the European housing markets. Property investment in Europe is as popular as ever with UK residents, largely because of the amount of choice available as a result of new flight routes and the expansion of the EU. As Rics has observed, it is a situation that inevitably leads to dramatic house price inflation in some of the emerging markets where house prices are seriously lagging behind, which can provide considerable returns to investors over a short period of time. On the other hand, the most sensible options in terms of sustained demand for property continue to be the likes of Spain and France, both of which have led the way in the European property market for several years. Bulgaria property for sale

Low property prices and inexpensive ski passes

-make Bulgaria one of the top destinations for flourishing ski properties, writes The Times in its latest edition. Described as ideal for a budget ski property, Bulgaria is recommended for its season from mid-December to late April and the challenge that its slopes offer for the occasional skier and for those with little experience. "During the summer this sparsely populated, largely rural country offers a wealth of activities such as hiking, fishing and mountain biking, as well as the fabulous beaches of the Black Sea coast. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored." Bulgaria property for sale

The Bulgarian property market receiving more good press this week.
Writing for the Telegraph, Nicola Venning also pointed out that property investors can find surprisingly good deals in Spain, where Europe's most southerly ski resort can be found in the Sierra Nevada. The idea of buying a ski property in Spain may seem incongruous and many investors will understandably stick to more recognised property investment locations including the Costa del Sol and Murcia. Nonetheless, there has been a distinct shift of emphasis in recent years that has seen more people looking for niche properties in line with popular demand. While Spanish coastal resorts remain popular and UK residents have certainly not abandoned more orthodox projects in France, it is clear there is also a growing market for the slightly less predictable option. Bulgaria property

Sports fanatics taking a serious look at Bulgaria
While many of a sporting inclination have previously looked to France for its ski resorts and Spain for its world-class golf courses, Bulgaria is emerging as a genuine competitor by offering high quality opportunities in both fields. Investment International has said that properties can now be purchased by the Pirin Golf and Country Club and the Lighthouse Golf Resort and Spa, providing enviable views down the fairways of courses designed by Ryder Cup captain Ian Woosnam. While competition for these plots is likely to be extremely high, investors can instead choose to get their hands on property in the surrounding Black Sea region, where property prices are rising at a significant rate. According to Investment International, annual increases of 30 per cent are not unfeasible in the next couple of years, meaning that investors can enjoy the stunning scenery and facilities for themselves for a while before making notable profits when they decide to sell. Bulgaria property for sale

Commercial property investment in Bulgaria
May have seemed an unlikely prospect just ten years ago, but the rapid development of the country's economic foundations has led to a booming business centre in the capital city. Vacancy rates for Class A and Class B offices in Sofia fell in the second half of last year, as the demand for business premises began to climb. It is generally accepted that it will take EU accession for Sofia to cement its place as a key European business capital, but there are clearly already signs of growth in the sector. The offshoring of activities to Bulgaria has had a considerable effect on demand for office space and it is thought it will continue to do so in future years. The Economic Policy Institute has suggested that industries such as software are particularly likely to see offshoring and it seems Bulgaria is one of the key bases for such business strategies. Bulgaria property for sale

More Brits look for property in Bulgaria
Though the UK property market continues to show signs of recovery, investors seem to be keener than ever to look further afield, with Bulgaria the country of choice for those looking for something a little different. For people looking to invest in residential property, Bulgaria currently offers a number of popular regions and house prices remain extraordinarily low. It is a fact that has drawn many to the country looking for a second home purely for holiday purposes, but it has also attracted part-time and professional investors looking for capital appreciation in the coming years. EU accession is the big issue here, as it will undoubtedly instigate a rise in house prices in line with a strengthening economy and better relations with a number of other European countries. Most experts expect this to happen within the next couple of years which has led thousands of investors to take the plunge and buy properties in anticipation of the event. While France and Spain will always attract interest from Brits looking to expand their property portfolios, the lure of a more adventurous option is clearly a trend that is capturing the imagination of an increasing number. Currency specialist HIFX, for instance, made the observation this week that Australia is becoming a hotspot for some UK investors, and this is representative of a modern investment philosophy. According to Home Overseas magazine, Eastern Europe in particular has emerged in recent years as a prime destination for gay couples looking for a holiday home abroad. Kate Hamilton, editor of Home Overseas magazine, told PinkNews.com that a welcoming environment and culture of tolerance makes the likes of Bulgaria ideal for gay couples looking to invest in property. Bulgaria property for sale

£200,000 for a UK Property? I'd rather have a Bulgaria Property Investment!
According to Rightmove, the average UK house price surge past £200,000 for a house during the last four weeks. However, breaking the barrier of £200,000 is more welcome by the sellers than by the investors as “the current dynamics are favorable to sellers as the amount of property available to buyers remains limited,” Ian Perry from the Royal Institution of Chartered Surveyors (Rics) commented. Less encouraging for the property agencies in UK though, is that the rising costs of UK properties seem to determine more and more Brits to look for homes or vacation resorts abroad. Spain and France are still amongst the top places to go outside Britain, however “interest has shifted as British consumers want to travel beyond the traditional European borders,” reported Alex Wright, the HIFX director, referring to Australia. Apparently, Eastern Europe has become a favorite “escapist” solution as well, Western Europeans seeming to be more and more interested in investment in the property market of Eastern countries, the Bulgarian newspaper Sofia Echo suggests. Bulgaria property for sale

Air carriers confirm flights to Bulgaria
Air carriers adding flights to certain Bulgarian destinations have confirmed in the past week the rising interest towards Bulgaria as a European tourist haven. In response to Bulgaria’s rising popularity among UK tourists, British Airways said on February 6 it would start flying from London’s Gatwick airport to Varna, on the Black Sea, twice a week from March 29. Return fares will start from 200 euro, excluding airport charges. Two more weekly flights will be added from June 6. Earlier, Wizz Air, the first low-cost airline to enter the Bulgarian market, said it would launch direct flights from the country’s capital Sofia and the Black Sea city of Bourgas to London. Wizz Air will start flying four times a week from Sofia to London Luton Airport as of May. The air carrier will also fly three times a week from Bourgas to London in the summer, from June 15 to September 18, when a large number of foreign tourists visit Bulgaria’s Black Sea resorts. Bulgaria property for sale

The momentum is building in Bulgaria
- as it continues to make improvements to basic infrastructure in preparation for EU accession. For property investment in Bulgaria to take off, it is absolutely paramount that progress is made in terms of accessibility. Currently, the potential of property investment throughout Bulgaria is quite discernibly stunted by the fact that it is still much easier to fly to rival destinations including France, Spain and Cyprus. According to the Sophia Echo, however, this is beginning to change, with a Norwegian low-cost air carrier beginning flights from Oslo to the Bulgarian Black Sea cities of Varna and Bourgas from May this year. Air Shuttle AS will become one of only a handful of companies to offer such a service, but it is likely to pave the way for many more. As his been observed on numerous occasions in recent months, tourism is central to the property market in Bulgaria in terms of the growth of the economy and the influx of foreign investors drawn back to the country following holidays. Before Norway, the only countries offering low-cost flights to Bulgaria were Hungary and Slovakia, which perhaps gives an indication of the amount of work that has to be done before Bulgaria can fully compete with other markets across Europe. Bulgaria property for sale

Property prices are booming in the new Europe and for investors there are more gains to come.
The new members of the European Union (EU) have never had it so good. Property prices have more than doubled in the past two years, with more gains predicted. Economic growth has benefited houseowners in Hungary, Poland, the Czech Republic, Slovenia, Estonia, Latvia, Lithuania, Slovakia, as well as Malta and Cyprus. Investors are rushing to buy property in cities such as Budapest, Prague, Bratislava and Warsaw, attracted by good rental yields and capital growth. Bulgaria property for sale

Irish Couple Scoops Apartment in Bulgaria' s Bansko in Top Show
Irish Couple Scoops Apartment in Bulgaria' s Bansko in Top Show A 105,000 Euro penthouse apartment in Bulgaria's winter resort of Bansko turned out to be the most fabulous giveaway in a popular Irish television show. Olivia Joyce and David Timlin were all smiles as they walked away with the big prize on RTE's flagship television programme, The Late Late Show, The Mayo News commented. Bulgaria property for sale

Bulgarian property - Bansko or the beach for Investment property?
As authorities in Bulgaria prepare to debate legislation on the Black Sea building regulations. Bansko gains momentum. Bulgarian property is still gaining momentum. The number of Britons buying Bulgarian property in 2005 rose by 77 per cent on the previous year. With the promise of E.U. entry in 2007 or 2008 and flight increases to regional airports, and analysts' expecting a 15-20 per cent rise over the next year, demand is set to soar even more. However according to some property abroad experts, the outlook for investment property in some of Bulgaria's Black Sea Coastal resorts, may not be as viable as some investors had hoped. Bulgaria property for sale

Strong Property Market Freezes Interest Rates
Strong Property Market Freezes Interest Rates As has been widely anticipated in the last few days, the Bank of England has decided to keep interest rates at 4.5 per cent, with the strength of the property market a key reason behind the decision. After the interest rate cut in August 2005, the property market almost immediately showed signs of recovery and confidence has been steadily rising ever since. While first time buyers had previously been reluctant to commit to any property purchases, Yorkshire Bank found this week that they are now willing to overpay to ensure they secure a place on the property ladder. It seems that while those in the property investment business will be generally satisfied with the decision to freeze rates, manufacturers will be less pleased. Recent figures from the British Retail Consortium (BRC) indicated that like for like sales on the High Street had climbed only 0.2 per cent in January, which represents the slowest star