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News 06 June 2006
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.
A suitable parallel can be drawn with Spain and it is a comparison that
is particularly apt because of Bulgaria's blossoming reputation as a tourist
haven.
The US Department of State recalls that Spain's accession to the European
Community in January 1986 required it to open up its economy. It also had
to modernise its industrial base and improve its general infrastructure.
Another key issue was that it had to revise economic legislation to conform
to EU guidelines.
As a result of all of these amendments Spain was able to increase gross
domestic product (GDP) growth, reduce public debt to GDP ratio, significantly
reduce unemployment from 23 per cent to 15 per cent and reduce inflation
to less than three per cent.
The vast majority of these factors are also applicable to Bulgaria 20 years
later and so it is no surprise that experts have been drawing comparisons
between the two countries. Property
in Spain soared after it joined the EU and it is a fortune that many
foresee for Bulgaria too.
Questions certainly remain regarding improvements to infrastructure but
there is no doubt that the authorities are answering them in the right way.
The Associated Press reports that the government has now invited five bidders
to place binding offers for the construction of a €160 million bridge
across the Danube River, which will link the Bulgarian port of Vidin to
the Romanian city of Calafat by both road and rail.
Another example of the progress that is being made, this provides reassurance
to investors that the commitment to modernisation and expansion is strong.
Bulgaria already has a thriving ski industry thanks to Bansko
while the Black Sea resorts mean it is particularly popular in the summer.
Read more here: Bulgaria
Property News >>
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."
The news agency reports that one of the chief roles of the Bulgarian Business
Leader Forum is to encourage transparency and promote good ethics in the
Bulgarian business sphere. These issues are all central to Bulgaria's accession
to the EU and there appears to be a great deal of confidence that things
are moving in the right direction.
As EU accession draws closer, the Bulgarian property market is also beginning
to benefit from increased access. More and more airlines are now taking
advantage of high demand from investors, with particular interest being
shown in the Black Sea resorts and around the ski slopes in Bansko,
Borovets, Pamporovo.
The Bulgaria News Network reports that Bulgaria Air has now launched summertime
flights from the Black Sea town of Bourgas
to London and it is a move that makes it even easier for investors to investigate
their chosen areas.
Zlatin Sarastov, CEO of Bulgaria Air, mentioned that British nationals are
now choosing Bulgaria as a destination for their main summer vacation, while
others are looking to buy coastal properties.
It is thought that national carriers will soon run flights between Bourgas
and Madrid as well as Bourgas and Dublin, while Bulgaria Air already has
a couple of routes between European capital cities and Varna.
Bulgarian officials are continuing to work on the country's weaker areas
and it is looking increasingly like things will be in place for accession
to the EU early next year. Read more here: Bulgaria
Property News >>
News 01 June 2006
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.”
Niemeijer came to live in Lovech on a permanent basis a year ago. Before
that, during the six-month construction period at the factory, he had been
commuting between Bulgaria and Holland, spending 10 days in Lovech and four
in Holland. This was heavy going – the travelling, the fact that he
wanted to spend time with his three children – so they decided to
move to Bulgaria permanently. Read more here: Bulgaria
Property News >>
The Rise And Rise Of Bulgarian Property
Anyone who has bought property
in Bulgaria will tell you that the prices are so low, it is impossible
to lose. Prices will continue to rise. The only uncertainty is by how much.
And how long.
The Balkan country already has had 12 years of increases. And the National
Statistical Institute reported in January that the average sales price per
square meter for residential properties in Bulgarian cities had gone up
36.6 percent in the previous year.
But residential prices in Sofia still average only EUR 600, or USD717, per
square meter, or USD66 per square foot. That is much less than the EUR 750
average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and
EUR 1,500 in Prague, according to the National Real Property Association
of Bulgaria.
Those numbers have pushed Bulgaria squarely into the real estate spotlight,
attracting West Europeans lured by the current hot place for vacation homes
and, to a lesser extent, for investment. And real estate agencies from small
European countries like Ireland and Malta have opened offices in Bulgaria
in an effort to expand their businesses.
Foreigners were involved in 23 percent of the 220,000 property deals registered
in Bulgaria in 2005, transactions that totaled more than EUR 4 billion,
according to the property association. The year before they generated 18
percent of all sales, or EUR 3.36 billion.
Overall, real estate is one of the fastest growing sectors in the national
economy, which grew by 5.2 percent in 2005. Observers say that while the
foreign interest certainly has not hurt, the country itself is producing
much of the change.
"I don't think this kind of growth can be supported by international
investors," said Milan Khatri, chief economist at the Royal Institution
of Chartered Surveyors in London. "It must be driven by organic, domestic
growth."
Much of the interest is linked to the country's expected entry into the
European Union. Bulgaria and its northern neighbor, Romania - the two poorest
of the former Soviet bloc countries in Europe - are on track to join the
European Union on Jan. 1, 2007.
Construction costs, sales prices and incomes are all expected to jump after
membership, fueling a "now or never" air of urgency among citizens
and foreigners alike.
"If the prices are so low, people assume the prices must go up a lot,
which means that the GDP and incomes will catch up with the EU average,"
Khatri said. However, he cautioned, "they may never take off."
At the end of World War II, 85 percent of Bulgaria's population lived in
villages. Communism brought industrialization and blocks of Soviet-style
housing, most of it concrete and all of it drab.
In the years after the collapse of communism, Bulgaria adopted a post-Communist
style common to much of Eastern Europe: garish construction done quickly
and cheaply, unmistakably meant to impress. But things are changing.
Deyan Kavrakov, a partner with Equest Investments Bulgaria and a specialist
in luxury properties, says about two-thirds of the better properties being
sold now are new construction, partly because renovations can easily be
one and a half times as expensive as new builds.
Isolde Pringiers, an interior designer from Belgium who moved to Sofia with
her husband and two children in 1998, said, "Some of the best work
is now being done by interior decorators who are going into building."
"They are traveling, they subscribe to the international magazines,
they are very well informed," Pringiers said. "They go to the
Milan Fair to see what's going on. They have much more of a sense of space
and how you live."
When she bought her house in 1999, there was far less to choose from than
there is now. She searched for months before finding what she described
as a house "with a spirit." It was built in 1939 by a German architect,
and she fell in love with it and renovated it.
Kavrakov said he finds affluent professional Bulgarians in their 30s - the
first generation to reach adulthood after communism - are developing a taste
for modern minimalist interiors with integrated high-tech systems: blinds,
air- conditioning, audio systems, security and lighting. "There are
excellent examples in the area of contemporary modern style with more space,"
he said. Read more here: Bulgaria
Property News >>
News 22 May 2006:
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. Read more here: Bulgaria
Property News >>
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. Read more here: Bulgaria
Property News >>
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. Read more here: Bulgaria
Property News >>
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.
Read more here: Bulgaria
Property News >>
News 07 May 2006:
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. Read more here: Bulgaria
Property News >>
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
Read more here: Bulgaria
Property News >>
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. Read more here: Bulgaria
Property News >>
News 25 April 2006:
Property investors driving Bulgaria's economy.
Investment in Bulgaria property
is becoming an increasingly attractive prospect for property enthusiasts
from the UK - and EU accession in the next couple of years is likely to
boost this still further.
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. Read
more here: Bulgaria Property
News >>
600,000 Brits own second home.
Ownership of second homes has soared to record levels, it was revealed yesterday.
There are as many as 350,000 in England, according to a survey. And there
are another 260,000 second homes abroad owned by Britons.
The total of around 600,000 is the equivalent of more than the population
of Sheffield owning a home in the South Yorkshire city and another elsewhere.
There are now some local authorities in England where one in three homes
are second homes, used only at weekends and holidays.
In North Norfolk, towns such as Burnham Overy and Brancaster have proved
to be a magnet for those looking for the perfect rural retreat by the coast.
Research by the upmarket estate agency Savills estimates that there are
up to 350,000 second homes in England.
This is more than 100,000 higher than government figures but Savills is
sceptical of the fact that many local authorities say they do not have a
single second home- owner inside their boundaries.
Official figures also show that a further 260,000 have a second home overseas,
with Spain and France among the most popular locations.
Even allowing for the small number of owners who have extra property both
here and abroad, there are least 600,000 households who can call two places
their home. Yolande Barnes, director of research at Savills, said: 'Second
homes fall neatly into three main categories - the weekend retreat, the
holiday home and the city pad.' Read more here: Bulgaria
Property News >>
Mortgage lending soars in March.
The UK property market appears to be in buoyant form with news that underlying
mortgage lending increased by its biggest amount in almost two years during
March.
The British Bankers' Association (BBA) has found that underlying mortgage
lending rose by £5.4 billion in the month, which is the largest increase
since June 2004 at the peak of that particular boom.
In February, the rise was only £4.7 billion and the average during
the preceding six months was £4.9 billion, leading analysts to suggest
that the market is set for a sustained period of growth.
Good news for property investment in the UK, the announcement also banishes
doubts that the market is slowing, with homebuyers now more confident than
ever about making a purchase.
At the same time, the BBA indicated that unsecured personal lending fell
by £0.4 billion, against an average rise of £0.5 billion during
the previous six months. Loans and overdrafts fell by just over £0.1
billion, while credit card borrowing fell by £0.2 billion compared
to an average increase of £0.2 billion in the preceding six months.
David Dooks, director of statistics for the BBA, remarked: "The contrast
between stronger mortgage lending and net repayments of unsecured borrowing
suggests that individuals are optimistic about the housing market, though
careful about card borrowing, overdrafts or taking on personal loans."
Meanwhile, the Council of Mortgage Lenders last week pointed out that gross
mortgage lending reached £28.3 billion in March, which is the highest
figure for the month since records began in the mid 1970s.
It is clear that confidence has firmly returned to the UK property market
and most experts now predict that prices will rise steadily throughout the
year.
Already it has been reported that £1 million houses are on the rise,
with a decade of house price growth pushing thousands of properties above
the previously unthinkable threshold. Read more here: Bulgaria
Property News >>
News 21 April 2006:
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. Read more
here: Bulgaria Property
News >>
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.
Read more here: Bulgaria
Property News >>
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. Read more here:
Bulgaria Property
News >>
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.
"Every skier who comes here is impressed with the facilities,"
says Gary Brierley of Bulgarian Developments. "It is certainly not
the poor cousin of the Alps any more. But the countryside is great in the
summer, too. People come here to buy an apartment as an investment, fall
in love with the area and decide to spend time here themselves and use it
as a holiday home." Read more here: Bulgaria
Property News >>
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15599
Price: £34,483 - €50,000
Details: Beds: 0 | Baths: 0 | Built M2 500 | Plot: M2 600 | Pool: No | Garage: Yes
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15597
Price: £30,966 - €44,900
Details: Beds: 3 | Baths: 2 | Built M2 180 | Plot: M2 1000 | Pool: No | Garage: Yes
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15603
Price: £26,897 - €39,000
Details: Beds: 6 | Baths: 2 | Built M2 240 | Plot: M2 560 | Pool: No | Garage: Yes
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15602
Price: £25,862 - €37,500
Details: Beds:6 | Baths: 3 | Built M2 200 | Plot: M2 - | Pool: No | Garage: Yes
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15601
Price: £21,379 - €31,000
Details: Beds:2 | Baths: 1 | Built M2 100 | Plot: M2 - | Pool: No | Garage: No
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15595
Price: £17,931 - €26,000
Details: Beds:3 | Baths: 1 | Built M2 200 | Plot: M2 4000 | Pool: No | Garage: Yes
Property for sale in Pamporovo Bulgaria
Property for sale in Bulgaria - House
Location: Pamporovo
Ref: 15595
Price: £17,931 - €26,000
Details: Beds:3 | Baths: 1 | Built M2 200 | Plot: M2 4000 | Pool: No | Garage: Yes
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - Ski resort apartment
Location: Borovets
Ref: 16896
Prices from: £48,490 - €71,280
Details: Beds: 1 | Baths: 1 | Built M2 72 | Plot: M2 - | Pool: No | Garage: No
Property for sale in Borovets bulgaria
Property for sale in Bulgaria - Ski resort apartment
Location: Borovets
Ref: 16897
Prices from: £48,490 - €71,280
Details: Beds: 1 | Baths: 1 | Built M2 72 | Plot: M2 - | Pool: No | Garage: No
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort apartment
Location: Bansko
Ref: 16542
Prices from: £58,231 - €85,599
Details: Beds: 1 | Baths: 1 | Built M2 80.94 | Plot: M2 - | Pool: No | Garage: Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort apartment
Location: Bansko
Ref: 16895
Prices from: £56,667 - €83,300
Details: Beds: 1 | Baths: 1 | Built M2 70 | Plot: M2 - | Pool: No | Garage: No
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - House
Location: Bansko
Ref: 15445
Price: £19,728 - €29,000
Details: Beds:4 | Baths: 1 | Built M2 150 | Plot: M2 500 | Pool: No | Garage: No
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 14275
Price: £88,435 - €130,000
Details: Beds:4 | Baths: 2 | Built M2 150 | Plot: M2 1200 | Pool: No | Garage: Parking
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 16613
Price: £64,626 - €95,000
Details: Beds:3 | Baths: 2 | Built M2 300 | Plot: M2 1000 | Pool: No | Garage: Yes
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 14283
Price: £47,619 - €70,000
Details: Beds:2 | Baths: 1 | Built M2 120 | Plot: M2 1200 | Pool: No | Garage: Yes
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 15036
Price: £37,415 - €55,000
Details: Beds:2 | Baths: 1 | Built M2 150 | Plot: M2 2000 | Pool: No | Garage: No
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 15364
Price: £19,048 - €28,000
Details: Beds:3 | Baths: 2 | Built M2 100 | Plot: M2 1500 | Pool: No | Garage: Yes
Property for sale in Varna Bulgaria
Property for sale in Bulgaria - House
Location: Varna
Ref: 15037
Price: £17,687 - €26,000
Details: Beds:3 | Baths: 1 | Built M2 120 | Plot: M2 700 | Pool: No | Garage: Yes
property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15590
Price: £56,463 - €83,000
Details: Beds:2 | Baths: 1 | Built: M2 90 | Plot: M2 800 | Pool: No | Garage: Yes
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15591
Price: £55,034 - €80,900
Details: Beds:5 | Baths: 3 | Built: M2 1000 | Plot: M2 4000 | Pool: Yes | Garage: No
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15585
Price: £44,218 - €65,000
Details: Beds:4 | Baths: 2 | Built: M2 190 | Plot: M2 32 | Pool: No | Garage: Yes
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15588
Price: £44,218 - €65,000
Details: Beds:5 | Baths: 2 | Built: M2 250 | Plot: M2 800 | Pool: No | Garage: Yes
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property villa
Location: Bansko
Ref: 15444
Price: £29,932 - €44,000
Details: Beds: 1 | Baths: 1 | Built M2 150 | Plot: M2 1500 | Pool: No | Garage: No
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15584
Price: £24,490 - €36,000
Details: Beds:3 | Baths: 2 | Built: M2 180 | Plot: M2 600 | Pool: No | Garage: Yes
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15586
Price: £17,007 - €25,000
Details: Beds:1 | Baths: 1 | Built: M2 90 | Plot: M2 1000 | Pool: No | Garage: Yes
Property for sale in Borovets Bulgaria
Property for sale in Bulgaria - House
Location: Borovets
Ref: 15589
Price: £15,646 - €23,000
Details: Beds:2 | Baths: 1 | Built M2 80 | Plot: M2 - | Pool: No | Garage: Yes
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property apartment
Location: Bansko
Ref: 15630
Price: £44,322 - €65,153
Completion: November 2005
Details: Beds: 1 | Baths: 1 | Built M2 59 | Plot: M2 -- | Pool: No | Garage: Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property off plan apartment
Location: Bansko
Ref: 16546
Price: £39,185 - €57,602
Completion: August 2006
Details: Beds: 1 | Baths: 1 | Built M2 -- | Plot: M2 -- | Pool: No | Garage: --
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property apartment
Location: Bansko
Ref: 15630
Price: £44,322 - €65,153
Completion: November 2005
Details: Beds: 1 | Baths: 1 | Built M2 59 | Plot: M2 -- | Pool: No | Garage: Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property apartment
Location: Bansko
Ref: 15960
Price: £38,027 - €55,900
Details: Beds: 1 | Baths: 1 | Built M2 43 | Plot: M2 -- | Pool: No | Garage: Secure Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property Villa
Location: Bansko
Ref: 16549
Price: £29,932 - €44,000
Details: Beds: 1 | Baths: 1 | Built M2 150 | Plot: M2 1500 | Pool: No | Garage: No
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property apartment
Location: Bansko
Ref: 16766
Price: £27,211 - €40,000
Details: Beds:-- | Baths:-- | Built M2 -| Plot: M2 - | Pool: Heated | Garage: Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property villa
Location: Bansko
Ref: 16610
Price: £26,993 - €39,680
Details: Beds:1 | Baths:1 | Built M2 -| Plot: M2 - | Pool: No | Garage: Parking
Property for sale in Bansko Bulgaria
Property for sale in Bulgaria - Ski resort property villa
Location: Bansko
Ref: 15444
Price: £29,932 - €44,000
Details: Beds: 1 | Baths: 1 | Built M2 150 | Plot: M2 1500 | Pool: No | Garage: No
Bulgarian property for sale
Bulgarian property
Bulgaria property for sale
Bulgaria Property
Listed in this section are Bulgaria property ads for sale and rent. Currently we are offering more than 2000 hot offers of Bulgaria property from all main regions of our beautiful country. Bulgarian Properties have own local branches and agents in each area where we sell Bulgaria property.
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