Real Estate News

15.05.2013 Rose festival at Kazanlak- 110 year Anniversary

The rose festival will take place on June 2nd 2013 at Kazanlak
Kazanlak is a town located in the centre of the valley bearing the same name, whose eastern part is known beyond the boundaries of Bulgaria as the Valley of the Roses. It is about 250km away east of Sofia, 55km east of Karlovo, 48km south of Gabrovo, 75km west of Sliven, 35km north-west from Stara Zagora and 108km north-east from Plovdiv. Kazanluk is an important industrial, historical and cultural centre. The town is the Capital of the Roses(rose growing) in Bulgaria.
The Valley of Roses is majestic! It is the home of the exquisite and rare Bulgarian rose oil, also known as “attar of roses”, a well renowned world center for rose oil production and the source of many of the world’s finest perfumes. May and June are the most majestic months in the Rose valley, as thye rose fields are blossoming and the entire valley is enveloped with their fragrance. It is unique and rare experience to spend a night or two at Kazanlak in May or June- to breath, to immerse in the rose fragrance.
Feel the roses as e resource for healing, creativity, balance peace and beauty.
Visit Kazanlak during 24.05-24.06.2013 and be with us for the Rose festival. There will be many entertainments during the period. The main celebrating is between31th of May -2nd of June 2013.
There will be held many folklore concerts, rose-picking spectacl, a carnival parade, queen’s chronicles and many others.

14.05.2013 Property sales in Bulgaria on the rise

Over the first three months, properties in Bulgaria have had a strong start to the year with sales increasing. Data from the Bulgarian national Statistic Agency showed that the sales rose with 23% in Q1, compared with the same period in 2012. Total units sold properties ended the quarter at 44 174. In 2012 they was 35 821.
About 13% of all sales are with mortgage loans. This equates to 5 811 units. According to a bank in Bulgaria there is an increase in the number of people asking for loans of 25%, activity in the sector is certainly improving. About 74.5% of these were in BGN rate, compared to the year previous when just half were. The banks are expecting this to continue and reach a market share of 80%.
It is visible that the Bulgarian property market is getting out from the stagnation. Real estate in Bulgaria now has a value of 38% lower that its Q3 2008 peak, when values stood at BGN 1 481( which is approx. GBP645.43) per sq.m. While it is now cheaper to invest in Bulgarian property, return on investment is very good and holiday lets are sure to be one of the best way to generate an income. Popular tourist spots like Burgas, Varna, Sunny beach, Golden sands, Bansko, Veliko Tarnovo are still attractive markets for buyers in Bulgaria.

30.04.2013 Bulgarian Real Estate sales are up in the first quarter of 2013

The Bulgarian Registry Agency announced that property sales in Bulgaria are up in the first quarter of 2013. It states also that a total of 44 174sales were conclude in this year’s first quarter. More than 24 000 of these deals were in Bulgarian’s regional cities- Varna, Sofia, Burgas, Stara Zagora, Veliko Tarnovo. This is about 55% .

The number of deals concluded in the capital city-Sofia clocked in at 3 600 rather than 3 324 were recorded this time last year. This demonstrates an 8,3% growth followed by Varna-1% and Bourgas -17,5%

This is increase in the real estate market which shows that the city markets are awakening following in the footsteps of the summer resorts markets. This overall increase confirm that interest from both local and foreign buyers is on the up

14.03.2013 Bulgaria- first in the ranking for top ten preferable destination for Russians

For three years, Bulgaria has always been first in the rating of preferable destination for buying Bulgarian properties.

This year 2013, Bulgaria is again the most popular country among the citizens from Russia which intend to invest in Bulgarian properties. This data is taken from the list of top ten destinations for Russian, published on the website of the weekly “Ogonyok”.
About 110 000 Russian citizens have invested in property in Bulgaria located on the Bulgarian Black Sea coast and in holiday apartments in ski resorts- Bansko, Pamporovo, Borovets.

Except Russian citizens according to “BULGARIAN HOUSE” LTD ‘s data increasingly Canadian and American citizens are interested in buying properties in Bulgaria.
The main investors are still British and Russian clients.
Second in the ranking is the Indian state Goa. Third country Spain have attracted 3500 russian families as owners of apartments and villas in the resorts. Fourth in the ranking is Czech republic where the Russians are the third national minority. About 30 000 Russians bought property there, mainly in Karlovy Vary.

05.03.2013 The largest shopping center in Bulgaria will open doors in Sofia

Twenty –three days and the largest shopping center in Bulgaria will open doors. The name of the new shopping center is “Paradise Center”. The mall will open doors officially in March 28.
The shopping mall will be from the group of “Lifestyle malls” which are most often located near rich residential neighbourhoods of the cities. Except commercial areas provide to the visitors many entertainments like – traditional restaurants, cafés, cinemas , bowling, etc.
“Paradise Center” spreads over 80 000sq.m land which is about 20 % more than the biggest mall at the moment “ The mall”. This shop will be the largest in the Balkans.

25.02.2013 Permanent residency for foreigners who buy property in Bulgaria for at least 307000E

Bulgarian has passed a law that will ease even further the process of granting citizenship to foreign investors in a bid to boost the country’s ailing economy.

Bulgaria will be offering citizenship to foreigners, who come from non EU states, ready to invest at least BGN 500 000 which is about 256 000EUR and create ten jobs for Bulgarians, under amendments to the investment Encouragement Act adopted conclusively on Tuesday, February 12 by parliament in response to the presidential veto at the end of last year.

Under the amendments, the candidates would have to invest in a Bulgarian company involved in a high-priority investment project in industry, infrastructure, transport or tourism. The investors will not be required to have had residence status in the country for at least one year.

Parliament backed the proposal for lowered the investment amount thresholds for foreign investors in poor regions. These will be granted permanent residency status and Bulgarian citizenship if they pour 250 000BGN, which is about 128 000EUR, and hire five Bulgarians in regions with high unemployment.

The purchase of real estate property, worth at least 600 000BGN or about 307 000UR, is another way to gain permanent residency status, according to the new law.

The draft legislation provided permanent residency status to a foreigner who has invested over 1 Million BGN in public companies or joint ventures or has deposited the money at a Bulgarian bank for a period of five years.

Bulgaria already is handing out passports to ethnic Bulgarians outside its Borders, the main beneficiaries being citizens of Macedonia, Serbia, Ukraine and Tyrkey.

Sources: Novinite.com

25.02.2013 Prices of Bulgarian properties tipped to put up in Spring

Some analysis suggested that the property market in Bulgaria could begin soon to rise. During the past few years, since 2008 the residential building’s prices in Bulgaria have fallen with 40%.

This reduce of the prices saw a large scale price drop which, in turn, encouraged many people from Bulgaria and abroad to consider properties in Bulgaria. Now, new research predicted that the real estate prices will go up again in spring time.

A report from Bulgarian National Television tipped the next few months of 2013 to see a rejuvenation, which will appeal to many investors, while it also highlighted where exactly the sales of Bulgarian properties taking place.

The most of the sales took places in the country’s capital Sofia, in the sea capital Varna, south Black Sea Coast Burgas, Veliko Tarnovo like a mountain region.

In Sofia, property buyers were increasingly looking to spend more on property, moving upwards from the 30 000EUR budget, which would typically buy a small one or two bedroom apartment.

Indeed, One of the fastest growing markets in Bulgaria currently is for three-bedroom apartments, which families in particular keen on thus sort of home.

The middle price for apartments that the property buyers are looking for is about 40 000EUR. Large three bedroom apartment can be found for the price between 60 000 and 80 000EUR.

More attractive are the renovated, resale properties which can be found at a price as much as 20 000EUR, sometimes and less. These are the properties located in a country side, villages. Cheap Renovated Bulgarian houses can be found and near the sea in Varna, Dobrich region with a price starting 2 2000 -25 000EUR.

The Globul Property Guide reported at the end of last year that the property prices in Bulgaria have fallen dramatically since 2008. This was the reason for appearing of many Bargain offers for investors.

The new research predict that the Bulgarian property prices are already rising. So now is the moment to take opportunity and buy one of these still cheap bargain properties.

06.02.2013 Easier gain of Bulgarian citizenship

The process of granting citizenship for foreign investors will be much easier when the law comes into force. Bulgaria is expected passing this law will boost the country’s ailing economy.
All foreigners, who come from non EU countries, ready to invest at least 500 000BGN, will be offering citizenship. This is under amendments to the Investment Encouragement Act proposed in response to the presidential veto at the end of last year.
The amendment was scheduled to be put on vote at the economic parliamentary committee on today 6th of February , but the meeting was failed because of unexpected situations. The meeting was postponing for the following weeks.
The candidates for Bulgarian citizenship would have to invest in a Bulgarian company involved in a high-priority investment project in infrastructure, tourism, transport or industry, according to the new amendment.
There is also a require – the investor to have had residence status in the country for at least one year.
Another proposal is lowering the investment amount threshold for foreigners to be granted Bulgarian residence and permanent residency status down to 250 000BGN, when the money are invested in regions with high unemployment.
Another way to gain permanent residency status according to the new proposals is to purchase a real estate property, worth at least 600 000BGN.
According to the current legislation, foreigners gain permanent residency if they invested over 1 Million in public companies or joint ventures or has deposited the money at a Bulgarian bank for a period of five years.

26.01.2013 Bulgaria to Issue Visas to Russian Tourists Right on the Borders

The Bulgarian government plans to start issuing visas for Russian tourists right at the Bulgarian border crossing points.
As of January 2012 Bulgaria lets in Russian holders of Schengen visas even though it is not technically part of the Schengen Area yet.
At the moment there is only one company entitled to fly to Bulgaria. This is the single Russian airline- Aeroflot-which keeps the tickets too high- about 600Eur.
“The expensive tickets also hinder Bulgarian tourists wishing to visit Russia”,Djankov is quoted as saying. According to the Financial Minister they have been negotiating with the Russian government for more than a year about how to make Russia more open to Bulgarians. He said that we would like to expand the number of entitled airlines, which will bring cheaper tickets.
About 600 000 Russians, mostly tourists, are estimated to have visited Bulgaria in 2012.

09.01.2013 Increased interest in commercial properties in Bulgaria for hospices

Increased interest from foreign and Bulgarian investors, wishing to buy commercial property and build hospices in different regions in Bulgaria during the last few months. Some of the investors are looking for land for construction of hospice centers for the elderly. Most of clients are British, German, Bulgarian and Russian investors.
Preferable destinations for construction of specialized homes are spa centers in the Smolyan region which the offer for sale of land reaching from 25 to 35 Euros per sq.m., href="http://www.bulgarianhouse.com/properties/by-region/stara-zagora-22/">Stara Zagora region where the prices are much lower and furthermore with many places with mineral water using for spa centers.
Appropriate places are Pavel Banya, Yagoda village, the villages around Kazanlak, Zlatna Livada village ( which is famous with the oldest monastery in the Balkans as well).
For example: some of investors prefer to buy commercial property like this one, located in Zlatna Livada and convert it into hospice center: http://www.bulgarianhouse.com/property/former-school-for-sale-near-stara-zagora-2774.Most of the inquiries and correspondence for purchasing properties for hospices in Bulgaria have to pusses a huge living area with big gardens. Preferable are and properties located in a mountain regions,in a calm and nice places with beautiful nature, clean and fresh air like, Veliko Tarnovo, villages in Stara Planina mountain, Tyrgovishe, Bansko, Borovets, etc.

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