Latest Property and Economy news from Bulgaria. News for Visitors and Investors

05.02.2008 Bulgarian REITS diversify portfolios with residential projects

Stroitelstvo Gradut Weekly reports that REITS are increasingly interested in the residential real estates market after the significant increase of prices in the segment registered last year.
The funds, which invest mainly in holiday and commercial plan, are starting to diversify their portfolios with residential projects. Many of the investment confide that appeared on the market at the end of 2007 or at the beginning of 2008, are targeting the residential segment.
The preferred location for residential real estates is Sofia, which is so far the largest market in terms of volumes.
The Financial Supervision Commission has licensed four properties investment trusts in January alone. The names of new developers include Sofia Buildings, City Properties, Roi Property Fund and Bulgaria Reserve Properties.

04.02.2008 What will happen with the properties prices in our country this year

Experts from the sector and players in an inquiry bode reasonably rise of the properties in our country in 2008.
Nearly the half (46 %) of the answers what will happen with the rates in the present year are that the prices will increase with 5 - 30 percent.
According the players the rate of the prices will be lower, until 5%. This answer is given from 15%.
Another 5 % expect a substantial stature from over 30 % of this year.
The general share of the players that bode rise of the properties is 66 % (to one or another degree).

02.02.2008 British property consultant names Bulgaria world's strongest real estate market

Bulgaria was the world's strongest real estate market in 2007 with an estimated turnover of 11.36 billion euro, a growth of 2.36 billion euro over the previous year, British real estate investment company Obelisk told on February 1.
The previous lack of modern apartments, retail, and administrative constructions, as well as incresing investment in tourism, production, and the need for modern infrastructure caused the construction boom.
Construction sector increase is expected to be between 12% and 16% year on year until 2010, Obelisk toldin a statement.
The huge property price grow has been largely attributed to a good mortgage market, high annual revenue of real estates and the weak impact of the global credit crunch on Bulgaria, since there is virtually no cross-border banking in the country.
Britons accounted for 40% of all Bulgaria real estate investment in 2007, followed near Russians with 38%, and "played a primary role in maintaining excellent market conditions (...) and adding to the robust appeal for Bulgaria property investment," Obelisk told.

30.01.2008 A vacation complex on Dunes of the camping Oasis under construction

A vacation complex on Dunes of the camping "Oasis" under construction

A new vacation complex with 150 apartments aimed to frame"Aspi Group" on the dunes of"Oasis" campsite, announced the citizens of the Black Sea village Lozentez.
They have been being alarmed from little advertisement, printed in national daily for “investing purpose of change to the small river Poturnashka that breaks the dunes and laps Black sea.

29.01.2008 250 million euro to be invested in improving Bulgaria's tourism sector in the next five years

Tourist receipts in Bulgaria are expected to total 6 billion leva by 2013, the State Agency for Tourism revealed at a presentment of the new National Strategy for Development in Tourism.
The purpose is to increase revenue by continuing to attract foreign visitors and promoting a wider range of services, in accordance with national television.
In order to maintain its appeal to foreign tourists, Bulgaria will invest 250 million euro in the tourist sector within the next five years. The resources will come from EU structural funds. Ms Anelia Krushkova, the chairperson of the State Agency for Tourism, said that the strategy is needed in order to accrue future resources.

28.01.2008 State-owned Railway Infrastructure company will invest 88 million leva in construction and repair works

The National Railway Infrastructure Company (NRIC) will receive 88 million leva for capital expenses in 2008.
Sofia Airport will get 7 million leva, the state-owned company Port Infrastructure - 7,3 million leva, the Bulgarian News Agency – 400 000 leva, the Bulgarian Red Cross – 730 000 leva and the Students Canteens and Dormitories – 730 000 leva.
The Ministry of State Policy for Disasters and Accidents and the Ministry of Finance in coordination with the National Municipalities Union will have to sanction the criteria for distributing the 10 million leva laid out in the state budget for initial measures in times of disasters and accidents.

26.01.2008 Another resort complex near Razlog

The name of the new holiday complex near Razlog is Ralinets. The complex comprising apartments, spa and ski facilities are to be developed in the Predela area. Razlog is located southwestern Bulgaria.
The apartments will benefit of spectacular panoramic view of the northern slopes of the Pirin Mountain and the Rila peaks. The six-floor residential building will be house about 250 apartments and studios.
The complex will have a built-up area of 19 000 sq m.

25.01.2008 White Fir Resort apartment lodge opens in Razlog area

Today, January 25, Colliers International Bulgaria opens White Fir Resort ski and spa apartment lodge. It’s the first suchlike apartment lodge in Europe to be managed by Colliers. This is only development of this kind in Bulgaria to be run by an international property consultancy.
White Fir Resort was developed by London-based MSI Developments. Colliers International Bulgaria is providing real estate management services, including the leasing of 135 one, two and three bedroom apartments.
White Fir Resort is situated in Razlog in the foothills of the Pirin Mountains, overlooking the Ian Woosnam golf course. Razlog is less than 10 minutes from the renowned ski resort of Bansko, 160 km from Sofia International Airport.

24.01.2008 Bulgaria properties prices increased an average 28.9% in 2007 according Bulgaria's National Statistics Institute

Bulgaria's National Statistics Institute told that properties prices in Bulgaria had, on average, growth by 28.9 per cent in 2007, compared to the year before.
Price rises in 2007 ranged between 44.3 per cent in Turgovishte to 15.6 per cent in Yambol, the NSI announced.
Ranked by price grow, Sofia was fifth with 35.1 per cent, with Vidin (36.5 per cent), Silistra (38.7 per cent), Pernik (40 per cent), Rousse (140.9 per cent) and Turgovishte ranking forward of the capital city - Sofia.
Sofia was still the most expensive place to purchase property, with an average price of 1813.17 leva a sq m, according to the Bulgaria's National Statistics Institute data.
The sea town of Bourgas was a close second with 1762.63 leva a sq m.
Other Bulgarian cities where properties’ prices were in the above-1000-leva range included Varna, Bourgas, Rousse, Stara Zagora, Plovdiv, Blagoevgrad and Pleven.
The cheapest properties were available in the Sofia region outside the capital - Sofia, where the average price was only 488.14 leva a sq m.

23.01.2008 Seven golf courses under construction in Razlog area

The Razlog mayor, Lyuben Tatarski announced that seven golf courses will be constructed on the territory of Razlog Municipality.
The first golf project in Betlovoto covers a 90 hectare-plot and is scheduled to open this spring. The project's investor is Balkanstroy.
The Kulinoto village will feature another golf course with a total area of 60 hectares.
A large golf complex, embracing more than 180 ha, will spring up in the region of Dolno and Gorno Draglishte, Dobarsko and Godlevo villages, comprising low buildings with construction density below 30 per cent. About 390 ha of agricultural land will be rezoned into plots for 18-hole golf courses. The mayor said that municipality, however, faces serious problems with agricultural land rehabilitation.

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