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

10.01.2008 The property - owning market excited the activeness of the construction.

The property - owning market excited the activeness of the construction. With a stature from 15 percent it is like among the most developing branch in 2007. The prognosticate of the chamber the builders matter that the trade will reach 11 billion levs in the sector. The president of the entrepreneurial chamber of the construction Nikolin Gavrailov comment that in the construction boom in the ground is the lack of new residential, commercial and administrative areas.
The stature of the investings, the tourism, the industries, as well as the need of new infrastructure open a grave market. According to Gavrailov the development of the branch will continue with the present tempos and in 2010 the sector will increase by 12 - 16 percent annually.

09.01.2008 In 2008 the residential properties are expected to appreciate by 12 to 15 per cent as demand continues to outstrip supply.

This year the upswing of Bulgarian housing prices is likely to continue. But that will be slower pace, not like the last year. In 2007 growth rates exceeded 30 per cent, according to Mr. Strahil Ivanov who is the manager of Yalena property agency.
Among Krasimir Dimitrov working in Source Residential Properties, the prices will growth an 8 to 15 per cent for 2008.But some of the others company for real estate predicted and expected to appreciate by 12 to 15 per cent in 2008.
Mr.Ivanov – manager of Yelena said that the robust rise recorded in 2007 was a surprise to the experts, who had predict that the price will be higher of around 15 per cent. But these are not the ones agencies who mark price rise. Address real estate agency expect forecasts a 15 per cent too.
Some of the sources and property agency believes that the builders will turn their attentions on the centre of Sofia. This is area full of old residential buildings who need reconstruction.

08.01.2008 Bulgaria with Highest Raise in Real Estate Business

Bulgaria is included in the list of countries with biggest raise in real estate properties for 2007,according to ‘Global Property Guide' data,which is published on the BBC site.
The prices of the properties in Bulgaria increased in value with 30.6% according to the same guide's information by the end of September 2007.
Bulgaria is better even the Chinese city Shanghai in the property demand, which used to lead the ranking to the moment with increase in value of 28% for the first 10 month of the last year.
Singapore,Estonia and Lithuania are from among countries with significant raise of real estate prices.
In the ranking , the almost 10% increase of UK provides for it 14th position.
The research is worked out over data for 42 countries among Europe, Asia and America.

07.01.2008 Bulgaria To Start Building Belene Nuke in 2009 - Official

The head of the country’s regulator said on Monday that Bulgaria will start construction works on the planned Belene nuclear power and it will be start no sooner than 2009.The leader of Bulgaria’s Nuclear Regulation Agency, Sergey Tsochev announced that the regulator is to rule on the technical details of the project and the proposed measure yet.
On Friday, the European Commission said it cleared Bulgaria's plans to build the plant at Belene on the Danube, using Russian reactors, but that is far from the final approval needed for it to go ahead, Tsochev added.

05.01.2008 Construction on Black Sea Golf & Country Club ceased

The construction of 2 000 000 sq. m. golf complex was ceased from Bourgas’ ecological inspectorate. This complex is located close to the town of Pomorie.
According to the inspectorate, several potential Natura 2000 zones could be affected in the course of construction.
A further environmental impact assessment will have to be conducted in order for construction to be allowed.
Evaluated at 194 million euro, the Black Sea Golf & Country Club is entirely financed by Thomas Gallagher, David Newman, and Nicholas Gallagher.
Pomorie Municipality joined Kabland Ltd, the joint stock venture set up to develop the project, by apportioning almost 2000 decares of land for the complex' construction in the nice area of Kableshkovo, Pomorie Municipality.

04.01.2008 Funding diverted from rural regions toward agriculture, ecology and water supply

At the behest of the European Commission has been cut funding allocated towards Bulgaria’s agricultural and forestry farmers.
The decision to reduce aid from 20 to 14 support measures arose because Sofia's administration lacks sufficient staff to process projects seeking assistance.
The Bulgarian farming ministry said that some funds will be relocated to other sectors.
The plan to construct infrastructure in villages with up to 2 000 residents will be affected of the biggest shift in funding.

03.01.2008 Ivan Goranov: Bulgaria ranks second in property investment growth

According to Ivan Goranov, the managing partner in Home for You property consultants, only Singapore bested Bulgaria for properties investment growth last year.
Bulgaria’s overall economic performance improved markedly in 2007 and a number of foreign companies entered the Bulgarian market. According to Ivan Goranov, investment in property exceeded 3.5 billion euro.
During 2007 Home for You recorded one transaction of 210 million euro. Until last year - most foreign investment stemmed from Britain and Ireland, Goranov noted. Last year, by contrast, was noted for significant interest from other nationalities: Russian, American, Spanish, Italian and Austrian.

22.12.2007 Bulgarian Properties 4 All in holiday –Christmas tale

Christmas is one of the biggest holidays in Bulgaria and all over the world.
So we, the team of Bulgarian Properties 4 All, announced to our present and future clients, that at the time 23.12.2007 – 03.12.2008 our company will have a Christmas and a New Year holiday.
The Christmas evening in Bulgaria go in following way:
Very important for Christmas atmosphere is the Christmas tree.
The Christmas diner in Bulgaria is very special. It includes twelve dishes. All of them have to be without meat.
Each of the dish presents a separate month of the year. On the table it is important to have a traditional Bulgarian Banitza, cakes, nuts, beans, Bulgarian traditional sarmi / cabbage leaf and rice /, fruits and etc.
On this lovely day and evening all family is bring together.
In the past Christmas was different. There were boys, called koledary, who were visiting the houses and singing songs for prosperity, health and fertility. The more elderly master of the house gave them money, food and etc.
Come on in Bulgaria and give pleasure to the beautiful Christmas atmosphere and cozy in our beautiful country.
Bulgarian Properties 4 All wishes to all of you Merry Christmas and Happy New Year!

20.12.2007 50 per cent growth in building permit taxes in Sofia municipality

The administration of Boyko Borisov has made a move to raise state taxes on the issue of building permits. The project will be discussed on December 20, 2007 by Sofia Municipal Council.
City Planning department and Architecture of Sofia Municipality gave a report with the financial committee of Sofia Municipality Council, offering 50% price hike.
In the spring of this year, construction permits prices increased by 20, reaching 14 leva per sq. m for the central part of Sofia. Building permit prices for the holiday suburban villages in the region of the capital reaching 5 leva per sq. m.
25 000 000 leva was added in the coffers of Sofia Municipality.
If this motion is seconded, the taxes will grow from 0.70 leva a sq. m to 21 leva a sq. m. for the most expensive places in the city.
The increase in taxes for issuing building permits violates Article 7 of the Law for Local Taxes and Fees, according some observers.

19.12.2007 The real estates in Varna are most expensive according to brokers

According to some local realtors, the sea capital city - Varna probably is the city with most expensive properties but is not the place of the highest living standards and incomes in Bulgaria.
The real estate market will very likely attempt certain price delimitation and segmentation in 2008, according to specialists. The good location of the property and high quality will increase the price while poorly built developments will see a downhill motion.
In the summer, the rates in spite of rents in Varna are lower than in the capital Sofia. In spite of the sale/rent price ratio and personal/sales yearly income proportion for property in Bulgarian market, some experts await a fall in prices.
The price of the apartments, which are located in the Mladost in Sofia, can grow because of the construction of several malls nearby.

Real Estate News