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

22.09.2007 Enheartening investments in Bulgaria

he state will start enheartening new investments in the processing industry, electricity production from renewable energy sources, the IT sector and survey and development.
The Cabinet determined this on September 5, approving regulations to implement the Investment Encouragement Act (IEA). The move is linked to previous IEA amendments and appendixes, which came into effect on August 30 2007.
The act sets out areas of the economy in which investments will be enheartened. In the industrial sector, there will be encouragement of capital investments in the reprocessing industry and the production of electricity from renovationable energy sources – water, wind, geothermal energy and sun.
In the service sector, investments in high-tech endeavours in computer technology will be fostered, as well as activities connected to investigate and development, education and humanitarian health care.

21.09.2007 400 million EURO investment in mixed complex close to Bulgarian's capital

Gardens Group company ntend to invest in a large-scale plan of mixed type near Sofia's village of Lozen.
The investment would total 400 million euro, investor. bg announced. The name of the complex would be Garden City and it would include 600 000 sq m.
The complex would embrase nearly 200 apartments, 240 houses, trade centres, office buildings, a sports centre, a school and a kindergarden.
The project is anticipated to be completed by 2012.
More than 100 000 sq. m. of the area would be covered with green areas. The sales price of Garden City is awaited to reach 500 to 600 million euro.
Gardens Group started construction of its Bistritsa Gardens residential complex on September 20. The new complex at walking distance from the centre of the village of Bistritsa. It would embrace 52 one-family houses with total build-up area of 16 000 sq m.

20.09.2007 Firms from 48 countries to take part in technical fair in Bulgaria's Plovdiv

The 2007 International Technical Fair in Plovdiv to take place from September 24 to 29, and will be visited by 3659 exhibitors from 48 countries.
There would be 1340 Bulgarian participants, Dnevnik daily announced. The number of foreign participants has increased 6% compared to 2007.
The increase of the number of participants compared to 2006 is three %.
The fair would have to open halls 22 and 23 for the first time in 15 years due to the large number of participators this year.
Head of Plovdiv Fair Ivan Sokolov said that the reconstruction of the presentation areas and the fair complex cost 6 million leva.
Partner of the international fair is the region in Europe embrasing the provinces of Saarland and Rheinland-Pfalz, Lotharingia, Luxembourg and Belgian province of Wallonia. Partner country of the exhibition is Germany.
The fair would focus on the works for European fund utilisation.

19.09.2007 Bulgaria's capital offers better investment prospects than coast

Sofia could offer much more opportunities for investing in property than the cost according to an expert.
Those hoping to generate money from investing in Bulgaria should ignore the coast as it was less rofitable and focus on Bulgaria's capital, Simon Tweddle, chief analyst at Property Secrets said, as quoted by propertyshowrooms.com.
Cost resorts depended on seasonal factors including tourist visits and the weather, Tweddle said. Many coastal regions had an urplus of property currently available on the market.
''If you invest in the city you've got more than two million people who can potentially rent your property from you", Tweddle said.
Bulgaria is empting to business investors largely due to its stable political, economic and social climate. It has some of the lowest operational costs and tax rates in Europe, propertysecrets.net announcsd.
''Demand for property in the cities wa driven by three factors: the emerging middle classes who provide the demand for modern apartments, plus increasing affluence coupled with the supply of capital in the form of mortgage lending. All three trends were visible in Sofia'', the site announced.

18.09.2007 Austrian investors to built 250 mln. leva mall in Bulgaria's capital

Shopping City West Ltd, a daughter company of Austrian companies Real Finanz, Real Consult and Real Finanz East, and
Bulgarian Silvana Forest, will invest 250 mln. EURO in the building of a mall in the western part of Sofia.
The complex would be called Eurogate and would get a first class investment certificate, investor.bg announced.
The project would embrace the construction of offices and shopping areas, Invest Bulgaria Agency said.
The mall would include an area of 1.3 million sq m and be situated near the E80 highway connecting Sofia and Belgrade.
Trade and office centres would encircle the complex, the centre of which would be embraced by parks with trees,
fountains and small buildings.
The complex would have its own underpass station, investors said.
The first part of the investment, planed for 2007, totals 82 mln. leva. In the next two years the companies would invest 82 million leva per year.

17.09.2007 Bulgarian's Varna second most economically growth city

The high economic growth of Bulgarian coastal city Varna in contemporary years placed it in second position in economic development.
From 350 000 people, the city’s population increase to more than half a million in recent years, according to data of regional police department cite by Dnevnik daily.
The information is for the winter season, in the summer the population in Varna doubles.
The sea is one of the main factors that positively impact the city’s economic development.
The international airport in Varna redoubled its capacity in the past year after it opened its new terminal five. The construction of the a second ned terminal is anticipate to be completed within two years.
According to data from the Varna municipality, the city had drawed more than $1.046 billion for the past six years.
Five of the bigest Bulgarian resorts are located near Varna; Zlatni Pyasatsi (Golden Sands), St. Konstantin and Elena, Riviera, Slunchev Den (Sunny Day) and Kamchya.
In oppose to the resorts at the southern Black Sea coast, Zlatni Pyasatsi and St. Konstantin and Elena managed to avoid over development. The resorts kept their possibility to develop tourism products in higher price segments.

15.09.2007 World-famous architect to be hired for the design of a holiday complex in Bulgaria's Pomorie

Millenium tower in Tokyo, Japan, designed by Foster+Partners.Local investors Maks Select project to develope a luxurious complex to replace a train station in the coastal city of Pomorie. The company's owner - Ivan Vasilev, bought a 30 000 sq m land from Bulgarian Railway Company (BDZ) for the amount of 23 million BGN. In a partnership with the owners of neighbouring lands Maks select will develop a 100 000 sq m holiday complex. The event will be `a bridge` between Pomorie's Old town and the town's new urban areas.
`The complex will be something completely differing from everything Bulgaria has seen so far. My purposes are to arrange the world-famous architect Norman Foster to do the project's design.` Ivan Vasilev told 24 Chassa Daily. Norman Foster's architectural studio is accountable for the breathtaking Chep Lap Kok Airport, the Hong Kong and Shanghai Bank and many other. His studio has been choosen to take part in the project for the area of the New York's Twin Towers.

14.09.2007 Replica of Tracian village to be constructed near Bulgaria's Tsarevo

An old Thracian village will be constructed near Bulgaria's coastal town of Tsarevo under the PHARE programme as part of Bulgarian-Turkish cross-border collaboration.
The village would be 17 000 sq m big and would be located in the Dulboki Dol region above a rocky sea coast, Dnevnik daily announced.
The plan would be realised with the collaboration of Turkish Pinarhisar municipality. The first part of the project would contain information about the culture of Thracian people that lived in the region.
The Thracian village would comprise of 13 two-level buildings. In the forest a temple would be build with a ritual alter, together with a house for the ruler and a few houses for his close associates.
Small houses with yards would be constructed near the sea coast.
The north and south border of the village are to be enclosed with a fortress wall.
The most interesting part of the plan would be that it provides a healthy and environmental-friendly life-style, which would have been common for Thracian people. Volunteers would be able to live up to five days in the village.
This kind of historical tourism is popular in many European countries, but would apear for the first time in Bulgaria.

13.09.2007 Burgas-Alexandroupoli

EU will take part in financing of pipe-line Burgas-Alexandroupoli, says a message of advice of EU.
Statement is distributed in answer of a question of Greek Euro deputy Dimitris Papadimulis in connection with the pipe-line, write in the site of Atin piper Etnos, cite of BNR.
The advice of EU, which is basic institution, has taken a decision in the framework of EU, they confirm its determination for finance the pipe-line through Turkey and Greece to Italy and West Europe. It underlines the fact that the project is in interest for Europe.
In the program of EU, pipe-line Burgas-Alexandroupoli determine itself, like first-rate trace among the nets for petrol exchange.

13.09.2007 Investments in Bulgaria

Nowadays about 40 000 Britons have properties in Bulgaria. Still the demand is great, writes the English Independent. For foreigns is very difficult to reach big gain from property purchase, in order for rent it in Britain. The interest levels in the Island are heighten 5 times in durring year - 4,5 to 5,75%, but the rents are slight grove. One of the most famous destinations recently is Bulgaria, where it is still available to buy a flat for 34 000 EURO. In spite of grove it has considerable slight with 40-50% in last three years, the middle cost has risen up with 5,4% first and second quarter of 2007. According to a publication, the low prices are still the main factor, which attracts the foreigner buyers. Independent warns Britons, when buy property, to make a viewing trip, to investigate all details connected with duty, taxes, rental incomes, etc.

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