Bulgaria: Unspoilt Villages, Cheap Property - The Times

Business: 20 May 2005, Friday.

The Bulgarian property market is among the cheapest in Europe, along with bargain places one can find in Portugal, Italy, Lithuania, Greece, The Times wrote on Friday.

It points out that last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted.

Among Bulgaria's advantages the article singles out its rich culture, stunning unspoilt villages and scenery as well as rock-bottom living costs.

"Rural houses for renovation are still widely available for less than 20,000 pounds. The cost of living is low and the climate excellent, and there is a wealth of historic towns, unspoilt villages and some beautiful beaches. Tuscany-like hilltop towns such as medieval Veliko Turnovo are to be found inland, while the ski areas in the Rhodope Mountains in the south are increasingly popular. Rental yields tend to be better for ski properties than those on the coast because of the longer ski season. You could expect about 12 per cent gross yield for a good ski apartment and about half that on the coast.

The Times notes that most Brits are buying on the Black Sea Riviera, especially at Sunny Beach, Golden Sands and Bourgas, and the resort city of Varna.

"An impressive, but affordable, development launched this year is The Garden of Eden, on a prime beachfront location. The development has a marina, five swimming pools and landscaped gardens, bars and restaurants. Properties range from studios to large duplexes. One-bedroom apartments are about 52,000 pounds, with two-beds at 63,000 pounds."

For more information on The Garden of Eden Development visit Bulgariaproperty.com

To download The Garden of Eden Information Pack click here

Super Borovets Project Gets Environmental Nod

Business: 22 April 2005, Friday.

An expert group of environmental officials has given their approval for the eco-feasibility report of the vast project Super Borovets meant to reconstruct, develop and modernize the popular Rila Mountain resort.

The environmental feasibility report, which defends the preservation of local flora and fauna, precedes the work on the construction draft and territory plans under the project.

The enormous complex planned to encompass the towns of Samokov and Beli Iskar and also the Borovets resort aims to attract investments of about BGN 300 M in the construction of hotels and various types of equipment.

Plans include the construction of a special 7,000-bedspace village, social communication center, entertainment sites, shopping centers, winter sports facilities, swim pools, tennis and golf courses.

Within the projected three zones of construction, as per height above sea level, the ski tracks and lifts will be linked into a common network.

Bulgarian, as well as Italian, Spanish, German and British companies have already shown interest to participate in the Super Borovets project.

The modernization project of Borovets seeks to improve the prospective candidature of Bulgaria for Winter Olympic Games 2014.

Novinite

Major Property Expo Promotes Office Real Estate

Business: 13 May 2005, Friday.

The office segment will be the focus at the Bulgaria's biggest real estate expo, which opens May 20 in Sofia, forum's consultant Deyan Kavrakov announced on Friday.

The international forum, which is the biggest and most successful platform in the country for presenting the latest products and services on property markets, will take place at Inter Expo Center in Sofia up to May 22.

On an area of more than 4,000 sq.m. Bulgarian and foreign companies will present over 250 products worth EUR 1 B.

The expo responds to the very intensive competition on the real estate market in Bulgaria, said Kavrakov, who is also CEO of ADIS Ltd., Bulgaria's leading full service real estate company.

There is a rapidly growing interest not only towards residential real properties, but also towards business and trade centers, Kavrakov said.

Real Estate Expo gives opportunity to the customer to compare offers by different companies gathered at one place. At the same time it provides good chances for setting business relations between the companies themselves, Kavrakov said.

The US business reacts immediately to attractive real estate markets, and the one in Bulgaria is surely such, explained Valentin Georgiev, Executive Director of AmCham Bulgaria, also a participant in the forum.

The expo will take place under the aegis of the International Real Estate Federation (FIABCI) Bulgaria.

Novinite

Location Location Location

This property may not be great to look at but it is properties like this that the budget investor looking to buy in Bulgaria should be after! Only 20 km from Varna, one of Bulgaria's largest coastal cities, this property makes a great investment opportunity. Small enough to renovate quite cheaply, it would make a great rental property for those seeking the traditional Bulgarian village experience but while also having access to the thrill of the beach holiday culture! Visit this property and more [some for an amazing €1,500] at BGProperties.co.ukand  

So where - and why - are people investing in property?

A poll of potential overseas investors has shown that almost 40 per cent of respondents would invest in emerging markets, such as Bulgaria, Slovakia, Poland and Croatia, among others.

Beach destinations (19 per cent) were the next most popular destinations for investors' cash followed by existing markets (15 per cent).

The survey reveals that people want to make the most from their money by investing in countries that provide long-term growth and high capital gains.

In fact, more than 25 per cent of the people polled in the research, commissioned by The Homebuyer Show, are buying a property overseas in the hope of making long-term capital gains.


However 21 per cent also intended to use it as a holiday home and others for short-term holiday lets (20 per cent).

The poll also revealed that more than 50 per cent of respondents believed that budget airline destinations are more appealing to property buyers and therefore have greater investment potential.

Other investment plus points revealed by the survey include: becoming a member of the EU (22.41 per cent), the building of new facilities (10.34 per cent), the staging of an international event, such as the Olympics (5.17 per cent), and even extensive media coverage (5.17 per cent).

Bulgarian Housing Market Topping Out

April 27, 2005
The price of domestic housing units has peaked and will start to taper off in 2006, the National Real Estate Association (NREA) predicted on Tuesday, April 26.

A total of 198,000 homes were transacted in 2004 totalling 3.3 bln euro in value, up 31% over 2003, shows NREA data.

The average Sofia home sells at 600 euro/sq m, on par with the Bucharest market but twice as expensive as Ankara and Istanbul, said Eli Moneva, NREA managing board member and vice president of the Central European Real Estate Associations Network.

Properties in the Doctor's Garden neighbourhood in downtown Sofia have fetched as much as 1,400 euro/sq m, a price command by an average apartment in Brussels. That is a sign that some properties have reached their top selling price, said Moneva.

NREA chairman Orlin Vladikov expects old and pre-fab homes in Sofia and Varna to lose 20% of their current value in 2005.

The combined floorage

of housing units under construction in Sofia is 500,000 sq m, said Vladikov, adding that the domestic real estate market returned between 16 and 18% in 2004.

Commercial and office premises continue to be the most profitable segment. Commercial premises sell at 400 to 3,000 euro/sq m while rant rate vary between 25 and 120 euro/sq m depending on the location.

The sharp rally that Bulgaria's real estate market staged in the past couple of years was aided by the combination of several factors: high rate of return, influx of foreign investment in real estate, easy access to home purchase loans and Bulgarians' enduring desire to own their home.

Realtors expect the price of land plots suitable for construction in Sofia, Varna, Plovdiv and Bourgas to continue to appreciate, driven by the expansion of retail chains and the proliferation of hotel and residential developments along the Black Sea coast. (Dnevnik)