News

Property prices were registering the highest increase in East European countries, data of the British property company Knight Frank, presented in Financial Times shows.
Japan continues struggling with price decrease, the report said. Property in Hong Kong was also losing value after a previous boom

Nearly 82 per cent of the measures listed in the action plan for Bulgaria’s on-time EU accession were already applied, European Integration Minister Meglena Kouneva said.
Bulgaria needed to prove it was moving towards stability and pursuing its goals, Kouneva said. Officials were working in co-operation with the European Commission and were ready to react fast in case new signals were received, Kouneva said.

A settler from Scotland, who for several years now lives in Veliko Turnovo, decided to open a flamenco school. Brigit Prince, a namesake of the famous pop idol, decided to leave Scotland and settled in Bulgaria where she intends to teach her new fellow countrymen to the fiery Spanish dance. Together with her husband, who is an artist, and another friendly family she hired a community center in Bulgaria's ancient capital. Apart from flamenco course, they are planning unconventional theater performances, drama classes, shows of forgotten Bulgarian movies, etc.

From 2007 another sixteen municipalities in Bulgaria will become very attractive investment-wise, thanks to a 100% profit tax relief. The Finance Ministry has proposed this step through the new Corporate Tax Bill. It has been approved by the Budgetary Committee and will soon be discussed in the plenary hall. So far 112 Bulgarian municipalities with high unemployment have enjoyed this significant preference. The new 16 tax paradise municipalities will include the towns of Vidin, Kozloduy and Kula, Northwestern Bulgaria.

If Bulgaria were a dangerous place, would so many British citizens invest in real estates and settle in Bulgaria, Prime Minister Sergey Stanishev asked in Brussels

The majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland, according to an international real estate company.A market overview by the company found that the interest in Bulgarian property from these investors has supported significant developments in recent years, both in mountain and coastal resort areas.

Cities, particularly those in soon-to-be EU member states, are rapidly emerging as the safest bets. As multinational companies look for cost-effective locations for headquarters or major distribution outlets, central and eastern European cities often bag the business and are inundated with workers after temporary or semi-permanent accommodation. So much so that often demand outstrips supply.

A square meter of farmland near Albena seaside resort has reached a record price of 100 euro/sqm, especially in the vicinity of Rogachevo, a village just 3 km away from the posh resort, realtors say. The bids are getting higher because affluent Russians, Britons, Romanians and Dutch show interest in buying land plots for villas. Some are planning to build holiday villages for the rich in the region. Only a few years ago land near the village sold at a ridiculously low price, some 7 USD/sqm. A large-scale project for a new resort complex called "Paradise" has also sent the prices up. The VIP complex will be built over 9,2 ha to the southeast of Rogachevo.

Just over 3 years ago, Bansko, Bulgaria was a relatively unknown provincial Bulgarian town of some historical significance, enjoying relative anonymity from the Euro tourists. Popular with Bulgarians and their close neighbours, the Greeks, as a peaceful holiday destination with a long ski season nestled in the UNESCO protected Pirin National Park. The perfect secret Eastern European getaway. Unfortunately, nothing of value remains hidden forever and once word got out of the huge investment and holiday potential, Bansko’s fate was sealed
 

Bulgaria and Romania are set to get the go-ahead to join the European Union on January 1 under the strictest conditions ever applied to new members of the club. Bulgaria will come under the toughest EU scrutiny and faces possible legal and financial sanctions unless it proves it is serious in tackling organized crime and high-level corruption.