News

Pamporovo is one of Bulgaria’s most famous ski resorts along with Bansko and Borovets. It is a purpose-built modern ski resort and the pearl of the beautiful, natural and legendary Rhodope Mountains of Bulgaria. The Rhodope Mountains are covered with magnificent pine forests, green meadows and mountain peaks bathed in sun.

GENERAL
Bulgaria is a politically stable country, and the introduction of a currency board in 1997 stabilised the country's economy. However, as is the case elsewhere in Central and Eastern Europe, legislation, including that governing real estate, is volatile and subject to frequent change. A foreign investor can invest in properties in Bulgaria either directly or through a local entity. Only Bulgarian-resident individuals and entities can acquire title to land, while non-residents may acquire only buildings and limited rights (e.g., leasehold and construction rights) to land. In some limited cases, acquisition of immovable property by non-residents requires prior permission of the Ministry of Finance. Foreign investors are guaranteed full repatriation of profits resulting from an investment in Bulgaria. The transfer abroad can be made only after the bank effecting the transfer is presented a certificate proving payment of all Bulgarian taxes due.

Low property prices, beautiful countryside, historic towns and unchanged rural
traditions. The cost of living is also surprisingly low and makes Turkey look
expensive. The food is good and a meal out costs £5, a beer 50p, and an espresso
15p. And if Bulgaria joins the EU, there is the possibility that property prices
could take off, rewarding early buyers.

By Lorna Bourke

LONDON (Citywire) - Buy-to-let investors remain remarkably optimistic in the face of a marked slowdown in the property market and have been increasing the size of their portfolios, according to research carried out by the Association of Residential Letting Agents (Arla).

Almost 370 million people live in 14 real estate emerging market countries. More than 200 cities, which are inhabited by more than 100,000 people are located there. In 2004, almost 60 billion dollars were invested in real estate in those countries. However, there is still no exhibition event at which emerging markets could show their real estate capabilities. We intend to change that,´ promises Mariusz Kania, Managing Director of CEE Warsaw International Exhibition. He is talking about the Emerging Markets Property Exhibition EMPEX 2005, an event which will take place from 14 to 16 September 2005 in Warsaw Expo XXI.

The number of deals with dwellings went up by 15 percent. The demand has shot up over the recent months, real estate agents report. Buyers are opting for flats mostly in the southern sides and the central quarters of the cities. Due to the run on housing, the owners boosted the prices by some 100 to 150 euros per square metre. A flat in a newly built block of flats in downtown Sofia, as well as in Lozenets and Ivan Vazov projects sells at 900 to 1,500 euros per square metre. The prices of the dwellings in the central projects retain their highest price rates.

BULGARIA has turned into one of the most attractive destinations in Europe for companies and individuals that want to spend their money on real estate.
This is the conclusion drawn after the first day of the seventh Real Estate and Investment Forum (RINFOR), which opened in Sofia Hilton Hotel on June 1.
The regeneration of disadvantaged areas was a chance to revitalise them, bring them back on track and turn them into successful civilian and business units, participants in the first panel discussion of the forum said. The discussion, moderated by The Sofia Echo, was organised in association with the British embassy in Sofia.

The rapid pace, at which the prices of real estate in Bulgaria is going up, has been also spotted by the Wall Street Journal broadsheet newspaper, which ranked Bulgaria at the top of the world's standings against this index. There are quite substantial grounds to think that this tendency will go on over the next few years. Moreover, this tendency has a strong foundation, not influenced by the inflation rate, and namely the deliberate undervaluation of the real estates in Bulgaria, which has been accumulated for years now, and the artificial equalization of the prices, inevitable under the conditions of globalization.

This summer hundreds of thousands of British holidaymakers are moving east, shifting allegiance from the Mediterranean to the Black Sea.

Most are aiming for Bulgaria, where the number of British visitors increased by two-thirds last year. The increase of visitors to Bulgaria is causing alarm in Spain and Greece, both of which suffered a slump in UK package holidaymakers last year. The strength of the euro, and perceptions of price rises in member states, persuades bargain-hunting Britons to look further east.

Revenue from international tourism has increased by eight per cent between the beginning of the year and May, according to Ministry of Culture and Tourism data. A total of 1.29 million tourists visited the country during that period, a three per cent increase compared to last year. The largest numbers came from Greece, Macedonia, Turkey, the United Kingdom, and Germany. Most of the visits took place during winter. Statistics for May, on the other hand, will give an indication of foreign interest in Bulgarian sea resorts. Specialists noticed a sharp decline in tourist visits from Greece and Belgium. The decline varies between 10 and 15 per cent for each country. Specialists predict an annual increase between 10 and 12 per cent in foreign tourism.
This year, sea resorts are benefitting mainly from East European and EU countries' tourists. There are about 574 000 tourists from Western Europe. At the same time, 10 per cent more Bulgarians travelled abroad. The three most popular destinations were Turkey, Greece, and Serbia and Montenegro.