News

  Sitting at the crossroads between Europe and Asia, Bulgaria is increasingly attractive for investors and tourists alike. With a population of 7.5 million, eastern Bulgaria faces the Black Sea and is bordered by Greece and Turkey to the south, Macedonia and Serbia and Montenegro to the west, and Romania to the north. Known for its exquisite ski resorts in Bansko, Borovets, and Pamporovo, Bulgaria also offers sunny beaches on the shores of the Black Sea. The climate and economic conditions of the country make Bulgaria property investment attractive to Europeans and others from around the globe.

  Because Bulgaria isn’t yet a member of the European Union - although it is determined to become a member in 2007 - it doesn’t have the steep tax structure and production costs that make second homes cost prohibitive in EU countries. In addition, the Bulgarian government recognizes that tourism is an important component of its growing economy, and so offers a variety of financial incentives in order to attract investors to property in Bulgaria.

  For the second consecutive year the biggest investment program in the region of Blagoevgrad is in Bansko. The Municipal Council approved a budget of BGN 19 million, which is the amount absorbed in the preceding year. The biggest amount of money of BGN 12.780 million is for urbanization. The main part of the money to the amount of BGN 12 million will be invested into sites in Bansko. The rest of the money to the amount of BGN 780 000 are allocated among the town of Dobrinishte and the six villages, which are also a subject to investment interest – Kremen, Obidim, Osenovo, Gostun, Filipovo and Mesta.

  The impressive amount of BGN 4 million is for street asphalting and reconstruction. The amount of BGN 1.78 million will be paid for making new pavements of 49 streets. There is also a serious amount of money for planning, namely a total amount of BGN 1.612 million. A General Structure Plan of the territory of Bansko is to be worked out to the amount of BGN 120 000, of a work project for a Waste Water Treatment Plant amounting to BGN 400 000, projects for a scenic highway from Bansko to the locality of Sanchevoto, on the way to the locality of Rakovitsa, on “Iztok” encircling road, fourth-class roads, of a work projects for dams in the localities of Kosherinata, St. Iliya, of work projects for sport grounds.

  The building of the third golf complex of “BalkanStroy” AD in the region of Bansko will start in the beginning of 2008 and will last for a period of three years, said Nikolay Kaloyanov, an Executive Director of the building company at the receiving the Certificate of a First Grade Investor for the Project. There is an ongoing procedure at the moment for approving the General Structure Plan and we expect to complete the process of documentation preparation, added Kaloyanov.

  The complex will include a golf ground, a hotel with a SPA centre, a horse base, a sport centre, trade and serving complexes and bungalows.

  “Pirin Golf and Country Club” will be situated just next to the other two projects of “BalkanStroy” AD within the region, namely “Kulinoto” Ski and Golf Complex in the region of the same name situated near Razlog, for which the company received its first Certificate of a First Grade Investor, and “Pirin Golf Holidays Club” Golf Complex under construction. The terrain of the golf ground includes a small part of the forest fund, which is destroyed as a result of poachers’ attacks and will be cleared. There is also a plan for planting certain terrains near the complex, said the Executive Director of “BalkanStroy”.

   “Hilltop” – the first demonstration hotel for eco-innovations in South Eastern Europe will be built in the village of Zdravkovets, Gabrovo region. “Hilltop” will comprise accommodations for 68 persons, a restaurant section, two conference and one multi-functional halls for meetings, workshops and conferences. The investment needed for the construction of the hotel amounts to BGN 2 million. “Hilltop” will have innovative technologies, which are already being offered on the Bulgarian market: solar collectors for hot water, heat pumps, wind turbine, purification stations for waste waters.

  Still, new for our country remain the solar reflex illuminating pipe, the Thromb wall, the collecting of rainwater in an underground cistern for irrigation and sanitary needs.

  Experts have calculated that the application of one of those innovations would make the construction up to 10-15% more expensive and it could be paid off for nearly three years. However, the construction would become more expensive in case that all those technologies are applied, and that is why more serious support by investors and partners would be necessary for the project’s implementation

  The work on project Super Borovets will continue. National Movement Simeon II leader Simeon Saxe-Coburg-Gotha met with Samokov’s mayor Angel Ivanov, former district governor of Sofia – region and current NMSII MP Olimpi Katev and Glavbulgarstroy Construction Company manager Simeon Pashov, a journalist of FOCUS News Agency reported.

  Several of the members of the Initiative Committee on Super Borovets Project have spoken with NMSII leader yesterday in his office. They informed him on the progress of the project and on the fact that it was time to consider juridical finalization of the documents, which would allow the placing of ski lifts. The ski lifts are planned to pass through the land property, given back to former Prime Minister Saxe-Coburg-Gotha. He gave his permission some time ago but the documentations was still to be finalized.

  “Mr. Saxe-Coburg-Gotha was interested in the progress of the project and we informed him”, Samokov’s mayor Angel Nikolov stated for FOCUS News Agency.

  Home prices in Bulgaria's regional centers have increased 1.5 to 3 times over the last five years. That emerged Wednesday as the country okayed a new tax scheme, which will also affect home taxation.

According to the fresh rules, real estates with a tax evaluation of less than BGN 1,400 (approximately EUR 700) will not be subject to taxation.

  The maximum taxation-free income was increased from BGN 130 to BGN 180.

  A new levying scheme for incomes has also been approved.
Incomes have been divided into three groups - BGN 180-250; BGN 250-600; and a third group of over BGN 600 - which will determine what taxes will be imposed.

  With property investment television programmes dominating the listings, it is inevitable that real estate is beginning to attract more and more potential investors.

  Most of these programmes are also becoming increasingly adventurous in terms of the places they cover, which is having a direct result on the investment patterns of UK residents.

  In a report for Antara News, for instance, journalist David Burrows says that many investors are beginning to turn away from France and Spain in search of better value. He suggests that Bulgaria is a prime example, in that prices in the country are still exceptionally low but experts are predicting something of a boom before long.

  "The EU may be balking at Bulgaria's failure to rein in organised crime but second-home hunters seem to have no worries," pointed out Mr Burrows.

  France is leader in the world classification; Bulgaria attracts with low prices and favourable climate

  Bulgaria is the 34th country in the world among those determined as the best places for living – reveals the latest classification of the American magazine “International Living”, which was published this week under the title “Index for Life Quality”. Bulgaria shares that high position in the list of 193 countries with Panama and Slovakia. Great Britain takes the 37th place – it is the next country after Bulgaria, and Greece and Cyprus come after it with even results. Lithuania, Poland and Romania are the next countries in the classification. Romania takes the 45th place together with South Africa, the Dominican Republic, Brazil, Chile and South Korea.

  Bulgaria takes one of the first places because of the low prices and favourable climate, according to “Scotsman” newspaper.

  France is absolute leader in the classification, in spite of the high taxes, bureaucracy and the high cost of living. Still, it remains the best place for living in the world because of the high-speed trains, the good hospitals, its culture, its ski resorts, its beaches and mild climate. In addition, Paris is the most beautiful and romantic city in the world – says Laura Shedrian, Management Director of “International Living”. It is said that the cost of living outside Paris is much lower, and a house could be bought for less than 100 000 dollars.

  The next countries that take places among the first five in the world are Australia, the Netherlands, New Zealand and USA. Argentina takes place in “top 10” for the first time. “Australia is a very attractive destination, especially if you are young” – writes the magazine, thus explaining its second place in the classification.

  USA used to take the first place for 21 years, but last year they took the 7th place because of the fall-back in the sphere of civil liberties.

  During the middle ages, when Vidin was the capital of the Bdinsko Kingdom – 1360, the town was very important trade centre that had close business relationship with most of the biggest towns of the ancient world.

  It seems that the glory of Vidin as trade centre revives as FairPlay International starts the building of a great trade complex to the value of 10 million Euro. Vidin doesn’t leave behind from the new trends in the field of development of modern malls. After the appearance of three trade centres in Sofia there is a real revolution of developing of the big trade centres in Bulgaria. This initiative in Vidin will be successful because of the constant stream of visitors from Romania and Serbia. The forthcoming building of Danube Bridge 2, that connects Vidin with Kalafat, will make the connection between Bulgaria, Romania and Serbia easier and the presence of the mall will definitely popularize the Danube town in Bulgaria and in the neighbor countries as well.

  The mall will be built at the place of the abandoned theatre constriction. The terrain is already bought from the municipality for 615 000 BGN. It is situated in the very centre of Vidin near by the symbol of the town, Baba Vida fortress. The deserted construction will be detonated to give a seat to the new building - Mall of Vidin.

  Bulgaria can already sell in the EU, without disguising the bio products in a foreign trademark

  Bulgaria has unexpectedly turned out to be one of the 10 countries with the greatest number of areas with biological crops during the last three years. Meanwhile, the strategy for the Bulgarian bio-agriculture development of the Ministry of Agriculture and Forests has been neglected for at least two years.

  That is what a survey of the international consultant A. T. Kearney reveals. The survey has been made in compliance with data of the International Federation of Organic Agriculture Movements (IFOAM). According to the survey of A. T. Kearney, for the period 2004-2006, the certified bio-areas in Bulgaria have increased from 500 to 12 284 hectares (122 840 decares, 1 hectare = 10 decares), or with 2357%. Thus Bulgaria becomes the 6th country in the world, in terms of the number of hectares with bio-crops, after Kenya, Syria, Croatia, Korea and Zimbabwe. The Bulgarian accession to the European Union has also turned out to be good news for the Bulgarian bio-manufacturers. They will already have the opportunity of freely selling their production in the countries of the European Union.

  According to A. T. Kearney, the other countries, where the biological areas are also increasing, are: Nepal, China, Pakistan and Zambia. The consultant company writes that the growth in these countries, including Bulgaria, happens due to the fact that the organic products’ market is a good possibility for export for most of them. Yet, these countries could not be competitors of the countries with the greatest sizes of bio-areas (except for China). Australia has the greatest size of bio-areas in the world, since there are 12.1 million hectares with bio-crops there.