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     Foreign tourists have spent 1.661 billion euro in Bulgaria, according to data from the Tourism Agency. The takings are for the first nine months of the year and are by 10% more than for the same period last year. The sum does not include transport money, the agency said. By the end of October over 3.7 million foreigners spent their holidays in Bulgaria. Most holiday-makers came from Germany, despite tour operators' reports for decrease of the German market by 3%. According to Tourism Agency's forecasts this year the number of foreign tourists to Bulgaria will increase by at least 6% and earnings - by 2%. Last year Bulgarian hotels accommodated over 4.1 million tourists that spent in Bulgaria 1.8 billion euro.

Over 3.5 million Bulgarians spent their holidays abroad in the first ten months of 2005. They spent 623 million euro abroad. The favorite holiday destinations for Bulgarians are Turkey, Greece, Serbia and Montenegro, Germany and Macedonia. The forecasts of the World Tourism Organization point out that by the end of 2005 the number of tourists will grow by 5 to 6% globally and in the EU.

 Drive through almost any pretty French or Spanish town and there is bound to be a derelict villa asking for some love and attention. Just a lick of paint and the help of a few local tradesmen will transform a wreck into a holiday home for friends and family.
Today, a second home in the sun is now the boast of more than 300,000 people, according to a study of foreign home ownership - more than three times the figure recorded in 1995.

While Spain and France lead the list of destinations, Bulgaria, Romania, Hungary and the Czech Republic are rapidly gaining favour with Britain's affluent homebuyers. Montenegro, which features in the latest Bond movie Casino Royale, is also on the shopping list of British bargain hunters. Budget flights, booming property markets and the rise and rise of the super rich pensioner have fuelled the boom, which is continuing to gather pace, according to the report.

By 2025, it says, there could be around 1.3m British nationals living in other countries.
A comfortable home with a better guarantee of sun is one of the chief reasons for taking the plunge, with 38% of buyers saying they will holiday in their new home or eventually use it as a place to retire.

Not everyone is aiming to move abroad. The study shows that four in every 10 buyers of foreign property believe it will be an investment either to supplement their pension or for their children.

However, the authors of the report warn that many potential buyers fail to investigate how much they will need to pay to buy and maintain their property and how much they will pay in fees and taxes.

They said the attraction of a warm climate, cheap cost of living and easy access to a second home overseas can blind buyers to many hidden perils.

Mike Warburton, of accountants Grant Thornton, authors of the report with City firm Lombard Street Research, said: "Purchasing a property abroad has important tax implications. Contrary to popular belief, you are still subject to tax on your offshore income and capital gains if you are a UK resident and live here. And, if the UK tax system is not complicated enough, the purchaser of a property abroad has to cope with a local tax system that may be culturally dissimilar to our own."

The report says that today 2% of the UK population owns a property overseas. The typical owners are either pensioners with their main residence abroad, or affluent fortysomethings, usually aged over 45, who take their holidays abroad or use it as an investment.

There are several major projects for development in the region of Bansko, which attract the investors` interest and considerably increase the prices of land plots.

“Balkanstroy” will contract a major golf complex in the Kulinoto site nearby Razlog, which has to be completed in the next three years. The investment is estimated to reach 240 million BGN. It plans the construction of 60 km of ski tracks and 20 km cable lifts. At the moment the same company constructs the golf complex “Pirin Golf Holidays Club” in the Betlovoto site. 60 million euro will be invested in the project. It will offer a golf course with 18 holes and vacation apartments and chalets on 120 thousand square meter land. The complex is expected to be completed by 2008.

The construction of a ski zone in Dobrinishte region, according to the projects of “Dobrinishte ski” is planned to be completed in three years. 260 million BGN will be invested in the construction of the ski tracks with total length of 40 km and accommodation for the tourists. According to the property companies the region around Dobrinishte is about to be developed and the prices of the land are considerably lower in comparison to these in Bansko. According to “Fors” the average price of the land in Dobrinishte is around 60€ per square meter

About 1.2 M British tourists will probably choose Bulgaria as their Holiday destination in 2008, James Knight, Managing Director of leading property specialist Knight International said at Bulgaria's key annual tourism event, Bulgaria Dream Area.
The number of Brits visiting Bulgaria has been steadily rising since 2002, when they numbered 100,000 to their current count of 400,000 for 2005, Knight said, adding that he expected an even greater rise in the upcoming years.
Bulgaria has finally entered the Brits' "comfort zone", Knight explained, and along with countries like Spain, Portugal and Italy, it is a country they now know a lot of good things about.

Property investment in Bulgaria has an edge over a number of its European rivals in that with a thriving ski industry, it is able to attract uninterrupted interest throughout the year.

Sofia currently offers some of the best options for investors, with house prices increasing dramatically in line with the capital city's rise to prominence in the European community. It is generally thought that EU accession will form the final piece of the jigsaw and that it will allow Sofia to compete with other European capitals as a commercial centre and tourist haven.

Already offering good prospects because of high purchasing prices, Sofia has also proved popular in the buy-to-let sector with opportunities for extremely competitive rental income.

With rental returns of up to 12 per cent, however, property in Bulgaria's ski resorts has been attracting a huge amount of attention in recent years and this is set to continue as the country's reputation for winter sports is advanced.

 The average price of a house in Bulgaria's cities shot up by more than 36 per cent in 2005, according to the National Statistical Institute.

Property investors from the UK have been watching the market intently in the last few years and it is generally perceived as being one of the best prospective investment spots in Europe. With a number of problems still to be ironed out, however, many have watched cautiously from afar, while others have taken a gamble and acquired property for astonishingly low prices.
Those who were prepared to take this gamble will be delighted to hear that in addition to the 36 per cent rise in house prices last year, there was a substantial increase in the cost of apartments across the country.

In 2004, the average apartment cost less 190 GBP per square metre, but this had reached 260 GBP per square metre by the end of 2005.

Also encouraging is the fact that growth appears to be evident throughout Bulgaria, with Sofia no longer necessarily the best option for investment.

Nonetheless, an increase of 20 per cent in Sofia means that the capital is still one of the most exciting prospects, with an expected commercial boom in the capital likely to push prices up considerably before 2010. Apartments in the capital also continue to be the country's most expensive.

Varna fared even better last year, with a 25 per cent increase drawing attention to Bulgaria's third biggest city. As the main port for both naval and commercial shipping, Varna is developing a cosmopolitan atmosphere that will undoubtedly make it attractive to local and foreign house buyers.

 In 15 years time there will be 40 golf courses in Bulgaria - on the Black Sea coast, around Sofia, Elena, Gabrovo, Trun, and Miroviane. There will be new houses and apartments built around the new courses, which will serve as a “carrot” for buyers.

Manuel Ferry Sanches, president of Spain’s Ferry Group, signed a contract with Sofia municipality, confirming his company’s plan to invest 150 million euro in the next three years in the Kuttina golf resort project, which will include a multifunctional modern golf centre, commercial centre, and recreation area with a sports centre including swimming pools and tennis courts.

Sport Center Kuttina received a first class investment certificate from InvestBulgaria Agency in accordance with the Investment Promotion Act.

During the construction phase, there will be about 2000 jobs, and about 700 permanent jobs after the project is completed.

Sanches, who has 20 years experience in the golf industry, said that in Europe municipal golf courses were common.

He said that golf is not elitist, and is not only a sport - it is a business, an industry in its own right. He does not agree that the golf course should be built before the houses; in Spain there is a similar problem with investors who cannot complete the building of their golf course. Sanches said that Bulgarian investors should stop waiting for help from the state and for grants.

They should start to act, said Sanches. To him, not only is golf is a sport, but it also encourages protection of the environment and land regeneration. Golf additionally supports the property and tourist sector and is a separate and independent industry. A lot of people live in golf complexes, yet do not play golf; they live there because of the pleasant environment, he said.

More than 65 million people in the world play golf. The United States is the world leader with more than 156 000 golf courses. More than 27 million Americans play; in both Europe and Canada, about 4.5 million. In Japan the sport is very popular - there are about 16 million players.

In Africa, however, there are only 58 golf courses. Land and location need to be optimal for a golf course, and a golf school should be created, in Sanches’s opinion. He said that golf is not sold through advertising, but by word of mouth. Golf should be freed from the label of an “elitist sport”. It is not necessary to be a millionaire to play golf, he said.

 Bulgaria ended up at No 4 spot among the most popular destinations to British overseas property buyers in a ranking, topped by France and Spain.
Foreign currency specialist HIFX reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March.
Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).
The survey shows that the majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.

 The schedule for the execution of the priority infrastructure projects until 2015.
The prime minister gave assignment to the resore ministers to analyse the projects, which are about to be realized in the country during the next years and to prepare a schedule with clear financial part for the best managerial decisions on the subject. The national alliance of the municipals is taking part in the council for coordination, control and execution of the infrastructure projects with national significance.
The council approved the reports of the ministers of transport and the environment and water with the offered operation plans and schedules for execution of the projects.

Until May 31 each one of them should have a dossier, and each three months the restore minister will make reports on the phase of its execution. The minister of finance has to offer mechanisms for the supply of the needed funds for the preparation of the investment projects, that have to start in 2007-2008.

The main sources of financing will be the cohesion fund, the government budget, credits from international finance institutions and public- private partnerships. The program, presented by the ministry of transport before the members of the council, plans “Trakia”, “Maritsa” and “Cherno More” highways to be given to concessionaires. The start of “Maritsa” autobahn is planned for the beginning of 2007 and it will be 114 kilometres long. It is expected to be finished in 2009 and it will be let in use after four years in 2012. In the period 2014- 2017 “Cherno More” highway will be constructed and its total length is planned to be 95 kilometres.

 Choose Bulgarian!
Small and medium-size enterprises (SMEs) account for 99 per cent of the Bulgarian economy and attract 67 per cent of the investment made in this country, Deputy Economy and Energy Minister Luchezar Borissov said on April 7 at the opening of the seventh edition of the “Choose Bulgarian!” exhibition. Borissov cited a pan-European survey showing that Bulgaria ranks sixth in positive expectations of the development of the business environment in 2006. More than 350 SMEs from across the country, mainly from the lighting industry, took part in the exhibition at the National Palace of Culture. This year’s edition, which continues till April 17, has a Regional Development Hall where nine municipalities present their development by structure, economy, tourism, infrastructure, project programmes, prospects and difficulties.