News

Southeast Europe's largest industrial park is expected to rise in Sofia, investors announced Wednesday.
The EUR 200 M project is funded by the Finanziaria Internazionale bank and other Italian investors.

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.

You may think the good old Europe is so familiar to you that it can hardly surprise you with something new. But…

Do you know which the oldest country in Southeast Europe is?
This is Bulgaria. It was founded in 681 and is the oldest Slavonic country.

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.

The majority of holidaymakers that visit Bulgaria are Greek people, Romanian newspaper Curierul National wrote.

According to the article, almost 300,000 Greeks have already visited the country this year.

International holidaymakers have brought a EUR 284 M profit over January-April, the story, cited by the state Bulgarian News Agency, said.

That marks an increase of 8% as compared to the same period last year.

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.

Veliko Turnovo is the Shangri La of Bulgaria. Clustered on hills – its houses like red-roofed barnacles – and divided by serpentine rivers, the city is a haven both for Bulgarians seeking to reclaim their past and expats seeking to escape theirs. It is, without a doubt, the country’s most beautiful town.