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Information
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18-05-2023
15-03-2023
Skype: vtbulgaria
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Real Estate Prices Still High, Demand Tends Further Down
(18-05-2023)
In January-April 2023, last year’s downward trend in real estate deals and demand continued, real estate expert Evgeni Vassilev told BTA. In his words, a property takes slightly more than 20 to 30 days to sell now, because clients are much more indecisive in wait for a more serious drop in market prices. “However, we are not seeing a price drop in any segment,” he added. According to him, the expectations for a depreciation of real estate are probably formed as a result of what is happening in Western Europe and the US, where the property market is influenced by the rising interest rates and decreasing mortgage loans. That is not yet happening in Bulgaria; there has even been a slight rise in prices in some segments in the last six months. There is a noticeable drop in the number of deals here, the expert went on to say. Completed dwellings at a market price are still sold very quickly, but there are not that many such dwellings at the moment. Many buildings are in construction, but the dwellings in them are harder to sell due to concerns that the buildings will not be finished, despite the lack of such cases in Bulgaria. Most investors have serious liquidity, which helps them finish their buildings without having to rely that much on buyers during the construction work, Vassilev added. According to him, most in demand are furnished two-room dwellings in a bigger settlement. The pandemic has made quite popular the purchase of a flat on the ground floor with a personal backyard, and many such buildings are being constructed; bigger dwellings are more in demand as well. There is also an upward trend in the demand for houses and small building lots in villages close to the capital, with some clients being ready to pay EUR 100,000 for the land only, while some three years ago their budget was EUR 30,000. As for real estate in Bulgaria’s sea and mountain resorts, the market is beginning to recover and is now moved by Bulgarian buyers, not Brits and Russians like years ago. Most in demand are small furnished flats, the expert said. The rise in demand has led to an appreciation of real estate in Bansko and close to Sunny Beach and Sozopol, where a furnished two-room flat now costs up to EUR 65,000, compared to some EUR 35,000-40,000 three years ago. An increase, though not a drastic one, is observed in rents, which dropped during the COVID-19 pandemic, Vassilev also told BTA. Source: https://www.bta.bg Decline in Real Estate Transactions in Bulgaria: Further Price Growth is Not Expected
(15-03-2023)
At the end of last week, a business forum dedicated to the challenges facing the real estate market in Bulgaria was held in Varna. The experts who took part in the event united around the opinion that the past year was successful for the real estate market in Varna. There is a growth in both demand and supply, as well as in new construction, where the growth is about 22%. For the last two quarters of 2022, however, a decline in the number of transactions is observed in Bulgaria. Maria Parova, who is the manager of one of the largest real estate agencies in our country, said this in an interview with Radio Varna. "Against the background of the first two quarters, Varna ended the year with positive results and there is even a minimal growth in transactions. What we observe is that buyers make difficult decisions about the purchase of a property, do more inspections and take longer to think things through. Together with the decrease in transactions, this means that the market goes from growing to a plateau. That is, it becomes more balanced," commented Parova. She does not expect property prices to rise this year. "If there are no cataclysms, as in the last two years, I expect prices to maintain their current values," commented the expert. According to Maria Parova, the war in Ukraine and the wave of refugees in Bulgaria have affected the rental market, which until then was at a standstill due to the pandemic. The increase in rental prices is about 30-40%, she also shared. Since the end of last year and the beginning of this year, there has been a tendency for Ukrainian citizens to purchase property in Bulgaria more and more often. They are looking for all kinds of properties, and the leading factor in their selection is the price and the budget they have. Source: https://www.novinite.com Appreciation of Housing Prices to Slow Down by 2-3% by End-2022
(31-10-2022)
The appreciation of housing prices in Bulgaria is expected to slow down by 2 to 3% by the end of 2022, but prices are unlikely to go down since supply on the housing market is low, especially in Sofa, National Real Estate Association Chairperson Dobromir Ganev said in a BTA interview. He believes that how the real estate market behaves in the coming months and the beginning of 2023 will depend on how the caretaker cabinet and the next regular government deal with the energy and gas crises. If government do well, there is no great risk of disturbances on the market. A slight decrease of 1% to 3% in the number of transactions is possible, though, Ganev said. There are expectations that the fewer transactions in the second quarter will slow down price appreciation later in the year, but transaction numbers are not coming down across the country except in very few population centres (Vratsa by 1%, Pleven 2% and Stara Zagora 1%). By contrast, transactions in Varna increased by some 20% in the first half of 2022, year-on-year. In Sofia, there was a 4% increase in that period, while average growth in Bulgaria was 7%. European Central Bank's policy on interest rates and actions to reduce inflation is most likely to affect the property market. There is already a trend for a slight rise in the interest rates of the commercial banks in Bulgaria, Ganev said, adding that it will affect the activity of mortgage consumers. Buyers' decisions depend mostly on macroeconomic indicators and what effect the energy crisis will have on them during the winter. Rising deposit rates have not yet made people take their savings to banks rather than to the real estate market, the expert also noted. A significantly greater threat for the Bulgarian property market would arise if the increase in housing prices starts outpacing income growth. If that happens, there is a chance for most Bulgarians to be locked out of their country's property market as has already happened in Vienna, Amsterdam, London, Paris, and some other European markets. In the first quarter of 2022, housing prices in Bulgaria increased by 8 to 9%, according to National Statistical Institute data, which has not yet outpaced the income growth in the country. In the last couple of years, more larger apartments were built, given the buyers' continued interest in purchasing larger homes due to the pandemic and the need to work and study from home. Over that period, the biggest share of newly built dwellings were three-room apartments (35.4%), followed by two-room apartments (34.9%), Ganev said. The heightened interest in bigger living spaces also explains the growth in newly built houses and villas in the second half compared to this time last year. Source: https://www.bta.bg Bulgaria: Full Digitization of the Property Register to be Introduced Soon
(17-08-2022)
The Council of Ministers approved a draft Law on Amendments and Supplements to the Law on Cadastre and Land Registry. It provides for the provision of full digitization of the property register maintained by the Registration Agency, by creating electronic batches of real estate and electronic batch files with the registered acts and the documents attached to them. Already in 2000, a legislative reform in the registration system was envisaged by moving from a personal to a real system of registration (not by persons, but by property). The reform provided for the property register to be kept not only on paper, but also in parallel in electronic form. More than 20 years later, it has not been implemented in practice - at the moment, entries continue to be made using the personal system only on paper, it is pointed out in the reasons for the bill. With the voted draft law, the property register is legally regulated as a common electronic database containing the electronic lots of real estate and the electronic lot files with the registered acts and the documents attached to them. Identity is regulated between the contents of the paper lot and the lot in electronic form, respectively the contents of the lot file on paper and in electronic form. The authority of the registry offices to enter information into the electronic batches of real estate and the electronic batch files of the registered acts with the documents attached to them is defined by law. Source: https://www.novinite.com In 2 years 200,000 Bulgarians came back to living in Villages
(01-06-2022)
The pandemic has fundamentally changed our lives. Habits have become different, and the desire to seek a freer and healthier life has intensified. That is why in the last 2 years 200,000 Bulgarians have moved to the countryside or at least bought a property far from the big city. In some regions, such as Plovdiv and Stara Zagora, the demand for houses exceeds 10 times their supply, according to a study by the Association of Bulgarian Villages. Bulgarians are mainly looking for ready-to-move-in houses, with a yard of at least one decare, as well as houses in new residential complexes. The Plovdiv village of Markovo is one of the most developing in the region. According to issued building permits, it ranks second in Bulgaria after the Municipality of Sofia. In the village of Markovo, known as Plovdiv's Beverly Hills, with poor infrastructure and lack of sewerage, set a real record for newly registered - 1,300 people in the last two years alone. “This, of course, makes us very happy but it leads to some problems such as lack of places in kindergarten and school,” said Desislava Terzieva, mayor of the village. The influx of people wishing to settle in the village has led to a construction boom. 686 permits were issued in one year. In the villages around Plovdiv at the moment it is almost impossible to find and buy a house, the brokers explain. “We have at least 25% growth in property sales in the villages, but the prices are already quite close to those in the city. That is, in the perimeter of about 5-7 kilometers around Plovdiv, if you want to buy a house that is in good condition, suitable for living with a yard of up to 700 acres, you need to prepare over 100,000 euros,” said Alexander Ushev, manager of a real estate agency. Real estate agencies are also reporting a jump in house prices in rural areas due to high demand. The increase is on average between 20 and 30%. According to the Association of Bulgarian Villages last year alone, the total number of newly registered in the villages was 108,550. The forecast for this year is that they will increase by another 90,000 people. Source: https://www.novinite.com/ New Rise of Property Prices in Bulgaria
(05-05-2022)
In addition to the prices of basic food products and household bills, the prices of real estate in Bulgaria are also going up. According to a study by Nova TV in Burgas, the wave of refugees from Ukraine is affecting the real estate market - Russians are selling and Ukrainians are buying or renting housing. “There is an increased demand for rental accommodation. This is not only in Burgas but also in the region. The largest number of refugees is in Sunny Beach, Nessebar, Burgas, Kiten and Primorsko”, said the mayor of Burgas Dimitar Nikolov. In the region of Varna, the National Real Estate Association reports up to 35% growth in transactions for the first quarter of 2022, compared to the same period last 2021. “There is a change in the real estate market. In the Varna region there is a serious increase in transactions as well as an increase in residential property prices by 5% - 10%,” said Ivaylo Gradev, member of the board of the association. Source: https://www.novinite.com Bulgaria 49% Growth in Housing Construction in the Last Quarter of 2021
(16-02-2022)
The number of commissioned residential buildings in the fourth quarter of 2021 was 1329, which is 43.2% more than the same period in 2020, and newly built housing in them is 6430, or 49.2% more, according to the National Statistics Institute. The total useful floor area of newly built dwellings in the fourth quarter of 2021 was 618.4 thousand square meters or 48.5% more than in the same quarter of 2020, and the living space increased by 53.7% and reached 492.1 thousand square meters. At the same time, the average useful floor area of a newly built dwelling decreased from 96.6 sq.m in the fourth quarter of 2020 to 96.2 sq.m in the same quarter of 2021. The largest average usable area of a newly built dwelling was registered in the districts of Montana - 208.9 sq.m, and Gabrovo - 192.2 sq.m, and the smallest - in the districts of Vratsa - 52.3 sq.m, and Blagoevgrad - 67.9 sq.m. Of the newly built residential buildings put into operation in the fourth quarter of 2021, 76.3% were with reinforced concrete construction, 20.5% with brick construction, 2.4% with another, and 0.8% with prefabricated construction. The largest is the relative share of newly built houses (73.9%), followed by housing estates (18.7%). Compared to the fourth quarter of 2020, there is an increase in the number of newly built houses, apartment buildings, villas and mixed-use buildings. Most residential buildings were put into operation in Sofia - 235 buildings with 2173 dwellings and the districts of Plovdiv (175 buildings with 460 dwellings) and Varna (162 buildings with 1186 dwellings in them). The share of newly built dwellings with two rooms is the highest (41.9%), followed by those with three rooms (32.8%), and the lowest is the share of dwellings with six or more rooms - 3.9%. Source: https://www.novinite.com Bulgaria: Property Prices will Rise this year as well
(13-01-2022)
Real estate prices will continue to rise this year, financial analysts warn. Demand continues to grow. Is there already a bubble in the real estate market and what are the risks - answers Svetozar Kostadinov from BNT. Spas Georgiev is looking to buy a one-bedroom apartment and give it for rent. According to him, this is a good measure against rising inflation, and he will use a bank loan to finance it. Does he see a risk to his investment? "If there is a time when there are no tenants or no income in the property, it will simply delay its payment, but in any case it will pay off, because properties are always in demand," Spas Georgiev commented. About 40% of buyers are looking for housing for investment purposes, according to brokers. Properties announced for sale 2-3 years ago are also being bought. And in some districts of the big cities, there is an increase in prices of over 10%. "It is approaching the market, which was between 2005-2008, at the moment there is a lot of interest in buying and selling. There are many motivated buyers, there are far fewer sellers, there are far fewer good offers," commented Ivan Peev, real estate agent. Increased interest in buying homes and taking out mortgages has prompted the Bulgarian National Bank to increase its countercyclical capital buffer. The purpose of the mechanism is to protect the banking system from potential losses in periods of excessive credit growth. Whether the BNB will announce a new increase to 2% will largely depend on the movement of mortgage loans. "If there is a property bubble, and prices fall, and people stop paying their mortgages to the banks because they took an investment and expected to sell the property or rent it out to get their money back, and this is not possible, in fact, the risk will be borne by the banks," said Nikola Yankov, an investment consultant. Negative interest rates on deposits also make people look for more profitable assets in which to invest their savings. "In 3/4 of the real estate transactions now in Sofia should be cash, not credit. That is, it is clear that people simply transfer their money from zero-interest deposits to real assets, fearing inflation," said Tsvetoslav Tsachev, investment consultant. Despite the BNB measure, brokers expect the demand for housing to continue in the coming months, and the growth of prices to continue, but at a slower pace. Source: https://www.novinite.com Housing in Bulgaria's Capital Sofia Rose by 49% Within Four Years
(16-09-2021)
Housing in Sofia rose by 48.6% in four years. This ranks the capital in first place among the major cities in the ranking of property prices. The prices of newly built apartments in Sofia in the first quarter of the year are 43.3% higher than in 2015, according to data from the National Statistical Institute. In the case of existing apartments, the increase for the same period is much higher - by 50.6%. For such a long period of time in the rise in price of new and old apartments in Sofia there is the smallest difference compared to other major cities in the country with over 120 thousand inhabitants. This shows that there is a serious demand in the capital for both new construction and existing housing. In second place among the six largest cities in the country is Plovdiv with an increase in property prices by nearly 48% over a period of four years. In contrast to Sofia, in the city under the hills the rise in price of new construction is significantly higher than that of old homes. The increase in the prices of new apartments in Plovdiv is by 53.1% compared to 2015. Dwellings in existing buildings in the city under the hills for the same period have risen by 45.4%. The top five of the big cities with the fastest rising real estate is supplemented by Varna, Stara Zagora and Ruse, where the increase in prices for the period is at a similar pace - by 34-37%. However, with a small lead in third place in the overall ranking is Stara Zagora (+ 37.3%), followed by Ruse (+ 35%) and Varna (+ 34.5%). But for each of these cities there is a significant difference between the movement of prices of new and existing housing. In Stara Zagora the situation is different. The increase in the price of new construction is significantly higher - by 54.2%, as in this segment of the market the city is ahead of even Sofia and Plovdiv and ranks first in the ranking. In new construction, the movement of prices depends a lot on how many new buildings come on the market, in which neighborhood they are located, as well as on the type of construction - whether it is a luxury gated complex or a simpler building. All these factors have led to more expensive new apartments in Stara Zagora than in Sofia, although the demand for housing in the capital is greatest due to the rapid growth of the city. For the existing apartments in Stara Zagora, the increase in prices is also serious - by nearly 32%, according to national statistics. The last sixth place in the ranking for property prices in the largest cities is for Burgas. Housing prices in the seaside town have increased by an average of 20.8% compared to 2015, according to NSI data. In the case of new apartments the increase is only by 12%, but in the case of dwellings in existing buildings the increase in prices is much higher - by 29.3%. For the country as a whole, the housing prices for the period have risen by 35.5% and in the movement of the prices of the new and old construction there is a small advantage for the existing dwellings. Apartments in old buildings have risen in price by 37.7%, and the growth of prices of new construction is by 31.8%. Source: https://www.novinite.com Bulgarian Travel Destination Video Wins Top Award at FITUR Fair in Madrid
(28-05-2021)
Bulgaria won the top award for a travel
Source: http://www.bta.bg Bulgaria: Rental Costs Plummet, Pandemic Left Many Commercial Areas Vacant
(28-04-2021)
Tenants’ rental costs have fallen by at least 10%. The decline is registered countrywide, explained Dobromir Ganev, Chairman of the National Real Estate Association in the "Before All" talk show on BNR
Source: https://www.novinite.com GDP Down 3.8%in Q4 of 2020, Y/Y
(04-03-2021)
February 16 (BTA) - According to seasonally adjusted figures, Bulgaria's gross domestic product (GDP) declined by 3.8 per cent in the fourth quarter of 2020 from the comparable period of 2019, but increased by 2.1 per cent from the third quarter of 2020, the National Statistical Institute reported here on Tuesday. Source:http://www.bta.bg Investments in Bulgaria Set New Record Despite Crisis
(07-01-2021)
In 2020, more than BGN 1 billion worth of projects are certified under the Investment Promotion Act, which is a record for the last 6 years, announced Minister of Economy Lachezar Borisov at a working meeting with Prime Minister Boyko Borissov. Source: https://www.novinite.com Bulgaria's Economy Minister: BGN 200 Million Distributed to Businesses and People in Anti-Crisis Measures
(30-10-2020)
More than BGN 200 million of the anti-crisis package of the Ministry of Economy has been distributed to businesses and people as of September 4, the ministry announced. Nearly BGN 85 million were paid under OPIC to micro - and small enterprises to overcome the economic consequences of COVID-19. The total grants paid so far to the Bulgarian companies under the Procedure "Support to micro and small enterprises for overcoming the economic consequences of the COVID-19 pandemic" amount to BGN 84,825,339.31. As of the end of August, all submitted project proposals under the procedure are already under evaluation. All necessary measures have been taken to speed up and complete the procedure this month. An evaluation commission was formed under the procedure for "Support for medium-sized enterprises to overcome the economic consequences of the COVID-19 pandemic", after which the process of evaluation of the submitted 1,932 project proposals will start, at a total value of BGN 263,688,340.21. Nearly BGN 100 million have been invested in the economy through the Bulgarian Development Bank AD under the anti-crisis measures as follows: · BGN 71.5 million, guaranteed loans for 17,093 individuals. · BGN 26.35 million, guaranteed loans for 174 companies. · The agreed limits to commercial banks are worth BGN 649 million. More than BGN 20 million have been invested in the economy through the OPIC Funds Fund. The procedures are to be accelerated by holding talks with the partners. Source: https://www.novinite.com Foreign direct investment in Bulgaria in January-July increases by 54%
(01-10-2020)
Foreign direct investment in Bulgaria for the period January-July amounted to 1.4 billion euros. Compared to the same period of 2019, their increase is by 494.8 million euros, or 54.2%, the Bulgarian National Bank has announced. In July alone, foreign investment was 958.8 m euros, with 400 million a year earlier. The growth is due to the fact that no foreign capital was withdrawn from the country in July. And foreign investments come mainly in the form of loans to Bulgarian companies. Reinvested earnings from foreign companies amounted to EUR 331.7 million, compared to EUR 243.7 million in January-July 2019.
The largest net foreign direct investment comes from the Netherlands - 192.8 million euros, followed by Russia - 121.1 million euros, and Hungary 107.2 million euros, according to the BNB.
Source: https://bnr.bg
Tsarevets Fortress: The City of the Tsars
(19-08-2020)
On this episode of Postcards, Euronews is in Veliko Tarnovo, the former capital of Bulgaria and home to a real national treasure: Tsarevets Fortress.Perched on steep cliffs above the meandering Yantra River, the City of the Tsars, as it is known locally, was the former seat of Bulgaria's medieval kings. The ancient stronghold boasts an impressive collection of fortified walls, watchtowers, dungeons, a royal palace, 400 dwellings and 18 churches, and it attracts thousands of tourists every year. Bulgarian prideTsarevets is also a powerful symbol of Bulgarian pride. “For all Bulgarians, to come here once in a lifetime is to make a journey, like a pilgrimage," says Rumyana Pavlova, a guide at Veliko Tarnovo's Regional Museum of History. "It always evokes the memory of our glorious past, when Bulgaria had access to three seas. That was during the 12th, 13th, 14th centuries when Bulgaria was a great political force, competing with the Roman Empire, with Byzantium." Throughout the ages, occupants of the site have left their own mark on the fortress architecture. The modern era is no exception and one elaborate painting from the mid-1980s, covers the walls of an entire room, depicting the complex and fascinating history of the Tsarevets Fortress. Arbanasi medieval villageWith so much to see, one can easily spend hours exploring the site and its peaceful and lush surroundings. On leaving Tsarevets Fortress, visitors can head just a few kilometres further to the protected village of Arbanasi, known for its historical churches and monuments and its unique mix of Balkan and Ottoman architecture. Source: https://www.euronews.com Ministry of Finance Offering Tax Relief for Home Renovation in Bulgaria
(17-08-2020)
In order to help bring the sector of renovation services out of the grey economy, in which no income is declared, the Ministry of Finance offers a discount on taxes when repairing a home, Club Z reports. The discount can reach up to BGN 200, according to a bill published by the Ministry. Source: https://www.novinite.com Move to Be Moved: New Video will Attract Potential Investors in Bulgaria
(22-06-2020)
"INVEST BULGARIA Move to be moved" is the new video aimed at the potential investors in Bulgaria. It is commissioned by the Invest Bulgaria Agency. The official premiere of the video is yet to be held, but it is already circulating and is discussed actively on the social and video networks. On May 26 the video became one of the most-discussed Internet topics. Some people approve the video and comment that it was made professionally. Others voice criticism and say the video is too commercial and aimed at tourism without telling on the real economy./BNR
In any case, it attracts attention and can be watched at the video channel of Invest Bulgaria Agency. Do you like the video? Source: https://www.novinite.com/
Rules for Entering Bulgaria from June 1
(03-06-2020)
Bulgaria’s Minister of Health Kiril Ananiev issued an order regulating the entry into the Republic of Bulgaria as of June 1, the transit through the territory of the country and the rule for the mandatory 14-day quarantine. As of June 1, 2020, a temporary ban on entry into the territory of the Republic of Bulgaria is introduced for all persons, regardless of their citizenship, through all border crossing points, by air, sea, rail and road transport. The ban does not apply to Bulgarian nationals, nationals of EU member states, the United Kingdom, Schengen visa zone member countries (including the Republic of San Marino, the Principality of Andorra, the Principality of Monaco and the Vatican City State), the Republic of Serbia and the Republic of North Macedonia, members of the families of Bulgarian citizens, as well as persons who are in actual cohabitation with a Bulgarian citizen, and foreigners with the status of permanent or long-term residence in Bulgaria and members of their families. Also allowed to the territory of Bulgaria are:
The order also sets out who may transit through Bulgaria:
Transit is allowed only in cases where immediate departure from the territory of the Republic of Bulgaria can be guaranteed. The obligatory 14-day quarantine on entry to Bulgaria applies to everyone coming from the United Kingdom, Sweden, Belgium, Ireland, Portugal, Spain, Malta, Italy and all non-EU countries except Serbia and North Macedonia. The quarantine should take place in the home or other accommodation specified by the person and an advisory note should be issued by the director of the relevant regional health inspectorate or a person authorized by him/her. The requirement for the 14-day quarantine rule does not apply if those arriving are Bulgarian citizens and citizens of other EU countries, the UK, Schengen countries, who are travelling for humanitarian reasons, or are trade representatives, or are involved in activities crucial to the strategic and critical infrastructure of Bulgaria, implementation of projects certified under the Investment Promotion Act, analysis of projects of potential investors and other activities of importance for the country’s economy, certified by a letter from the Minister of Economy or another minister responsible for the relevant activity, as well as persons engaged in shipbuilding and ship repair. It also does not apply to:
The relevant regional health inspectorate provides information to the Ministry of Foreign Affairs about the quarantined foreign nationals (names, date of birth, document number, citizenship). The persons, who are not placed under quarantine, as well as the persons, who transit through the territory of the country are required to submit to the border health control authorities a declaration, in which they are obliged to observe the anti-epidemic measures introduced by an order of the Minister of Health on the territory of the Republic of Bulgaria, as well as that they are aware of the risks of the COVID-19 disease. The Road Infrastructure Agency (RIA) specifies the place where the lorry and the driver must stay until the relevant ban is lifted, in cases in which the drivers of lorries transporting goods and goods destined for other countries which are allowed to transit through Bulgaria, cannot leave the country due to a ban by a country bordering the Republic of Bulgaria./BNT Source: https://www.novinite.com 6.4% More Foreigners’ Visits to Bulgaria in December 2019
(30-01-2020)
In December 2019, the number of arrivals of visitors from abroad to Bulgaria was 673.4 thousand or by 8.6% more in comparison with December 2018. An increase in the trips with all observed purposes was registered: ‘others’ (including as guest and passing transit) - by 9.9%, ‘professional’ - by 8.0% and ‘holiday and recreation’ - by 7.3%. Transit passes through the country were 28.8% (194.1 thousand) of all visits of foreigners to Bulgaria. Source: https://www.novinite.com Bulgaria’s strong house price growth continues
(15-01-2020)
After five years of strong house price rises, Bulgaria’s housing market remains strong, buoyed by low interest rates and a stable economy.
Despite strong demand, construction activity remains low. In the second quarter of 2019, newly built dwellings fell by 1.5% to 2,250 units from the same period last year, following annual declines of 3% in 2018 and 10.3% in 2017, according to the NSI.
Most sought-after locations in SofiaSofia, Bulgaria’s capital city, remains one of the most preferred locations in the country. In H1 2019, the average sales price ranged from €145,000 to €180,000 for two-bedroom apartments and from €210,000 to €250,000 for three-bedroom apartments, according Colliers International. Prices of houses start at €450,000. Sofia’s Southern districts are currently experiencing strong interest from both locals and foreign buyers. In Lozenets and the city center, demand remains high despite that fact that these locations have the highest property prices in the country, ranging from €1,500 to €2,000 per sq. m. Strelbishte and Gotse Delchev are also preferred neighbourhoods with property prices between €1,100 and €1,400 per sq. m.
The Krastova Vada and Hladilnika districts, particularly along the Cherni Vrah Boulevard and around the Paradise Center shopping mall, are also popular because of their amenities, trade centres, improved infrastructure, proximity to Vitosha Mountain and the future opening of metro stations. The average residential property price in Kraskova Vada currently stand at about €1,200 per sq. m. Other districts in demand include Studentski Grad and Vitosha because of the availability of newly-built homes at affordable prices. The average price of dwellings in Vitosha is currently at €1,100 per sq. m. while it is €1,000 per sq. m. in Studentski Grad. Manastirski Livadi, Mladost and Vrabnitsa districts are also popular with average house prices ranging from €800 to €1,100 per sq. m. In Sofia, there were 5,641 property sales in Q1 2019, up slightly from a year earlier, according to the Registry Agency. Ski resorts led sales growthBansko in southwestern Bulgaria, gateway to numerous ski and snowboard slopes on Todorka Peak, saw double-digit increase in property transactions during 2018. The other two big ski resorts in the country, Pamporovo and Borovets, also recorded strong increases in sales volumes of at least 10% in 2018 from a year earlier. “This shows that the ski resort property market in Bulgaria is already active all-year-round, and during the summer months there is a particularly high demand for property to buy,” said Polina Stoykova, the Executive Director of Bulgarian Properties.
“The main reasons for the increasing attractiveness of the properties in the ski resorts are the attractive prices on one hand, which are the best in Europe, and on the other hand - the improving infrastructure, the easy and fast access from the big cities, the accumulated experience in the management and maintenance of the complexes and above all - the ski resorts in Bulgaria have turned into all-year-round resorts,” Stoykova added. Only about 40% of property buyers in Bansko are Bulgarians and the rest are foreigners. This is in contrast to Borovets and Pamporovo where almost all buyers are Bulgarians who live in Sofia and other major cities. Investors are looking for investments that provide capital gains and rental returns. Holiday homes in ski resorts are now considered attractive as rental income investments. Most properties are purchased for cash. Construction still way below peak, and fallingFrom 2005 to 2011, 16,700 dwelling units were completed every year. Construction peaked in 2009 when dwellings completed exceeded 22,000 units. However completions then fell sharply, and in 2018 only 8,136 units were built - a similar low level to previous years since 2010.
In the second quarter of 2019, newly built dwellings fell by 1.5% to 2,250 units from the same period last year, following annual declines of 3% in 2018 and 10.3% in 2017, according to the NSI. Likewise, dwelling starts also dropped 8.8% y-o-y to 5,650 units in Q2 2019. Interest rates continue to fallThe average mortgage interest rate for BGN-denominated loans fell to a record low of 3.09% in July 2019, from 3.38% in a year earlier, according to the Bulgarian National Bank. Similarly, the average mortgage rate for euro-denominated loans also fell to a record low of 3.34% in July 2019, from 3.72% a year ago.
For BGN-denominated loans, in July 2019:
For Euro-denominated loans, in July 2019:
Small mortgage marketBulgaria’s mortgage market is now showing signs of improvement, after several years of decline. In July 2019, there were about BGN353 million (€180.5 million) new housing loans drawn, up almost 32% from the same period last year. More than 94% of the new housing loans are BGN-denominated loans, with IRF of up to 1 year. Total outstanding housing loans increased strongly by 11.8% to BGN 11.13 billion (€5.7 billion) in Q2 2019 from the same period last year, according to the Bulgarian National Bank.
In 2018, the size of the mortgage market expanded slightly to 9.8% of GDP, up from 9.4% of GDP in 2017 but still down from 11.7% of GDP in 2010. The mortgage market experienced massive expansion during the boom years from just 0.38% of GDP in 2000. Rental yields are moderately goodSofia has moderate to good gross rental yields - i.e., the rental return on a property if fully rented out, before all expenses. Yields in the centre were around 6% in 2018, almost unchanged from a year earlier, based on recent Global Property Guide research. Yields a little further out are similar. Doctor’s Garden, Ivan Vazov, Iztok and Lozenets are among the most sought after addresses in the centre. Embassies, museums and universities are located here. These areas also have many parks and green spaces, making them popular with expats. In the southern part of Sofia in Vitosha Mountain (or in the vicinity) are prestigious suburban neighborhoods like Boyana and Dragalevtsi. Though new developments being built here are increasing the stock of rental apartments, we find better yields here on the very smallest apartments, with yields stretching up to 6.4%. The Global Property Guide was not able to provide yields in Bulgaria’s beach and ski areas, because rents in these areas are highly seasonal. Transaction costs in Bulgaria are moderate, and more or less evenly split between buyer and seller. In H1 2019, the average monthly rent ranged from €950 to €1,200 for two-bedroom apartments in Sofia and from €1,300 to €1,600 for three-bedroom apartments, according Colliers International. Rents for houses start at €2,000 per month. Robust economic growth, improving finances In Q2 2019, Bulgaria’s economy expanded by 3.5%, following y-o-y growth of 3.5% in Q1 2019, 3.2% in Q4 2018, 3.1% in Q3 2018 and 3.4% in Q2 2018, according to the NSI. In Q2 2019:
Bulgaria’s economy is expected to expand by 3.3% this year and by 3.4% in 2020, after expansions of 3.1% in 2018 and 3.8% in 2017 and annual average growth of 1.2% from 2009 to 2016, according to the European Commission. The country recorded a budget surplus of 2% of GDP in 2018. It was the country’s third consecutive year of budget surplus since 2008. During the first half of 2019, the country recorded a budget surplus of BGN3.23 billion (€1.65 billion), equivalent to 2.8% of this year’s estimated GDP.
Inflation was 2.9% in August 2019, unchanged from the previous month but down from 3.5% a year earlier, based on figures from the NSI. Consumer prices are expected to increase by about 2.4% this year, after inflation of 2.6% in 2018 and 1.2% in 2017 and deflations of 1.3% in 2016, 1.1% in 2015 and 1.6% in 2014, according to the IMF. Unemployment stood at 4.2% in Q2 2019, down from 5.5% a year earlier, according to the NSI. Unemployment is expected to fall to 5% this year, the lowest level since 1990, based on IMF projections. Source: https://www.globalpropertyguide.com Construction Permits for Residential Buildings Up 2.5% in Q3 of 2019
(08-11-2019)
November 4 (BTA) - In July-September 2019, local Source: http://www.bta.bg About 30% of new homes are purchased with credit.
(04-10-2019)
About 30% of new homes are purchased with credit. This is according to data from the The National Association of Building Contractors. According to Desislava Petrova from one of the companies, members of the association, 70% of the transactions in the segment are two-room, most of them being acquired for investment. According to her, the three-bedroom apartment is dominated by the number of properties bought for its own use. "The buyers of the rental apartments are people from small towns in the country or Bulgarians living abroad. Most of them decided to invest their money in real estate in the country, with the majority of Bulgarians currently residing in the UK. Smaller homes are most often bought from young families over the age of 25, and the larger ones by people between the ages of 35-40, " she explained. A large percentage of the people who are looking to buy a property are heading for new construction, which is why almost 100% of the projects are sold before obtaining a permit for use. “The demand in Sofia remains largely in the southern regions again. Currently, there is new construction on the market, but no over-supply. Last year, about 15,000 building permits were issued, but the projects which were actually started are 8,000, " she explained. "Buyers are increasingly paying attention to service spaces. Nearly 80% of clients require storage space and an extra room for washer and dryer when looking for a new home. This need is directly related to the everyday comfort, especially for families with children, ” Desislava Petrova adds. According to her, clients are more and more interested in the common spaces of the building - they want to take a look at some of the already built buildings of the investor so that they know what they can expect for their future new home. Source: https://www.novinite.com British Are Once Again Interested In Buying Bulgarian Properties
(14-05-2019)
Bulgaria returns to the top 10 of the overseas property buying sites in 2019 in the UK aplaceinthesun.com rating platform, quoted by the newspaper "Bulgarian News". Bulgaria ranked ninth place in the chart preceded by Turkey, Florida, Cyprus, Italy, Greece, Portugal, France and Spain. Barbados, also a new country on the list, ranked the tenth place. "It may be the European Union’s poorest country but Bulgaria is rich in property opportunities. Up to 10,000 UK citizens call this Balkan nation home. Many bought during the early noughties boom years when properties could be snapped up for bargain-basement prices. Developers along the country’s 230-mile Black Sea coast and high up in its emerging ski resorts went wild, snapping up seemingly every spare acre of land to build myriad apartment blocks." That's how the article "Time for a New Look at Bulgarian Properties in 2019?" published in aplaceinthesun.com begins. At the moment there are 2434 properties available in Bulgaria. “A small percentage of British buyers are still looking to buy properties at bargain prices or purchase houses with the intention of moving to Bulgaria permanently,” says Ben Collins of Collins Estates, which specialises in the resale market along the Black Sea coast. Source: https://www.novinite.com Housing Prices in Bulgaria have been Rising at the Slowest Pace in Three Years
(16-04-2019)
In the last three months of 2018 house prices in Bulgaria rose by 5.5 percent on an annual basis, according to European Statistical Office data published today. This is the slowest pace since the first quarter of 2016 when the reported growth was 4.6 percent. Compared to the previous three months, the increase was 0.9 percent. In the third quarter of last year had grown by 0.8 percent. This is the third consecutive quarter in which growth pace slow down. In the European Union and the euro area, the increase was 4.2 percent in the fourth quarter compared to the same period of the previous year. On a quarterly basis, the increase was 0.7% in the euro area and 0.6% in the EU. The strongest growth was reported in Slovenia (18.2%), Latvia (11.8%) and the Czech Republic (9.9%). Prices fall in Italy (-0.6%), which fell into recession. Compared to the previous quarter, growth rates were highest in Slovenia (6.5%), Latvia (4.3%), Malta (3.8%), Denmark (-1.7%), Belgium (0.5%), Great Britain (-0.4%), Sweden (-0.2%), Italy (-0.2%) and France (-0.2%). Source: https://www.novinite.com Bulgaria is Expecting 9 Million Foreign Tourists this Year
(08-02-2019)
We expect 2018 to be the most successful in the history of statistics in Bulgarian tourism with over 9 million tourist visits by foreigners. We also report 7.2 billion leva of international tourism revenue for the eleven months of last year - more than for the whole of 2017. The data will be reported at the end of this month. This means that the sector is developing very steadily and with each new year it builds on what has been achieved. This was announced by Minister of Tourism Nikolina Angelkova in the morning block of bTV. 2 million tourists are expected to participate just in the initiative of Plovdiv - European Capital of Culture 2019. This will give us another opportunity to show the diversity of our country to the world and the potential of Bulgarian tourism. The winter season also started very well with about 5% growth of visits, Minister Angelkova said. Most guests are from Greece, Romania, the UK, neighboring countries, even from our competitors Germany, Austria and others. She emphasizes that this year's focus will be on investment in the sector and on domestic tourism. Investment tours will be organized to familiarize the business with the opportunities of Bulgaria as a year-round destination. On the occasion of the demolition of the dunes in Camping Smokinia area, Minister Angelkova was categorical that the prevention of such Vandal acts would continue and the control would be uncompromising. Regardless of the regime of ownership, the Protected Areas Act states that the dunes should be protected by all. The legislation provides for up to 3 years of imprisonment and a fine of 2,000 to 10,000 levs. She thanked all the institutions that responded promptly and took the necessary measures and promised even greater control. The ministry has already set up its mobile teams, which will monitor the Black Sea all year round, not only in the summer. Because of this prevention it is foreseen with the amendments to the Law on the Structure of the Black Sea Coast to increase the amount of sanctions - up to BGN 50 000 for legal entities Asked about the development prospects of Bansko ski resort, Minister Angelko explained that for the economy of the country it is important to develop winter tourism not only in Bansko but also in Borovets, Vitosha, Pamporovo and the resorts in the Balkan Mountains, observing the ecologically active Bulgarian and European legislation. She specified that the Ministry of Tourism was not the authority responsible for adopting management plans for national parks, as well as concession procedures for mountain resorts. There is no way to comment on the decision of the SAC for Pirin Park, everyone is obliged to observe it, Minister Angelkova said. Source: https://www.novinite.com Bulgaria has been Named the Cheapest Place to Go on Holiday for the Second Year Running
(14-01-2019)
If you're planning a holiday without a budget-breaking bill, this travel news has arrived at the perfect time. For the second year in a row, Bulgaria has been named the cheapest holiday destination of the year in the Post Office's annual Holiday Costs Barometer. The report compares the average prices that holidaymakers will have to pay for eight essential holiday items in 42 destinations. The items include a coffee from a local cafe, a large bottle of mineral water, sun cream and a three-course evening meal, including wine, at a local restaurant. It's worth noting that flight and hotel prices are not taken into account. The total cost of items at Bulgaria's Sunny Beach resort, located on the Black Sea coast, came to just over £36. Marmaris, a Mediterranean resort town in Turkey, was ranked in second place, with a total cost of just over £45. The Algarve, which was been named the cheapest holiday resort in previous years, slipped to third place with an average bill of just over £50, and Cape Town was the cheapest long-haul destination thanks to its favourable exchange rate. The most expensive destinations were found to be Abu Dhabi, where the items cost almost £168 on average, followed by Mahe in the Seychelles. The report indicates that there is good news for globetrotters, though. It found that costs had fallen in almost half of the destinations surveyed, mostly because of cheaper local prices for food and drink. "It is good news that prices are down in many destinations this year, but it is still very important to be aware of the huge variation in costs we found across the 42 countries surveyed,” Andrew Brown of Post Office Travel Money commented. “For example, barometer costs in the six cheapest resorts and cities are less than half those in the 15 priciest destinations. That’s why we advise holidaymakers to draw up a destination shortlist and do their homework by comparing the prices for meals, drinks and other tourist items before booking.” Ready for a holiday? Here's the top 10 cheapest destinations, according to this year’s Post Office report: 1. Bulgaria (Sunny Beach) - £36.03 2. Turkey (Marmaris) - £45.23 3. Portugal (Algarve) £50.11 4. South Africa (Cape Town) - £53.40 5. Spain (Costa del Sol) - £54.12 6. Japan (Tokyo) - £55.55 7. Kenya (Mombasa) - £55.87 8. Czech Republic (Prague) - £56.87 9. Cyprus (Paphos) - £65.17 10. Indonesia (Bali) - £69.49 Source: https://www.novinite.com Over 340,000 Tourists From Great Britain have Visited Bulgaria Since the Beginning of the Year
(12-11-2018)
Minister of Tourism Nikolina Angelkova met with British Minister for Arts, Heritage and Tourism Michael Ellis at the World Travel Market (WTM) in London, reported the Bulgarian National Radio, Minister Angelkova presented Bulgaria as a year-round tourist destination, with a focus on summer and winter tourism, and the many other kinds of specialized tourism. She emphasized that over 340,000 tourists from Great Britain have visited Bulgaria since the beginning of the year, which is almost 16 percent up on 2017 figures, and expressed the hope that this strong level of interest will continue during the coming winter season. Source: https://www.novinite.com Bansko in Bulgaria is the Cheapest Place in Europe to go Skiing this Winter
(15-10-2018)
Bansko in Bulgaria is ranked as the cheapest European ski resort for this winter in new research issued yesterday (Saturday). A marginal year-on-year fall in resort prices mean that the Bulgarian ski spot and Bardonecchia in Italy are now better value than last year’s bargain resort of Kranjska Gora in Slovenia. Although prices have fallen by only one per cent year-on-year, Bansko’s total cost of six days essential items at £405.20 is 10% less than in Kranjska Gora because prices there have risen by 13% to £452. The 12th annual Post Office Travel Money ski resort report, produced in conjunction with Crystal Ski Holidays, reveals that prices have fallen marginally in both Bansko and Bardonecchia for a week’s ski holiday essentials including equipment hire, lift pass, ski tuition, lunch on the slopes and a range of drinks. Zermatt is the most expensive resort surveyed in Europe at £1,026, although prices are down marginally by 0.3% year-on-year. Italy is rated as the cheapest country overall, boasting four resorts in the best value top ten. Sestriere is in seventh place (£529) despite recording a 1.4% increase in the essential items list compared with last year. Prices in eighth-placed La Thuile (£555) are down 1.9% on last season but Cervinia in tenth place at around £606 has seen a rise of 7.5%. No French ski resorts make in this year’s top ten for value. The cheapest of five surveyed was Morzine at £608. Elsewhere in France, Crystal Ski resort staff found some of the biggest price rises. Visitors to Val d’Isère, at £884, can expect to pay almost 13% more this season, while prices in Courchevel (£855) are up 8.9% and they are 8.1% higher in Les Deux Alpes (£656). However, in Serre Chevalier the same ski essentials cost just under £637, only 3.6% more than a year ago. This year’s report features five new European resorts: Garmisch Partenkirchen in Germany, Grindelwald, Switzerland; Rauris, Austria; Trysil, Norway and Vemdalen, Sweden. Vemdalen at £514 proved to be the cheapest of the five and has taken fourth place in the table ahead of all the Austrian, French and Swiss resorts surveyed. Rauris emerged as best value of five Austrian resorts and is slightly cheaper than Ellmau at around £522 compared with £527. However, prices in Ellmau have dropped by more than 4% since last year, the biggest fall among the 25 European resorts. By comparison, costs have risen 12.7% in St Anton to £922, making it 75% pricier than Ellmau. The cost of living in the Swiss resort is more than two-thirds higher than in Cervinia, across the border in Italy, and the only other resort with access to the Matterhorn. New addition Grindelwald at £871 is almost 2% cheaper than the cost in nearby Wengen last season. The Canadian resort of Banff was again the best value of six resorts surveyed in North America at £563 for a week, or 40% cheaper than Vail, the most expensive at £933, Prices in all three Canadian resorts surveyed – Banff, Tremblant (£604) and Whistler (£828) – were lower than in the US with Breckenridge at £832 and Heavenly at £845. Andrew Brown, of Post Office Travel Money, said: “There is no denying that Bulgaria is a great destination for cash-conscious skiers. He added: “With growing pressure on the holiday purse, resort costs should be a key factor in deciding where to ski this season. “We found big variations in costs across the eurozone so we urge people to do their homework.” Crystal Ski Holidays managing director Cris Logan said: “Bulgaria is known for being a great value destination for ski so it’s little wonder Bankso has taken the top spot this year, but it’s great to see so many other resorts in the mix for price conscious customers. “We’ve also got some new resorts featuring in the report for this year, including Rauris in Austria where we’ve featured offers such as free lift pass and equipment hire for children up to the age of 12, making it even better value for money for families. “Pre-booking ski passes and equipment is another way those heading to the mountains this winter can reduce their costs.” Source: https://www.novinite.com Bulgaria is Fifth in the EU by GDP Growth in the Second Quarter of the Year
(14-09-2018)
Bulgaria is fifth in the EU by GDP growth in the second quarter, after increase of 3.4% on annual basis, according to the initial data of the European Statistical Office Eurostat. For comparison, the GDP grew by 3.6% in the first quarter. On quarter-on-quarter basis, the economic growth stood at 0.8% versus 0.9% in the first quarter. This is the slowest expansion since the second quarter of 2015. Among the EU Member States, the highest GDP growth was achieved by Poland (+5%), followed by Hungary (4.4%), Latvia and Romania (4.2%). Bulgaria and Slovakia (+3.9%) and Lithuania (3.7%) ranked also in the head. Compared to the previous quarter, Bulgarian GDP grew by 0.8%, which ranks fourth among EU member states after Romania (1.4%), Slovakia and Sweden (1%), Lithuania, Hungary and Poland (+0.9%). An increase of 0.8% over the previous quarter was also achieved by Cyprus and Latvia. The gross domestic product of the Eurozone and the EU grew by 0.4% in the second quarter of the year compared to the previous quarter. In the first quarter, Eurozone and EU GDP also grew 0.4%. Compared to the second quarter of last year, Eurozone and EU GDP grew by 2.2% after annual growth of 2.5% and 2.4% respectively in the previous quarter. For comparison, in the second quarter of 2018, the US GDP grew by 1% compared to the first three months of the year and by 2.8% compared to the same period of the previous year.
Source: https://www.novinite.com Bulgaria has Lowest Consumer Price Levels in EU - Eurostat
(05-09-2018)
Bulgaria had the lowest price levels for consumer goods and services in the European Union in 2017, at 56 per cent below the EU average, statistics agency Eurostat said on August 24. However, there is a change since the year 2000. In that year, Bulgaria, then not yet an EU member, also had the lowest prices, but at the time the figure was 68.5 per cent below the average for the EU. Price levels for consumer goods and services differ widely among EU member states, Eurostat said. Denmark and Luxembourg had the highest price levels in 2017 (both 41 per cent above the EU average), followed by Sweden (35 per cent above), Ireland (28 per cent above), Finland (23 per cent above) and the United Kingdom (17 per cent above), while the lowest price levels were recorded in Bulgaria (56 per cent below the EU average), Romania (52 per cent below), Poland (47 per cent below), Hungary (42 per cent below) and Lithuania (40 per cent below). At a more detailed level, Denmark was the most expensive EU country in 2017 for "restaurants and hotels" (51 per cent above the EU average), "food" (50 per cent above), "recreation and culture" (48 per cent above), "transport (28 per cent above) and "household equipment" (20 per cent above). Ireland was the most expensive member state for "alcoholic beverages and tobacco" (74 per cent above), Luxembourg for "housing, water, electricity and gas" (63 per cent above), Greece for "communications" (54 per cent above) and Sweden for "clothing and footwear" (34 per cent above), Eurostat said./IBNA
Source: https://www.novinite.com Housing Strategy Sets the Overall Policy for the Sector in Bulgaria by 2030
(11-07-2018)
The National Housing Strategy project will be published within a few days for public discussion. The strategy defines the overall housing policy and has a long-term vision with a horizon of 2030. This was stated by Deputy Minister of Regional Development and Public Works Malina Krumova at a conference on "Energy Efficiency Financing in Central and Southeastern Europe" the press office of the Ministry of Regional Development and Public Works (MRDPW) announced. Source: https://www.novinite.com The Price of Agricultural Land in Bulgaria has Risen by 5%
(29-05-2018)
The price of agricultural land in Bulgaria has increased by about 5% according to the data of the Bulgarian Association of Agricultural Land Owners, BNT reported. The average value per hectare in 2017 was 872 leva. The increase in prices is permanent in agricultural fields, while meadows and pastures maintain a constant price. The main demand in our country is good agricultural land with bigger plots, fertile soil, irrigation opportunities and subsidies. Traditionally, the most expensive are the lands in Dobrich and Silistra, where the price is twice as high as in other areas. In Dobroudzha, the sq km reaches 1,800 leva reported the association. "The most expensive agricultural land is in Dobroudzha, because it has a very developed rental relationship, even if someone purchases land, he can not use it until the leasing contract expires, so 3-4 years "That makes it expensive," commented Radoslav Manolov, deputy chairman of BASSC. The cheapest land last year was in the region of Gabrovo - 400 leva per hectare and in Kardzhali - 300 leva. In Kardzhali there is hardly a market, people process their land and hand over it by inheritance without trading it. Recently, there have been interesting changes in the market with land, especially areas that were underestimated before, now agricultural land is actively traded. According to Manolov. In Northwest Bulgaria there is an "extraordinary boom". In the northern central area - too. "For example, in Vidin prices reached BGN 1,000 per hectare as more buyers appeared and there was more competition," he said. There are no sharp movements in the paid rents in the country. The highest in Dobrich - 87 levs per hectare, the lowest in Gabrovo - 18 leva. Source: http://www.novinite.com The Bulgarian property market is already looking very good in 2018
(21-02-2018)
The Bulgarian property market has really grown over the last few years. In 2017 alone, home prices in all the major cities in Bulgaria went up by 10% on an average, much faster the average in the Eurozone (4.6%). The data from Eurostat show hat Bulgaria is the seventh fastest growing property market in Europe, just behind Czech Republic, Ireland, Portugal, Hungary, the Netherlands and Latvia. Indeed, there is good money to be made if you want to sell property in Bulgaria online in 2018. Home prices in Sofia, one of the least expensive capital cities in Europe have gone up to 1000 euros per sq. meter and in some cases, 1300 euros per sq. meter. That is the same as the peak price levels last seen in the 2007 period, just before there was a property crash across Europe, including in Bulgaria. Now, Bulgarian property market has made up for the lost momentum and things are looking better than ever. There are two reason why Bulgaria’s property market has been doing so well. Bulgaria had a reputation as a third world country in Europe – it was one of the poorest countries in the Eurozone. Things have changed since then – Bulgarian economy is flourishing and growing at 3.3% every year, one of the fastest growing economies in the region. Unemployment is at a historic low and business activity is up. People have higher disposable incomes than before. Another big change is that Bulgaria has emerged as a popular tourist destination. Over 9 million foreign tourists visited Bulgaria in 2017, and 8 million visited in 2016. Some of the places in Bulgaria such as Sunny Beach, a popular resort on the Black Sea Coast and Bansko, a top-rated ski destination, attract millions of tourists from across Europe every year. Sofia, the capital city of Bulgaria, is also quite popular with both holiday and business travellers. A fast growing economy and a flourishing tourism sector are always good for a country that wants to emerge as a top overseas destination. Another factor that has helped Bulgaria is that it is a politically stable country and a peaceful one, in a region that has been hit by political uncertainty, economic crisis and authoritarianism. Indeed, more and more foreign investors are now looking to invest in Bulgaria rather than in the neighbouring Turkey, which has been hit by a vicious strain of authoritarian politics under President Tayyeb Erdogan. Bulgaria appears to be a better alternative to another of its neighbours, Greece, which is still struggling to get out of a severe economic crisis. However, the Bulgarian National Bank has warned about the property market getting ahead of itself. They have advised caution largely because of the high indebtedness of Bulgarian businesses and households. The European Commission has also warned about the imbalances in the Bulgarian economy. Regardless, the fast rising economy and emergence of Bulgaria as a hub of tourism certainly indicate that property prices will be on the rise for years to come. Source: http://www.cash4overseasproperty.com Bulgaria is Seventh in the EU in Increase of House Prices in 2017
(02-02-2018)
9 percent the homes in Bulgaria have a higher price in the third quarter of 2017 compared to a year earlier. This places Bulgaria on the seventh position in the European Union on the rise in prices of houses, Eurostat data show. The largest annual house price increases were reported in the Czech Republic (12.3%), Ireland (12%), Portugal (10.4%), Hungary (10.2%), the Netherlands (10.2%) and Latvia (9.5%). Only in Italy home prices have fallen by 0.9%, according to Eurostat data. On average, for EU, house prices have risen by 4.1 per cent in the third quarter of 2017 compared to a year earlier. Meanwhile, the BNB has warned banks to pay attention to housing loans because the rise in property prices hides dangers. In its report on the state of the banking system for the third quarter of 2017, the central bank advised credit institutions to be more conservative in funding for economic sectors and high indebtedness. In addition, the BNB warns that rising real estate prices will not be forever, and banks should not lower their requirements for a healthy ratio between the amount of new loans and the value of mortgaged properties. At the end of last year, in its report on excessive macroeconomic imbalances, the European Commission also warned of a risk in the property market due to the high indebtedness of businesses and households.
Source: http://www.novinite.com Bulgaria’s house prices rising rapidly, due to strong economic growth
(18-01-2018)
The nationwide house price index rose by 8.59% (6.55% inflation-adjusted) during the year to Q2 2017, from y-o-y rises of 8.98% in Q1 2017, 8.11% in Q4 2016, 8.8% in Q3 2016 and 6.55% in Q2 2016, according to the National Statistical Institute (NSI). During the latest quarter, house prices increased 2.41% (2.53% inflation-adjusted) in Q2 2017.
The almost zero interest rates on bank deposits have encouraged people to invest in real estate, and also encouraged purchases of pre-construction residential property. “Increased activity, including the summer months, increasing volumes of sales, stabilized prices and constantly increasing interest by Bulgarian buyers - these are the main trends for the year that is soon to come to its end,” said Polina Stoykova, the Executive Director of Bulgarian Properties. From 2000 to 2008, Bulgaria had a house price boom, with residential property prices surging around 300%. The bubble burst at the end of 2008:
Bulgaria’s property market is projected to remain strong in the medium term. Demand for properties in the major cities continues to grow, and supply is increasingly limited by low levels of new construction. Bulgaria’s economy is expected to expand by 3.6% this year and by another 3.2% in 2018, from growth rates of 3.4% in 2016, 3.6% in 2015, and an annual average growth of just 1.1% from 2010 to 2014, according to the International Monetary Fund (IMF). European Union citizens can now purchase properties in Bulgaria, including land. The 5-year moratorium on land purchases, set as a condition in the Accession Treaty between Republic of Bulgaria and The European Union, was lifted in January 1, 2012. Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals. Local house price variations
All Bulgaria’s major cities saw rising house prices.
Most sought-after locations in Sofia
In Sofia, Bulgaria’s capital city, the average property price stood at €1,060 per square meter (sq. m.) in Q3 2017, unchanged from the previous quarter but up by 14% a year earlier, according to Bulgarian Properties. Currently, the average purchase price of dwellings in Sofia is €93,000. Sofia’s Southern districts are the most preferred location. In Lozenets and the city center, demand remains high despite that fact that these locations have the highest property prices in the country, ranging from €1,400 to €1,800 per sq. m. Strelbishte and Gotse Delchev are also preferred neighbourhoods with property prices between €1,100 and €1,300 per sq. m. in Q3 2017. The Krastova Vada and Hladilnika districts, particularly along the Cherni Vrah Boulevard and around the Paradise Center shopping mall, are also popular because of their amenities, trade centres, improved infrastructure, proximity to Vitosha Mountain and the future opening of metro stations. The average residential property price in Kraskova Vada stood at €1,130 per sq. m. in Q3 2017. Other districts in demand include Studentski Grad and Vitosha because of the availability of newly-built homes at affordable prices. The average price of dwellings in Vitosha was €1,060 per sq. m. in Q3 2017 while it was €960 per sq. m. in Studentski Grad. Manastirski Livadi, Mladost and Vrabnitsa districts are also popular with average house prices of €1,095, €990 and €800 per sq. m., respectively. Ski resorts led sales growth
Bansko, a town located in southwestern Bulgaria and a gateway to numerous ski and snowboard slopes on Todorka Peak, registered the biggest growth in property sales in Bulgaria, with transactions surging by almost 30% in Q3 2017, according to Bulgarian Properties. The other two big ski resorts in the country, Pamporovo and Borovets, also recorded strong increases in sales volumes of 18% and 5%, respectively. “This shows that the ski resort property market in Bulgaria is already active all-year-round, and during the summer months there is a particularly high demand for property to buy,” said Stoykova. “The main reasons for the increasing attractiveness of the properties in the ski resorts are the attractive prices on one hand, which are the best in Europe, and on the other hand - the improving infrastructure, the easy and fast access from the big cities, the accumulated experience in the management and maintenance of the complexes and above all – the ski resorts in Bulgaria have turned into all-year-round resorts,” Stoykova added. Only about 40% of property buyers in Bansko are Bulgarians and the rest are foreigners. This is in contrast to Borovets and Pamporovo where almost all buyers are Bulgarians who live in Sofia and the other major cities. Investors are looking for investments that provide capital gains and rental returns. Holiday homes in ski resorts are now considered attractive as rental income investments. Most properties are purchased for cash. In Sofia, property sales also increased by a modest 3.75% y-o-y to 6,300 units in Q3 2017. The most purchased apartments in the capital city are located in the districts of Krastova Vada, Manastirski Livadi, Mladost 4, Studentski Grad and Vitosha. Construction still way below peak, and fallingFrom 2005 to 2011, 16,700 dwelling units were completed every year. Construction peaked in 2009 when dwellings completed exceeded 22,000 units. However, completions fell sharply to an average of 9,700 units from 2012 to 2014 and in 2015 completions fell sharply to 7,800 units, according to the National Statistical Institute (NSI). In 2016, dwelling completions increased by 19.7% y-o-y to 9,342 units.
In Q3 2017, newly built dwellings fell again by 15.2% to just 2,018 units from the same period last year. There were 3,943,989 dwelling units in Bulgaria in 2016, up slightly by 2% from a year earlier. The Southwest region accounted for about 28.2% of the total housing stock, followed by the South Central region (with 18.1% share), Southeast region (15.9%), Northeast region (13%), Northwest region (12.9%) and North Central region (11.9%). Interest rates continue to fall
Interest rates in Bulgaria continue to decline. The average mortgage interest rate for BGN-denominated loans fell to a record low of 3.87% in October 2017, from 4.62% in a year earlier, according to the Bulgarian National Bank. Likewise, the average mortgage rate for Euro-denominated loans dropped 4.08%, from 5.12% a year ago. For BGN-denominated loans, in October 2017:
For Euro-denominated loans, in October 2017:
Small mortgage marketBulgaria’s mortgage market has been gradually declining in the past six years, from 11.65% of GDP in 2010 to just 9.47% of GDP in 2016. But this came after massive expansion during the boom years from just 0.38% of GDP in 2000.
This expansion may soon resume. There were BGN267.1 million (€136.6 million) new housing loans in October 2017, up 39% from the same period last year. About 91% of the new housing loans are BGN-denominated loans, with IRF of up to 1 year. Total outstanding housing loans increased 6.4% to BGN9.33 billion (€4.77 billion) in October 2017 from the same period last year, according to the Bulgarian National Bank. Rental yields are moderately goodSofia has moderate to good gross rental yields - i.e., the rental return on a property if fully rented out, before all expenses. Yields in the centre were around 6% in August 2017, almost unchanged from a year earlier, based on recent Global Property Guide research. Yields a little further out are similar. Doctor’s Garden, Ivan Vazov, Iztok and Lozenets are among the most sought after addresses in the centre. Embassies, museums and universities are located here. These areas also have many parks and green spaces, making them popular with expats. In the southern part of Sofia in Vitosha Mountain (or in the vicinity) are prestigious suburban neighborhoods like Boyana and Dragalevtsi. Though new developments being built here are increasing the stock of rental apartments, we find better yields here on the very smallest apartments, with yields stretching up to 6.4%. The Global Property Guide was not able to provide yields in Bulgaria’s beach and ski areas, because rents in these areas are highly seasonal. Transaction costs in Bulgaria are moderate, and more or less evenly split between buyer and seller. Economic growth, budget surplus
European Commission. In Q3 2017, Bulgaria’s economic growth accelerated to 3.9% compared to a year earlier, from 3.7% in the prior quarter and 3.4% in the previous year, according to the NSI. The budget surplus was 1.6% of GDP this year, in sharp contrast to a deficit of 2.8% of GDP in 2015 and 3.7% of GDP in 2014. It was the country’s first budget surplus since 2008. During the first nine months of 2017, the country recorded a consolidated budget surplus of BGN2.42 billion (€1.24 billion), which is equivalent to 2.4% of this year’s estimated GDP. Consumer prices are expected to increase by about 1.1% this year, after deflations of 1.3% in 2016, 1.1% in 2015 and 1.6% in 2014, according to the IMF. Unemployment stood at 6.7% in October 2017, down from 8% in 2016 and an average of 11% from 2012 to 2015, according to the NSI. Unemployment is expected to be 6.4% this year, according to the European Commission.
Source: https://www.globalpropertyguide.com Bulgaria Remains Among the 15 most Desirable Destinations for Buying a Second Home
(27-11-2017)
Bulgaria remains among the 15 most desirable destinations for buying a second home in October, according to the regular ranking of TheMoveChannel.com portal. Our country ranks 11th, climbing two positions compared to September, with a share of 1.44% of all inquiries made in the portal. In the top five of the ranking there are serious changes. In the first place, Spain comes up with 6.5% of inquiries. The US fell second with just over 5% of inquiries. Third place last month is Portugal, which collects 4.4% of inquiries from buyers. Fourth place is for the United Arab Emirates (UAE), namely Dubai, and France, which climbed to second place in September, falls fifth with 2.6% of inquiries. Top 10 is complemented by Jersey Island, Turkey, Cape Verde, Italy and New Zealand. Mauritius and Greece are the destinations with the largest drop in demand - respectively 15 places to 23rd position and 14 places to 18th position. At the same time, Tanzania makes the biggest jump - 29 places to 16th position. Cyprus advances with 11 places in the ranking to 12th position, and Latvia - with 10th to 39th position.
Source: http://www.novinite.com Eurostat: 85% of Bulgarians Live in their Own Home
(06-11-2017)
Nearly 85% or more than 8 out of 10 Bulgarians live in their own home, with an average EU indicator of 7 to 10 Europeans, according to a Eurostat analysis of the housing stock in the EU last year, Darik said. According to statistics, about 54.5% of the population lives in houses and 45.5% are in blocks of flats. In the EU, about 70% of people own their homes, while 30% are on loan. Source: http://www.novinite.com Bulgaria is the Leader in Renovating Buildings with Public Funds
(24-10-2017)
Bulgaria is the EU leader in spending public funds in the area of public housing and public amenities. This takes into account Eurostat's analysis of "Housing Policy in the EU" in 2015, quoted by BTA. Our country has the highest total EU spending on housing rehabilitation and public amenities at 2.1 per cent of GDP. Of these, "housing" in Bulgaria amounts to 1.1 percent of GDP in 2015, Eurostat data show. To date, over 4,500 energy efficiency certificates have been issued after renovation of residential buildings rehabilitated under the national energy efficiency program. New state funding for rehabilitation may happen in 2019. In the future, the program is scheduled to continue with co-financing by the participants, and new state funding is expected in 2019. In 2018, the ongoing projects will be completed.
Source: http://www.novinite.com Bulgaria Ranks Eighth in Europe in Income from Rented Properties
(10-10-2017)
Bulgaria is ranked eighth in Europe in income from rented property, the online edition simplybusiness.co.uk reports, referring to WorldFirst payment group calculations. The average income in our country reaches 5.77%. Leader in Europe is Ireland with an income of 7.08%. Malta is second with 6.64% and Portugal with 6.43% is third. The top 10 is complemented by the Netherlands, Slovakia, Belgium, Turkey, Cyprus and Hungary. At the bottom of the list is Sweden with an average rental income of 3.03%. Croatia and France are just ahead of it with 3.82%. For 12 months, Britain recorded the strongest decline in ranking - 10 positions to 25th with an average rental income of 4%. The reason - the "challenging environment" for homeowners, such as tax deductions for rented dwellings, and tax cuts in a deal to curb speculation because of housing shortages in major cities in the country. Tightening the requirements for buyers of mortgage lending, investors face the vague prospects of Brexit, which is still under negotiation. According to Edward Hardy of WorldFirst, the worsening dynamics of the UK's rental market sounds like a signal for a further slowdown in housing markets. Source: http://www.novinite.com Housing Prices in Bulgaria are Rising with one of the Fastest Rates in the EU
(01-08-2017)
Household prices in Bulgaria registered one of the biggest increases in the first quarter in the European Union on an annual basis - 8.8%. This shows latest Eurostat data released on Wednesday. Reports Investor. Thus our country ranks fifth in the ranking, with the Czech Republic having a 12.7% increase. Lithuania followed by Lithuania (10.2%), Latvia (10.1%) and Ireland (8.9%). The statistics show that in the last few years there has been a steady rise in house prices in Bulgaria after it was only 0.7% in the first quarter of 2014. Though prices fell slightly in the fourth quarter of last year, they went up again in the first three months of 2017. Overall, house prices in the European Union grew by 4.5% in the first quarter. The increase in the Euro zone is slightly lower - 4.0%. Source: http://www.novinite.com Bulgaria's Property Prices Up by 12% in Six Months Alone
(14-03-2017)
In six months alone, real estate prices in Bulgaria have jumped by 12%, showed data of the Association of Real Estate Brokers. In Sofia, the average price is about EUR 1,000 per sq m. There is growing interest in deals in new construction real estate. Broker Iliyana Vasileva explained that real estate property of up to 60 sq m is most sought after and people purchase such properties in order to invest and lend these. After a certain slump in the market, now there is a deficit in supply: “Since the beginning of the year, there has been a deficit in the supply of quality real estate in all segments. We are not just talking about small apartments! Let’s say a nice, brick, three-room apartment with a garage. There is no choice and no supply of such offers,” said Vasileva. This is why ¼ of the buyers are targeting deals in new construction properties. Source: http://www.novinite.com Kronospan to Invest BGN 300 M in Bulgaria's Veliko Tarnovo
(26-01-2017)
Austrian wood-based panels manufacturer Kronospan is to expand its production facilities in the northern Bulgarian city of Veliko Tarnovo, Capital.bg reports. Source: http://www.novinite.com Austrian wood-based panels manufacturer Kronospan is to expand its production facilities in the northern Bulgarian city of Veliko Tarnovo, Capital.bg reports.
Apart from adding a particle board streamline, it will start the production of medium-density fibreboard (MDF), which has never been made in Bulgaria as of the moment. An investment plan worth BGN 300 M has already been launched by the company, which also plans to create a zone where furniture manufacturers using particle board made by Kronospan will be able to set up production sites, the website says. The step will cut logistics expenses of investors using materials from the Austrian company, the latter argues. Kronospan runs two plants in Bulgaria, one in Veliko Tarnovo and another in Burgas, giving employment to some 400 people. The expansion is expected to add 100 jobs and may create hundreds more in affiliated industries. - See more at: http://www.novinite.com/articles/178526/Kronospan+to+Invest+BGN+300+M+in+Bulgaria's+Veliko+Tarnovo#sthash.T4zkms2p.dpuf Bulgaria 'Should Promote Itself as All-Year-Round Destination'
(15-12-2016)
It is time for Bulgaria to position itself on the main European and non-European markets as an four-season tourism destination, the head of a key tourism think-tank has said. Source: http://www.novinite.com Tourism Minister Declares 2016 Most Successful Year in Last 25 Years
(06-10-2016)
2016 is expected to be the most successful year for the tourism industry in the last 25 years, announced in Plovdiv Tourism Minister, Nikolina Angelkova. In June and July alone, the number of tourists who came to Bulgaria increased by 23.1%, compared to the previous year. In terms of revenues for the same period, the increase is about 14% (BGN 1 B). For the first 7 months of the year, revenues were 13-14% more, compared to 2015, added Angelkova. Compared to the most successful year so far – 2014, growth is already 14%, which makes 2016 the most successful year, especially with respect to the summer when expectations almost doubled. Growth is most noticeable where German tourists are concerned. Their number grew by 38%. Russia ranks second – the increase in the number of tourists was 30%. According to the statistics, the highest growth was reported with respect to Romanian tourists – the expectations of 5% quadrupled. According to Angelkova, the most important thing is that Bulgaria is headed in the right direction i.e. turning into an all year round destination. Source: http://www.novinite.com Newly Built Homes in Bulgaria Increase 3.2% Y/Y in Q2 2016, Dwellings Up 15.6%
(30-08-2016)
The number of completed housing projects in Bulgaria rose by 3.2% year-on-year in the second quarter of 2016, reaching 521, the country’s statistical office NSI announced on Monday. Source: http://www.novinite.com The number of completed housing projects in Bulgaria rose by 3.2% year-on-year in the second quarter of 2016, reaching 521, the country’s statistical office NSI announced on Monday. The number of dwellings in newly built residential buildings increased by 15.6% on the year to a total of 2,248 for the period April-June 2016, the NSI said in a statement citing preliminary data. Newly built dwellings with two rooms were 39.1% of the total in the second quarter of 2016, followed by dwellings with three rooms with a share of 27.9%.The number of dwellings with six and more rooms had the lowest share among newly built dwellings - 2.7% Houses comprised 72.6% of all housing projects completed and ready for use in the second quarter of 2016,followed by blocks of flats with a share of 15.3%. Plovdiv Region led in terms of the number of residential buildings completed in the second quarter (81) followed by Burgas (80) and Varna (79), the NSI said in a statement. - See more at: http://www.novinite.com/articles/175812/Newly+Built+Homes+in+Bulgaria+Increase+3.2+Y+Y+in+Q2+2016,+Dwellings+Up+15.6#sthash.ooBGxGOp.dpuf21 Photos That Prove Bulgaria Is Literally Heaven On Earth
(27-07-2016)
Sinemorets, Bulgaria 2. Or a city this luminous?
@Stoyan Stoyanov Plovdiv, Bulgaria 3. When did you last see a mountain this majestic?
@Stoyan Stoyanov Kardzhali Dam 4. Or a vision this magical?
@Flaviya / Shutterstock Bolata beach 5. When have you ever explored an otherworldly cave? Prohodna cave
6. Or visited a town this quaint?
Veliko turnovo
7 .When have you visited a village like this ?
8. Or seen the Oldest Golden Treasure in the World ?
9 . When have you been to The World’s Sixth Oldes Town ? |
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 94.23 | 93.39 | 145.47 | 71.84 | 2005 - 2015 | Index Points | Quarterly |
2010=100
|
| Bulgaria Housing | Last | Previous | Highest | Lowest | Unit | |
|---|---|---|---|---|---|---|
| Housing Index | 94.23 | 93.39 | 145.47 | 71.84 | Index Points | [+] |
| Construction Output | -0.40 | -0.50 | 48.80 | -26.80 | percent | [+] |
| Home Ownership Rate | 84.30 | 85.70 | 87.60 | 84.30 | percent | [+] |
Source: http://www.tradingeconomics.com
Biggest park in the Bulgarian town of Veliko Tarnovo was officially inaugurated on Monday. The official ceremony was attended by Mayor of Veliko Tarnovo Daniel Panov and Minister of Regional Development and Public Works Lilyana Pavlova.
Minister Pavlova stressed that this was just one of the five parks in the town, the modernisation of which was financed under the operational programmes of the EU for the past programme period.
The minister thanked the mayor and the municipal authorities for the efforts made. She also wished the local citizens to keep the new park in good condition.
Mayor Panov, on the other hand, thanked the minister for the opening of the operational programmes and for providing financing.
The official inauguration ceremony started with a water blessing service. It was also attended by many local politicians, public figures and hundreds of citizens and guests of Veliko Tarnovo.
The park is situated over 537 decares at the Sveta Gora Hill.
The Sveta Gora recreation centre is one of the major sites realised within the Veliko Tarnovo – Green and Accessible Balkan Capital of Cultural Tourism project.
The project was realised with BGN 7.2 million financing under the OP Regional Development 2007-2013.
Source: http://www.focus-fen.net
Bulgaria’s housing market is recovering, despite meagre economic growth, and property transactions are starting to pick up.
In 2014, the average price of existing flats in Bulgaria increased 1.15% to BGN 874.49 (€447.02) per square metre (sq. m.), the first year-on-year increase since 2008, according to the National Statistical Institute (NSI). When adjusted for inflation, the price of dwellings actually increased 2.05% last year. In Sofia, the capital, the average price of dwellings was up by 3.1% in 2014 from a year earlier, at BGN1,501.73 (€767.75) per sq. m.
Bulgarian property prices are now 38.3% (-44% in real terms) lower than at their Q3 2008 peak, when average national prices reached BGN1,418.24 (€724.97) per sq. m.
Out of 28 provinces of Bulgaria, ten provinces saw house prices increase in 2014, including Stara Zagora, with an annual house price rise of 4.8%, Burgas (4.6%), Shumen (4.2%), Veliko Tarnovo (3.6%), Silistra (3.6%), Plovdiv (2.6%), Ruse (1.6%), Varna (1.4%), and Kardzhali (1.4%). There were price drops in Kyustendil (-6.3%), Pernik (-5.7%), Sliven (-4.1%), and Pleven (-4%).
From 2000 to 2008, Bulgaria had a house price boom, with residential property prices surging around 300%. The bubble burst at the end of 2008:
- In 2009, Bulgaria´s average dwelling price plummeted by 26.31% (-26.72% in real terms);
- In 2010, the average dwelling price fell by 5.58% (-9.68% in real terms);
- In 2011, the average dwelling price fell by 6.16% (-8.67% in real terms);
- In 2012, the average dwelling price fell by 1.4% (-5.42% in real terms);
- In 2013, the average dwelling price fell 1.21% (but increased 0.38% in real terms).
The current recovery is expected to continue. Demand for properties in the major cities will grow, and the supply will become increasingly limited due to the low levels of new construction, according to local property experts.
“An important element of the new market reality is the return of the confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment,” says Polina Stoykova of Bulgarian Properties. “It is clear and obvious that the buyers have permanently returned,” Stoykova added.
European Union citizens can now purchase properties in Bulgaria, including land. The 5-year moratorium on land purchases, set as a condition in the Accession Treaty between Republic of Bulgaria and The European Union, was lifted in January 1, 2012.
Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals.
Demand is picking up again
Property transactions in Bulgaria, particularly in Sofia, continue to pick up. Three- and four-bedroom apartments were the most sought after properties in 2014, representing about 70% of all property sales, according to local property experts. About 70% of all property sales were purchased on a cash-basis.
Residential construction recovering
In 2014, the number of newly-built residential buildings rose 11.96% from a year earlier, to 2,462 buildings, according to the National Statistical Institute (NSI), in contrast to the declines of 8.34% in 2013, and 18.65% in 2012.
As of December 2013, the country’s total dwelling stock stood at 3,918,241 units, up slightly by 0.2% from a year earlier, according to the NSI.
Low interest rates
Interest rates in Bulgaria continue to decline. The average mortgage interest rate for BGN-denominate loans was 6.18% in January 2015, down from 6.97% in the same period last year, according to the Bulgarian National Bank.
For BGN-denominated loans:
- Interest rate fixation (IRF) of up to 1 year: 6.19%, down from 6.99% from a year earlier - and the lowest rate for eight years
- IRF over 1 and up to 5 years: 5.9%, down from 6.17% from a year earlier
Likewise, the average mortgage interest rate for Euro-denominated loans also fell to 6.83% in January 2015, from 7.59% in January 2014. Over the same period, for Euro-denominated loans:
- IRF of up to 1 year: 6.82%, down from 7.53% from a year earlier
- IRF over 1 and up to 5 years: 7%, up from 6.91% from a year earlier
Small mortgage market
Bulgaria’s mortgage market expanded during the boom years from just 0.39% of GDP in 2000, to 12.35% of GDP in 2010. Mortgage loans outstanding were 11.18% of GDP in 2014.
Credit demand remains weak. The total amount of outstanding housing loans dropped 1.4% y-o-y to BGN8.69 billion (€4.44 billion) in February 2015, despite record-low interest rates, according to the Bulgarian National Bank.
Moderate rental yields
In the centre of Sofia, gross rental yields on apartments are moderate, ranging from 4.64% to 5.97%, based on recent Global Property Guide research conducted in August 2014.
In the southern part of Sofia in Vitosha Mountain (or in the vicinity) there are prestigious suburban neighborhoods like Boyana and Dragalevtsi. Small apartments in the area offer better yields of up to 6.53%, and the very biggest apartments command exceptional yields at 8.36%.
Meagre economic growth in 2015
Bulgaria’s economy expanded by 1.5% in 2014, after growing by 1.1% in 2013 and 0.6% in 2012, according to the European Bank for Reconstruction and Development (EBRD).
The economy was projected to grow by 0.8% this year and by another 1% in 2016, according to the European Commission. The World Bank is more optimistic about Bulgaria’s economy, with growth forecasts of 1.1% in 2015, 2% in 2016 and 2.7% in 2017.
In 2014, the country’s budget deficit rose to 3.7% after a budget amendment and thus exceeded the EU deficit limit of 3%. In November 2014, Bulgaria’s parliament approved a 2015 budget with deficit equivalent to 3%. The deficit for the first two months of this year was just 0.2% of GDP, the lowest in the past five years. State debt is expected to increase to BGN24.5 billion (€12.52 billion) or about 30% of GDP.
The country had negative inflation of -1.7% in February 2015, after -2.3% in January 2015, according to the Eurostat.
Unemployment is expected to fall to 10.9% in 2015, according to the European Commission.
Source: http://www.globalpropertyguide.com
The average price of agricultural land in Bulgaria rose 15.2% last year, reaching BGN 684 (EUR 342) per 1,000 square metres, the statistics office announced on Tuesday.
Rental prices per 1,000 sq m of agricultural land also rose, reaching BGN 41 (EUR 20.5) on average, an increase of 7.9% compared to 2013.
Land under vineyards marked the highest uear-on-year increase in price in 2014, by 41.4%, reaching BGN 451. The average price of arable land for sowing wheat and maize rose by 14%, followed by land under orchards (+1.6%) and permanent grassland (+24.2%).
The highest price in agricultural land transactions, BGN 957 (EUR 478.5) per 1,000 sq m, was recorded in northeastern Bulgaria, often called the country’s breadbasket.
Looking at the rental prices for agricultural land in Bulgaria, the sharpest year-on-year increase was registered in the price of orchards (+16.7%) and in arable land (+10.3%). Rent prices for vineyards, however, dropped by 29.4%.
The highest average rental price of BGN 61 (EUR 30.5) per 1,000 sq m of agricultural land was recorded in Bulgaria’s northeastern region. This was almost double the rental price level in the southwestern region, the National Statistical Institute (NSI) said.
Source: http://www.novinite.com/
Bulgaria posted the biggest rise in sales of commercial real estate in the EU last year, a new study has shown.
According to the latest edition of Cushman & Wakefield's International Investment Atlas, commercial properties worth USD 286 M (EUR 254 M) were sold in Bulgaria last year, an increase of 226% over 2013.
The statistics cover sales of offices, hotels, industrial properties, retail centres and land designated for construction purposes
The annual study covering property markets in 62 countries in the world has been presented in Sofia by Forton International, the strategic partner of Cushman & Wakefield for Bulgaria and Macedonia.
The recovery of the commercial property market in Bulgaria had accelerated in 2014 led by a rise in demand and occupancy rate in the segments of office and industrial properties, Forton CEO Michaela Lashova commented.
This in turn led to a rise in investors’ interest in launching new projects as well as acquiring existing commercial properties that operate and generate revenues, she added.
Investment activity in the commercial property sector in Bulgaria is expected to remain high this year, depending mainly on the economic growth in the Eurozone which is the country’s biggest trade partner.
Domestic investors will remain the key driver of sales growth in Bulgaria's commercial property sector, while the share of foreign capital will increase mainly in transactions for buying land for construction purposes and launching new projects or restarting frozen developments.
Source: http://www.novinite.com/
Sofia. Market prices have risen by 0.7% in the last four months of 2014 compared to the third quarter, an analysis of the National Statistical Institute (NSI) shows.
The index of market prices for the fourth quarter of 2014 y/y was 101.2%, or an average increase in market prices of 1.2%.
In the fourth quarter of 2014 property prices in 13 cities rose with a significant increase in Bourgas - 1.5%, Stara Zagora - by 1.4% and in Ruse - 1.3%. Prices dropped in the other 14 cities.
The average property price in the fourth quarter of 2014 was BGN 874.49 / sq. m. The highest average price was in Sofia (the capital) - 1 501.73/ sq. m, followed by Varna - 1 393.17 / sq. m, and Burgas - 1 162.83 / sq. m.
The index of market prices for 2014 was 100.5%, i.e. an average increase in market prices of 0.5%. In 2014 there was an increase of prices in 10 cities with a significant increase in Sofia (capital) - 2.9%, Shumen - by 2.8%, and Plovdiv - by 2.7%. Prices dropped in the other 17 districts and Sofia region.
The average price of housing in the country in 2014 was 869.75 / sq. m. The highest average price was in Sofia (capital) - 1 481.06 / sq. m, and in Varna - 1 377.00 / sq. meter.
Source: http://www.standartnews.com/
The market prices of dwellings in Bulgaria increased in the last three months of 2014, according to a study of the National Statistical Institute (NSI), which was released on Friday.
The prices of dwellings increased with 0.7 % compared to the preceding three-month period in 2014, and registered 1.2 % growth compared to the same period in 2013.
An increase has been registered in 13 of the regional centres and the district of Sofia, with Burgas, Stara Zagora and Ruse recording the most considerable growth in prices in the last three months of 2014.
The remaining 14 regional centres have registered a decrease in the prices of dwellings.
The average market price for dwellings in the country during the last three months of 2014 was BGN 874 per square metre.
The highest prices are recorded in the capital Sofia, followed by Varna and Burgas.
The average increase of the prices of dwellings in 2014 was 0.5 % compared to 2013.
The average market price for dwellings in the country in 2014 was BGN 869 per square metre.
Source: http://www.novinite.com
2014 has seen a great deal of change in the Bulgarian real estate market, with more and more foreigners buying assets along the Black Sea coast, in the ski resorts or in the country's capital, Sofia.
Consequently, house prices and rents have started to show increases for the first time since the financial crisis, with further growth expected. Despite a lack of new large-scale construction projects in Bulgaria, the property market still has many assets to offer.
The main difference between Bulgaria and other real estate markets in Eastern Europe that have experienced an increase in prices is that in the capital, real estate projects are easily accessible to the public through vehicles such as Real Estate Investment Trusts (REITs), listed at the stock exchange.
This means that Bulgaria's property market is largely financed by their stock exchange, a unique attribute to Bulgaria compared to other Eastern European countries, still struggling with the aftermath of the financial crisis, unable to revive their own real estate sectors.
Commercial property remains relatively cheap to other countries with office space in central locations fetching around €2000/sqm for prime spaces. The commercial rentals sector has also enjoyed growth, largely as a result of rents falling to 9% for centrally-located office space.
Prices are considerably higher in the residential sector, around €1,800/sqm in prime Sofia locations while in other Eastern European capitals, the prices can reach as much as €2,500/sqm.
The same price disparity can be seen in Bulgaria's agricultural land which has an average price per hectare of €1,000, while in Poland land can fetch around €6000 per hectare and in Greece, up to €10,000.
There are several advantages of investing in REITs, including improved liquidity over traditional property purchases and the divisibility of the sums that can be invested. The REIT segment of the Sofia real estate market has a capitalisation of €200m with forecasts for the figure to reach €1bn over the next 3-4 years.
Source: http://www.propertyshowrooms.com/
The market price index of dwellings for Q3 2014 compared to Q2 2014 was 99.9%, i.e. the average decrease of the market prices of dwellings was 0.1%, according to Bulgaria's Statistical Institute.
The market price index of the dwellings for the third quarter of 2014 in comparison with the corresponding quarter of the previous year was 100.4%, i.e. the average increase of the market prices of the dwellings was 0.4%.
In the third quarter of 2014 compared to the previous one, a price decrease was recorded in 19 district centers and in Sofia district.
The decrease was more considerable in Kyustendil - by 2.5%, Pernik – by 2.4% and Razgrad - by 1.9%.
In 8 district centers a price increase was recorded. In the third quarter of 2014 the average market price of the dwellings for the whole country was BGN 868.77/sq. m.
The highest average prices were recorded in the following district centers: Sofia – BGN 1 485.67/sq. m, followed by Varna – BGN 1 378.33/sq. m and Burgas – BGN 1 145.33/sq. m.
Source: http://www.novinite.com
Bulgaria's property market is picking up and there is a slight price growth over the last three months, according to one of the leading companies in the sector.
Its chief executive Teodora Dimitrova was clear that the price hike may continue, but it will not be drastic, Darik news reports.
Dimitrova noted that for the first time in six years a minimum increase in real estate prices was reported in March. The highest demand is for one or two bedroom homes, she added.
"The money Bulgarians invest in houses range between BGN 30,000 and BGN 50,000, these are the most common transactions. They are mainly financed with own funds, from the sale of another property or with a bank loan," Dimitrova said.
Asked whether the stirring of the market will lead to higher property prices Dimitrova said that currently there is a high supply and therefore prices remain stable.
The company, which has offices in most European countries and monitors the market in the United States and Turkey, reported that the domestic interest rates are among the highest, Darik news informs.
Source: http://www.novinite.com
The real estate deals in Bulgaria in H1 2014 grew by 64%,year-on-year, shows an analysis of Bulgarian real estate company.
Due to the bank panic in June, buyers showed increased interest in buying homes in Sofia.
In Varna and Burgas, however, the deals with Russian citizens dropped by 35% in H1 2014, year-on-year.
The analysis of the real estate company shows that this year the property sells twice as fast, compared to 2013. On average an apartment in Sofia, Varna and Burgas sells for 66 days, while in 2013 it took 120 days.
Source: http://www.novinite.com
Due to the bank panic in June, buyers showed increased interest in buying homes in Sofia.
In Varna and Burgas, however, the deals with Russian citizens dropped by 35% in H1 2014, year-on-year.
The analysis of the real estate company shows that this year the property sells twice as fast, compared to 2013. On average an apartment in Sofia, Varna and Burgas sells for 66 days, while in 2013 it took 120 days - See more at: http://www.novinite.com/articles/162168/Property+Deals+On+The+Rise%2C+Russians+Buy+Less#sthash.paTphn72.dpuf
At least BGN 200M higher levels of cash flow were recorded on Bulgaria's property market by the end of June and the beginning of July, 2014.
According to brokers, additional BGN 40M real estate investments are expected in the autumn when the market activity traditionally improves. The flows of cash have most probably come from deposits withdrawn during the banking system panic in June, Bulgarian 24 chasa suggests.
A total of 220,000 property transactions per year are carried out on average. Their number is nearly 19,000 per month at an average price of BGN 100,000 per deal. In July only, brokers report a 15% growth in real estate transactions.
Cash flow on the property market may turn out to be higher, as the survey does not include the property purchased by Bulgarians abroad, the media outlet notes.
Experts report an unusually increased activity in the summer months in the transactions in office space and building plots with construction permits.
Big real estate agencies suggest that it is entirely possible for the migration of deposits to properties to increase for two reasons - the market is traditionally weaker in the summer and records growth in the second half of the year. Secondly, the process of purchasing property takes at least 4-6 months.
Source: http://www.novinite.com
Bulgaria remains relatively stable in terms of the most desired second homes purchase destinations for British citizens.
In end-June, Bulgaria occupies the 11th place in the ranking of the online portal TheMoveChannel.com after the country has managed to reach 10th place twice in 2014, Investor.bg reports.
For the first time Poland has reached the top 10 in the international ranking. The country occupies the 10th position in June, which is the highest position in the ranking that a Central European country has landed so far.
The United States remains the most desired destination for Brits buying property abroad. Spain has returned to the second position in the ranking, followed by France and Portugal. The fifth position is occupied by Brazil.
The strongest increase was observed in the demand for holiday homes in the United Arab Emirates in June. According to the online portal, the interest of the British customers in the country continues to grow
- See more at: http://www.novinite.com/articles/161819/Bulgaria+Keeps+Attracting+British+Property+Buyers+In+June#sthash.m7wNUsjN.dpufBulgaria remains relatively stable in terms of the most desired second homes purchase destinations for British citizens.
In end-June, Bulgaria occupies the 11th place in the ranking of the online portal TheMoveChannel.com after the country has managed to reach 10th place twice in 2014, Investor.bg reports.
For the first time Poland has reached the top 10 in the international ranking. The country occupies the 10th position in June, which is the highest position in the ranking that a Central European country has landed so far.
The United States remains the most desired destination for Brits buying property abroad. Spain has returned to the second position in the ranking, followed by France and Portugal. The fifth position is occupied by Brazil.
The strongest increase was observed in the demand for holiday homes in the United Arab Emirates in June. According to the online portal, the
interest of the British customers in the country continues to grow
- See more at: http://www.novinite.com/articles/161819/Bulgaria+Keeps+Attracting+British+Property+Buyers+In+June#sthash.m7wNUsjN.dpufBulgaria remains relatively stable in terms of the most desired second homes purchase destinations for British citizens.
In end-June, Bulgaria occupies the 11th place in the ranking of the online portal TheMoveChannel.com after the country has managed to reach 10th place twice in 2014, Investor.bg reports.
- See more at: http://www.novinite.com/articles/161819/Bulgaria+Keeps+Attracting+British+Property+Buyers+In+June#sthash.m7wNUsjN.dpufBulgaria remains relatively stable in terms of the most desired second homes purchase destinations for British citizens.
In end-June, Bulgaria occupies the 11th place in the ranking of the online portal TheMoveChannel.com after the country has managed to reach 10th place twice in 2014, Investor.bg reports.
For the first time Poland has reached the top 10 in the international ranking. The country occupies the 10th position in June, which is the highest position in the ranking that a Central European country has landed so far.
The United States remains the most desired destination for Brits buying property abroad. Spain has returned to the second position in the ranking, followed by France and Portugal. The fifth position is occupied by Brazil.
The strongest increase was observed in the demand for holiday homes in the United Arab Emirates in June. According to the online portal, the interest of the British customers in the country continues to grow.
Source: http://www.novinite.com
Bulgaria remains relatively stable in terms of the most desired second homes purchase destinations for British citizens.
In end-June, Bulgaria occupies the 11th place in the ranking of the online portal TheMoveChannel.com after the country has managed to reach 10th place twice in 2014, Investor.bg reports.
For the first time Poland has reached the top 10 in the international ranking. The country occupies the 10th position in June, which is the highest position in the ranking that a Central European country has landed so far.
The United States remains the most desired destination for Brits buying property abroad. Spain has returned to the second position in the ranking, followed by France and Portugal. The fifth position is occupied by Brazil.
The strongest increase was observed in the demand for holiday homes in the United Arab Emirates in June. According to the online portal, the interest of the British customers in the country continues to grow.
- See more at: http://www.novinite.com/articles/161819/Bulgaria+Keeps+Attracting+British+Property+Buyers+In+June#sthash.m7wNUsjN.dpufBulgaria’s housing market is now recovering slowly, amidst an improving economy. House prices are now stabilizing, and property transactions are starting to pick up.
In 2013, the average price of existing flats in Bulgaria dropped by just 1.21% to BGN 864.52 (€442.12) per square metre (sq. m.), the slowest year-on-year decline in the past five years, according to the National Statistical Institute (NSI). However, when adjusted for inflation, the price of dwellings actually increased slightly by 0.38%.
On a quarterly basis, the average price of existing flats in the country fell by 0.15% (-0.93% in real terms) in the last quarter of 2013.
Property prices in Bulgaria are now 39% (-45.1% in real terms) lower than at their Q3 2008 peak, when they reached BGN 1,418 (€725.17) per sq. m.
In Sofia, the capital, the average price of dwellings was down by 0.9% in 2013 from a year earlier, at BGN 1,439.79 (€736.32) per sq. m.
Out of 28 provinces of Bulgaria, only 3 provinces, which included Ruse, Targovishte, and Veliko Tarnovo, saw annual house price increases in 2013. Sharp price drops were recorded in Vratsa, Pazardzhik, and Sliven.
From 2000 to 2008, Bulgaria had a house price boom. Residential property prices surged around 300%. However, the property bubble burst towards the end of 2008, mainly due to the global economic and financial crisis.
- In 2009, Bulgaria's average dwelling price plummeted by 26.31% (-26.72% in real terms) from a year earlier;
- In 2010, the average dwelling price fell by 5.58% (-9.68% in real terms);
- In 2011, the average dwelling price plunged by 6.16% (-8.67% in real terms);
- In 2012, the average dwelling price dropped by 1.4% (-5.42% in real terms).
The Bulgarian property market is expected to continue recovering in 2014, thanks to the stable income and cash savings of homebuyers, according to local real estate agency Adres.
"Deposit interest rates are expected to drop further in the next 12 months and the decline of real estate prices will stop, which will activate buyers," said Georgi Pavlov of Adres. "We expect that a lot of people who have savings accounts will consider investing in real estate, once they note the decrease in interest rates. Property investment is a safe bet, and a possible price hike would make it even more profitable," Pavlov added.
European Union citizens can now purchase properties in Bulgaria, including land. The 5-year moratorium on land purchases, set as a condition in the Accession Treaty between Republic of Bulgaria and The European Union, was lifted in January 1, 2012.
Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals.
Foreign demand has collapsed since the boom
From 2006 to 2008, real estate was a quarter of total foreign direct investment (FDI) in Bulgaria, with a quarterly average of €541 million. However, real estate FDI has shrunk since 2009. In Q3 2012, real estate FDI was only €7.6 million, down from the previous year’s €66.6 millio
Demand starts to revive
In Sofia, property sales have already revived, with the number of transactions rising by 10% in 2013 from the previous year, according to Polina Stoykova, MRICS' Head of Operations and Property Research. In addition, the sales of seaside holiday homes also rose by about 20% over the same period.
Modest economic growth in 2014
In the fourth quarter of 2013, Bulgaria’s real GDP growth rate accelerated to 1% from the same period last year, up from the annual growth of 0.7% in Q3 2013 and the fastest pace since Q1 2012, thanks to higher consumption. This followed 0.4% growth in 2010, 1.8% growth in 2011 and 0.8% growth in 2012, according to the National Statistical Institute (NSI).
In 2014, the Bulgarian government expects the economy to expand by 1.8%, slightly more optimistic than the IMF’s projection of 1.6% growth and European Commission’s 1.5%.
Bulgaria has one of the lowest budget deficits and overall debt levels in Europe. In 2013 its budget deficit stood at 1.8% of GDP, below the government target of 2%, according to the Finance Ministry. Bulgaria’s overall debt rose to 18.5% of GDP in 2013, from 16.3% of GDP in 2012, still one of the lowest in Europe.
In January 2014, inflation stood at 1.3%. Bulgaria’s average annual inflation rate is expected to slow to 0.8% in 2014, and to stand at 1.2% in 2015, according to UniCredit Bulbank.
Unemployment rose to 12.9% in 2013, up from 12.3% the previous year, according to the NSI.
But in February 2014, the country’s jobless rate fell slightly to 12.1%, according to Eurostat.
Interest rates are declining
Credit demand remains weak. The total of new housing loans granted from January to November 2012 amounted to BGN 1,048.2 million, 8.2% down on the same period in 2011, and 65.8% down on the same months in 2008.
In May 2010, non-performing housing loans reached BGN 48.6 million, or 13.1% of the Bulgaria’s total bad debts. In response, banks lowered the maximum loan-to-value ratio to 50%, and have implemented strict income and property requirements.
The average mortgage interest rate for BGN-dominated loans was 7.12% in November 2012, down from 8.23% in 2011. The Euro-dominated loan rate was 7.40%, down from 7.85% in 2011. The declining mortgage rate trend is likely to continue in 2013, according to Levon Hampartzoumian, chairman of the Bulgarian Association of Banks.
Source: http://www.globalpropertyguide.com
Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.
Source: http://www.novinite.com
Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.
Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil.Veliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to KyustendilVeliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to KyustendilVeliko Tarnovo and Burgas are the best Bulgarian cities to live in in 2013.
For the first time in the seven years of the competition, organized by Bulgaria's national radio Darik and the 24 Chasa daily newspaper, two cities are tied for the top spot. Both cities got an equal number of points in the 20 criteria.
Veliko Tarnovo is winning the prize “Best City To Live In” for the first time, while for Burgas this is the third occasion. The seaside city won the prize in 2012, as well.
The special prize for “Fastest Developing City” went to the seaside resort town Nesebar. It boasts high fertility rate, large number of weddings and fast development.
The “Best City Outside Bulgaria” went to the Serbian town Dimitrovgrad.
Bulgaria's capital Sofia won the prizes “Best Business City” and “City With Best Cultural Life”. The seaside city of Varna got the prize “City With Best Outlook”, thanks to the development of its tourist zone and the plans for the enlargement of its port. The “Greenest City” award went to Kyustendil. - See more at: http://www.novinite.com/articles/158994/Veliko+Tarnovo+And+Burgas+-+The+Most+Livable+Bulgarian+Cities#sthash.RRwcCc3e.dpuf
ulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufBulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy.
Source: http://www.novinite.com
Source: http://www.novinite.comSource: http://www.novinite.comSource: http://www.novinite.comBulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy.
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufBulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy.
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1.dpufulgaria is currently the tenth most preferred destination by Britons who want to purchase vacation housing.
The country has once again made its way into a list created by TheMoveChannel.com, a website reflecting British predilections for summertime immovables.
With some 1.6% of property inquiries to the website, it has moved 5 places up in February.
Last year, Bulgaria was somewhere between 15th and 20th, suffering an unexpected blow after it had been ranking among top 5 holiday property sellers for a long time.
The first ten countries in the list also include US, France, Spain, Portugal, Brazil, Canada, Turkey, Australia and Italy
- See more at: http://www.novinite.com/articles/158733/Bulgaria+Ranks+among+Britons%27+Preferred+Holiday+Real+Estates#sthash.Q30AbWR1Bulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.g701UyiY.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.g701UyiY.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSi1x.dpufBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
- See more at: http://www.novinite.com/articles/157198/Bulgaria+Among+Top+20+Property+Destinations+for+Brits#sthash.y6ubSBulgaria is ranked 14th in the demand for property among British citizens, according to the British website TheMoveChannel.com.
In the ranking for December, Bulgaria climbs up 6 positions. In terms of European countries, Bulgaria is the 8th most popular place for Brits to buy property.
United States and Spain keep the top positions firmly, with a big lead over the rest in rating.
Argentina has seen the highest rise in the ranking, climbing 18 positions, to 6th. Greece, which had dropped considerably during the years of recession, is now recovering, up to 16th place.
British citizens are increasingly buying property in Croatia and Romania as well.
Source: http://www.novinite.com
The British travel guide ranked Bulgaria as the eighth best country for tourists this year. Countries such as Ethiopia, Madagascar, Brazil, Turkey and Japan all ranked above the Bulgaria, but Rough Guides highlighted it as an "intriguing destination", thanks to its picturesque beaches, low prices and welcoming locals.
Bulgaria's Black Sea resorts are predicted to bring in the most visitors due to a rise in popularity of cycling, hiking and skiing.
"A sort of cheaper alternative to Croatia it is currently far less touristy," the UK publisher told Novinite.
Things Rough Guides recommends not missing include the Alexander Nevsky Cathedral in Sofia, as well as the Rila Monastery in Plovdiv's old quarter and Mount Vitosha, just outside the capital city.
The ranking will help to boost Bulgaria's tourism industry in a year in which agents are already predicting a rebound for investment activity. Buyers looking to benefit from rising tourist numbers or holidaymakers attracted to holiday homes during their stay may well help to boost the country's reputation again among overseas buyers.
Source: http://www.themovechannel.com
Bulgaria's real estate market has experienced a 1.42% growth in sales on an annual basis during the third quarter of 2013.
A total of 59 475 real estate properties were sold during the third quarter, reveals Bulgarian Properties.
The property sales in the bigger regional cities account for 53% of the total national sales.
The highest increase compared to the same period in 2012 is registered in Burgas, with a rise of 23,43%. This is attributed to a much higher interest in sea-side properties from Ukrainian and Russian nationals.
In the capital Sofia, 7.74% more properties were sold compared to the same period in 2012. Plovdiv registered a similar increase, at 7.64%.
- See more at: http://www.novinite.com/view_news.php?id=154428#sthash.rtaBruhd.dpufBulgaria's real estate market has experienced a 1.42% growth in sales on an annual basis during the third quarter of 2013.
A total of 59 475 real estate properties were sold during the third quarter, reveals Bulgarian Properties.
The property sales in the bigger regional cities account for 53% of the total national sales.
The highest increase compared to the same period in 2012 is registered in Burgas, with a rise of 23,43%. This is attributed to a much higher interest in sea-side properties from Ukrainian and Russian nationals.
In the capital Sofia, 7.74% more properties were sold compared to the same period in 2012. Plovdiv registered a similar increase, at 7.64%.
- See more at: http://www.novinite.com/view_news.php?id=154428#sthash.rtaBruhd.dpufBulgaria's real estate market has experienced a 1.42% growth in sales on an annual basis during the third quarter of 2013.
A total of 59 475 real estate properties were sold during the third quarter, reveals Bulgarian Properties.
The property sales in the bigger regional cities account for 53% of the total national sales.
The highest increase compared to the same period in 2012 is registered in Burgas, with a rise of 23,43%. This is attributed to a much higher interest in sea-side properties from Ukrainian and Russian nationals.
In the capital Sofia, 7.74% more properties were sold compared to the same period in 2012. Plovdiv registered a similar increase, at 7.64%.
- See more at: http://www.novinite.com/view_news.php?id=154428#sthash.rtaBruhd.dpufBulgaria's real estate market has experienced a 1.42% growth in sales on an annual basis during the third quarter of 2013.
A total of 59 475 real estate properties were sold during the third quarter, reveals Bulgarian Properties.
The property sales in the bigger regional cities account for 53% of the total national sales.
The highest increase compared to the same period in 2012 is registered in Burgas, with a rise of 23,43%. This is attributed to a much higher interest in sea-side properties from Ukrainian and Russian nationals.
In the capital Sofia, 7.74% more properties were sold compared to the same period in 2012. Plovdiv registered a similar increase, at 7.64%.
Source: http://www.novinite.com
Bulgaria will be again on focus next year when foreigners will be able to acquire agricultural land, but local experts are already fuming against the low prices, saying the country is giving its fat land for free.
"We will wake up on January 1, 2014, only to realize that we have given away our land for free," Professor Vesselin Boyadzhiev, from the Social and Economic Geography department at Sofia University, said in an interview for Novinite.bg.
Even though many expect the open sale of Bulgarian land to foreigners to enliven the market of tilling land in the country, Boyadzhiev says that land plots here are ridiculously underpriced in comparison with Central and Western Europe.
"Bulgaria's fat land is just as good as in France in terms of mineral resources and biodiversity, but it is tagged at ten times lower prices.
My most serious concerns are that we are already wasting this precious natural resource. As of January 1, 2014 the plundering will be official.
In time you will realize that we made a big mistake by not preparing a national policy on what is still national resource. I say "still" because it is no secret that foreigners, including from non-EU countries, have been buying Bulgarian land for years by different means."
Nowadays, foreigners who have the legal right to reside in Bulgaria, are free to purchase land.
Citizens of the EU, who do not reside permanently in Bulgaria, were able to acquire the land of their second home in the country after January the 1st 2012 as to the Treaty of Accession of Bulgaria to the EU.
The situation is different however when there is an issue considering agricultural land.
Officially only after January the 1st 2014 foreigners will be able to acquire agricultural land. But there are exceptions - EU citizens can register as agricultural producers and state their intention to reside permanently in the country, which will entitle them to the right to purchase land even before 2014.
- See more at: http://www.novinite.com/view_news.php?id=153674&utm_source=twitterfeed&utm_medium=facebook#sthash.kDl5zy0U.dpuf
Bulgaria will be again on focus next year when foreigners will be able to acquire agricultural land, but local experts are already fuming against the low prices, saying the country is giving its fat land for free.
"We will wake up on January 1, 2014, only to realize that we have given away our land for free," Professor Vesselin Boyadzhiev, from the Social and Economic Geography department at Sofia University, said in an interview for Novinite.bg.
Even though many expect the open sale of Bulgarian land to foreigners to enliven the market of tilling land in the country, Boyadzhiev says that land plots here are ridiculously underpriced in comparison with Central and Western Europe.
"Bulgaria's fat land is just as good as in France in terms of mineral resources and biodiversity, but it is tagged at ten times lower prices.
My most serious concerns are that we are already wasting this precious natural resource. As of January 1, 2014 the plundering will be official.
In time you will realize that we made a big mistake by not preparing a national policy on what is still national resource. I say "still" because it is no secret that foreigners, including from non-EU countries, have been buying Bulgarian land for years by different means."
Nowadays, foreigners who have the legal right to reside in Bulgaria, are free to purchase land.
Citizens of the EU, who do not reside permanently in Bulgaria, were able to acquire the land of their second home in the country after January the 1st 2012 as to the Treaty of Accession of Bulgaria to the EU.
The situation is different however when there is an issue considering agricultural land.
Officially only after January the 1st 2014 foreigners will be able to acquire agricultural land. But there are exceptions - EU citizens can register as agricultural producers and state their intention to reside permanently in the country, which will entitle them to the right to purchase land even before 2014.
Source: http://www.novinite.com
A Place in the Sun
Bulgaria became synonymous with bargain beach and ski apartments during the boom years but then the global downturn hit the market hard. But if you are looking for a laid-back lifestyle in the sunshine at an affordable cost, this region is well worth consideration, says Andy Turver of Yantra Homes. Here he explains why…
The British Embassy in Bulgaria estimates that there are currently 3,000 British expats living in Bulgaria and that 650 (over 20 per cent of them) of them are permanently resident in the region of Veliko Tarnovo and Gabrovo. This makes it the most popular region in Bulgaria for permanent living.
And it is not just the British that are flocking to live in Veliko Tarnovo (VT); the region also attracts expats from all over Europe and is also a very popular destination for holiday makers and those that want to have a second home within the EU.
Of course, the main thing that attracts foreigners to Bulgaria is the fact that it is the cheapest country in Europe, but Veliko Tarnovo has so much more to offer than that, in this short introduction we try to point out just some of the countless reasons for this migratory phenomenon.
Veliko Tarnovo is the historical capital of the second Bulgarian Empire, the Medieval Bulgarian state which existed between 1185 and 1396 and as such was the dominant power in the Balkans at that time.
As a consequence of such a rich past, the region is steeped in history and ancient monuments abound such as the Tsaravets Castle and the Patriarchal Cathedral, which are in turn surrounded by ancient monasteries and churches.
Geographically, Veliko Tarnova is located in the very centre of Bulgaria and is almost equidistant to international airports at Sofia, Varna, Burgas, Plovdiv and Bucharest in neighbouring Romania.
Veliko Tarnovo itself is an unusual town that clings to a high hill overlooking the Yantra River. It has a modern town centre with all the facilities of any town in Bulgaria, but it is its rich historical area that attracts thousands of tourists annually from all over the world.
Veliko Tarnovo is a contender for European Capital of Culture in 2019, in the town there are museums, art galleries, theatres, an audio visual visitor centre as well as the many famous areas in the old part of the town close to the castle.
The town has many sport facilities and there are leisure complexes with swimming pools and tennis courts dotted throughout the region where a whole day out costs around €2.
Veliko Tarnovo has two shopping malls selling Bulgarian products along side internationally recognised brands, as well as many local stores; there are many modern supermarkets, electrical stores, furniture and DIY stores etc.
In the centre of town there is an amazing green market that open every day of the week supplying some of the tastiest fruit and vegetables to be found in Europe, and there are hundreds of restaurants serving local and international dishes, cafes, bars and night clubs.
The lifestyle in the region is much less stressful than elsewhere in Europe, the local people are friendly, the air is cleaner, the streets are safe, there are no political or religious conflicts and the weather is great.
As part of the EU, it is permitted for expats to receive their pension here and it goes a lot further.
Other towns in the region that have significant expat populations include the rural town of Elena, south of Veliko Tarnovo and situated in the the Central Balkan Mountain range 300 metres above sea level with a substantial number of small rivers and brooks set in deep gorges and oak lined valleys.
The surrounding forests are home to indigenous deer, wolves, wild boars, foxes and hares.
Elena is a delightful town that has managed to preserve the vast majority of its Bulgarian revival architecture.
Another significant town in the south is the beautiful town of Tryavna with its stunning renaissance architecture that was defined after the Ottoman invasion, when master builders constructed beautiful houses, schools and churches and artists ornamented the churches with icons and mural paintings and wood workers contributed by designing and carving magnificent ceilings, altars and windows.
The property market in Bulgaria peaked during 2008 following the country’s ascension to the EU, since then prices have fallen significantly, reaching their lowest point in 2012. Prices are now stable and represent amazing value for money.
The area to the North of Veliko Tarnovo is a little flatter and the scenery is not quite as spectacular as the rest of the region, but it also offers the lowest property prices.
The most popular municipalities in this area are Pavlikeni and Polski Trambesh, where it is possible to buy a large, fully renovated house with three bedrooms and two bathrooms for under £40,000.
Or a renovated two-bedroom bungalow with more than ½ an acre for under £25,000.
The area to the South of Veliko Tarnovo is more mountainous and offers some of the most spectacular scenery in Bulgaria, the prices tend to be a little higher, but there are many bargains to be had such as the lovely three-bed house in Dryanovo municipality for less than £40,000 that comes with more than a ½ acre garden and the most stunning stone barns that are just waiting for conversion.
Or the mountain retreat close to the town of Elena, fully renovated with three bedrooms and two bathrooms, but keeping the traditional Bulgarian Renaissance style for just a little over £30,000.
Of course these are just a few examples of properties available on a budget, there are properties for renovation available for less than the price of a new car.
Source: http://www.novinite.com
Bulgaria has the eight fastest Internet connection in the world, according to the latest rankings of Bloomberg.
In the third quarter of 2012, the average internet connection speed in Bulgaria was 32.1 mbps, which is a fifteen-percent increase from the previous quarter.
Hong Kong, South Korea and Japan have the top three fastest internet connections in the world.
In Europe, Bulgaria is trailing behind Switzerland, Romania, Lithuania and Belgium.
Source: http://paper.standartnews.com
(Sofia, Jan 22) - The Bulgarian economy will grow by 1.9% year-on-year in 2013, the European Bank for Reconstruction and Development predicts. The 1.9% forecast represents an increase in the institution's expectations as compared to the 1.7% GDP growth outlook for 2012.
The EBRD emphasizes that the fiscal position of Bulgaria remains stable and that our country has a low budget deficit. Attributable to the successful Eurobond issues released last year, Bulgaria has substantial cash buffers to withstand future shocks, the bank said.
Yet, with the 1.9% forecast, the EBRD expects Bulgarian GDP growth to remain modest because of slower export growth and problems in the eurozone.
While the World Bank's outlook for Bulgaria in 2013 is an 1.8% GDP increase, the IMF counts with an 1.5% growth. The European Commission on its part expects an improvement of 1.4%.
Source: http://paper.standartnews.com
An increasingly sought-after property destination, Bulgaria's appeal has recently stretched beyond Russian and German buyers to include investors from UK, Europe and other countries from around the world.
Indeed, the country's combination of low prices, beautiful beaches and culture has seen it become a regular feature in TheMoveChannel.com's 10 most popular property destinations.
Here are the six most popular property destinations in Bulgaria:
Sunny beach
Sunny Beach is the largest beach resort in Bulgaria and also the most popular. Developed over recent years into a major coastal hotspot, complete with hotels, restaurants and clubs, the resort has seen its visitors grow from just Germans and Russians to include the whole world. No wonder that almost half of those searching for Bulgarian property on TheMoveChannel.com look here first.
Varna
The biggest city on the Black Sea Coast, Varna is Bulgaria's summer capital. Its unique range of thermal baths full of hot water sprinkle the beautiful coastline, causing visitor numbers to swell during the peak season. Combined with its affordable property prices, Varna is the perfect alternative to the Mediterranean for investors and holiday home hunters.
Burgas
Home to the second-largest city on the Black Sea Coast, Bulgaria's Burgas province is the largest region in the country. From Burgas city and Obzor to Nessebar and the hugely popular Sunny Beach, demand for the area's property stems directly from its beach hotspots.
Veliko Turnovo
Located in the centre of Bulgaria, what Veliko Turnovo lacks in coastline it makes up for with history, architecture and culture. The main city is one of the country's most popular destinations among visitors. In fact, property in the Veliko Turnovo province is so popular it makes up over 1 in 5 enquiries for Bulgarian real estate on TheMoveChannel.com.
Veliko Turnovo
Located in the centre of Bulgaria, what Veliko Turnovo lacks in coastline it makes up for with history, architecture and culture. The main city is one of the country's most popular destinations among visitors. In fact, property in the Veliko Turnovo province is so popular it makes up over 1 in 5 enquiries for Bulgarian real estate on TheMoveChannel.com.
Dobrich
Located in North-East Bulgaria, Dobrich is a popular destination for buyers in Bulgaria thanks to its proximity to resorts such as Golden Sands. Allowing residents easy access to the coast without busy tourist crowds, property in Dobrich is perfect for quieter holiday home hunters.
Source: http://bulgaria.themovechannel.com
Bulgaria’s Registry Agency launched on November 14 2012 a new website to give foreign citizens and companies information on procedures for buying and maintaining real estate in Bulgaria.
Prime Minister Boiko Borissov, Justice Minister Diana Kovacheva and Registry Agency chief Yuliyan Mitev attended the launch of the website.
The launch comes about four years after the beginning of the decline of the property market boom in Bulgaria which had seen large numbers of British and Irish citizens, pensioners in particular, buying real estate in Bulgaria. The global financial crisis precipitated a sharp decline in Bulgaria’s property market, although recent years have seen a recovery to a degree because of Russians buying property, especially along Bulgaria’s Black Sea coast.
The boom in British and Irish investors also was damaged by incidents in which buyers were scammed by unscrupulous lawyers, brokers and developers, with some buyers losing large sums of money through fraud or failed residential building development projects.
According to the Bulgarian Government media office, the Cabinet allocated 30 000 leva (about 15 000 euro) in July 2012 for the launch of the website, which is to offer foreign natural and juristic persons detailed information on the rules for buying and managing real estate in Bulgaria, including about relevant bodies and procedures.
The website, according to the Government media office, will also enable foreigners to submit complaints online to the relevant bodies. Apart from Bulgarian, the site has English and Russian versions.
The media office said that the website will ease the work of investors and reduce the number of cases that they refer to foreign embassies in Bulgaria.
Source: www.sofiaglobe.com
The direct foreign investments in Bulgaria for the first eight months of 2012 amount to 873 million euro, the Bulgarian National Bank (BNB) reported. This figure is by 68% more compared to the same period of 2011 when the foreign investments reached 516 million euro.
At the same time, the direct foreign investments in Bulgaria in August 2012 were only 21,6 million euro compared to the 140 million euro in August 2011.
The main part from the foreign investments in Bulgaria come under the shape of joint-stock capital and real estate purchases - 541,9 million euro. The invested funds in real estates in 2012 are 157,5 million euro compared to the 152,5 million euro for the same period of 2011.
Bulgaria increases its direct investments abroad by 104,5 million euro end-August 2012, the BNB data shows.
Source: www.standartnews.com
In 2013, Bulgaria could become one of the top 25 most fiscally-disciplined countries in the world, Deputy PM and Finance Minister Simeon Djankov told the Focus news agency.
Of all criteria for competitiveness included in the Global Competitiveness Report, he pointed out the country's fiscal policy as the sector, where the country has made the biggest progress, climbing fifteen positions in 2011 - from the 46th to the 31st place in the world.
Europe's strongest economy, Germany, ranks 30th and Austria is four positions behind Bulgaria, Djankov said also.
Djankov's statement came as a response to the statement of Mrs. Meglena Kuneva, leader of the Bulgaria of Its Citizens Movement, who said that Bulgaria's ascend to the 62nd place in the Global Competitiveness Report owes itself to the increasing unemployment rate in the country.
"What we have here is fewer and fewer working Bulgarians, who produce the same amount of goods," she pointed out.
Djankov, however, countered that the competitiveness report encompasses twelve criteria, such as fiscal policy, infrastructure, education, healthcare, technologies, agriculture, etc.
Against the infrastructure criteria, for instance, Bulgaria has climbed to the 76th place from the 87th a year ago, and in the field of primary education Bulgaria now ranks 49th, while last year it was 56th, Djankov explained.
Source: www.standartnews.com
Bulgaria has climbed 10 places to place 8 in the ranking of international property portal TheMoveChannel.com for the most popular property destination in the world.
The 2012 edition of the Top of the Props report of the UK based property portal notes that Bulgaria "pulls off an Olympic comeback" in the ranking.
Bulgaria is said to take 2.57 per cent of all inquiries on the site.
The overseas property portal notes that Spain retains its first place in the ranking, followed by the US, France and Portugal.
The other countries that make up the top ten are Italy, Turkey, Cyprus, Brazil and Croatia.
Greece drops 3 places to place 11 in the 2012 edition of the annual ranking of the property portal, while Malta drops 2 places to place 12.
Grenada registers the biggest progress, up by 14 places to place 31 in the ranking.
The property portal notes that smaller markets have a much more flexible approach to UK nationals interested in investing in holiday property or buying a second home.
Dan Johnson, director of the overseas property portal, devotes special comments to Bulgaria's performance: "When Bulgaria sprinted into TheMoveChannel.com's Top 10 last July, many balked at the idea that it could rival more traditional destinations. Over the last year, demand has definitely dropped, but as the market becomes more stable, its training appears to be paying off: with no major marketing activity or push from developers, Bulgaria's improved monthly ranking seems to come directly from the appeal of its prices. A new law allowing overseas buyers to invest without registering a Bulgarian company first can only help its fitness. Was last year a practice run for this summer? Luckily, we won't have to wait four years to find out."
Source: http://www.novinite.com
Dwelling prices in Bulgaria increased by 0.2% in the second quarter of 2012 compared to the first three months of the year, according to data of the National Statistical Institute (NSI).
The increase was due to an increase in prices of apartments in 13 district cities (most notably in Targovishte, up by 3.5%, Razgrad, up by 3.4 and Veliko Tarnovo, up by 3.1%) and the decelerated price decreases in Sofia compared to end-2011.
Price decreases were registered in 14 district cities.
Dwelling prices in Bulgaria fell by 2.6% in Q2, 2012 compared to Q2, 2011.
In Q2, 2012, the average market price of dwellings for the entire country was BGN 885.32 per square meter.
The highest average prices were registered in Sofia (BGN 1457.38 per sq m), followed by Varna (BGN 1429.00 per sq m) and Burgas (BGN 1151.17 per square meter).
Source: http://www.novinite.com
A new demographic trend is emerging in Bulgaria. Many urban residents are prepared to become residents of rural areas for the sake of the European subsidies. The change will occur by the end of 2013 when new municipalities will appear, The Standart learnt. A team of experts of the Ministries of Regional Development, Agriculture and Environment are working on a new administrative division of Bulgaria. It is expected that rural municipalities will become more numerous at the expense of the urban ones. Thus rural areas will be able to apply for EU programs focused on environment protection. To this end some of the smaller municipalities will split from the larger ones.
Currently only municipalities where the smallest settlement numbers 30,000 inhabitants may apply for funds under the EU Rural Areas Development Program. The others are deprived of an access to this ample resource exceeding 3 billion euro. The amendment to the administrative division is the last chance to many small villages located close to big urban centers to take a breath, experts believe.
Source: www.standartnews.com
Bulgaria's minister of economy and energy Delyan Dobrev forecast an economic growth of 2% by the end of 2012 during his visit to the town of Haskovo. According to the hitherto data, as to the first trimester of 2012 the economic growth was 0.5%.
"Tourism is the sector which gives us good hopes for improvement of Bulgaria's economy in 2012," minister Dobrev stated.
In his words, the number of tourists to visit Bulgaria this year will increase by between 5% and 8%. About 20% of all holiday-makers in Bulgaria this summer will be from Russia. A big number of tourists from Belarus is also expected.
By the end of June all vacancies in the summer resorts will be filled up and all expectations are for a very successful season," minister Dobrev commented.
Source: www.standartnews.com
Bulgaria's Minister of Regional Development, Lilyana Pavlova, wants to introduce mandatory insurance and technical passport for all private properties.
Bulgaria's Minister of Regional Development, Lilyana Pavlova, is calling for the introduction of mandatory insurance for private residencies and all privately-owned buildings.
Speaking in an interview for Darik radio Saturday, Pavlova pointed out that the above is her personal opinion, nevertheless it will be discussed at the next meeting of the Cabinet.
"The law now postulates mandatory insurance for State and municipal properties only, but I believe the mandate should be for all buildings in the country. We have insurance with full coverage for our private automobiles; we must do the same for our homes as well," said she.
In addition to insurance, the Minister also asked for all buildings to have the so-called technical passport, stressing that the two should be the most important requirements for every home and building owner. Pavlova said that the earthquake that hit western Bulgaria on May 22 with a 5.8 magnitude on the Richter scale is the latest proof that she is right in her request.
She noted that in Bulgaria private ownership is nearly 98%.
"This is nearly unique, this huge percentage of private properties. There is nothing bad in it, but since we are owners, we must take care of our real estate and other assets," the Minister concluded.
Source: http://www.novinite.com
Bulgaria remains one of the top holiday destinations for Russians, and expects a 30% y/y growth in the number of Russian visitors, according to the Bulgarian Consulate in Moscow.
With the arrival of the summer tourist season the Bulgarian Consulate in the Russian capital is already issuing 3 000 visas daily, the Consulate said, as cited by the Bulgarian National Radio Friday.
For the first four months of 2012, Bulgaria has granted 11% more visas to Russian tourists compared with the same period of 2011, the data indicates.
At the same time, the Bulgarian Consulate in Moscow is quoted as stressing that the actual increase in the number of Russian travelers to Bulgaria is no less than 27% when the Russian holders of the so called Schengen visas are also counted in.
The number of Russians traveling to Bulgaria for the purpose of purchasing real estate properties or spending time in vacation homes that they have already purchased; organized children's tourism is also on the rise.
The Bulgarian consulate in Moscow expects to be issuing about 4 500 visas to Russian visitors daily during the busiest summer periods. In order to meet this demand, it has boosted its staff, adding 8 new members.
At the same time, Bulgaria's consular services are expanded to reach new Russian cities – with a new visa center opened in Irkutsk on Friday, and visa centers to be opened in Ufa, Khabarovsk, and Vladivostok. Similar visa centers are already operational in Krasnoyarsk, Kaliningrad, and Sochi.
Over 455 000 Russian citizens visited Bulgaria in 2011, which was an increase of more than 20% year-on-year.
The number of visas that Bulgaria issued to Russians in 2011 grew by 35% compared with 2010, and by 100% compared with 2009. Earlier in 2012, Bulgarian Deputy Economy Minister in charge of tourism Ivo Marinov predicted a 20% rise in the number of Russians visiting Bulgaria in 2012.
According to Bulgarian government data, Bulgaria was visited by 6.4 million foreign tourists in 2011, an overall increase of 4.6% compared with 2010. At the same time, Bulgaria's revenues from foreign tourists' visits grew by 3.8 y/y, reaching EUR 2.8 B.
Source: http://www.novinite.com
Bulgaria's Defense Ministry is about to sell a number of potentially attractive real estate properties, according to reports.
The Bulgarian government is about to approve the sale of 18 military properties that are said to be no longer needed by the military, Mediapool reported Monday.
Only one of the properties – a plot of 1.5 million square meters with 9 buildings located in the village of Banevo, Burgas District – is said to be worth over BGN 23 M.
Another property of similar size located in the Valkov Kamak area near the southwestern town of Sandanski has a tax valuation of over BGN 7.2 M.
Other military properties for sale are located near the Black Sea town of Balchik as well as in Pleven, Chirpan, Ruse, and Vratsa.
The Bulgarian Defense Ministry is going to auction off the properties in question by setting up their starting prices by adding 10% to their tax value.
Back in 2009-2010, Bulgaria's Defense Minister Anyu Angelov declared the intention to sell military properties that are no longer needed, which back then were a total of 858, including individual apartments, stores, and garages. Their number today is estimated at 976.
During 2011, the Bulgarian Defense Ministry held 194 auctions and managed to sell only 26 properties for a total of BGN 7.4 M. According to the institution, the lack of interest was caused by the crisis on the Bulgarian real estate market.
Source: http://www.novinite.com
Bulgaria's major and most important advantage for attracting foreign investors are its low taxes, Bulgarian Economy Minister Delyan Dobrev stated at the opening of the first Bulgaria: Business UP investment conference.
"Why invest in Bulgaria? The major advantage is the low taxes. I am sure that this is 80% of the investment decision. Bulgaria has 10% flat corporate tax, 10% personal income tax, 5% dividend tax, 0% tax for reinvested earnings in more than 130 municipalities with high unemployment," Dobrev stated.
The Economy Minister noted that Bulgaria is facing competition from other Central and Eastern European countries – such as Serbia – which is why the Bulgarian government is mulling new incentives on how to sway investors with respect to what makes up "the other 20% of the investment decisions".
"I am really glad that this conference hall is filled with people. The friendly environment is very important for the foreign investors. Dialogue between government and business is crucial but the relations between the investors and the research and science institutions is even more important," Dobrev noted, stressing an intention on part of the Bulgarian government to spur a better development of the R&D sector and its ties with the businesses.
The Bulgarian Economy Minister outlined several important reforms that he mentioned as key for attracting FDI – including the creation of a new body to be in charge of projects applying for EU funding from Operational Program Competitiveness.
He also mentioned the setting up of a brand-new body in charge of Bulgaria's mining resources, active as of April 2011. Dobrev said the new institution within the Economy Ministry issued 110 concession permits and 150 exploration permits in just one year, a six-fold increase year-on-year.
"Another very important measure that we have initiated with the InvestBulgaria Agency in order to demonstrate the support of the state for the investors – we are assigning personal project managers for each Class A investment project worth over EUR 10 M," Dobrev said.
"It turns out that the major concern of the foreign investors in Bulgaria is that they won't be able to cope with the bureaucracy. This is where the personal project managers are supposed to help," he said.
The First International Investment Conference "Bulgaria: Business Up" is taking place in the Bulgarian capital Sofia on Friday.
"Bulgaria: Business UP" is a new initiative designed to analyze and promote Bulgaria's advantages as a foreign investment destination.
The goal of the "Bulgaria: Business UP" investment conference is to present to the international business community the highly favorable investment climate in Bulgaria as well as the variety of opportunities for successful and sustainable business that the country has to offer.
"Bulgaria: Business UP" is organized by Novinite.com (Sofia News Agency), the largest Bularian English-language media, and Novinite.bg, a Bulgarian-language news website, together with the InvestBulgaria Agency.
Source: http://www.novinite.com
According to the Bulgarian Minister of Regional Development Liliana Pavlova, the Bulgarian government plans to build a highway that will connect the border between Romania and Bulgaria – from Ruse to Turkey as a public – private partnership project. According to Mediafax, she said that the investment required for the 300-kilometer highway will be between 500 million and 1 billion Euro. The Regional Development Minister estimated that the preparation of the paperwork could take as long as a year, adding another six months for the tender process and around 2 years for the construction, according to Bulgarian newswire Novinite.
Bulgarian authorities had already consulted for this project with investors from Qatar, China and Oman. The Minister of Foreign Affairs of Qatar, Khaled al-Attiyah said, during a visit in Sofia last week that his country was interested to participate in this project. About 7,000 vehicles, mostly trucks pass every day through Bulgaria on the way to Turkey.
Source: http://www.bucharestherald.ro
A car and a flat to be bought only after paid health contributions, Bulgaria's cabinet decided yesterday approving the amendments to the Tax-Insurance procedure code. The idea was pushed forward by current minister of health Dessislava Atanassova the moment she occupied the post of minister of health. Dessislava Atanassova also proposed that IDs and driving licences should not be issued to people who have missed to pay their health insurances but this proposal was turned down.
The latest data shows that about 1 million Bulgarians have not paid health insurances. The cabinet hopes that the new sanction forces at least part of them pay their health contributions.
The new measure will create additional difficulties to those people whose employers have not paid their health contributions. Such people are not in the list of uninsured Bulgarians but cannot show a document for paid health contributions.
Source: http://paper.standartnews.com/en
Bulgaria is to spend about 300 million leva (about 150 million euro) in European Union funds over the next two years restoring 11 castles and a large number of ancient sites that are popular tourist attractions.
Among the sites where restoration and development work will be done are the museum village of Etura, former capital Pliska, the Madara Horseman cliff carving near the town of Shoumen, Arbanassi, the Assenovgrad fortress, Magura and Ledenika caves and the Belogradchik rocks.
Regional Development and Public Works Minister Liliana Pavlova said that 61 municipalities would be involved in implementing the projects, with their tasks including improving infrastructure near tourist attractions, a report by television station bTV said.
For example, near the village of Belchin – in western Bulgaria, 15km from Samokov and 50km from Bulgaria’s capital city Sofia – there is a fortress dating back 1700 years. The fortress, with walls 350m long and with six towers, would within two years be restored to its former appearance, according to the report.
Close to the fortress walls, archaeologists found the remains of three churches, said to date back to the same period as the fortress, seen as proof that Christianity had come to the area at the time of Byzantine emperor Constantine the Great.
Samokov municipality is to be given close to six million leva to develop the site into a tourist attraction, with a museum and reconstructions portraying ancient life, the report said.
Source: http://sofiaecho.com/
Bulgaria’s real estate brokerage business is set for a cleanup, with plans to table legislation in Parliament later in 2012 to professionalise the business and drive out rogues and rip-off artists from its ranks.
Currently, the property business in Bulgaria is in the doldrums, a sharp contrast to the heady days of the real estate boom of a few years back – a boom that led a number of unscrupulous operators to seek to take advantage, especially because of the unregulated nature of the business.
The new bill envisages the setting up of a professional association of realtors, along the lines of such associations in other countries which seek to ensure proper professional standards in the real estate business, and to establish a public register of companies and individuals in the real estate sector.
Television station bTV quoted Vassil Lazov, a dissatisfied client in a real estate transaction, as saying that in many cases where customers had received bad service, it was because the real estate agent had behaved inappropriately or was incompetent.
Lazov said that he had bought a plot in the Lyulin residential area of Sofia and had been promised that he would receive the title deed after a month – but instead got it after more than a year and a half.
The Real Estate National Association said that the bill would provide for the introduction of mandatory requirements for qualifications to become real estate agents and brokers.
Businesses in the sector should have legal and financial standing and professional liability insurance so that, in the event of serious negative consequences for the client, compensation would be possible, association president Ivan Velkov said.
The report said that the bill, "consistent with European standards", would be tabled in Parliament by the late summer.
Source: http://b2bnews.bg
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