2007-10-18 - Bulgarian house prices 'will continue to grow'
House prices in Bulgaria have risen by more than quarter since last year and further increases are expected over the coming months, one expert has said.
Chris Goodall, managing director of magazine Quest Bulgaria, has said the country is an ideal spot for overseas investors and forecast that average prices are predicted to rise by 20 per cent before the end of the year.
Bulgaria's National Statistics department recently said that prices grew by 15 per cent in the first half of the year, with a 27 per cent increase in the past 12 months.
However, the area around Sofia is still relatively inexpensive. Property in the capital costs an average of ?152 per sq m, compared with ?347 in the country as a whole.
In fact, the first phase of new-build development Mountain View Apartments in Sofia sold out within six months of coming onto the market last year.
Mr Goodall said that most buyers are foreigners, mainly retirees and families who want to take advantage of Bulgaria's cheaper living costs.
He went on to say that foreign investment in Bulgaria has forced property prices to remain high in certain areas of the country
2007-10-18 - Bulgarian property market 'set to continue on upward trend'
Property prices in Bulgaria are rising fast as foreign investment continues to climb, a European news site has reported.
Bulgarian national bank data reveals that foreign investments in property increased from ?336 million in 2005 to ?1.13 billion last year – almost a third of all foreign direct investment.
According to EUbusiness.com, retired British couples seeking holiday homes in Bulgarian small towns and villages form the majority of overseas buyers.
ERA Bulgaria real estate agency figures show that since the start of 2007, property prices have risen by as much as 20 per cent.
The firm has since predicted that residential property prices in the country are expected to grow by a further ten per cent by the end of the year.
And many experts believe that real estate developers from across central and eastern Europe are now turning their attention to Bulgaria.
"As Estonian real estate developers have acquired skills and experience by working in a new market, they are in turn becoming the leading visionaries in […] Bulgaria," said Andres Hall of the Estonian agency Uus Maa.
2007-10-16 - The rate of the building`investments in Bulgaria is increasing!
The latest news for the permisions of building in the last year are for the buildings with open built up of area 12.4 milion sq.m. The 60% of them are for living buildings, that annouced “Industry Wolch” about the expectings in the buildings`s investments in Bulgaria. The middle period of time, which is need in Bulgaria to be realized a project of the building is 18 months.1/3 of the investments are in the buildings.
2007-10-16 - The Starwood company is planning to built the first eco hotels in our country!
The Starwood company and the private investor Perseus Group are join forces to realize their common project of four new eco hotels, which is named “ Brand 1\'. The will be situated in New York, Washigton and Atlanta. They will be receive a sertificate for ecologic type of building and architecture. They will be made by ecologic clear materials, which are garantied a cleaning enviorment and 50 % of the energy, which will be use is from the natural renewing sources as a wind and water.
2007-08-23 - Lozenets – the Birth of a Lovely Resort
When we talk about holydays at the Bulgarian Black Seaside, Lozenets is one of the top resorts, most recently mentioned nowadays. It is a small, pretty village situated on the sea shore, 60 km south of Bourgas. Lozenets is a perspective site and it is on its way to become a summer oasis, ready to entertain everybody, who is greedy for summer emotions.
The commercial resorts in Bulgaria became really overcrowded and many of the summer tourists started searching for quiet places. Thus Lozenets turned into cosy sea resort. The citizens of the capital city Sofia were the first to come to the resort. Many artists like the famous Bulgarian jazz singer Beloslava bought villas there, in order to be inspired by the calmness and the romance of Lozenets
2007-08-23 - The 10 hottest things in Bulgaria this summer
If you want to escape the heat in an alternative way, take the chance to boost your adrenaline by bungee jumping, paragliding and rock-climbing.
A good place to start bungee jumping is with club Vertikalen Svyat . The club offers a wide selection of jumping spots, including the bridges at Bunovo, Klisura, Rozino, Dolno Kamartsi, Koprivshtitsa, Vitinya, and at the Devetashka Peshtera and Prohodna Peshtera caves. Prices are between 25 and 50 leva, with the most expensive being from the Vitinya bridge, which at 115m is the highest bridge in Bulgaria.
The club offers various discounts. For example, if you would like to take the plunge with a second jump on the same day, the discount is 50 per cent. Students get 10 per cent discounts. If you are a part of an organised group of five or more people, 20 per cent is cut from the entire price.
2007-08-18 - New direct flights to Sofia good news for investors
Budget airline easyJet will run a new direct route from London to Bulgaria from November, it has announced. The airline said that the new route, which is one if seven unveiled to destinations also including Romania and Poland, reflects the airline's "continued commitment to growth in Central Eastern Europe". Flights will run three times a week from Gatwick to the Bulgarian capital Sofia. Property investors in Sofia and also London will profit from the new route, one expert has claimed. Lance Nelson, MD of Bulgarian property agent Jet2Let, told Easier.com: "Bulgaria entered the European Union in January 2007 it was only a matter of time before the larger budget airlines such as easyJet moved into the market.
He added that apartments in the city had starting prices "as low as ?40,000" and that capital gain for the first half of 2007 was reported at ten per cent with rental income at eight per cent for a one-bedroom property. Easier said that Sofia has become a popular regional headquarters for many international companies and had a young and well educated population with good IT skills.
2007-07-22 - Sofia Trails Bucharest in Property Prices
After a decade of rising prices on the property market, residential prices in the Bulgarian capital continue to be lower than that in Bucharest, Bratislava or Prague, shows data, as cited by the International Herald Tribune.
"Residential prices in Sofia still average only EUR 600, or USD717, per square meter, or USD 66 per square foot. That is much less than the EUR 750 average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and EUR 1,500 in Prague," reads the article, entitled "The rise and rise of Bulgarian property".
IHT forecasts that property prices will continue to rise. "The only uncertainty is by how much. And how long."
Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than EUR 4 billion, according to the property association. The year before they generated 18 percent of all sales, or EUR 3.36 billion.
2007-05-06 - Brits fall for Bulgaria's charms The lowest prices
Investment has been the incentive for most buyers in Bulgaria, with off-plan apartments forming the bulk of sales. But a new trend is emerging as a growing number of Brits encounter the charms of this diverse country and opt to move there permanently.
Sunny Beach on the Black Sea Coast has so far drawn the most buyers, and signs of development are everywhere in this buzzing resort. But head further along the coast, or just a few miles inland, and you find a totally different Bulgaria where property prices are still low.
Pauline Scrace of property specialists Bulgarian Horizons says the tide of UK buyers often opt for period properties in small villages. "Many buyers come from the north of England, they may be on lower incomes and leading stressful lives, so they opt to go and live where the cost of living is so much cheaper."
Some buyers are now letting their UK properties and finding they can live well in Bulgaria on the rental income - "For the rental income from a two bedroom flat you can live like a king over there," she said.
With Bulgaria's EU membership scheduled for 2007, the number of Brits relocating is likely to increase, said Avatar International's Amar Sodhi. "Bulgaria has high unemployment and some of the lowest wages in Europe, around ???200 per month, and this alone will attract companies to base themselves there, resulting in many more British employees being relocated."
So what can buyers expect to find? Prices on the coast have risen significantly in the last few years, many agents reporting year-on-year rises of 25 per cent in most resorts and even 100 per cent in certain hotspots but, while investors are attracted to the coastline, people moving permanently often prefer to be based inland.
Halfway between Sofia and the Black Sea Coast, Veliko Turnovo, the former capital of Bulgaria, is one of the country's most ancient cities and attracts people who come here for period architecture and a cosmopolitan lifestyle. The old city itself is situated on four hills and on the banks of the Yantra River. Here, prices are lower than the coast, typically starting from ??10,000, although it is still possible to find cheaper homes, but renovation costs can add a further ??15,000.
Many Brits are buying in this region, in surrounding villages such as Kapinovo, Mindia, Pchelishte, Ressen and Hotnitsa. To the west, villages such as Gostilitsa and Kereka have lovely south-facing views over the Stara Planina Mountains and attract British buyers who find that they can still pick up traditional stone and wooden houses for under ??20,000.
Stephane Lambert is based in Bulgaria, where he runs Stara Planina Properties, and he has noticed a growth both in retirees who discover that they can make pensions stretch much further, and in younger people who find Bulgaria offers many business opportunities, often catering to the needs of British buyers such as architects and builders.
"We are even seeing first time buyers who can't get on to the property ladder in the UK, so they decide to buy out here, use the property for a few years themselves and then cash in on the equity." Lambert moved to Bulgaria eight years ago while working for the UN, and has noticed a recent increase in bars and restaurants catering to the influx of foreigners. "Years ago, apart from a few language teachers, there were no other nationalities but now I know of around thirty British people living in Veliko Turnovo permanently."
Julie Freeman, 52, from the West Midlands, recently bought a large farmhouse in a village 30km from Veliko Turnovo, which she plans to run as a small guesthouse. "The house does need renovating and I expect to spend about ??15,000 doing it up. Once it's done I'm hoping to be able to have my B&B, and hopefully cater to other British buyers who are looking around here." The property itself cost??20,000.
