Bulgarian Reals - Bulgarian property experts http://www.bulgariareals.com/ Property Finder en RealEstateCMS Mon, 21 Jul 2008 02:10:47 -0700 Mon, 21 Jul 2008 02:10:47 -0700 http://blogs.law.harvard.edu/tech/rss real estate property in the Bulgarian capital of Sofia with investment purposes, are currently beginning to sell them out in order to make a profit.

This new trend was reported on July 17 and is based on data of the real estate agency Yavlena.

According to this data, in addition to individual sellers, foreign investment funds, mostly from the UK and Spain, are also taking part in this trend since many of them have acquired entire buildings with dozens of apartments.

The data reveals that the sales by foreign owners constitute about 10-15% of the apartment deals on the market.

Most of the apartments offered for sale were bought “off plan” in 2006-2007 while they were still under construction. They are now finished and listed for sale for much greater prices.

The newspaper points out that an apartment, which was bought for EUR 50 000, could now be sold for EUR 80 000.

According to the Yavlena Agency, these deals were beneficial for the buyers as well because the foreign citizens were ready to sell the apartments immediately.




Property In Bulgaria]]> http://www.bulgariareals.com/news/222/.html Mon, 21 Jul 2008 02:10:47 -0700 http://www.bulgariareals.com/news/222/.html Sofia beltway. These segments include 25 km of the Stara Zagora-Karnobat portion of the Trakiya Highway, 4 km of the Svilengrad-Kapitan Andreevo part of the Maritza Highway, and the construction of the Koritina intersection on the Hemus Highway.

For this reason BGN 120 M for the highways construction were allocated on July 17, 2008. The funds will come from anticipated savings in the state expenditures and the surplus in the state budget.

In addition, a portion of the funds will be used for completion of archeological excavations along the planned routes of the Trakiya and Maritza Highways, and the Kurdzhali-Dzebel-Podkova road as well as for compensating owners, whose lands have been appropriated for the new roads.


Property In Bulgaria]]> http://www.bulgariareals.com/news/221/.html Mon, 21 Jul 2008 02:05:59 -0700 http://www.bulgariareals.com/news/221/.html Bulgaria, and Cyprus, has purchased a plot in Sofia to for the construction of the first IKEA store.

According to the media outlet, this plot was part of a larger one previously purchased by another Greek company - Danaos Development.

As the newspaper reports he plot for the Swedish furniture giant's hypermarket is about 60 000 square meters, and is located in Sofia’s Vitosha quarter.

Bulgaria has been chosen for the opening of a store of the furniture manufacturer due to the increased demand for furniture caused by the booming construction of new apartments.

Presently the two IKEA stores closest to Bulgaria are located in Thessaloniki and Istanbul

Froulisis plans to open three furniture stores in the Balkans in 2009, and a total of 11-12 IKEA stores by 2013, two of which will be located in Bulgaria.

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Bulgarian property]]> http://www.bulgariareals.com/news/220/.html Mon, 21 Jul 2008 02:02:44 -0700 http://www.bulgariareals.com/news/220/.html mountain resorts of Razlog, near the mountain resort town of Bansko in southwest Bulgaria

The park named “Pirinland” is most likey going to be located on the 1000 decares plot of the former cellulose and paper plant in Razlog, which closed down years ago.

The Pari Daily quoted the Mayor of Razlog Lyuben Tatarski who has stated that the amusement park project was just one of several opportunities for the utilization of the land of the former cellulose factory.

The Alpha Finance holding is currently developing several different design projects for the new amusement park, which is expected to cost about EUR 100 M.


 
 


Bulgaria property]]> http://www.bulgariareals.com/news/219/.html Mon, 14 Jul 2008 04:55:07 -0700 http://www.bulgariareals.com/news/219/.html Bulgaria 39th in the world by the number of foreign tourists it attracted in 2007.

Krushkova has stated however that Bulgaria was not included in the ranking by revenue from foreign tourists.

Krushkova was among the participants in the conference dedicated to the Congress tourism, which was held in the Bulgarian Black Sea Capital Varna.

The State Tourist Agency’s Chair has provided data showing that the number of foreign tourists who have visited Bulgaria in the first five months of 2008 has gone up by 16,6% compared to the same period of 2007.

The greatest percentage increases belong to the Romanian tourists visiting Bulgaria, followed by the Serbs, the Macedonians, and the Russians.

Meanwhile 29% more Bulgarians have traveled abroad as tourists in January-May 2008 compared to the same period of 2007. Greece, Egypt, and Turkey have been the most popular foreign tourist destinations for them.

 



Property In Bulgaria]]> http://www.bulgariareals.com/news/218/.html Mon, 14 Jul 2008 04:49:44 -0700 http://www.bulgariareals.com/news/218/.html Sofia Chamber of Commerce and Industry representatives participated on July 11 in a discussion about the new EU directive aimed at synchronizing conditions for construction products entering the market including responsibilities of manufacturers, importers, distributors, consultants, construction firms, and supervisory institutions.

The meeting has been organized by the Bulgarian Ministry of Regional Development and Public Works. The new EU directive is subject of ongoing discussions in all member states, and is expected to become effective in 2011.

At the meeting the Chair of the Sofia Chamber of Commerce and Industry Georgi Chernev made the prediction that construction prices in Bulgaria might increase by 10-15% by the end of the year.

Chernev listed the significant increase of concession prices for the extraction of construction materials compared to the beginning of 2007, as well as the global price hike of fuels as main factors to likely drive up construction prices in Bulgaria.

According to him, the prices of construction services in Bulgaria are still 30-40% lower than those in other Eastern European states, and are expected to gradually reach their levels.

Chervnev had also said that the new directive would remove many of the firms using unfair and illegal practices from the construction market in Bulgaria.


Property In Bulgaria]]> http://www.bulgariareals.com/news/217/.html Sun, 13 Jul 2008 09:23:05 -0700 http://www.bulgariareals.com/news/217/.html Sofia in 2007, which is over a 114% annual increase, according to the June data of the National Statistical Institute (NSI).

In 2006, the number of newly constructed residential building has been 1598.

Sofia now has nearly 19 000 total new residential buildings, compared to over 13 000 in 2007, which is a 42% annual increase.

Outside Sofia, Bourgas, the biggest city on Bulgaria’s Southern Black Sea coast, ranks first for 2007 with 5158 new residential buildings, while Varna, Bulgaria’s Black Sea capital, is second with 3471 new residential buildings.

In terms of number of new buildings, however Varna is first with a slight lead over Bourgas, respectively 538 and 535 buildings. Sofia ranks third with 291 new buildings while Plovdiv is fourth with a total of 197 new buildings.

The total number of new residential buildings in Bulgaria is 2697 in 2007.

In 2007, 479 old buildings with 660 residential units have been demolished as National Statistics Institute data shows. In 2006, this number has been 790 with 2631 residential units while in 2005, the number of demolished buildings totaled 696 with 966 residential units and in 2004 – 518 buildings with 791 residential units.



Bulgarian property]]> http://www.bulgariareals.com/news/216/.html Tue, 08 Jul 2008 04:10:59 -0700 http://www.bulgariareals.com/news/216/.html golf tourism in Bulgaria.

DPA sees golf clubs and resorts as a way to improve tourist Bulgaria image as an alternative to the some of the concrete cities that have been built on the Bulgarian Black Sea Coast.

Experts believe that the strong investment interest and the government’s support would lead to the eventual construction of a total of 40 golf courses in Bulgaria to turn the country into an international golf destination.

According to DPA, at the moment 19 golf courses are being constructed in Bulgaria, including the one worth EUR 50 M near Pravets, the birthplace of Communist Dictator Todor Zhivkov.

The article talks about of the golf club in Ravno Pole, located 25 km away from Sofia and visited by a growing number of Sofia residents, diplomats and foreign investors.
 
DPA further tells its readers that Bulgaria has favorable climate and beautiful nature, adding that golf is not considered anymore to be an elitist game, but rather a good way to fight stress and spend family vacations.

The article reminds that 2007 was a record tourist year with international sea and ski resorts in Bulgaria attracting over 5 million tourists. After Bulgaria's joining of the European Union, the number of EU tourists has increased by 50% and profits from tourism in 2007 have reached the record EUR 2,3 B - an 11% increase compared to the previous year with the State Tourist Agency in Bulgaria expecting a 10% increase in 2008.


Bulgarian property]]> http://www.bulgariareals.com/news/215/.html Tue, 08 Jul 2008 03:39:25 -0700 http://www.bulgariareals.com/news/215/.html sea resorts in Bulgaria has a new indoor ice skating ring, built over on area of 300 square meters. The rink’s dimensions are 15 X 20 meters.

The rink is located just meters away from the sea, in front of the “Laguna Beach” hotel.

The investment plan to build an ice skating rink in “Albena” is two years old. The Resort’s Management explained then that the rink was to be built in order to attract tourists to the resort during the winter as well.

The rink is already functioning and is currently used for training sessions of Russian children practicing figure skating. The official opening was held Saturday, July 5, 2008, with the participation of the internationally renowned Russian ballet “Todes”.




Bulgaria property]]> http://www.bulgariareals.com/news/214/.html Tue, 08 Jul 2008 03:26:17 -0700 http://www.bulgariareals.com/news/214/.html Varna’s Mayor and Governor received the official permission to move the old city port to a new location in the Varna Lake.

The Municipality of Varna is taking the task to accelerate the adoption of the new general urban plan and to organize together with the Ministry of Regional Development and Public Works, a competition for a project to turn the area of the current port Varna-East into a leisure zone.

Financing for the project of EUR 50 M would be provided by the State while the Japanese Government is expected to invest an additional EUR 100 M.

The expected date for the signing of the memorandum between the State and the local Municipality is July 27.




Bulgaria property]]> http://www.bulgariareals.com/news/213/.html Sat, 28 Jun 2008 03:27:33 -0700 http://www.bulgariareals.com/news/213/.html