Britons living in Bulgaria. Guide to Bulgaria, Sofia and Varna

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The latest report from Barclays Bank (November 2005) revealed that 488400 Britons prefer Bulgaria as the place for overseas investment and the second home. ...

A total of 5.3 billion Euros has been injected into the Bulgarian economy since 2000. A total of 5.3 billion Euros has been injected into the Bulgarian economy since 2000. According to the EBRD, the goal of these investments is fully and proactively to support Bulgaria in expanding activities for further development of the privatisation process and infrastructure. According to the EBRD, the goal of these investments is fully and proactively to support Bulgaria in expanding activities for further development of the privatisation process and infrastructure. As a result of sound macroeconomic policies and deep structural reforms, average growth has reached the levels of the eight recent EU entrants (EU8) at close to 5 percent per year in 2000-04”. As a result of sound macroeconomic policies and deep structural reforms, average growth has reached the levels of the eight recent EU entrants (EU8) at close to 5 percent per year in 2000-04”. As a result of the dramatic increase in tourism, real estate on the coast and in the ski resorts has seen a sharp rise. As well as the significant inward investment from European and US corporates, Bulgaria has experienced a massive increase in tourism over the past five years. Bulgaria has a continental climate with four distinct seasons. Consequently, key multinationals have already established themselves in the capital city, Sofia, further driving market growth. Currently BulgariaBulgaria is well advanced and there has been a steady increase in direct foreign investments to the country.The European Bank for Reconstruction and Development (EBRD) has recently invested over 1bn Euros in Bulgaria. Economically, Bulgaria is growing from strength to strength. In addition, almost half of its territory is occupied by picturesque mountain ranges. It is a country of outstanding beauty with rustic villages steeped in history and almost 400 miles of sandy coastline. It is second only to the US for the number of certified professionals per capita (the UK being sixth), and third in the world for certified IT professionals per capita (eighth globally in absolute terms). Its knowledge and skill base rank with the world’s best for technology, engineering and science disciplines. Labour costs are one tenth of those in the European Union, whilst productivity is well above EU member states and EU ascension countries. On the ground, income levels are increasing, unemployment is at 3%, the standard of living is continually improving and purchasing power is on the rise. Politically, Bulgaria is stable, currently being run by a unified coalition government focused on modernising the country’s infrastructure and tourism in preparation for opening their markets to the rest of the world. Recent statistics provided by the Real Estate Market Index (REMI) measured a sales increase during 2005 of 43.3 points, equating to almost 30%. Seawater temperature across the Bulgarian coast line ranges between 20°C and 23°C. So, what is behind the snowballing interest in this eastern European state? Sofia, which is reportedly growing economically and geographically faster than any other former East European capital, is earlier on the growth curve and is projected to exceed coastal and mountain property values over the next three years. Summers are dry, hot and long with an average temperature of 27°C (81 Fahrenheit). The European Commission has stated that Bulgaria will formalise their membership of the EU on 1st January 2007, at which point trade barriers will fall and the country will have access to markets of over 500 million consumers. The government of Bulgaria has a unified aim of political and economical stability. The privatisation process inBulgaria is well advanced and there has been a steady increase in direct foreign investments to the country.The European Bank for Reconstruction and Development (EBRD) has recently invested over 1bn Euros in Bulgaria. Winters experience snowfall in the mountains, with an average temperature of -4°C in the ski resorts.There is a +2 hour time difference between Bulgaria and the UK.