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

Bulgaria Property - News for Properties, Tourism and Regional ...

A boom of the construction of blocks of flats has been registered this summer. After the purchase of mobile operator M-tel, Austria has become the biggest investor country in Bulgaria.Bulgaria awaits investments totalling EUR 6.1 B for 2006. Bourgas property became significantly more expensive, by 46 per cent. Bulgaria was classified as "the new Costa del Sol" according to the UK Daily Mail one year ago. Construction entrepreneurs prefer to invest in buildings, where bachelor's flats and small apartments of 50-70 square meters prevail. Construction permits issued in 2005 numbered 55 per cent more than those in 2004. Data also shows that construction is continuing at full pace throughout the country. EUR 3.8 B of them will come from local investors and the rest EUR 2.3 B will be foreign. Experts said that the boom that Sofia experienced a few years ago is now spreading to other cities, Dnevnik newspaper reported. He is talking about the Emerging Markets Property Exhibition EMPEX 2005, an event which will take place from 14 to 16 September 2005 in Warsaw Expo XXI. However, modern-standing investment stock is still limited in supply, with the retail and industrial sectors of the market offering the greatest investment potential. However, there is still no exhibition event at which emerging markets can show their real estate capabilities. In 2004, almost 60 billion dollars were invested in real estate in those countries. In 2006, three major shopping centres will open in Sofia and one in Veliko Turnovo (northern Bulgaria). In an assessment of the current European property market, the Independent has suggested that Bulgaria has now become a genuine alternative to France and Spain as an estimated 80,000 Britons make the decision to purchase a second home in the coming months. In smaller cities, prices rose by more than 70 per cent.Apartments in the capital city continue being most expensive, the cheapest property is in Vidin. In Sofia and Varna the increases were between 20 and 25 per cent. Large-scale shopping facilities are also planned to be built soon in the Black Sea cities of Varna and Bourgas.Demand for retail space in high street locations in Sofia continues to exceed supply. Like Croatia, Bulgaria is expecting EU accession within the next few years and this will necessarily lead to a considerable increase in its real estate value. Modern quality supply has registered robust growth, with most of the activity concentrated in the office and retail sectors of the market. More than 200 cities, which are inhabited by more than 100,000 people are located there. More users are buying property with loans, experts said. Nonetheless, he indicated that the rapid rise to prominence of a number of Eastern European markets had led to a shift in the usual emphasis. Office market is most likely going to reach its stage of maturity in 2006, as about 200 000 sq m of office space is in the pipeline, and another 100 000 sq m is at the project design phase. Property in the Black Sea city costs almost as much as apartments in Sofia. Smaller apartments are now more preferred than larger ones, while larger buildings are being constructed. T. Kearney’s index, the country is expected to attract substantial level of investments in the services sector, which will increase demand for quality office premises. The construction market is full of huge and hard to sell apartments. The delegation is on a visit to Bulgaria to see the country's traditions in rural economy and hunting. The favorable bank credits incite the investors take loans and invest them in construction. The first three malls that will provide a combined modern retail space in excess of 100 000 sq m are awaiting completion, and will put under pressure some of the prime high-street locations. The investors hurry to invest money in construction, because they expect a price shock of the real estates after Bulgaria's EU membership. The magnificent view and marvellous sea will provide good atmosphere for 25 thousand people. The news was broken by Deputy Agriculture Minister Stefan Yurukov following his meeting with a four-member delegation of the UK. The number of Britons buying homes in Dubai is up 60 per cent on last year, while 77 per cent more people are buying a property in Bulgaria. The process is tied to the popularity of housing loans. There are many people who are starting to look for properties in Bulgaria: Footballers from UK football clubs, including Chelsea, property investors from all over the world, people, seeking to buy second or retirement home. Thus investment timing and location will continue to be of major importance. We intend to change that,´ promises Mariusz Kania, Managing Director of CEE Warsaw International Exhibition. While the number of the issued construction permits for the whole 2004 was 5,780. While the smaller flats sell quickly and the profits are much bigger. With Bulgaria’s ranking at 15th position among the top outsourcing destinations in A. Yet, there are unexploited niches with enormous market potential, where demand for the right product in the right location is huge.