Real Estate & Other News in Bulgaria from Propertyshowrooms.com

Another holiday resort springs up at Skorpilovtsi beach

Tue, 5 Aug 2008 00:00:00 GMT

Varnabased company Albatros Ve EOOD has erected the ground floor of the aparthotel Soley, which is the first concrete construction on the beach of the Black Sea village of Skorpilovtsi between Varna and Bourgas, close to the Stara Planina slopes. The only accommodation on the beach to date was the longstanding campsite but there are also other plans to construct hotels, Albatros office employee Ani Angelova...

Environmentalists in Bulgaria protest ‘world’s first carbon neutral luxury resort’

Tue, 22 Jul 2008 00:00:00 GMT

When is an eco-project bad for the environment? Critics charge a development in northeast Bulgaria designed by Foster + Partners, the oft-praised creator of cutting edge sustainable developments, will destroy a virgin coastal landscape—no matter how many eco bells and whistles are incorporated into the project. Black Sea Gardens, described as the “world’s first carbon neutral...

Agricultural land prices rising in Bulgaria

Thu, 17 Jul 2008 00:00:00 GMT

Bulgaria is the latest country to report rising prices for agricultural and development land which offers investors another possible profit stream...

Older buyers 'considering Bulgaria'

Fri, 20 Jun 2008 00:00:00 GMT

The Bulgarian property market could soon benefit from an increased level of interest from older UK buyers, it has been suggested.

A study conducted by the Institute for Public Policy Research in 2006 concluded that more than three million British pensioners would live abroad by 2050.

It also revealed that Australia and North America were the most popular destinations for people looking to retire overseas.

However, anecdotal evidence suggests some new favourites are emerging, including Bulgaria, according to Lisa Harris of Saga Travel Money.

Ms Harris explained that interest from retirees in emerging markets was "probably driven by the fact that they have recently joined the EU and house prices, whilst rising, are still extremely low so it's still possible to get a bargain".

Her comments come as a study by Global Property Guide revealed that Bulgaria's property market had the sixth highest rate of price increases in the world during 2007.

Bulgarian market continues to expand

Tue, 17 Jun 2008 00:00:00 GMT

The Bulgarian property market is continuing to hold up in the face of a worldwide slowdown, new figures have revealed.

According to Knight Frank, the overall rate of house price inflation across the world slowed from 9.2 per cent to 6.1 per cent during the first quarter of 2008.

However, research from the organisation showed that growth in the Bulgarian market has significantly outpaced the global average.

During this three-month period, house prices in the eastern European country went up by 31.5 per cent - more than anywhere else in the world.

Commenting on the findings, Liam Bailey of Knight Frank said Bulgaria is continuing to "confound market fears" of oversupply and is proving to be immune to the downturn across Europe.

He added: "While house price growth in Europe continues to slow or even fall, pockets of strong growth remain."

This comes after analysts at Amberlamb said a number of strong fundamentals are supporting the Bulgarian housing market, such as the country's growing tourism industry.

Bulgarian House Prices 'Went up Last Year'

Tue, 22 Jan 2008 00:00:00 GMT

Property in Bulgaria continued to rise in value at a rapid rate in 2007, a media outlet has revealed.

The Novinite news agency collected figures from real estate agencies across the country and worked out that the average price of residential property went up by 18.6 per cent last year.

However, a number of regional variations were highlighted in places such as Varna, which saw particularly strong growth over the course of the year.

Property values in the city were found to be 19 per cent higher than in 2006 - an increase that is above the national average.

In addition, Varna was rated as the most expensive place in which to purchase a Bulgarian residential property.

This comes after figures in the Global Property Guide revealed that during 2007, Bulgaria experienced the highest rate of house price inflation in the world.

European air passenger traffic grows

Wed, 19 Dec 2007 00:00:00 GMT

The number of European people choosing to fly abroad went up last year, new figures have revealed.

Data from EU statistics agency Eurostat revealed that during 2006, a total of 738 million people went overseas on an aircraft.

The majority of member states saw an increase in the number of air passenger numbers, with eastern Europe seeing particularly strong growth.

This suggests that the region is rapidly growing in popularity as a holiday and property investment destination, particularly since some countries' accession into the EU.

The overall number of air passengers for the year was up on 2005 by 4.7 per cent, Eurostat said.

Almost half were found to have remained in Europe, although one in three did take flights to other continents, while one in five travelled on domestic services.

According to Ryanair, flights to eastern European countries such as Bulgaria (property in Bulgaria is in demand) are in particularly high demand.

The budget airline recently announced that high levels of interest in its London to Sofia service have prompted it to operate the route daily.

Budget airline adds extra Sofia flights

Tue, 18 Dec 2007 00:00:00 GMT

The imminent launch of extra flights to Sofia is set to provide a boost to the Bulgarian property market.

Low-cost airline easyJet said it would begin operating the flights from Gatwick Airport to the city every day of the week from January 2008.

The carrier currently flies between the two destinations three times a week, although strong demand from consumers has prompted this new announcement.

This is likely to have a significant impact on the property market in Sofia, as the increased accessibility could make it more appealing to foreign buyers.

According to property author Andrew Regan, the growth of cheap flights to the country is one of the reasons for its recent popularity with overseas investors.

Speaking to Huliq.com, he said: "The fact that Bulgaria is well-connected to the UK via low-cost airlines has aided its desirability as both a holiday destination and investment area."

He added that its recent entry into the European Union had also helped make it a more attractive option for property buyers.

Bulgaria 'popular with British tourists'

Mon, 5 Nov 2007 00:00:00 GMT

Bulgaria is proving to be a highly popular destination with Britons, official figures have revealed.

According to statistics cited by VisitBulgaria.net, approximately 410,000 people from the UK arrived in Bulgaria between January and September 2007.

The overall number of visitors, which included 380,000 holidaymakers, was said to be seven per cent higher than during the first nine months of the previous year.

However, almost twice as many German visitors arrived in Bulgaria within this period, with most of them again said to be leisure travellers.

Figures also recorded a large number of holidaymakers from Romania and Malta, further indicating the country's popularity with Europeans.

Bulgaria's growing tourist trade has recently been cited as one of the main reasons for its popularity as an overseas investment spot.

Speaking to the Telegraph, investment expert Amar Sodhi recommended that investors consider buying rental accommodation in a mountainous region, as they offered both winter and summer activities to visitors.

Bulgaria 'attracting more foreign tourists'

Wed, 24 Oct 2007 00:00:00 GMT

Bulgaria is continuing to benefit from a steady influx of foreign visitors, according to new figures.

Official data cited by the Sofia Echo showed that during the first nine months of 2007, there were approximately 4.5 million foreign arrivals.

This is more than seven per cent higher than last year's figure, indicating the country's increased popularity since it joined the European Union in January.

In fact, almost three-quarters of visitors to Bulgaria were found to have come from other member states such as Germany and the UK.

This comes alongside new estimates from Industry Watch, which predicted that this year's rate of economic growth in the country would reach 6.4 per cent.

The organisation added that rate of expansion was likely to continue into 2008, resulting in the government gaining a higher budget surplus.

Industry Watch stated that if this occurred, taxes in Bulgaria may be reduced slightly, potentially benefiting overseas investors in the country.

Bulgarian property 'set for major price increase'

Tue, 18 Sep 2007 00:00:00 GMT

The price of property in Bulgaria could rise significantly in the next few months, local media have reported.

According to the Sofia Echo, polls by various media outlets have shown that real estate agents across the country widely expect property values to keep increasing.

Some have predicted that between now and the end of the year, the price of property in some major cities could rise by up to ten per cent.

As a result, owners of investment property in cities such as Sofia could benefit from high levels of capital appreciation

Apartments located in the city were said to be in particularly high demand, especially those with up to 70 sq m of floor space.

Cheaper apartments on the outskirts of major cities were also said to be sought-after by property buyers, resulting in an increase in their overall value.

This comes after Property Secrets suggested that people hoping to generate money from the Bulgarian market ignore coastal areas as they were less lucrative than city investments.

Bulgaria faces competition 'but shows no sign of flagging'

Thu, 3 May 2007 00:00:00 GMT

The growth of Bulgaria's property market has been "phenomenal", but it now faces competition from new emerging markets, according to the Association of International Property Professionals (AIPP).

Paul Owen, speaking on behalf of the company, said that Bulgaria has become one of the most popular locations for investment and was the first market to show such "unbelievable" growth in such a short space of time.

However, the country now has competition from other emerging markets such as Poland, Latvia and Montenegro.

"There are a lot of emerging nations with comparable property prices which are relatively unheard of. Bulgaria has got more competition in its niche market," he said.

However, the market in Bulgaria could be maturing, with the resale market likely to "kick off" in the longer term.

"There's a lot of properties being built, there's no doubt that prices have gone up in the last few years ? properties will be sold a second time around, the second wave of buyers will come in," he added.

According to recent AIPP research, Bulgaria is the third most popular destination for UK property investors.

Bulgaria ranks high in global house price league

Mon, 26 Mar 2007 00:00:00 GMT

Bulgaria has been ranked sixth in a new global house price index, which measures the performance of 33 countries from around the world.

According to UK property service company Knight Frank, Bulgaria saw 13 per cent growth in the last quarter of 2006.

However, this figure is lower than the 21.6 per cent recorded in 2005, when Bulgaria ranked number two in the price index.

Knight Frank said that house price growth is beginning to decline in most locations, particularly in Europe where interest rates are beginning to rise.

Despite this, eastern European countries, such as Bulgaria, Poland and Latvia, are still dominating the top of the growth table.

"Growth in prices here reflects wider mortgage market reform and rising wealth in expanding economies," stated the firm.

The accession of Bulgaria to the EU has made the country much more appealing to British investors, who are attracted by the prospect of a stable economy, according to property magazine Homes Overseas.

Green Light for Bulgaria’s EU Accession

Mon, 2 Oct 2006 00:00:00 GMT

Since the signing of the Accession Treaty in April, Bulgarian representatives started their work in the European Parliament last month and it has now been confirmed that Bulgaria will, indeed join the EU in 2007.

Property investors see this as a count-down period while prices are slowly pushing up in key locations of Bulgaria, and a leveling off in growth rates is envisaged for next year. The message is clear: buy now for swift, high returns on your investment in Bulgaria.

More Infrastructure Improvements in Bulgaria

Tue, 22 Aug 2006 00:00:00 GMT

Bulgaria's Dnevinik newspaper reports that a number of highways and all airports, excluding newly renovated Sofia Airport, are set to be modernized during the period between 2007 and 2013.

The work will be undertaken using EU infrastructure development funds. More than one billion euros is targeted from EU funds for transport projects to help countries like Bulgaria achieve EU standards. Many key highways and all airports, as well as Trakia, Maritsa, Strouma and Cherno are currently earmarked for improvements.

Bulgarian Regional Development Minister, Assen Gagauzov, said project schedules will be drafted to speed up the investment process and the Cabinet is expected to accept the plan in April, after which Brussels should give its approval.

This month also, big news is the Bulgarian roads executive agency is signing a contract for the new Liulin highway. The highway is being built to connect Vidin, Sofia and Kulata. The new initiative forms part of what is called the European Corridor 8 Scheme which will link Gueshevo, Kiustendil, Sofia and Bourgas with new highways. Works will comprise 26 bridges and viaducts as well as various important tunnels and junctions with work targeted for completion by 2010.

In addition, on July 24th works for a new road connecting Brussels Boulevard to the new passenger terminal at Sofia International Airport were launched, with construction commencing by September and completion expected within one year.

Infrastructure developments in Bulgaria such as these demonstrate Bulgaria’s full intent to meet EU criteria by the end of this year. Repercussions for property investment are ever positive and investor confidence continues to ride high, keeping Bulgaria up there in line with other new EU states.

Huge Profits in Sophia

Mon, 12 Jun 2006 00:00:00 GMT

Bulgaria's Sophia News Agency has proudly announced price rises in prime locations within the city over the past six months. Six months ago land prices per square metre stood at 820 euros while today they have increased to 1,850 euros and continue to rise. Investors would be wise to follow the example of the locals who are the main buyers in Sofia, while the British are sticking to the more saturated coastal and ski resorts like Bansko where yields are also very encouraging (12% gross). Bulgaria seems to be ready for EU status sooner rather than later, with much movement in the commercial sector which has had a significant impact on property investments in Sophia.

Bulgaria up to Number 4!

Mon, 3 Apr 2006 00:00:00 GMT

Bulgaria ended up at No 4 spot among the most popular destinations to British overseas property buyers in a ranking, topped by France and Spain. Foreign currency specialist HIFX reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March. Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent). The survey shows that the majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.

Purchasers Should Take Care

Mon, 3 Apr 2006 00:00:00 GMT

Bulgaria has modern laws governing the buying and selling of property, more or less the same as those found throughout the European Union, yet rough spots remain in their administration. After all, the country's transition from communism to a multiparty free market system has been long and bumpy and is still not quite finished. Foreign citizens are free to own buildings, but only Bulgarians can own land. So foreign citizens buying properties with land -- including apartments, most of which include partial land rights -- usually register as a Bulgarian firm, most often a limited liability company, in whose name the purchase is then made. A Bulgarian lawyer would handle the work for about $600. According to recent changes in the Bulgarian Constitution, EU citizens will have the right to own land when Bulgaria's accession treaty takes effect, as it is scheduled to do Jan. 1, 2007. But there is a seven-year moratorium, so the right will not take effect until 2014. The measure, similar to those enacted by other new EU member-states from eastern Europe, is intended to stop western Europeans from making big acquisitions of cheap land right after accession. "It's all really absurd because anyone can buy land," said Kalina Milanova, a senior lawyer responsible for the real estate dealings at CMS Cameron McKenna in Sofia. She recommends that anyone intending to buy should form a company to save taxes on any eventual sale. Legal entities pay corporate income taxes of 15 percent on sales while individual owners are charged about 25 percent. Most foreign buyers, especially those acquiring property on the Black Sea and around the ski slopes of Bansko, buy new properties directly from developers. These are straightforward deals that usually are completed through a real estate office in the buyer's home country. Any complications generally are the result of foreign buyers "parachuting" into the country to buy older properties and then neglecting to check on the reliability of their local contacts. Bulgarians with all kinds of backgrounds are trying to profit from the real estate "gold rush," the recent swell of foreign interest in the country's property market. Frauds are a small minority of problems; the much greater risk is doing business with people who have little or no professional experience in real estate. "It used to be that every Bulgarian knew everything about politics and soccer," said Georgi Dutchev, editor in chief of Properties Xpress, a magazine published in English and Bulgarian in Sofia. "Now every Bulgarian is also an expert about real estate." Professional agents automatically check the titles of older properties, but those new to the business sometimes do not realize the need. Thorough checks will help avoid fraud, corrup- tion and poor administration of paperwork and will uncover any complex ownership problems connected to post-communist restitution among family members and their descendants. Title insurance is not available. Nor is there a national property registry. One is being constructed with the EU's help but it still is years from completion. So all transactions must be done where the property is located, a lot of travel for agents if the property is on the Black Sea and the buyer is in Sofia.

Bulgaria Likely to become an EU state on 1st January 2007

Mon, 3 Apr 2006 00:00:00 GMT

The European Commission (EC) report to be issued in May this year would likely recommend Bulgaria's on-time accession to the union. Both Bulgaria and Romania would be asked to continue the reform process in all problematic spheres. This is the opinion of high-level EU sources, presented in the German daily Die Velt. In case Bulgaria and Romania slow down the reform process, the amount of EU funds the two countries will receive will likely go down. Today European enlargement commissioner Olli Rehn will give his preliminary evaluation of the two countries' readiness to join the EU. Rehn would also make a recommendation concerning the accession date, the Bulgarian National Radio reported. Bulgaria's reform progress in the five critical areas will aid the country's on-time membership, European Integration Minister Meglena Kouneva said. Yesterday Kouneva accepted the monitoring report of Open Society Institute. The risk for the introduction of safeguard clauses for the justice and home affairs and agriculture sectors is still high, the report states. In its 2005 report the European Commission designated five reform areas as critical, BGNES news agency reported. Bulgaria received a recommendation to speed up reforms in these spheres to achieve on-time membership. Company regulations, free access to goods and services, agriculture, regional policies and justice and home affairs feature among the critical areas.

Bulgaria becoming one of the Top European Ski Destinations

Fri, 3 Feb 2006 11:52:00 GMT

Low property prices and inexpensive ski passes make Bulgaria one of the top destinations for flourishing ski properties, writes The Times in its latest edition.

Described as ideal for a budget ski property, Bulgaria is recommended for its season from mid-December to late April and the challenge that its slopes offer for the occasional skier and for those with little experience.

"During the summer this sparsely populated, largely rural country offers a wealth of activities such as hiking, fishing and mountain biking, as well as the fabulous beaches of the Black Sea coast. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored."

According to research by the property investment expert Assetz, Bulgarian ski resorts offer rental returns of up to 12 per cent - because of their year-round attraction the returns are double those of their coastal counterparts.

Assetz lauds the rapidly expanding resort of Bansko, which combines a UNESACO World Heritage village with some impressive new lifts and longer established. A one-bedroom apartment costs from USD 40,000.

Thirty-six per cent more UK holidaymakers visited Bulgaria in 2005, leading to an influx of travel companies many of which are offering guaranteed rental schemes similar to those in France. However, they are not yet well established and Assetz advises property investors to research the history and reputation of the companies involved

Source: Novinite News Agency - Sofia

Bulgaria set for substantial growth in 2006

Thu, 26 Jan 2006 00:00:00 GMT

On the day that Bulgaria's president reiterated his conviction that the country should be granted accession to the EU next year, a new report has placed Bulgaria in the top three countries for expected growth in 2006.

Basing its league table on the number of searches on its website, cheapflights.co.uk found that there had been a 50 per cent increase in interest in Bulgaria, with both holiday makers and prospective property investors all eager to learn more about the country. With economy flights more common and access expected to improve again with the completion of new terminals at Sophia's airport, it seems that interest will continue to intensify throughout 2006 as potential EU accession draws closer.

In recent years, property investment in Bulgaria has become increasingly common as individuals and businesses alike have looked to make the most of a rapidly improving economy and a burgeoning tourist industry.

Many experts have suggested that Bulgaria's accession to the EU would be the final factor in opening the floodgates to a property boom similar to that enjoyed by Spain during the last 25 years, and according to Pravda, Bulgaria's president Georgi Parvanov has today urged EU member states not to delay their decision.

"We'll go on successfully working on EU requirements," said Mr Parvanov during a speech marking his fourth year in office.

"All we want is to see the bloc judging our bid in the same way it judged the ten new members," he continued.

EU accession would undoubtedly boost residential property investment across Bulgaria, with an increase in tourism leading to a higher demand for holiday homes and rented accommodation.

The impact of increased tourism on the economy would also instigate a general rise in house prices in Sophia and beyond and it is this basic assumption that has led many UK residents to invest already in the still remarkably cheap property around the capital. Ski resorts including Borovets and Bansko have also proved popular as many investors look to capitalise on the fact that houses can be acquired at a much cheaper price than corresponding property in France.

Aside from residential property investment, there has also been a sharp rise in the number of commercial property projects in Sophia as worldwide businesses look for a base in Eastern Europe. Yet again, EU accession would lead to a massive rise in the price of properties as businesses make the most of better trading conditions and a developing commercial centre in Sophia.

Reflecting the current interest, Bulgarian economy minister Roumen Ovcharov has this week met representatives from Siemens to discuss a wide variety of investment projects while a series of American businesses are similarly exploring the possibilities of using Bulgaria as a European headquarters.

Source: Assetz News

House Prices Increase Worldwide, Bulgaria Reaches 31%

Mon, 16 Jan 2006 00:00:00 GMT

According to the survey, which monitors 23 countries on a monthly basis, South Africa at 27.8%, Hong Kong 21.6%, Spain 17.2%, New Zealand 16.4% and France 16.0% top the house price annual percentage change list at present. China, Norway, United States, United Kingdom and Sweden complete the top 10 rankings.
Japan and Germany are at the bottom of the ranking with a registered drop in house prices.
For the sake of comparison, Bulgaria recorded an average increase of 31% for a 12-month period (Q4 2003 - Q4 2004).
Ignoring calls for "bursting bubbles" the man-in-the-street continues to demand residential property to buy not only in Bulgaria, says Deyan Kavrakov, President of FIABCI-Bulgaria. Investing in "bricks and mortar" continues to be more attractive than securities and bonds, he adds. Experts define a deal as speculative when its return on investment outperforms those in mature markets (8-10%) and is at least 30-40 % and more.
There is no bubble on Bulgaria's property market, but due to its stage of development there may be inadequate prices in some segments, Kavrakov comments. Prices are expected to slow down around 2007, followed by one year of "wait and see" and - as the experience of Central European countries shows - the market starts its own development, positive in most cases, according to him. Kavrakov forecasts the price increase of residential property to be a double-digit figure in percentage in 2005, but considerably smaller than the previous year.
Article Source: Sofia News Agency

Sofia Reveals Winter Olympics 2014 Bid

Thu, 29 Dec 2005 00:00:00 GMT

It will take EUR 1.332 M for Bulgaria to erect Olympic sports facilities as part of its 2014 games bid. At a special press conference on Tuesday, the chairman of the Bulgarian Ski Federation Tseko Minev explained the finances are to be collected through sponsorship, advertising and commercial items. The concept of Sofia 2014 and all supportive paperwork must be submitted to the International Olympic Committee in January 2006, the national games organising committee announced. Under the concept, the mountain pearls of Borovets and Bansko will focus the main activities to be part of the Olympic games. The key Olympic village will be built up in the outskirts of Vitosha mountain, just on the outgoing Sofia road running to Borovets. The capital city is planned to host a selected part of winter sports, including ice skating, short track, bobsleigh, sledge and curling. Under the project, two multifunctional sport halls will rise in the neighbourhood areas of Mladost and the West Park. Training facilities will be erected in the Winter Palace, Slavia Complex and Festival Hall, Bulgarian organisers revealed. Sofia - and the whole world - will see awarding ceremonies broadcast directly from the National Stadium "Vassil Levski". To meet all requirements of an Olympic capital, Sofia is to solve the problem with insufficient parking lots and hotel accommodation, former sports minister and member of the organising committee Vassil Ivanov said. Bulgaria has enhanced its Olympics 2014 bid with arguments of popularizing the unique natural and cultural heritage of the country, developing local sports facilities and transport infrastructure and creating many new jobs. Bulgarian President Georgi Parvanov has already stood firmly behind Sofia's candidature to host the 2014 Winter Olympic Games. Because Sofia is a strong candidate city for the 2014 Winter Olympics and Bansko will be the No. 1 Olympic centre if Sofia's bid is successful, property investors are positioning themselves ahead of the predicted curve by buying off plan ski properties in Bulgaria's number one ski resort, experts have said. Seven countries will compete with Olympics 2014 bids, among them Spain, Austria, Russia, South Source: www.novinite.com, 13th December 2005

The foreigners buy properties in a mass by Internet

Thu, 29 Dec 2005 00:00:00 GMT

The interest is mainly in Varna and the North Black Sea . The largest number of foreign customers in the Bulgarian property market is attained by Internet. Around 83% of all realized deals through “Address Real Estate” - one of the biggest real estate agencies in Bulgaria - are after contacts by Internet, say by the company. During 2005 19.19 % of the customers are foreigners. 78% of them has bought a property in Varna. The second place, according to the interest, takes Sofia, but hardly 9% of the customers are foreigners. The third place takes South Black Sea with 8%, and the houses within the country – 5%. The inquiries by the foreigners without purchase have the same trends. According to the requested interest, 86% of all are mainly holiday properties – apartments in the compounds and one-family houses at first row of the seashore or very close to the coat line. And the interest is directed toward Varna. 14% from the calls and requests are about properties in the big cities. Every fourth of the people ask for a property in Sofia. Mainly about a luxury property in elite quarter, that can be rented for benefits. “Address” foresees that transactions with this kind of properties will increase constantly, as the percentage will increase lightly within next years. The company foresees a transition from the purchases of the classical holiday properties. Gradually, the last will give up their place to the apartments in elite regions or small houses in the suburbs of the big cities. Effective sources for properties advertisement in Bulgaria are the trade exhibitions and the activity of our overseas embassies, assert the property experts.

Bulgaria's Star Rising

Wed, 28 Dec 2005 00:00:00 GMT

If one country typifies the explosion of interest in eastern Europe it must be Bulgaria, reads an article published in the Independent on Wednesday. Prices are startlingly cheap, especially for new homes, even if some of the architecture is reminiscent of 1970s Britain. The UK newspaper gives detailed information on Bulgaria's real estate market pointing out the excellent prices for houses located near the Black Sea city Varna. Relatively low prices, along with estate agents' talk of 40% rises per year, have triggered worries of a price bubble. But analysts suggest most buyers just want a low-cost holiday home or a long-term investment and that, so far at least, the high volume of ongoing building has not undermined price gains made by early buyers, the article reads on. For investors, there is a clear appeal in the Bulgarian capital, Sofia. When the nation accedes to the European Union in 2007 there is much confidence that the capital will vie with the likes of Prague and Berlin as a base for the central European offices of many multi-nationals. The result would almost certainly be price rises in apartments and a booming corporate rental market. But although market prospects remain strong, experts advise buyers to remember that this is still an emerging market. There are many eccentricities and many unregulated agents and builders wanting to cash in. Buying a home can be complex because it involves setting up a Bulgarian company to meet the country's stringent rules on foreign property ownership. Bear in mind that inflation in Bulgaria was 578% in 1997 and the currency exchange rate with sterling is extremely volatile and hence purchase is risky. Independent property lawyers say buying in Bulgaria - or elsewhere in eastern Europe - is clearly a good investment but needs to be done with a level head. Yet despite the uncertainties, Bulgaria increases in popularity. The country's economics ministry says 248,792 Britons visited in 2004; its London embassy says the number of visas issued to Britons in 2004 was double that of 2003; just one estate agency. Bulgaria's star is rising. But if you're going to buy, be quick - before the prices rise too. source: Novinite Ltd. 12/2005

My pension scheme? It's a flat in Bulgaria

Wed, 28 Dec 2005 00:00:00 GMT

Rosemary Niblock, a secondary school teacher, worries about her children's financial security, like most mothers. But she is the first to acknowledge that some of her fears are unfounded. Both children, Matthew, 29, and Sally, 30, think about pensions and their financial security even if some of their savings plans are unconventional. Matthew, for example, has sunk his money into an apartment in Bulgaria, which he describes as his pension. "I don't know what I think of that really," says Rosemary, 58, a divorcee who lives with her partner Anthony in Erdington near Birmingham. "To me, pensions are you paying into a pot as part of your salary and an employer paying his share. I suppose what Matthew is doing is just different, and as my dad used to say, 'it's not wrong, it's just different'. "Matthew, who is self-employed, is very astute with money. If he can get a bargain he will. "He bought a very old house, completely gutted it, did it up and now he is just interested in how much it is worth." Her daughter, Sally, is a buyer for a children's wear company. "She has big child care bills and her husband is self-employed but he is a very hard worker. She recently got a financial adviser, on my advice, to sort out her pension. She listens to me more than my son. "If Rosemary has a criticism, it is that her children spend a lot on clothes. "Sally spends a lot of money on designer clothes for Poppy [her 20-month-old daughter]. “She would be horrified to know what I used to dress her in. Poppy has had more clothes in her lifetime than Sally ever had. "Matthew also buys designer clothes for himself and up to the minute quirky things. Suddenly he will join a gym and then he will stop going. "Matthew, who works in computers, said he had a £127,000 mortgage and bought his Bulgarian apartment for £45,000 by increasing his mortgage. He hopes it will increase in value when Bulgaria joins the EU in 2007, at which time he will sell it and invest in something else. "I would not say I am careful with money. I do have a big mortgage, but I see property as an investment. My mum has got a good pension but I don't trust pension schemes at all." Sally said her financial adviser helped her and her husband, also called Matthew, to reduce their mortgage and find the best pension fund for her husband, a roofer. Sally said that she was not paying into a pension fund herself, partly because she pays £600 a month on child care. "We have to do a lot of 'inspiration shopping' where we look at designer brands and try to spot trends and that is lethal. But I don't have any credit cards. They just lull you into a false sense of security." Source: The Daily Telegraph