Real Estate & Rental & Lettings News in Bulgaria from Propertyshowrooms.com

Investors eye European commercial real estate

Mon, 19 Jul 2010 00:00:00 GMT

Interest in European commercial real estate has been attracting a great deal of interest from potential investors in the second quarter of 2010, new figures show.

According to the latest data from CB Richard Ellis, there has been a 15 per cent rise in comparison to the first three months of the year, taking the total commercial real estate turnover for the period to EUR23.5 billion.

The rise comes in spite of a number of external factors which are likely to have a large impact on the economies of a number of countries, such as the debt crisis and introduction of austerity measures by many governments.

Michael Haddock, director of EMEA Capital Markets Research at CB Richard Ellis, said: "With a growing number of larger transactions in Europe, we are also starting to see an increase in cross border activity."

Meanwhile, the news could lead to an increase in the number of searches for Sofiya property, with the region at the centre of Bulgaria's economic trade.

Bulgarian real estate enjoys 300 per cent price rise over ten years

Tue, 15 Jun 2010 00:00:00 GMT

Property is the most effective investment vehicle for individuals in Bulgaria, it has been claimed.

The country's leading real estate consultancy, Address, has highlighted that house values in the country have risen by more than 300 per cent over the past ten years and, as such, the market represents a good prospect for investment.

However, the news comes just after analysts suggested that further declines would be seen in property prices in the forthcoming months.

"Regardless of the decline in value over the past two years, Bulgarian real estate remains the best form of investment," Address said in a statement.

According to the firm, based on actual transactions, prices have fallen by 14.5 per cent compared to last year, but substantial discounts of between 35 and 45 per cent can be obtained by buyers.

The news could lead to an increase in the number of individuals looking at homes for sale in Silistra, with the area an important cultural, industrial and educational centre for the north-eastern region of Bulgaria.

Bulgaria set for real estate price rebound

Fri, 21 May 2010 00:00:00 GMT

Bulgarian real estate is preparing itself for a resurgence, with analysts predicting that bargain prices, good supply and better credit conditions will all help to bolster the market's chances.

Leading the country's recovery will be its capital city, Sofia, says Tatyana Emilova, manager at Colliers International Bulgaria.

According to the company's most recent research paper, falling prices and flexibility on the side of developers is helping to boost the demand for real estate.

The company claims that prices are now near the bottom of the market and investors are likely to be attracted to property in the European destination.

"In general, buyers are very well informed now and have become much more demanding and selective when it comes to choosing their home," Ms Emilova explained.

"They are seeking an optimal balance between price and quality, and environment and neighbourhood is also important."

Online property and lifestyle magazine Quest Bulgaria recently stated that the property market in the country currently favoured the buyer thanks to its low prices.

Studio flats in Bulgaria likely to be popular this year

Sat, 1 May 2010 00:00:00 GMT

The number of individuals looking to buy property in Sofiya-Grad, Bulgaria, may be set to rise, it has been suggested.

According to real estate consultancy Address, the demand for smaller homes in the country could be set to increase later this year.

Address claimed that studio flats are making up 34 per cent of its total sales in Bulgaria so far this year.

It predicts that because of a shortage of the number of small properties being built, supply is falling behind demand.

"The supply of such types of studios is decreasing while new construction for the moment is rather dormant," explained the company's marketing manager, Kaloyan Bogdanov.

"This is likely to create a demand that is likely to surpass initial forecasts."

However, despite this positive sign, the agency is wary about announcing a full market recovery in Bulgaria and stated that a rise in property value is unlikely to occur until the second half of the year.

Bulgaria was recently named as one of the best destinations for overseas investment in 2010 by Property Venture.

Bulgarian property values tipped to rise

Wed, 18 Nov 2009 00:00:00 GMT

The value of Bulgarian properties could be rising as soon as next year, it has been suggested.

Overseas investor magazine BuyAssociation said that the country is presently offering a number of bargains, as luxury homes have seen prices drop by 40 per cent since 2007.

The publication added that experts are anticipating prices to being increasing again in 2010, with rental yields being favourable for buy-to-let investors.

However, the most popular places to buy will now be in traditional towns and villages, rather than the Black Sea Coast and the capital Sofia, as was previously the case.

The site also noted that Bulgaria offers the advantage of not yet having adopted the euro, which could make buying there cheaper than in other EU countries.

BuyAssociation's tip echoes the recently expressed view of head of economic research at UniCredit Bulbank Kristofor Pavlov, emportal reported earlier this month.

He forecast that the market will see three further quarters of decline, meaning the turning point will come during the next year.

Bulgaria 'working out well for Britons'

Thu, 12 Nov 2009 00:00:00 GMT

Britons are generally having a positive experience when they move to Bulgaria, the UK ambassador to the country has remarked.

Steve Williams, who is Britain's chief representative in Sofia, told Standart News that those who have moved to Bulgaria revealed in a British Embassy poll that things were tending to go well for them.

He said the survey found that "in general those British nationals that had bought properties in Bulgaria in order to live here permanently or semi-permanently had integrated well with the local community".

In turn, most Bulgarians had welcomed the British there and Mr Williams noted that this anecdotal evidence tallied with his own experience.

Those keen on buying property in Bulgaria may look to do so soon after an economist tipped the market to bottom out in 2010.

Head of economic research at UniCredit Bulbank Kristofor Pavlov predicted there will be three more quarters of price decline before the sector starts to turn, emportal reported earlier this month.

Bulgaria property deals decreasing, figures show

Sat, 8 Aug 2009 00:00:00 GMT

The number of real estate deals taking place in Bulgaria has almost halved over the past year, a new report has concluded.

Research carried out by Raiffeisen Imoti found that processed transactions in the country fell 42 per cent in the first six months of 2009 when compared to the same period in 2008, Propertywise Bulgaria reports.

In the capital Sofia the decline was 58 per cent, a possible indication that there may be a greater amount of property available to overseas property investors looking to buy in the city.

"Potential customers at all real estate sectors are waiting, with the only active [investors] on the market currently being those with [a] riskier profile," the report stated.

The news source noted that many potential buyers are waiting to see if prices decrease to lower levels before making purchases.

Earlier this month, figures from the country's National Statistical Institute obtained by the Sofia Echo revealed that prices rose 0.1 per cent in 2008 in spite of the economic downturn.

Bulgaria prices 'at market value'

Wed, 10 Jun 2009 00:00:00 GMT

The average price of property in Bulgaria is now close to reaching its real market value, it has been stated.

Speaking to Darik Radio, chair of the National Real Property Association Lachezar Iskrov said the level of prices was now close to being the right one, although he could not say when prices will begin to rise again, Novinite.com reports.

Mr Iskrov listed a number of places as being good ones for property investors to buy in.

He commented that most investors look for two-room apartments in Sofia, with the best districts to buy in being Lyulin and Druzhba for mid-range property, while South Park remains the most prestigious.

Mr Iskirov stated prices for good properties are now at around €1,000 to €1,200 (£1,034) per sq m.

The cost of a mortgage for those buying a property in the country may have fallen for many after a recent base rate cut.

Bulgaria's central bank trimmed its base rate at the start of last month from 3.53 per cent to 2.27 per cent.

Survey sees Bulgaria on top

Tue, 5 May 2009 00:00:00 GMT

Bulgaria is the best place to get a holiday bargain for Britons, a new survey has concluded.

The study by Post Office Travel Services found that the country was the cheapest in which to pick up holiday items.

A collection of ten such purchases could be had for a little over GBP42, the survey noted, less than in second-placed Thailand and third-placed South Africa, while Spain and Portugal are also in the top ten.

Head of travel services Sally Munro commented: "The eurozone has taken a bashing this year but our survey suggests that tourist outlets in many resorts are taking dramatic steps to encourage tourists."

Such figures may suggest that those who invest in rental tourist property in Bulgaria could enjoy healthy demand.

The cost of borrowing in Bulgaria to fund a house purchase may fall as a result of an interest rate cut by the Bulgarian National Bank today.

It has lowered its main rate from 3.53 per cent to 2.27 per cent.

Varna: Property rentals highest rise in Varna compared to Sofia, Plovdiv and Burgas

Mon, 24 Nov 2008 00:00:00 GMT

Seaside city of Varna reports the highest rise in property rentals in comparison with the other three big cities in Bulgaria – Sofia , Plovdiv and Burgas , shows an analysis by Address Real Estate. The rents in Varna soared by 13% between January a...

Bulgaria 'offers year-round attractions'

Tue, 19 Aug 2008 00:00:00 GMT

Overseas property investors could benefit from Bulgaria's year-round holiday industry, experts have stated.

John Howe & Co, a West Yorkshire-based law firm, said the eastern European country is very popular with foreign leisure travellers.

According to spokesperson Philip Howell, it attracts visitors both during the summer holiday season and in the winter.

This means that rental accommodation is consistently in high demand, thereby creating opportunities for foreign buyers.

Furthermore, this can have a knock-on effect on property values in tourism hotspots, such as popular ski resorts.

Mr Howell commented: "Bulgaria is a good place to buy property."

He added that investors could get healthy capital gains in the wake of the country's accession to the EU last year.

This comes after Bulgaria was flagged up as a good market to consider by Aston Lloyd, which said property values are relatively affordable when compared with many other markets.

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...

Rents in Sofia from steady high to high up

Wed, 16 Jul 2008 00:00:00 GMT

In the six month period from the beginning of the year, rental rates for residential property have increased, website investor.bg said, quoting brokers from various agencies. The professionals, however, have not been unanimous in their prognoses of how the situation would change in the second half of the year. Some say that further increase is to be expected, others do not anticipate changes...

Low-cost airline launches new Bulgarian service

Wed, 9 Jul 2008 00:00:00 GMT

People in north-west England who own property in Bulgaria are being targeted by low-cost airline easyJet.

The budget carrier has confirmed that later this year, it will begin offering passage between Manchester Airport and Sofia.

This will help open up the Bulgarian capital to leisure travellers in the north-west, a development which could lead to more people choosing to visit the city.

However, easyJet also believes that the route will be useful for many foreign property investors, as Bulgaria is currently a very popular location among this group.

The airline commented: "The service to Sofia is ideal for the growing number of second home owners from the region investing in the Bulgarian market."

Passengers will be able to fly between Manchester and Sofia three times a week from December 2008.

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.

British tourists flock to Bulgaria

Wed, 4 Jun 2008 00:00:00 GMT

Rental investors in Bulgaria are seeing a surge in demand for tourist accommodation this summer, it has emerged.

Online travel agency Lastminute.com revealed that the number of June bookings for the country is 151 per cent up on 12 months earlier.

This means that some owners of holiday accommodation in Bulgaria will see higher occupancy rates this year, as well as greater rental returns.

According to Lastminute.com, the increase in the number of bookings is partly because consumers in the UK want to avoid Euro 2008, which kicks off in Austria and Switzerland this weekend.

John Bevan, managing director of the firm, commented: "It would appear that it is too painful for fans to stay home and watch Euro 2008 without their team competing."

This comes after the Times said that Bulgaria is a much more affordable holiday destination than places such as Italy, Portugal, France and Spain.

Bulgaria offers investment opportunities

Tue, 8 Apr 2008 00:00:00 GMT

Overseas property buyers have been told of potentially lucrative investment opportunities in Bulgaria.

Property Secrets said that demand for housing in the capital city Sofia is currently outstripping the existing level of supply.

The organisation has stated that this is partly because people from rural areas are increasingly opting to move to the city.

As a result, properties in Sofia are becoming highly sought-after and more and more expensive.

This will be regarded as a positive development by overseas property investors who own a residence in the area, as it creates the potential to sell it on at a considerable profit.

Neil Lewis, chief executive of Property Secrets, commented: "Sofia is a favourite hot spot for property investors as it potentially offers ultra-high returns, combined with excellent long-term prospects."

According to the Association of International Property Professionals, Bulgaria was the fourth most popular foreign destination for UK buyers last year.

Bulgaria popular 'for the whole year'

Fri, 19 Oct 2007 00:00:00 GMT

Bulgaria is a popular holiday destination for consumers all year round, according to an expert.

Investment specialist Amar Sodhi stated that the eastern European country offers attractions to both winter and summer holidaymakers, meaning that rental accommodation is in continuous demand.

Therefore, he has recommended that overseas property investors consider the Bulgarian market as a viable investment option, as they could get higher than average rental returns in a consistently popular market.

Mr Sodhi highlighted mountainous regions as one area to consider, as they were popular during the summer, while winter sports fans tended to visit them at other times of the year.

Speaking to the Telegraph, he commented: "There is huge demand for accommodation in the main mountain resorts, as they are year-round lifestyle destinations."

This comes after easyJet stated that Bulgaria was one of the most countries for fans of winter sports such as skiing.

Foreign buyers 'entering Romanian market'

Wed, 3 Oct 2007 00:00:00 GMT

Overseas property buyers from different countries are increasingly choosing to enter the Romanian market, an expert has said.

Real estate lawyer Anthony Raftopol stated that investors from countries such as the UK and Germany were buying in the country to cash in on its current property boom.

He said that factors such as a fast rate of economic growth had impacted on its property market, along with high levels of demand.

However, he added that the supply of available properties was falling behind the level of demand, requiring the construction of thousands of new buildings across the country.

This could attract further investment and interest in the Romanian market among foreign buyers.

Speaking to the New York Times, Mr Raftopol said: "Prices have exploded here - the boom in prices should continue for a decade."

This comes after the American Automobile Association said the country was becoming a highly popular tourist destination among people from the US.

Montenegrio property market 'rising fast'

Mon, 23 Jul 2007 00:00:00 GMT

Real estate in Montenegro is set to revival the impressive property prices seen in smaller states such as Monte Carlo, claims one leading expert.

Predrag Drecun, an economic analyst, speaking to the Sofia Echo, is predicting that any investing in Montenegro is set to benefit from strong demand for holiday rental accommodation, especially as real estate space is already limited.

"Montenegro is small, and it lacks space for developers. As it moves towards the European Union, prices will go sky high. In Monte Carlo, one square metre of an apartment costs 100,000 EUR," explained Mr Drecun to the newspaper.

Recent years have seen property prices in the country grow by as much as 200 per cent and given that the country is working towards membership of the European Union, investors are already snapping up property ahead of the predicted boom.

In particular, coastal resorts such as coastal hotspots like Kotor, Budva and Herzeg Novi are attracting strong interest from overseas buyers and increasing transport links to the region are helping to boost tourism and drive the local economy.

'2007 is Bulgaria's time to shine'

Wed, 14 Mar 2007 00:00:00 GMT

This year will be crunch time for the property market in Bulgaria, one expert has said.

Paul Collins, the overseas property editor of BuyAssociation, said it will soon become clear whether those who have invested in Bulgaria will be able to make money from rental returns.

He said there is some evidence to show that activity in Bulgaria will outperform many other European nations, especially since it joined the EU in January.

"Bulgaria has had a huge amount of press and public interest in overseas property," he remarked.

"2007 will be a key time to see whether those who have invested will make money from the rental side of things."

He was speaking after a survey by website Self Catering Breaks suggested that a growing number of British investors have confidence in the overseas property markets.

Bulgaria’s Airport Improvements On Their Way

Tue, 27 Jun 2006 00:00:00 GMT

In line with the current property explosion in Bulgaria, the influx of foreign visitors to has reached unprecedented levels. This year Varna airport alone will see flights to and from over 130 destinations in more than 35 countries and this figure is expected to continue to increase in line with the amount of seaside properties that have become available to foreign investors. In past two years alone the number of visitors to Bulgaria has gone up something like 15 per cent a year and the airports of Varna and Bourgas each see about 1.5 million visitors per year. Over the next year, more flights are expected from the UK, Russia, Belgium, Ukraine and Scandinavia News in this morning suggests that the Bulgarian government has finally awarded the concession for improving and expanding Varna and Bourgas airports to Fraport AG. The details of the improvements will be confirmed over the next two to three months and we should start seeing improvements taking shape over the next 18 to 24 months. Some EUR 215m will be invested in Burgas airport while EUR 188m will be used for the modernization of Varna airport. The airport improvements will facilitate the process of increased tourism, with a positive knock-on effect on those locations that are within easy traveling distance of the airports, while further increasing investor confidence in Bulgaria’s property market.

Varna Prices Increase

Wed, 12 Apr 2006 00:00:00 GMT

After a decade of rising prices on the property market, residential prices in the Black Sea city of Varna are few notches away from the levels in the capital Sofia, shows data of the national property association. Sale prices in low-quality residential areas are in the range of EUR 350/m2, ferro-concrete constructions come next, the pricing list topped by luxurious homes in prime residential areas with a price tag of EUR 800-1000/m2. A semi-annual report of Colliers International Bulgaria shows that sale prices in prime residential areas remained in the range of EUR 820 - 1,650/m2 in the second half of 2005. In Sofia, the southern district of Ivan Vazov is the most expensive region for housing, with an average price of EUR 950/m2, statistics show.

"Rough Spots" in Bulgaria's Laws on Property Acquisition

Mon, 3 Apr 2006 00:00:00 GMT

Bulgaria's administration of law governing the buying and selling of property are marred by rough spots, part of the country's bumpy transition from communism to a multiparty free market system, the International Herald Tribune wrote. "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." The article cites the recent changes to the Bulgarian Constitution, under which 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 article warns foreigners that frauds are a small minority of problems they can face when buying property in Bulgaria. "The much greater risk is doing business with people who have little or no professional experience in real estate."