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NEWS
ABOUT BULGARIA City-planning Culture Ecology Finance and Taxes Interesting Tourism News from MIRELA Real Estate Agency Housing loans Real Estates Prices and Analyses Construction The real estate market at present Economy10-09-2010
Luzhkov Opens Moscow-Owned Resort on Bulgarian Sea Coast
Mayor of Moscow Yury Luzhkov and Bulgarian Prime Minister Boyko Borisov have foramlly inaugurated a resort complex on the Bulgarian Black Sea coast owned by the Russian capital. The Raduga complex, which is part of the Kamchiya resort, was built in 12 months, with an investment of about EUR 40 M. The complex is owned by the city of Moscow, which invested in it in order to turn it into a recreational facility for Russian kids and pensioners. The "Children's Health Camp Raduga", as it is formally called, has about 600 beds and the capacity to host a staff of 100. About 11 000 Russian kids and 3500 ...
10-09-2010
Bulgarian Delegation Sets Out to Woo Chinese Industrial Zone Investors
Bulgaria’s Deputy Economy Minister Evgeni Angelov is heading a high-level Bulgarian delegation to China to attract investors for the future industrial zone in Bozhurishte near Sofia. Angelov together with other officials such as the management of the state-owned National Company “Industrial Zones” will be in the People’s Republic of China September 8-September 9, presenting the business project for the industrial zone to be built close to Sofia on a plot of a former military air field. The Bozhurishte Industrial Zone is expected to be used primarily by Chinese companies; it is supposed to be ...
10-09-2010
International Investment Bank Eyes Bulgaria
The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria. The Russian RBC Daily has reported that the International Investment Bank, together with the International Bank for Economic Cooperation, is planning to invest up to EUR 500 M in different projects. About EUR 9 M have already been invested in construction of commercial properties in Slovakia. Bulgaria and Mongolia are also on the list to receive funding for construction of commercial properties in the near future. ...
10-09-2010
Bulgaria's President Opens Fifth Border Checkpoint with Greece
Yesterday, Bulgaria's President Georgi Parvanov and his Greek counterpart Karolos Paloulias cut the ribbon of the fifth border checkpoint between the two countries - Ivailovgrad-Kyprinos. Bulgaria's Minister of Interior, Tsvetan Tsvetanov, Foreign Minister Nikolay Mladenov and Minister of Regional Development and Public Works, Rossen Plevneliev also attended the ceremony. Plovdiv Metropolitan, Nikolay, and the Metropolitan of Dimotika, Damaskin, served a festive water sprinkling ritual. "At this moment we open a new border checkpoint but our common future is connected with the Schengen Zone. One ...
10-09-2010
Bulgarian Archaeologists Unearth Ancient Artifact in Nessebar
Bulgarian archaeologists have found a bronze hydria in a tomb dating back to 4th century BC during excavations in the Necropolis of Mesambria in the Black Sea city of Nessebar. The archaeologists, who opened the tomb on Thursday, have explained that the hydria was an ancient vessel for storing liquids like water, wine or a mix of water and wine. The discovered object has three handles with exquisite detailed decoration on them. According to the scientists, the hydria they found has been used for storing the remains of a dead person who had been cremated first. In their words, the fact that the ...
10-09-2010
Bulgaria's Sopot with 'Ultra Modern' Water Purification Station
Bulgaria's Boyko Borisov opened a much-advertised station for purification of waste waters near the central town of Sopot. BGN 18 M were invested in the new facility, with BGN 4 M of these coming from the state budget, and the rest from EU Operational Program "Environment". Borisov declared that the purified water had better drinking qualities than the tap water in the entire region. The purification station will serve 12 000 people in Sopot. According to the Veselin Lichev, Mayor of the town of Sopot, which is famous for being the birthplace of Bulgarian writer Ivan Vazov and the site of the ...
08-09-2010
Sofia's 'The Mall' Boasts 100% Store Space Lease
The shopping center in Bulgaria's capital Sofia known as The Mall achieved 100% lease of the store space, according to Colliers International, exclusive rent consultant. The British fashion chain Next, one of the key tenants, opened Wednesday the doors of its first store in Bulgaria in The Mall. The other new brands on the Bulgarian marker are the Greek clothing company Pink Woman, and the Spanish lingerie chain Oysho, part of the Inditex group, already well-known in Bulgaria with its labels Zara, Bershka, Stradivarius, Pull & Bear, and Massimo Dutti. The Colin's and Levi's stores opened in August ...
08-09-2010
Greece's Bluehouse to Ink EUR 27 M Deal in Bulgaria
Greek investment fund Bluehouse Capital is to acquire four properties of Sofia-based ERG Capital 1 and ERG Capital 2 REITs in a EUR 27 M deal, according to media reports. Bluehouse Capital has already signed preliminary contracts with the two companies, majority-owned by the Bulgarian-American Enterprise Fund (BAEF), Dnevnik daily reported, citing insiders to the negotiations. The Bulgarian subsidiary of real estate consultants Colliers International has been picked as consultant on the deal.Last year Bluehouse Capital acquired for EUR 27.3 M the building complex Auto Union Centre, which is located ...
08-09-2010
Real Estate Prices at Bulgaria's Potential F1 Track Skyrocket
A week after it was announced that Bulgaria might built a Formula 1 circuit, the real estate prices at its future site near Sofia have skyrocketed despite the fact that the initiative has been troubled by an international scandal. The properties near the village of Dobroslavtsi right outside of Sofia to the northwest, which is expected to host the Formula 1 racetrack on a former air base plot, increased by 50%-75% overnight, according to bTV. The private channel reports that the rumors around the future F1 site are not the only the locals at Dobroslavtsi have been targeted by buyers for their ...
08-09-2010
Switzerland to Finance Bulgaria's Schengen Preparation
Bulgaria will receive 106.5 million levs (CHF 76 million) from Switzerland under the Bulgarian-Swiss program for Cooperation. Reportedly, the Cabinet will use 27 million levs of this money to speed up Bulgaria's accession into the Schengen zone. A framework agreement under the program was signed yesterday between Bulgaria's European Affairs Minister Tomislav Donchev and Mr. Doris Leuthard, President of the Swiss Confederation. Another CHF 27 million of the grant will be used to carry out infrastructure and environmental reforms, while three million Swiss francs will be allotted for development ...
08-09-2010
Russian Investment Funds Eye Bulgarian SPA Centers
Russian Investment funds show increased and growing interest in Bulgarian SPA centers both on the Black Sea coast and inside the country. The information was reported by the Bulgarian National Radio (BNR) Tuesday, citing the President of the Bulgarian branch of the international real estate federation FIABCI, who said Russian investors are inquiring about possibility to purchase entire complexes at once. According to the President, this a a new trend to replace individual private Russian interests in Bulgaria's tourist sector. The investment funds also wish to purchase land plots near SPA sites ...
08-09-2010
'Bulgaria in Brilliance' Photo Exhibit Shown in Sofia
A new open-air photo exhibit dedicated to Bulgaria's culture was opened in downtown Sofia Monday. The photo exhibit entitled "Bulgaria in Brilliance" is dedicated to the history of Christianity in the Bulgarian lands and the Bulgarian contribution to the world cultural heritage. Many of the photos show the Bulgarian sites that are recognized by UNESCO as part of the world cultural heritage. The exhibit is located on the so called "Lovers' Bridge" behind the National Palace of Culture, and is organized by the Sofia Municipality. The author of the exhibit is Tosho Peykov, a former MP. The photo ...
03-09-2010
Cash is King as Bulgaria Hotels Seek to Change Hands
As sellers of property, hotels included, are going through hard times in Bulgaria, most deals are a result of cash payments, experts say and forecast that cash will remain king. “Due to the restricted financing, deals can be concluded only by investors with money at hand. The forecasts for 2010 can best be described as “cash is the king,” Anna Rizova-Clegg, Country Managing Partner in the Sofia office of DLA Piper, the international legal practice, said in an interview for Novinite.com. A survey of the hotel and hospitality industry by DLA Piper found that 22% of all respondents – executive directors ...
03-09-2010
Russian Real Estate Website Enthusiastic about Bulgaria
Bulgaria is a worldwide leader in residential and commercial real estate and will remain to be so, writes Russian real estate analytic portal RWay.ru Thursday. The website lists the following five pluses of buying in Bulgaria: legislation favorable to non-resident investors, low prices and prospects for increase in worth. The article states that in spite of a considerable drop of prices since 2008 and various other drawbacks such as property with unserviced loans, unfinished construction and overconstruction, there is a significant positive outlook for Bulgarian real estate. It claims, largely ...
03-09-2010
Bulgarian Govt Refashions Notorious Army Building Project in Sofia
Bulgaria's Cabinet has decided in favor of the partial completion of a controversial construction project of the Defense Ministry in downtown Sofia. The so called National Army Complex is known also as the "military NDK" because it is likened to NDK (i.e. the National Palace of Culture) as it is located close to it in downtown Sofia, and is just as huge. The construction of the National Army Complex has come under much criticism in the Bulgarian media since its inception in 2004-2006 with critics arguing that the Bulgarian Army and Defense Ministry do not need such a costly and enormous project, ...
03-09-2010
Advertising campaign of Bulgaria as year-round tourist destination starts on leading Pan-European channels
The advertising campaign of Bulgaria as a year-round tourist destination started on September 6 on Eurosport, Euronews, National Geographic Channel, and Discovery Channel. The first stage of the campaign will finish by December 26, 2010. The next stage will be launched on January 31 and will continue until March 27. The aim of the campaign is to show 608 million households in Europe that Bulgaria offers magnificent opportunities for tourism and vacation. The advertising spots will be 30 seconds long and will be shown in the prime hours in 5 languages – Bulgarian, English, German, French, and ...
03-09-2010
Bulgarians Increased Trips Abroad in Q2
The total number of trips Bulgarian citizens have made within the country and abroad dropped by 11% for the second quarter of 2010, according to preliminary data from Bulgaria's National Statistics Institute. However, Bulgarians made about 23% more trips abroad in the second quarter this year, in comparison to the period April-June 2009, while the trips within the country dropped by 17%. According to the data, vacations and trips have been the most common reason for the Bulgarians to travel abroad. The average money spent on a trip in Bulgaria in the second quarter of 2010 was BGN 158, while ...
03-09-2010
Bulgarian Economy Minister Backs Eco Tourism against Mafia
Bulgaria's system of mountain huts and cabins should remain intact to preserve environmentally friendly tourism, said Bulgarian Minister of Economy Traicho Traikov Sunday. “No mountain hut should be closed or replaced by apartments or hotels,” stated Traikov, who is also the minister in charge of tourism in Bulgaria. Traikov was speaking at the top of Cherni Vrah summit nearby Sofia at a gathering of more than 4000 hiking enthusiasts to mark the 115th anniversary of organized hiking, mountaineering and tourism in Bulgaria. The economy minister's statement comes as a response to worries recently ...
31-08-2010
Bulgarian construction sector marks an increase in Q2 2010 - report
A serious rise in the Bulgaria's construction sector was recorded in the second quarter of 2010, compared to the preceding three months, the National Statistics Institute announced on August 23 2010. Data reveals that construction permits increased by 46 per cent, while actual construction soared by about 70 per cent. Despite this trend, on an annual basis this still represents a 21 per cent decline, the report said. Sofia, Varna, Plovdiv and Bourgas are the four cities with the most active ongoing construction projects at the moment, the report said. In total, 1441 real estate buildings were ...
31-08-2010
Buying an office in Bulgaria costs the same as leasing - Creditex
There is no difference between the expenses incurred in buying an office in Bulgaria using a mortgage and leasing an office, according to non-banking financial institution Creditex, part of the Bulgarian unit of Dutch-based TBI Financial Services. The company anticipates a pick-up in the Bulgarian business property market due to changes in the ratio between selling prices and rents, it said. About 16 percent of Creditex’s loan portfolio covers investment properties. While lease prices are lower than in 2008 and loan interest rates are higher, the purchase of an office through a bank loan costs ...