Archive for the ‘News’ Category
Signs of Hope in Bulgarian Economy and Property Market
www.property-abroad.com; Property News posted on 18.03.10
According to the latest figures released by Eurostat, the Bulgarian economy is still most certainly heading downwards, but there are some signs of hope on the horizon…
The signs of hope are the fact that Bulgarian industrial output grew by 4.9% in the fourth quarter after a similar slew of declines. During this recession, a quarter of such strong growth in industrial output is usually followed by a GDP growth in the following quarter.
Bulgaria Property Upturn Predicted in 2010
www.property-abroad.com; News Posted On: 28 January 2010; excerpt
Analysts within the Bulgarian property market are suggesting that Bulgaria property could be strong going into 2010, depending on how the banks read and respond to the early signs of real estate rebound…
According to analysts selling Bulgarian properties in the UK, 2010, is to be a good year for Bulgarian property in terms of rising foreign demand as well…
The grand project Super Perelik
Perelik, Super Borovets and Bansko – Time will tell which one will be better considered, more attractive to tourists which will be the most profitable … We all know what offers Bansko – the type and number of trails of various difficulties, the large choice of hotels … We all want to see what will happen to the Super Borovets project – a ski area in Bulgaria, with many traditions in the winter ski tourism, hoping to become all-season tourist destination … And now to speak about the project Perelik and the area around the winter resort Pamporovo which is located in one of the most picturesque places in Bulgaria.
The grand project “Perelik“ which can be compared only with the “Super Borovets” project received a “green light” by the municipal council in Smolyan. The main purpose of the grant project, called “Super Perelik” is to connect Perelik peak in Pamporovo with the Mechi Chal peak near Chepelare. The realization of the project will transform the Rhodopi Mountain into leading tourism centre. The project itself envisages the construction of a modern winter resort which will extend area of 130 square kilometers, with a system of facilities for winter sports and summer tourism. The resort will include 50 ski slopes with an area of over 200 km, equipment for artificial snow, 24 lift services, hotel facilities with nearly 20 000 beds and covered parking with approximately 8 000 parking places. At a later stage will be built congress center and golf course. Because of the project “Super Perelik” the government was committed to construct an airport near Smolyan as well as a 100-kilometer-way road to Plovdiv.
The investment plan is financed by Bulgarian and international banks and the capital expenditure is expected to reach over 250 million EUR as the revenue and the profit may reach 300 million BGN per year.
All lovers of winter pleasures will have to wait to try out new trails and facilities, but those looking for properties with great potential should start thinking about the great opportunities offered by such a project.
Here are some of the hottest offers in the area:
Royal Lodge – The newest jewel in Pamporovo!
Five-star complex in the hear of the charming ski resort Pamporovo.
Prices start from 500 Euro/ sq.m
A new development situated in the center of Pamporovo ski resort.
The prices vary between 600 and 750 Euro/ sq.m
How the international press said that a killed criminal was a prominent journalist
I have read a lot of articles about the murdered Bobi Tsankov. First of all I’d like to say that shooting is unacceptable way to manage with criminals. This has to be done in court!!!
BUT…in case like this…I wonder how the international press have spread the information in a way which presents Bulgaria as a country where journalists are being killed for their free speach rather than a country where underground mafia kill one of its members. Bobi Tsankov WAS NOT a prominent journalist as BBC said nor he was a prominent radio journalist and author of a book on Bulgaria’s gangsters according to NY Times.
He used to work as a radio host where he started his frauds for hundreds of thousands levs. He had close connections with Sofia underground world. He survived few atempts of murder. Recently he decided to speak in the press and the police about the secrets of the mafia and even wrote a book. He published some articles in not so famous weekly newspaper trying to call himself a journalist. He even complained that he was threatened to be killed if he don’t stop these stories. The truth is that he was more popular with his criminal actions than his writings about the Mafia’s secrets.
I will say again that a daylight shooting is bad enough. I don’t care about the internal mafia wars but such a shocking act in the centre of Sofia is quite frightful to hear. I don’t care if he was going to reveal something important and that’s why his mouth was shut or he was murderd by someone that was lured by him and lost a lot of money. Everyone will agree that this should not happen in European country. And we all hope that the new govenrment will succeed to put the criminals in prison not in graves…
Bulgarian Credit Rating Revised To Stable From Negative; ‘BBB/A-3′ Sovereign Ratings Affirmed
On the 1 st December 2009, Standard & Poor’s said:
– We are revising our outlook on the Republic of Bulgaria to stable from
negative, and affirming the ‘BBB/A-3′ sovereign credit ratings.
– The stable outlook reflects our view of the government’s commitment to
fiscal discipline, and our expectation that the government will implement
structural reforms in the social security system.
LONDON (Standard & Poor’s) Dec. 1, 2009–Standard & Poor’s Ratings Services
today said it had revised its outlook on the Republic of Bulgaria to stable
from negative. The ‘BBB’ long-term and ‘A-3′ short-term sovereign credit
ratings were affirmed.
The ratings on Bulgaria reflect our view of the government’s strong track
record of prudent fiscal policy and low gross debt; solid growth prospects
over the medium term; and the country’s EU membership. Offsetting these
strengths somewhat are large external imbalances and the related risks as a
result of the adverse economic environment, which we expect to continue in
2010.
In our view, Bulgaria continues to face economic risks due to the
uncertain outlook for external demand and the sharp tightening of the external
commercial credit channel, which negatively affects domestic demand. As a
result, the current account deficit, which peaked in 2008 at 25.4% of GDP amid
an overheating economy, has contracted sharply and is expected at around 10%
in 2009 (we expect the deficit to be fully funded by foreign direct investment
flows). We expect GDP to contract by around 6% in 2009 and a further 2% in
2010, followed by a positive growth rate in 2011…
This material was taken from www.standardandpoors.com
SPA tourism in Bulgaria
The following article aims to introduce and show you one of the advantages of Bulgaria, namely the wonderful Spa resorts which it has with. The Bulgarian Spa resorts are one of the best in Europe and if you’d like to get rid of the stress and have a relaxing holiday in the beautiful nature, you should definitely visit some of these amazing places. Some of the most popular Spa resorts in Bulgaria are Velingrad, Hissarya and Banya.
Velingrad- Velingrad is undoubtedly the most picturesque and most renowned of all of the Bulgarian spa resorts. It lies in the Rhodope Mountains in the beautiful Chepino Valley. Velingrad has a mild year round climate and a wealth of mineral waters, suitable for the treatment of respiratory diseases and rheumatism amongst others. There are also opportunities to ski in nearby Yundola. There are 70 mineral springs here, which vary in temperature. In addition to the spas, Velingrad boasts another impressive natural phenomenon, the Kleptuza, Bulgaria’s largest karst landscape, which is covered by eroded towers of limestone. The karst dispels 1,200 liters of ice-cold water per second.
Three months ago Velingrad was declared as the SPA capital of the Balkans. The prestigious award, which “shot off” the Rhodope town into the top ranking of the most attractive spa centers in Europe, was bestowed personally by the President of the International Hotel and Restaurant Association on 7th July. The international recognition of the picturesque mountain village is not just a coincidence. Before being officially named as „Тhe spa capital of the Balkans”, in 2005 Velingrad won his vocation to the spa capital of Bulgaria, thanks to the wonderful conditions for a healthy vacation in the folds of the Rhodopes. 
For a very short time Velingrad literally was transformed into a modern spa resort. But the town is not just about luxury hotels, pools with mineral water and different spa airs and graces. The mountain town is known for its unique folklore, with its delicious Rhodope cuisine offered anywhere in the local pubs, as well as the unspoiled nature of the Rhodopes.
Hissar- Hissar/ Hissarya is one of the largest spa resorts in the country, known for its clean and curative mineral waters and untouched nature. Green parks, historical sites, fresh air and relaxation in luxury spa hotel with modern equipment – this is an unforgettable holiday, which you cannot remain in mind forever.
Nestled in a tiny valley in the border of the Sredna Gora Mountain, this pretty town often referred to as just Hissar, is a popular destination not only for Bulgarians looking for peaceful surroundings and a healthy environment. This town is famed for its mineral spas of which there are over 20 and a strong history with pre-historic remains excavated in the town centre. Hissarya is prospering thanks to the growth in spa tourism. Its mineral springs are extremely pleasant with temperatures between 24 and 49 degrees C. They give out vast plumes of water at a rate of 40 liters per second. The environment around this area also helps; there is no industry whatsoever here and consequently no pollution. Treatment procedures are conducted in a number of diseases. In the new hotels are proposed procedures and spa for relaxation and pleasure – aromatherapy, thalasso therapy, phyto therapy, classical and eastern massages, music therapy and others. But one of the biggest attractions is the mineral water beach which is frequently attendant especially during the summer season.
Banya- The beautiful, picturesque town of Banya is nestled between Karlovo and Hissarya on the road to Plovdiv, in the central part of the Stryama Valley, surrounded in a semicircle by the Sashtinka Sredna Gora Mountain. The town’s mineral springs, rehabilitation and spa facilities are one of the best in central Bulgaria and are known as the Karlovo Mineral Baths. The facilities afford the health enthusiast a year round climate and opportunity to treat joint, neurological and gynecological disorders. There are numerous baths, swimming pools, sports and rehabilitation centers that offer inexpensive yet effective methods to improve your health and well being. The mineral water varies in temperature, depending on the facility you choose and offers something for everyone. The range of the water is from 35-54 degrees C and can be found in spas, pools and bath facilities throughout the town. There’s also a unique mud bath facility that offers treatment for various diseases. The resort’s rehabilitation clinic and sanatorium plus great outdoor beaches and mineral water guarantee a great time and a healthier you. In addition to the tremendous spas and outdoor pools, there’s a sports complex, several nice hotels and numerous historical sites and points of interest close by for day trips, including the largest Thracian tomb ever discovered in Southeastern Europe at Starosel.
The word SPA is an acronym of various Latin phrases such as “sanitas per aquas” meaning “health through water”, or “Solus per Aqua” meaning “water in itself “. Today SPA in Bulgaria means strength and beauty through the magic of the Bulgarian thermal water springs. So…. Relax! Meditation! Massage! Special Therapies! Rehabilitation! Mineral Springs! How much do you need all that – in the hurried daily round and rhythm! Healthy and full of energy…close to nature, close to your real self…feel the spa magic now and visit the richest spa land in Europe – natural and virgin Bulgaria!
Repair works on the road from Bourgas to Elhovo
We are glad to spread some good news about the road from Bourgas to Elhovo, which I am sure that will make happy everyone who has bought or is looking for a property in the area.
In the beginning of June 2009 repair works started on the road from Bourgas to Elhovo. The project is massive and includes total repairing of the full length of the road, which is now a part of the international road network, leading to the newest border check point between Bulgaria and Turkey – Lesovo. The road will be repaired according to modern standards and constructed with high quality, as it is financed by the EU. 65% of the project is financed by the European Investment Bank and the other 35% should be paid from the budget of the Republic of Bulgaria.
The full length of the road is 100km and it should be finished by the end of January 2011. However this summer, working hard, they managed to repair a big part of it. This project is a part of the massive project for road rehabilitation called Transit Roads. It includes the main roads, which connect Bulgaria with Turkey and Greece. These roads have become very important since our country has joined the European Union in 2007.
At present there are some speed limits in the parts which are being repaired and we advise you to be extra careful if you drive there alone. The parts, which have been already repaired, are nice, with new gutters along the road and new sidewalks in the villages.
Minimum initial capital of 1 euro for Ltd company in Bulgaria
Bulgarian Parliament approved the initial capital to be 2 BGN or approximately 1 EUR
The initial capital for the registration of a limited liability company (Ltd.) is reduced from 5000 to 2 levs. Now this is a fact by passing amendments to the Commercial Code on first reading. According to the Council of Ministers with the implementation of this measure the level of entrepreneurship in Bulgaria will increase, which means more jobs, new services and products.
The Chairman of the Parliamentary Economic Committee Martin Dimitrov commented that this is the first real reform act of the Parliament, and will help young people to do business. 
The measure was introduced in many European countries where the fee for registration of a company is just one euro.
The proposal for a symbolic capital for initial registration limited liability company was announced by the Government of GERB as one of the anti-crisis measures to stimulate business.
Bulgaria had had one of the highest levels of minimum capital in the world. The World Bank “How to do business” report defined previously that Bulgaria was the country with the 36-th highest capital of 181 countries. With a higher minimum capital are countries such as Mongolia, Lebanon, Mozambique, Congo, Benin, Syria.
Nearly 100 countries have zero minimum capital requirements. Among them are Australia, Canada, Ireland, Israel, New Zealand, Saudi Arabia, the United States, Great Britain, Japan, Singapore, Hong Kong, France and Malaysia.
Driving a car in Bulgaria – cost, taxes, insurances…
We have been questioned recently how much would cost a foreigner to have a car in Bulgaria.
To drive a car in Bulgaria you should have a valid driving license and at least 18 years of age. There are two options for those who don’t intend to rent a car – to buy one locally or to import your own car from your country.
If you decide to buy a car in Bulgaria and register it here you will pay:
1. To register the car on your name – approx. € 50
2. Eco tax – if the car is older than 5 years – from € 100. This is payable once – only when you buy the car.
3. Driver responsibility insurance: at least 50 € per year.
4. Annual theft and accident insurance – it depends on the car- can be € 100 per year for an old car or around € 800-1000 for a brand new car.
5. Road tax (depending on the engine power): around 60 € per year for a car of 2000 ccm engine.
6. Vignette – approx. € 34 per year. It is required for the national roads only; this means that if you are driving only locally you may not need it at all.
If you come here with your own car you may drive it in Bulgaria without registering it. In this case you can use your insurance made in your country in case of accident. You will have to pay for vignette ( to use the roads) – there are vignettes for one week, for one month or for one year. You can buy a vignette in every petrol station. You will be given a sticker which has to be placed on the wind screen.
- Fuel prices:
petrol: 0.97 €/L,
diesel: 0.96 €/L,
LPG: only 0.51 €/L.
Bagging a bargain in Bulgaria: It’s a tough market but investors prepared to pay now will reap the rewards later
www.dailymail.co.uk, 28.05.09, excerpt
Carl Froch, the World Boxing Council super middleweight champion, is finding investing in overseas property just as satisfying as delivering a well-placed left hook. And it may turn out to be almost as lucrative.
‘What is the point of having money in the bank which is earning nothing?’ says Froch, 31, who lives in Nottingham. ‘I have been investing between 8,800 GBP and 44,000 GBP in property in Bulgaria and Turkey over the past 12 months.’
He’s put his money into small apartments, which he intends to rent out to locals rather than holidaymakers, and a suite in an ‘apart-hotel’, which he hopes will have a good return.
‘This sort of investment is perfect for someone like me who gets lumps of money in dribs and drabs,’ he says. ‘I see the properties as my pension as I don’t have other savings.’
Joe Upchurch, managing director of Aston Lloyd, from whom Froch has bought his properties, is a boxing fan. He has also sold an apartment to Joe Calzaghe, one of Froch’s heroes.
‘Upchurch is very experienced and knowledgeable and I trust his advice completely.
‘It’s all about timing,’ he says, and as a boxer, he should know.
Carl isn’t worried about negative comments about the Bulgarian property market:
‘That mostly relates to the south-eastern coast, which is like the Costa del Sol. I have invested in Kostinbrod, which is 15 minutes from the capital of Sofia.
‘This is an up-and-coming business district and the whole area is being revitalised. I am confident I will get a guaranteed income for the rest of my life, as well as seeing the capital value increase too.’
Reports show an 8.4 per cent increase in tourist revenue in 2008, with demand from foreign visitors and Bulgarian nationals expected to remain stable this year, backed by a government advertisement campaign worth the equivalent of 3.5million GBP to promote tourism.
Ross Elder, MD of holidaylettings.co.uk, says: ‘Inquiries for Bulgaria in the first quarter of 2009 are up 9 per cent. It’s a fantastic holiday option if you are seeking value for money on accommodation, flights and food.’
Many people piled into Bulgaria in the boom seeking a quick buck, only to go belly up.
But there’s still income and growth to be had if buyers do their ground work, on the developer as well as the property, take independent legal advice and buy good-quality property in the right area.
Overseas property consultant, Simon Conn, adds: ‘In good city locations, such as Sofia and the better-quality coastal developments, there are long-term possibilities.’