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Market News
Bulgaria, US Neck-to-Neck in Race for UK Property Buyers
Novinite - Fri 4 May 2007 16:29
Business
Bulgaria is the third most popular country for UK property buyers, with 7.7% of the market, just edging the US into 4th place on 7.5%, the Association of International Property Professionals (AIPP) has revealed.
AIPP described the position of the Eastern European country as \"phenomenal\" , the only market that has grown to such prominence so quickly.
\"Seeing it sandwiched with Spain and France above and the US below highlights the level the Bulgarian market has reached,\" AIPP explained.
Paul Owen, AIPP\'s chief executive said: \"It\'s gone from emerging to almost-established in three years, which is just unbelievable.
\"It had a free run of being \'the\' emerging market for three years, but it\'s now got competition from many others coming in Poland, Latvia, and Montenegro and there are a lot of emerging nations with comparable property prices which are relatively unheard of.\"
He also added that the extent of Bulgaria\'s success would be revealed in the resale of homes in a few years\' time.
\"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.
AIPP\'s 2006 Report shows that Spain and France are still the top two markets for Britons buying abroad.
Nearly 1/3rd (31.6%) of overseas properties bought by British buyers in 2006 are in Spain. In second place was the other perennial favourite France with a little under 1/5th (18.9%) buying just across the Channel.
Italy ranked fifth with 2.8% of the market.
Bulgaria Freezes Construction Works in Coastal Resorts
Novinite - Thu 19 April 2007 14:44
Business
Construction works in Bulgaria\'s Black Sea summer destinations of Nessebar, Sozopol and Tsarevo will be terminated as of the beginning of next month when the new summer season sets in.
An order to this effect was issued on Thursday by the mayors of the three towns, to come into force on May 1 or two weeks later for the separate resorts.
The coastal resorts have attracted lots of investors hoping to make a windfall from the sea property. Disgruntled tourists however have complained in the recent years of overconstruction and ongoing construction works that spoil their holiday along the Black Sea coast.
Construction workers claim to know their work will soon be terminated, but practice shows the bosses will turn a deaf year to the orders.
Expert attribute the investors\' insolence to be low fines that are imposed on those who breach the law.
US Investment in Bulgaria Tops USD 780 M
Novinite - Tue 17 April 2007 15:32
US Investment in Bulgaria Tops USD 780 M
Business
US direct investment into the Bulgarian economy in the past 15 years exceeds USD 780 M, Bulgarian Foreign Minister Ivaylo Kalfin told a business forum in Sofia on Tuesday.
The US and the European Union, which Bulgaria joined in January, account for 57% of the world\'s gross domestic product and half of global trade.
That makes transatlantic cooperation a key factor for the continued growth of the world\'s economy and Bulgaria has a role to play in it as well, US ambassador to Bulgaria John Beyrle said.
The business forum was dedicated to Bulgaria\'s place in US-EU economic relations, organised by the American Chamber of Commerce and the Bulgarian-German Chamber of Commerce and Industry.
Bulgarian Pravets Golf Course Receives Govt Tax Breaks
Novinite - Thu 12 April 2007 20:50
Business
Real estate developers Terra Tour Service\'s planned golf resort and country club near the central Bulgarian town of Pravets will benefit from fiscal incentives after receiving recognition as first-class investment from Bulgaria\'s investment agency on Thursday.
The total cost of the project is estimated at BGN 71,8 M and it will be completed by mid-2010. The world-famous course designers Haradine-Golf laid out the 18-hole course, fit to host Professional Golf Association (PGA) Tour international events.
In addition to the golf course and training grounds, the country club will feature a golf equipment shop, a luxury hotel with a total built area of 24,500 square meters, a spa center and conference rooms.
Sunny Beach Sees Rise in Apartment Sale Offers
Novinite - Thu 12 April 2007 9:41
Business
Bulgaria\'s resorts of Sunny Beach and Saint Vlass are seeing an increase in offers for apartment sales.
Prices vary between EUR 450 to EUR 2,500 per square meter, property site www.imoti.net reported.
The average price is about EUR 900 per square meter.
Brokers say about 30% of the flats currently for sale, have been purchased some three to four years earlier for about EUR 600 to EUR 800 per square meter.
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