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Bulgarian Property & Real Estate News

Bulgarian property building boom is not affecting prices

Bulgarian property prices ‘stabilised’ during the first half of 2006, the international estate agent partnership Colliers International has reported. Its latest Residential Market Overview, said prices for Bulgarian property increased only marginally in the last six months compared to previous years, with supply exceeding demand.

Sofia’s Ivan Vazov neighbourhood is emerging as the second most expensive location for Bulgarian property after constant favourite Doctor’s Garden. The average asking prices in Doctor’s Garden reached £1,150 per square metre in the first six months of 2006, followed by the Ivan Vazov area with prices averaging £900 per square metre, and Lozenetz at £663. Read more…

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Golf property in Bulgaria

Hardly a week seems to go by without the announcement of a celebrity-endorsed golf development, whether it’s Ian Woosnam bringing bunkers to property in Bulgaria or Jack Nicklaus advertising Polaris World’s golf resorts in Murcia. In recent years the likes of Nicklaus, Arnold Palmer and Gary Player, who have been putting their names and expertise to golf-course development for decades, have been joined by Woosnam, Nick Faldo and Seve Ballesteros all lending their considerable sporting reputations to projects from Faro to golf property in Bulgaria. Read more…

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Alternative Tourism Gains Ground in Bulgaria

Alternative tourism is among the sectors to which Bulgaria puts weight, the country’s state-run tourism agency announced in Salzburg, Austria. The country has presented its tourism development strategy at the Second European Conference on Rural Development in the Austrian city. The event was attended by a large number of delegates representing a total of 40 rural areas from 26 European countries. Bulgaria will make efforts to draw more visitors by further promoting cultural and natural tourism. The country will a work out a strategy, which envisages that summer and winter tourism development keep its pace. Safety, an increasing number of tour operators and programmes for alternative tourism and enhanced media awareness are among the strengths of alternative tourism in Bulgaria.

Source: Novinite

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Bulgarian Real Estate Prices Up 20%

Bulgarian real estate prices have increased by 20% over the last year, according to London-based Night Frank Estate agents, cited by 24 Hours daily. Bulgarian real estate ranks second in respect of property prices growth after Latvia, enjoying a 45.3% rise for the same period, the survey showed. The ongoing trend of significant increase is due to the low inflation rate, the growing life standard and the easy access to mortgage credits, according to experts. In five years, the Russian capital Moscow will rival London in the world’s most expensive city competition, analysts note. The survey included Europe, the US and several Asian countries.

Source: Novinite

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British Buyers go for the rural property in Bulgaria

Disillusionment with the quality of life in Britain, the cost of living and “Nanny-state” are the reasons most people cite for leaving the country, a survey has found. According to a recent survey for Quest Bulgaria, English language monthly magazine about Bulgaria and property in Bulgaria, people are shifting from buying holiday home property in Bulgaria and opting for a permanent move there. And it’s happening four times faster than in France.

The move, led by the under 50s, shows a rapid trend away from the ski resorts and the sun-kissed beaches to rural areas, with more than half of all buyers looking at property in Bulgaria opting for the country life. Read more…

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Property Prices in Eastern Europe increasing fast

Property prices were registering the highest increase in East European countries, data of the British property company Knight Frank, presented in Financial Times shows. Japan continues struggling with price decrease, the report said. Property in Hong Kong was also losing value after a previous boom. Worldwide, property has become 8.5 per cent more expensive, the analysis showed. Significant price increase was observed for property in Bulgaria and Estonia. According to the analysis the increase resulted from the equalisation of prices in Europe. Because of investor interest prices for property in Bulgaria went up by 20.5 per cent.

Source: Sofia Echo

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Bulgarian property developers preparing for strong winter season

Seemingly unaware of the summer heat, Bulgarian property developers are preparing for a strong winter season. Bulgarian company Prima Invest BG has started the construction of a 15-million euro ski resort in Rila Mountain, which could take four years to complete, a local municipal official said. The Kartala ski resort will target not only locals but also tourists from the European Union and neighbouring countries Greece and Macedonia, Blagoevgrad deputy mayor Georgi Milev said.

Construction of ski resorts in Bulgaria, where the tourism industry is a major driving force for the economy, is set to rapidly develop over the next years. Currently, only 15 per cent of the country’s annual tourism revenue comes from winter resorts. Read more…

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Investors are keen to buy Bulgarian properties

As emerging property markets go, few can rival the hype or promise of Bulgaria properties, three areas of which are now being heavily marketed to UK buyers.

The first is Sofia, one of the oldest capitals on the continent with plenty of classic central-European architecture – the beautiful buildings which predate the 20th century alongside the less appealing Communist-era designs. But it is its future that is most attractive to investors.

Typical Bulgarian properties there include the Cherkonova apartment block, where units are priced at £913 per square metre – relatively low for the capital – with specific properties starting at £64,225 Read more…

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