Bulgarian real estate agents are involved this week in one of the largest international property exhibitions in Moscow. They are presenting the latest Bulgarian properties to Russian investors interested in investing in Bulgaria.
With the ski season quickly approaching there is a focus on ski properties in Bulgaria. Agents are hoping to repeat the success they have had in attracting Russians to invest in the Bulgarian Black Sea coastal regions.
Attractive property prices are hoped to increase the number of Russian investors in the country’s ski resorts. Read more…
The latest research from KPMG tax consultants shows that Bulgaria is one of the top ten countries globally with the lowest tax rates. It is bettered only by tax havens like Hong Kong, the Bahamas, and Caymen Islands.
The effective tax rates are calculated using total income tax and social insurance costs over gross income before any deductions. The results factor in both the personal income tax rate and social security rates for workers earning 100,000 USD. The survey was conducted across 81 countries.
Overall the survey shows that the main area of tax rate changes in 2010 were in Europe. European citizens still pay the highest personal income taxes rates globally. Read more…
Angela Merkel was in Sofia yesterday to meet with he German Bulgarian Chamber of Industry and Commerce. During the meeting they discussed the chambers plans for increasing by 100% the German investments in Bulgaria and the also doubling the bilateral trade by the year 2015.
Merkel was the main speaker at the event, which was attended by over 350 delegates,made up of German businessmen and representatives from several Bulgarian ministries including the Bulgarian prime minister Borrisov.
The 2015 Action Plan lists several approaches to increase the number of Germans investing in Bulgaria and also Bulgarian trade with Germany. Germany is currently Bulgaria’s largest trading partner. Read more…
The Great Wall Motor Co as announced that it will join with Litex Motors from Bulgaria and will start producing vehicles in a factory in Lovech, Bulgaria.
Great Wall Motors is China’s biggest auto maker and has signed a partnership agreement with Litex Commerce from Bulgaria. The signing on 15th October was watched by the Bulgarian PM Boiko Borrisov. the prime minister stated that this would be a major Bulgarian investment and a significant benefit to the Bulgarian economy.
The overall annual production from the factory is estimated at 50,000 units and 4 different models are planned including – an SUV, a pickup and two standard car versions. Read more…
Part of the Bulgarian property investment known as the Super Borovets project will be the construction of a new motorway to link Sofia with the Borovets ski resort in less than 40 minutes. The new Rila Highway will create a link between Sofia and Samokov and drastically reduce the travel time between the capital city and Bulgaria’s most popular ski resort. The news about the new motorway was announce by Simeon Peshov from Glabolgarstroy and Georgi Krumov one of the directors in the Equest Property Investment Fund which is leading the investment in the Super Borovets project. The motorway will be over 80km long and will link the Trakia, Hemus and Struma motorways going through the towns of Samokov and Vakarel.
The first level of the investment project will be based outside Samokov and includes a gondola lift to take skiers to the Markudjik ski pistes. The idea is that skiers from Sofia can use the new motorway to quickly arrive in Samokov, park their cars at the base of the gondola and be on the top of the ski resort in just 30 minutes. Overall the project expects an investment of over 500 million euros to produce one of the most modern ski resorts in Europe.
Over 15% of all UK overseas investors are thinking about buying property in Bulgaria or Romania. As a result of both countries joining the EU at the start of the year eastern Europe is now one of the property investment hot spot. According to overseas property group MRI accession to the EU is a major factor in boosting investment in property in Bulgaria.
Trips by foreign tourists to Bulgaria went up by over 8 % last year, to almost 1.5 million visitors. There was also a significant boost to Romanian tourism.
MRI has commented that similar to other eastern European countries that have joined the EU, Bulgarian properties are likely to experience stop growth over the next few years
The property investment industry in Bulgaria has received something of a helping hand with news of significant economic development in the first quarter of 2006. The Nation Statistics Institute has reported today that gross domestic product (GDP) in the first quarter grew by 5.6 per cent when compared to the same period last year. As reported by the Associated Press, Bulgaria’s GDP reached 9.815 billion leva (£3.4 billion) in the period, with several sectors contributing. Growth of 5.6 per cent was reportedly assisted by an increase of six per cent in the services sector and 8.8 per cent in industry, although the agriculture sector struggled with a slump of 2.7 per cent. Economic growth in last year as a whole was 5.5 per cent and economic forecasts suggest this will be repeated again this year as Bulgaria continues to boost its standing in preparation for EU accession. Read more…