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Concept Bulgaria NEWSLETTER
August 2008

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Recent Events In The Borovets Area

Last weekend on 16th -17th August the Bulgarian national car racing rally took place in Samokov. The race started in Beli Iskar and finished 2km outside Borovets. There were plenty of spectators around enjoying the event and atmosphere.



Upcoming Events

Next weekend on 29th and 30th August we will be having the annual Rock Festival. This is being hosted in the nearby village of Beli Iskar and should be a great weekend of music and entertainment.



Restaurant Review

Starata Kushta is located in the town of Samokov, 10 km from Borovets. This is a genuine traditional Bulgarian restaurant which is mainly frequented by locals. The food here is delicious and the surroundings are lovely. Both the inside and outdoor dining areas have been tastefully restored, displaying many traditional curios. We recommend you check it out next time you are in the area.

Starata Kushta Restaurant

Welcome to our August 2008 newsletter


Chamkoria Chalets - Construction Update

Progress has been very good over the last few weeks, even though it has been the builders holidays in August! The foundations of the apartment building are finished and they are now moving on to the plumbing and drainage. We expect the first floor of the apartment building to be completed early September. The chalets are at various stages and are progressing well. Some have even reached the top floor level.

Construction Update Construction Update


Interiors

Now that our build is well underway it is time to start focusing on the interior of the properties.

Soon we will be sending brochures to all our clients with our selection of tiles for their bathrooms. We will be offering three tile choices all of which are of modern and contemporary design. There will also be an option to upgrade to marble for people who would like that extra little bit of luxury.

We are also currently working on our furniture packs. These are being specifically designed for Chamkoria Chalets. We will be offering a Classic pack and a Luxury pack, both of which will contain everything you need for your property whether you want to use it for rental or as your own home away from home. We will provide more information on these packs in the coming months.


Property Market

Everyone is aware of the credit crunch that is hitting America, UK and other parts of Europe at the moment. Buyers in these markets are becoming more cautious because of tighter financial conditions, higher interest rates and most of all because of the evaluation of their personal incomes.
Bulgaria has also seen some fast property growth rates in previous years. This has resulted in overdevelopment in som e resorts like Sunny Beach and Bansko and the banks have cut down on lending to people buying in these two areas. However other areas such as Borovets and Sofia remain unaffected by lending restrictions as these property markets are growing at a much more realistic & steady pace. In fact at present there is a shortage of private properties in Borovets. Hence lenders are still arranging mortgages of up to 70% for these areas.
Investors remain upbeat about the real estate markets in Eastern Europe. Holiday homes are still a good investment for foreign buyers due to prices of EUR 1,000 2,000 per sq m, which are very low compared to properties that cost two to five times as much in other similar holiday destinations around Europe.
If you would like to read more about this topic you might be interested in this article: www.securefinancebg.com/CreditBulgaria.html


Bulgarian Mortgages

If you would like to take a Bulgarian mortgage to purchase a property at Chamkoria Chalets then we are happy to recommend CreditLand Ltd. and Secure Finance BG. They are specialist brokers who are very efficient at arranging Bulgarian mortgages for foreign investors. They can usually arrange an agreement in principle for you within a few days and once you have that you can proceed to reserve the property. In general it is a good guidance to expect a mortgage up to 70% of the property price. Both companies have English speaking staff who can guide you through the mortgage process from start to finish. You can contact them directly by clicking on their logos below, or if you would prefer we can ask them to contact you.

Secure Finance CreditLand  


And finally...

If you have missed our previous newsletters and would like to see them, you can view them on our website.


Warm Regards.

Concept Bulgaria OOD

www.conceptbulgaria.com