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Bulgarian Property & Real Estate News

Equest Balkan acquires stake in Super Borovets

Equest Balkan (EIB), the Bulgarian property investment company targeting retail and financial services, infrastructure and property development in South East Europe, today announced the purchase of a 33.5% indirect equity holding in Rila Samokov 2004 AD, which is the company that owns the land and development rights for a large property development project in the Borovets ski resort in Bulgaria.

EIB has signed contracts to acquire a 33.5% interest in Rila Samokov, which owns almost 2,000,000 m2 of land for development in Borovets. EIB is paying 25.9 million euros for the property investment, made up of a payment for the equity shares and also a capital injection into Rila Samokov.

EIB owns 50% of Borovets Invest NV, which in turn owns 67% of Rila Samokov. EIB’s partner in Borovets Invest NV is an international institution. The other shareholders in Rila Samokov are the Municipality of Samokov (with 25% shareholding) and one of Bulgaria’s top construction companies Glavbolgarstroy (with 8% shareholding). Read more…

The Sultan of Oman buys into Super Borovets

The state fund of Oman has acquired a 33.5% stake in the Super Borovets property project. His Majesty Sultan Qaboos bin Said of Oman will participate in the development of a luxurious winter resort called Super Borovets in the Bulgarian Rila mountains. The State Fund of Oman has bought a 33.5-percent-stake in the project from the Rila Borovets 2004 venture. The British investment fund Equest acquired 33.5-percent stake in the Super Borovets project. Read more…

Investment of 70m leva in Borovets ski resort

Borosport AD, the operating company for Borovets ski resort has announced that it will invest 70 million BGN over the next 3 years in developing new ski pistes, ski lifts and installing new snow cannons. The investment is large enough to allow the company to received a First Class Investor certificate. The certificate will help to speed up the issuing of permit and funding to progress the work at the ski resort. The total length of the Borovets ski pistes will be increased to 120 km over the 3 years. Borosport will utilize the higher skiing locations at an altitude between 1,600m and 2,500m where there is no snow shortage. Some of the older lifts will also be replaced with newer models which are more comfortable for skiers. The new ski lifts will be located in the Markudjik ski zone. As part of the investment Boropsort hope to increase the popularity of the resort as a year round location. Borovets property is the location for a selection of property investment projects over the next few years. The largest project of all is the Super Borovets project that will add a number of new ski apartments and ski chalets to the resorts accommodation and also increase the length of the pistes. The list of investors in the Borovets area include investment fund Equest Balkan, local businessman Hristo Kovachki and Bulgarian company Chimimport.

Bulgarian properties desirable to foreigner investors

A recent property investment report has listed Bulgarian properties as the number 3 most desirable residential property investment in Europe. The report published by the GPG guide checked several countries to assess the most attractive locations for overseas investment. Bulgarian properties came position 3 with gross rental yields of up to 11%, strong economic improvements and cheap prices. Slovakia was the country in the first position with very cheap house prices, a strong growing economy, and low taxes.  In second position was Turkey.

This popularity has resulted in over 300million euros of Bulgarian property purchase in Q3 2007. Foreign investors and property companies have made significant investment in Bulgarian properties during the first quester. In the same period of 2006 just 200 million euros was invested in Bulgarian property. Bulgaria real estate buys accounted for almost 40% of all foreign direct investment during Q1. During 2006 foreign investors purchased some 1.2 billion euros of Bulgarian real estate. British buyers remain one of the largest investment groupings in te country and they are focusing mostly on coastal beach properties along the Black Sea coast.

After Britain other large investors come from Greece, Ireland and Spain. Since joining the EU in January of this year there has been increased interest in Bulgarian property

Bulgaria property ranked 2nd for investment returns

The United Kingdom currently generates the best return according to the last research from Assets International real estate agency. Bulgaria property is a close second according to the survey. The research which is released each quarter ranks Bulgaria property as the second best globally to profit from property investing. Only the UK property market is current ranked higher. The other countries listed in the top 5 are  Cyprus, Canada and Cape Verde.

In a separate report from the Buy Association website it is claimed that popular holiday destinations like France and Spain are becoming less popular with British pensioners. Instead pensioners from the UK are looking at emerging property markets like Bulgarian property. According to the editor of the website people are starting to look at Bulgarian property , because the local infrastructure is improving, more regular flights are available and things like medical facilities become more modern. The popularity of Bulgarian property is helped by the fact that the climate is very moderate compared to the UK with much less rain and warmer temperatures.

Sofia property market among world’s pace-setters

The Bulgarian capital Sofia ranks 49th in the global index of office rental markets released by international real estate property consultancy CB Richard Ellis. The annual rental cost for prime office property in Sofia is $517/sq m. Athens is the only city in the region ahead of Sofia property in the rankings. It placed 36th with annual rental cost of $567/sq m. Read more…

Israeli second home buyers interested in Bulgaria property

Israelis will show interest in the purchase of second home and in smaller Bulgarian property projects. After its EU accession, Bulgaria attracts increasing number of Israeli investors looking for Bulgaria property. Initially pensioners will buy houses in Bulgaria. Younger investors would look for Bulgaria property in seaside and ski resorts, Monitor daily reported. Companies investing in Bulgaria property will turn to tourism developments, mainly in areas having mineral springs and the potential to develop spa tourism. Read more…

Property in Bulgaria offer many options

Property in Bulgaria is becoming very popular now that it has become part of the EU. According to Vector International a British investment firm “Foreign investors at analyzing tourist numbers, GDP rates, legal securities when buying Bulgarian property, wage coats and financing options” and this explains the reasons for the popularity of property in Bulgaria. Read more…

Bulgarian golf courses aiming for rapid growth

Bulgaria real estate developers have already realised the huge attraction of top quality golf courses. 5 signature golf courses – being designed by golf stars like Ian Woosnam, Gary Player and Jack Nicklaus – are planned in various parts of the country.

Bulgarian real estate investors have realized that by building a golf course in an excellent location and combining it with quality facilities such as spa and wellness centers, horse riding, tennis, skiing and so on, gives you an excellent all season product. Golf brings to Bulgaria property investors something more up market and not associated with the more broad market budget type locations such as the Black Sea coastal resorts. Read more…

More development planned for Borovets ski resort

A second project similar to the big project “Super Borovets” it is planned by the businessman Hristo Kovachki. It will be located around the areas of Mala Tsarkva, Govedartsi and Maliovitsa which are not fair from the existing Borovets ski resort. The conceptual design plan for the area is currently being worked on and is expected to be ready by May this year. The joint venture Nadar 2006 was created last year to invest in the project. 50% of the investment is owned by Samokov municipality and the other 50% is owned by El-El Impex a company owned by Mr Kovachki.

The concept is to build 5 new tourism centres, which will cater for 8-10,000 tourists. The new resort will consist of three main zones, with 50-70 km of new ski slopes. The total investment is significantly larger than the amount invested in the Boriko area of Samokov which was over 12 million euros. Read more…

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