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Bulgarian Property & Real Estate News

New Bulgarian real estate development commences in Plovdiv

Israeli and Bulgarian real estate company Melina will start work next week on its €65M real estate development in Plovdiv city center. The Markovo Tepe Mall will contain a mix of retail and business properties with an area of 8500m2.

The main project contractor will be Turkish company Intertek who is well experienced in the Bulgarian real estate market. Forton International will arrange the market and rental of the complex. Read more…

Bulgarian Real Estate to grow 15% in 2008

Bulgarian real estate company ERA has predicted a 15% increase in the prices of Bulgarian real estate during 2008. ERA says, the number of Bulgaria real estate deals during 2007 grew between 4% and 5%. Around 25% of the deals were made by overseas investors. 2 bedroom apartments with an approx area of 60m2 remain the most popular type of Bulgarian real estate. The annual increase of in mortgage credits is estimated at 62%, compared to an average increase of around 7% in the Eurozone area. Read more…

No real drops for Bulgaria real estate prices from global credit crunch

Bulgarian property prices increased almost 9% in Q4 from Q3 2007. The annual price increased were just under 35%.The latest research from Industry Watch property group highlights the strong growth in the Bulgaria property market. The research agrees with statistics released by real estate consultancy Knight Frank which shows that the Bulgaria real estate market was one of the fastest growing in the word during 2007. The company reports that prices have increased by 34% on average over the last 2 years. They expect however that price increases will reduce to just 15% or 2008.

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Attraction to Bulgarian real estate continues

Despite some negative news articles saying that the Bulgarian real estate market is not so appealing to foreign investors any more, Andrew Regan, a Scottish journalist, states that the Bulgarian real estate boom does not seem to be easing at all. Bulgaria plans to join the Euro zone in 2011 is leading to a rush of investors trying to buy cheap Bulgarian properties now before the prices rise when they join the euro zone. Local Bulgarian real estate agents are also suggesting there will be more demand for Bulgarian property when Bulgaria joins the Euro in 2011

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Next year will see a 40% increase in Bulgarian property sales to foreigners

Foreign property investor interest in Bulgaria property will rise by 40 per cent for 2008, according to the forecasts of Bulgarian real estate consultants.An increased level of proficiency and boosted quality of customer service will guarantee Bulgaria property its ranking among the top three preferred destinations for real estate investment throughout Europe, officials from the Moscow subsidiary of international real estate consultants BG Estates Worldwide declared following the 17th international property exhibition, DomExpo, held in the Russian capital. Read more…

Greek company to invest 72mln euro in Samokov

Greece’s Gek Group, active in construction, Bulgaria real estate and energy, will invest 72 mln euro in a multi-venue sports and amusement complex in the town of Samokov, located 50 km from Sofia and 10 km from Borovets ski resort at an altitude of 950 m. InvestBulgaria Agency, the local investment promotion authority, has granted a First Class Investor certificate to the Greek company. Read more…

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

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…

Bulgarian real estate still popular with UK and Irish investors

 

Bulgaria continues to be one of the favourite countries for UK real estate and property investors. Altough there has been some recent negative comments regarding corruption in Bulgaria, British real estate buyers are continuing to invest in Bulgaria.  Last year almost 30% of Bulgarian real estate deals have been concluded by foreigners, with UK buyer reaching 30% of the total. American buyers are involved in just over 5% of the Bulgaria real estate deals with the Germans and Italians next in line. Read more…

Bulgarian properties outstrip forecasts

Prices for Bulgarian properties rose 10-15% in January and February 2007, a growth rate previously expected to be achieved over the full-year period, said local real estate agents.The Bulgarian properties market seems to have skipped the traditional January lull and business is as dynamic as December, said Tihomir Tsakov, the owner of the Aristo real estate agency which operates exclusively in Sofia. The momentum from the back-end of 2006 has carried over into the first months of 2007, said Valentin Gradev from the Varna-based Gradev Bulgarian real estate agency. The Bulgarian real estate agent said the buyers were still keen to take advantage of Bulgarian properties prices which continue to lag EU levels. The same argument is used by sellers to jack up their price offers. Read more…

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