Supply Of Holidays Homes In Bulgaria Slows Down, House Prices In Sofia Go Up Colliers 10/03/2008
The Sofia residential housing market continued to be strong throughout the second half of 2007 and, according to the latest research findings from Colliers International, there were significant price increases in most locations. However, in a different sector of the market, the supply of holiday properties around the country had slowed down, the report said. Although there was a 16 per cent increase in the number of holiday homes available in H2 2007, this needed to be reviewed in comparison with the annual increase from H2 2006 of 170 per cent in mountain resorts and 65 per cent in coastal resorts. In Sofia the largest increases were in the Ivan Vasov neighbourhood, which saw average asking prices rise by 33 per cent in H2 2007. This was followed by Lozenets with a 29 per cent ... more

Swiss Properties Continues Construction In Irakli Despite Ban 10/03/2008
Although authorities recently suspended construction of a holiday complex in Irakli-Emine because the area was a Natura 2000 protected area, the developers, Swiss Properties, have not ceased construction works, propertywisebulgaria.com said. Trees have been cut down and the Vaya river banks has been destroyed to prepare the terrain for the construction of hotels, Nadezhda Maximova from the "Save Irakli" environmental organisation told Dnevnik Daily. The area owned by Swiss Properties formed 20 per cent of the future Natura 2000 ecological network zone of Irakli-Emine, environmentalists said. "The Nessebar municipality had destroyed the area by issuing constructing permits and now the country would have to pay the inevitable fines to the European Union," they said. Ecologists... more

Office Space In Bulgarias Capital Increases To Nearly 600 000 Sq M In First Half Of 2007 12/03/2008
Office space in Sofia increased by ten per cent in the first half of 2007, compared to the same period of 2006. Research from Colliers International Bulgaria showed that Sofia now had a total of 606.500 sq m of class A and B office space. According to the report, most of the office space in Sofia was located in the city’s suburbs. Currently more than 330 000 sq m of office space is being constructed in the suburbs. Rental prices continued increasing in the first half of 2007. In the suburbs, rent for class A property varies between 12 and 26 euro per sq m, per month. The office space market is growing, but it is mainly driven by companies’ relocations and expansion rather than new international entrants in the country, Colliers Bulgaria Managing Director Atanas Garov said. more

Buying Property Abroad In Emerging Markets 23/04/2008
The Association of International Property Professionals’ ‘International Property Market Report’ found that around 30-35% of British money spent on overseas property is spent in emerging markets.  But how is this figure likely to compare now that there is a globally understood downward trend in real estate investment? In this article we look at buying property abroad in emerging markets and try to determine whether it makes fiscal sense or not to go out and buy a home overseas in a non-established marketplace given the current fiscal situation. Clearly it can make sense to invest in property in emerging markets where the numbers add up!  I.e., where there is either short-term demand for real estate units that is surging and creating a situation where you can buy off plan and flip the... more

Trip To Bulgaria - Turkish Daily News 15/06/2008
Last week, I took a break and spent a longish weekend in Bulgaria. Traveling by car to this neighboring country is actually quite convenient, provided that you have the proper international travel documents and car insurance of course. It takes around six to seven hours to Varna, a beautiful city located on the Black Sea Coast, which is also known as the summer capital of Bulgaria. From 2007 onward, the country is part of the EU, so EU citizen expats or tourists can travel freely; however a visa is required for Turkish nationals. It is not possible to obtain a visa at the border, but an application should be made in advance to the relevant Bulgarian Embassy. The Black Sea coast in Bulgaria has developed quite fast in the last decade. Property is booming, thus attracting lot of... more