Bulgarian Land Development Fund To Attract Second Home Buyers From Russia And The Middle East 14/03/2008
Bulgarian Land Development real estate investment trust (BLD), specialists in residential and commercial properties development, said a significant demand for second homes in Bulgaria from Russian and Middle Eastern buyers has replaced the slackening demand from the UK and Ireland caused by the lending crisis. The company made the announcement as part of its filing of preliminary unaudited results for 2007 with the AIM, Dnevnik daily reported on March 7. At the end of 2007, the company and its subsidiaries had a portfolio of developments valued at 241 million euro. BLD said its diverse portfolio ranges from holiday homes on the Bulgarian Black Sea coast to ski lodges in leading ski resorts and apartments in Sofia. For the first time since its launch, BLD said it has generated income... more

Residential Prices In The Euro Zone Heading For Normalisation, According To Ecb 14/03/2008
A moderation in housing demand can also be seen in the development of mortgage loans, the annual growth rates of which started to decline in early 2006. These indications of a softening in the demand for housing coincided with a fall in the growth of building permits granted over the same period. more

West Incorporated Wins Office Of The Year For 2007 20/03/2008
The Irish property investment group West Incorporated won first prize at the fourth annual national Office of the Year competition, held by Office Magazine on March 20 at the Bulgarian news agency (BTA) press club. A total of 62 companies and organisations from all over Bulgaria entered the keenly disputed competition, which was awarded to Benen Tierney, West Incorporated’s sales manager, who accepted it on the company's behalf. “As an Irish company, we are very honoured to receive this high distinction for our Sofia office, particularly when it comes from such a prominent jury,” Tierney said on receiving the prize. Our office in Sofia reflects the company’s corporate identity and values. It professes a  long-term commitment to the Bulgarian market, our employees, clients and... more

Bulgaria Hotels Number Doubles Since 2005 18/03/2008
The number of accommodation facilities in Bulgaria has doubled to 3 300 over the past two years, data of the National Statistical Institute for 2007 showed. The hotel bed capacity, however, over the same period grew by only 23.6 per cent to 273 300 countrywide. Each bed was booked for an average of 66 days last year, down from 70 days in 2006 and 73 days in 2005, the data showed. Bookings made by foreign visitors amounted to 12 million overnights in 2007 versus six million made by Bulgarians. Annual revenues per hotel bed stood at 2 500 leva, up from 2 300 in 2006 and 2 100 in 2005. Each tourist made a booking for 3.8 overnights on average, each overnight generating a revenue of 37.8 leva. The hotels in Sofia tallied 735 500 bookings last year. Each of the 12 400 hotel beds in... more

Tourism Strategy Finalised Kroushkova 05/04/2008
The tourism strategy is finalised and is now being discussed by the Bulgarian Ministry of Environment and Water Affairs, the head of the State Tourism Agency Anelia Kroushkova told a news conference, as quoted by Dnevnik daily. The strategy needs to get the nod from all ministries, then put to a vote from the Government. The process is expected to take several months. The blueprint forecasts a revenue increase of 20 per cent in each of the years through 2013. Tourism industry players believe this growth rate is unrealistic. Final touches to the strategy concerned the way and opportunities to absorb EU funds through the environment ministry, Kroushkova said. The financial portion of the strategy remained unchanged, the official said. Namely, foreign tourism proceeds are estimated to... more