Illegal Constructions In Bulgarias Pamporovo Resort 14/03/2008
Two constructions and a facility of hotels in Pamporovo were set up without the needed construction permit, an inspection of the regional directorate for construction control shows. A team inspected all construction sites in the resort, as well as in other populated areas in the Smolyan region, mediapool.bg reported. Inspection results showed that two constructions and another facility were set up without permits. According to the directorate the illegal constructions would be taken down. Some of the violations registered were the lack of proper planning, architectural mistakes and missing documentation, mediapool.bg reported. The regional prosecution in Smolyan ordered inspection of all new property and construction projects in the region. Such inspection occurred in June,... more

Bulgaria Continues Being Property Investment Hotspot 14/03/2008
Property investment group Assetz reported Bulgaria confirms its standing as leading property investment hotspot. For the second quarter of 2006 the return rate of Bulgarian property was 137 per cent, Assetz reported. In March the figure reached 116 per cent. Decreasing mortgage rates in the country make borrowing cheaper. Deposits decreased as well, guaranteeing investors bigger returns. All these developments confirmed Bulgarian property remains an attractive option for property seekers. The strentghening of the country's tourism sector and the availability of low-cost flights further increased the appeal of the local property market, Assetz said. Assetz  reported that the Greek and Polish property markets have also seen improvement in key indicators. Prices in Poland... more

Sofias Business Hotels In Price War 14/03/2008
Sofia's five-star hotels have been cutting prices since the beginning of 2008 because of a decrease in the number of business tourists, Ivan Angelov, Grand Hotel Sofia's general manager said, as quoted by Dnevnik daily on March 14. The competition between high-quality hotels has been driven even further with the launching of several new developments. Supply is increasing, while demand is falling, thus leading to a price war between the hotels. In 2007 there were a number of business and governments' delegations, connected to the Bulgaria's EU accession, but than a dramatic fall in the number of tourists followed. “This is a seasonal phenomenon,” Angelov said. This year would be a difficult one for business hotels, Angelov added. It would become clear whether a... more