Bulgaria Cheap Properties

After the abrupt housing price rises of recent years, the residential market in the euro zone was cooling off and would gradually return to normal, according to the monthly bulletin of the European Central Bank.The annual growth rate of residential property prices in the euro zone as a whole was five per cent in the first half of 2007, down from 6.1 per cent in the second half of 2006. In general, available estimates suggest that house prices continue to be on a gradual path towards normalisation following the acceleration observed between the mid1990s and 2005.

Dobrinishte resort has been attracting investor and tourist interest in recent years. Some see it as an alternative to the frontrunner Bansko because of its reduced construction and the ski zone just above the resort, which includes a 5 km long piste starting from Bezbog chalet and passing by Gotse Delchev lodge as well as a twoseat lift and a number of draglifts.

Arco Invest Ltd, the Bulgarian subsidiary of Tallinn Stock Exchangelisted Arco Vara, has contracted construction company GlavbolgarstroySofia Jsc to build the second stage of a mixed residentialcommercial complex on Sofias Madrid Boulevard.Arco Invest will pay Glavbolgarstroy 3.1 million euro for the works, which will include also doing the buildings interior.

Greek investment firm Global Finance planned to expand its investment in real estate on the Balkans by setting up a second property fund, to be named Global Emerging Property Fund II GEPF II, investor.bg reported, quoting Greek media.GEPF II, with a capital of 350 million euro, was to be the next stage of Global Finances investment strategy on the Balkans, which started with the foundation of CERF I, which raised 500 million euro for investments in Bulgaria, Romania and Serbia.

Spanish mall developer Riofisa presented on February 13 its plans for a 270millioneuro retail compound in Sofia, to be built near Sofias central railway and bus stations, which is expected to improve the infrastructure and environment in this part of the city.The compound, to be called Civis Center, will be built in two stages, including a modern commercial and entertainment centre the largest in Bulgaria, according to Juan Merino, general manager of the shopping centre division of Riofisa and a 130metre tower, which will house offices and a hotel.

Anelia Kroushkova, head of Bulgarias State Agency for Tourism, has asked for a new law on tourism that will put an end to irresponsible and uncontrolled construction in Bulgarias resorts, Standart daily reported on February 13 2008.Kroushkova wants a working group with the Regional Development and Public Works Ministry to develop new requirements for the density of construction and buildings height.

Bulgaria has turned to golf, a sport not too popular in the country until now, looking to attract affluent tourists, AFP reported on February 14 2008. quot;Golf tourism development is very important the regular tourist usually spends from 50 to 100 euro a day, while the golf tourist would rather spend from 400 to 500 euro, quot; according to Kuncho Kunchev, an investor in the Black Sea Rama golf complex in Balchik, quoted by AFP.

Unlike other real estate sectors, where location, construction quality and infrastructure dictate the market, in Bulgarian mountain resorts the client is the crucial priceformation factor. Currently, around 90 per cent of winter holiday property buyers in Bulgaria are foreign.Just two years ago British and Irish investors formed the core of mountain holiday properties buyers, responsible for an 80 per cent market share. Bulgarians contributed only a few per cent. Last year this pattern was reversed 7080 per cent were Russian, Czech, Hungarian, Polish, Romanian and Bulgarian investors and only 20 per cent were British and Irish, according to the Bulgarianlanguage monthly magazine Imotut koito tursite The property you seek. Green Life real estate company released a report showing that Englishspeaking buyers accounted for 39.58 per cent of property sales in winter resorts in 2007 and the Russian share stood at 37.87.

Bulgaria ranks third in the world in terms of property price growth in 2007. Average sale real estate prices rose by 36 per cent last year, whereas rentals posted a more modest markup of 6 to 7 per cent nationwide, reaching 10 per cent in Sofia, Deyan Kavrukov, head of Bluehouse equity fund and a former partner at Equest, said in an interview with public television channel BNT.

Pamporovo AD, the company that manages Pamporovo resort in Bulgaria, plans to extend its ski area to the village of Stoikite with the construction of threekilometre sixseater chair lift. It has already received the environmental impact assessment from the environment ministry and estimates the costs of the project at 13 million leva, investor.bg said.