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| Dewelopers and agencies on the Bulgarian sea coast are noticing a significant increase in property interest compare to the last year. Low prices especially on the reseal market are attracting many new investors, who mostly are buying for themselves as well for rent. Good bargains can be found in the best resorts one can find below market value properties less than 100m from the beach even in 4* complexes for less than 700EUR/sq.m. Looks like this will be definitely better year both in the property and tourism industry. |
| Bulgaria is one of a handful of countries across the globe to see its property prices rise amid the economic meltdown last year, according to the annual report by Global Property Guide, which gauges 32 property markets in the world. Real estate prices in Bulgaria increased by a nominal 11.72 per cent, or 2.2 per cent adjusted to the annual inflation rate, ranking the country fourth after the UAE, China and Switzerland. But the modest increase pales in comparison with figures from the previous year, when prices surged 11.7 per cent. The downtrend held in the final months of the year, with prices falling 5.3 per cent quarter-on-quarter in October to December, according to the research. Property prices crumbled a record 37 per cent in Latvia and more than 20 per cent in Lithuania and the US. The United Kingdom, Iceland, Ukraine and Ireland saw prices slide by more than 12 per cent year-on-year. Only Germany and Switzerland managed to curb the slowdown. Global Property Guide is downbeat about 2009 as well, citing concerns that mortgage lending will continue to thin out and economies will slow further all over the world. Yet another bottleneck are decisions by some governments to devaluate their currencies, which increases the cost of payment of properties sold mostly in euro and US dollars. Forecasts that the global economy is headed for a 60-year low at 0.5 per cent in 2009 are another nail in the property market’s coffin, according to the analysts. Source: Dnevnik.bg |
| BULGARIA Germany based shopping centre developer ECE Projectmanagement's first project in Bulgaria, the EUR 220 mln Serdika Center in Sofia, is now 80 pct (175 stores) leased with main tenants such as Picadilly grocery store, Technopolis and Peek & Cloppenburg - its first store in Bulgaria. The mixed-use project is to contain 50,000 sqm of retail space and additional 35,000 sqm of office space, located close to the center of the capital. In line with its strategy ECE is to manage the facility, once it is officially delivered in 2010.
04.03.2009 eurobuild.pl |
| BULGARIA Ireland-based 'alternative property investments' company, Appreciating Assets, has established a fund to buy flats on the Bulgarian coast from Irish and British citizens. The fund, which has EUR 7 mln at its disposal, has so far finalized 22 deals worth EUR 60-70,000 each. The fund's strategy is to rent the acquired flats on sale for 5-7 years, given that the number of tourists on the Black Sea is expected to grow. (Source: investor.bg) |
| Novinitie.com 16 February 2009, Monday Bulgaria's Gross Domestic Product (GDP) went up by 3,6% to reach BGN 18,059 B during the last trimester of 2008 compared to the same period of 2007, data published by Bulgaria's National Statistics Institute revealed Monday. |
On January 31, 2009 Albania signed a €1 billion ($1.3 billion) project with Italy's Marseglia Group to build an energy park. Government officials stated, the Italian company will build a 140-megawatt liquid biomass energy plant and two 234-megawatt wind farms. The deal signed Friday, also provides for an undersea power link between Italy and Albania and converter substations in the Lezha district, 60 miles (100 kilometers) north of capital Tirana. The electricity produced will be sold to the Italian market. Additionally, in December 2008, Albania signed two major energy contracts worth €2 billion with two other Italian companies Falcione Group and Moncada, respectively for a wind farm and a gas-powered electricity plant. These are all initiatives implemented in compliance with the ongoing Albanian Government reforms to further develop the energy sector, as part of available alternatives on Fast and Growing Renewable Energy Sources. |
| Lots of stars in Sofia BULGARIA Intercontinental Hotels Group, Marriott, Hyatt International and Moevenpick Hotels&Resorts are the four high-end hotel operators who are interested in opening a luxury hotel in Sofia. The first Intercontinental hotel in Sofia is to be opened on a site along the Tzarigradsko Shausse boulevard in Sofia. The hotel is to be managed by the Bulgarian-based Sigma Capital fund. The fund has already signed a preliminary agreement with the Intercontinental Hotels Group and hopes to finalize the agreement after the building permit is issued by the end of this year. Meanwhile, Marriott International is considering entering the market with three of its brands: Marriott hotels, Renaissance hotels and Courtyard. It has also been reported that representatives of the Hyatt International and Moevenpick Hotels&Resorts companies are also looking for attractive plots in Sofia for their luxury projects, but no further details have been provided. (Source: 'Капитал') |
| There is no doubt about it, now is a good time to buy Bulgarian property. Those buyers who have cash in hand and those who have access to low interest rates have a good opportunity to buy property in Bulgaria at great prices. This could be just the right time to bag that investment-proof home. Prices are pretty much steady in Bulgaria and some properties have shown a drop, with many vendors pricing their property very realistically. Despite the stable or reduced prices and the access to incredibly low mortgage rates in the UK, many Brits seem wary of buying. Perhaps they are waiting in the belief that the market has not yet bottomed out - but usually the only way you find this out is after it has done so and it's too late! The good news from the current financial climate is that it is possible to land a real Bulgarian property bargain. With careful research and our insider advice you can get a property which will increase its value over time. www.questbg.com FRIDAY, 16 JANUARY 2009 11:02 |
| DEFLATION NEW THREAT FOR BULGARIAN ECONOMY11:36 Wed 14 Jan 2009 - Dnevnik.bg
Inflation in the two years of Bulgaria's membership in the European Union was just above 20 per cent, data of the National Statistical Institute has showed. The rise in prices was offset by a steady wage growth, which exceeded 30 per cent in some sectors as both prices and salaries converge with the levels in older members of the bloc. However, over the last months, the trend started to reverse, driven by seasonal factors and by the current global economic and financial crisis, which forced Bulgarians to tighten their belts and so prices started to fall. Thus, the Bulgarian economy registered deflation for a second month in a row, and the annual inflation for 2008 was much lower than the previous year. The country's December consumer price index slipped 0.2 per cent. The recent food and oil price drops decelerated end-year inflation to 7.8 per cent from 12.5 per cent for 2007, under official statistics. The data ties up with the Government's forecast for a single-digit inflation made early last year. Inflationary pressures eased in spite of record highs in the early and summer months of the year, when food and oil prices powered up consumer prices the hardest since 1997. Most experts project the inflation will continue to slow down through 2009, and the new challenge for the Bulgarian economy will be sustaining growth. Bulgarian inflation should ease to a single-digit figure this year, but deflation is not out of the way, threatening to sink demand and consumption, said Vladislav Penev, board chairman of asset manager Status Capital. Source: Dnevnik |
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