Saturday, June 23, 2007 

Bulgaria's capital least expensive city for expat in Europe report`

Sofia is the least expensive city for expatriates in Europe according to research of UK human recourse consultant company Mercer.

Bulgaria’s capital ranks 108th with a score of 72.5, the report said.

Research was based on information on prices of property, transport, food, clothing, entertainment.

Moscow is the most expensive city in Europe and in the world with a score of 134.4. The appreciation of the ruble against the US dollar and the high residential prices increased the cost of living for expatriates in the city.

London moved three positions up compared to data for 2006 and reached the second place in the ranking.

Other expensive European cities include Copenhagen, Geneva, Zurich, Oslo and Milan.

The world’s most expensive cities after Moscow and London are Seoul, Tokyo, Hong Kong.

Source: Sofia Echo

Friday, June 22, 2007 

Industrial Property Market in Bulgaria Underdeveloped- report

Industrial property market in Bulgaria is poorly developed as property supply meets 60 per cent of demand.

Most warehouses, production facilities and logistics centres offered on the market are old and in bad condition while prices fail complying with market criteria, Pari daily reported.

Monthly warehouse rent in Sofia vary between 3.5 euro and 4.5 euro per sq m and sales prices between 450 euro and 500 euro per sq m.

The report said that a good opportunity for long-term renting is municipal property due to low prices. Such properties require sufficient amount of initial investment in repair works and reconstruction as the buildings are usually old and in bad condition.

Source: Sofia Echo

Sunday, April 22, 2007 

Residential Property Prices In Bulgaria up Nearly Eight per cent In 2007

Prices of residential property in Bulgaria for the first three months of 2007 went up by 7.74 per cent compared to figures for the last quarter of 2006.

The price growth in beginning of the year was fast and slowed down in March, Dnevnik daily reported.

The highest price increase was registered in the coastal city of Bourgas, over 17 per cent. Finished appartments in good condition and luxurious apartments are the most preferred residential property on the market.

Plovdiv ranks second in price increase as the figures for the fisrt quarter of 2007 showed a 6.8 per cent growth compared to prices over the last quarter of 2006. Newly constructed residential property in one of the largest residential districts in Plovdiv Kyuchuk Paris costs from 500 to 520 euro per sq m in March 2007.

Prices in Sofia went up by 2.61 per cent.

The coastal city of Varna outstripped Sofia in real estate prices. The average price of residential property there reached 765 euro per sq m for the first quarter of 2007. In comparison, the prices in Sofia for the same period were estimated to 726 euro per sq m.

Supply consisted mainly of new constructions in the first months of the year. Many owners still refrain from offering the most attractive apartments for sale since they await the period shortly before completion, when a higher price can be demanded.

Source: Sofia Echo April 18 2007

Thursday, March 22, 2007 

Over 29% of Bulgaria's Property Deals Involve Foreign Investors

Over 29 per cent of the property deals concluded in Bulgaria in 2006 involved foreign participation, executive director of real estate company Asta Bridge Anton Pankev said.

Nearly 66.87 per cent of all foreigners who bought property in Bulgaria came from UK, he said as quoted by Bulgarian National Radio. The British interest was attributed to regular flights between Bulgaria and the UK.

Irish investors concluded nearly 13 per cent of the property deals in 2006. Americans were involved in six per cent of the deals, Germans in four and Italians in three per cent.

Data showed that 39.93 per cent of investors were interested in winter resort property, followed by sea resorts with 31.13 per cent.
The capital of Sofia attracted 8.11 per cent of property buyers, Pankev said.

UK citizens were interested mainly in property investment and their main motivation for purchase in Bulgaria was price.

The largest number of deals involved the purchase one-bedroom apartments in the popular resorts worth from 30 000 to 80 000 euro.

Irish bought one or two-bedroom apartments at the seaside or in the mountains, investing from 50 000 to 100 000 euro.

Bulgarian property market is beginning to attract Spanish and Maltese investors, seeking construction sites at the seaside and the mountains.

The average property value at the seaside in 2006 amounted to 46 900 euro and that of property in winter resorts reached 90 000 euro.

Apartments in Sofia varied between 30 000 and 80 000 euro in price, Pankev said. Property prices in winter resorts are higher because of the year-round usage possibility.

The property market recently experienced increased foreign interest in the development of spa centres like those in Sandanski, Asta Bridge said.

Source: Sofia Echo

Sunday, February 25, 2007 

Office Property Market in Bulgaria to Continue Growing - Report

Though it was unpopular until 2003, the Bulgarian office property market is growing and is expected to evolve further, Landmark Property management board chairman Richard Macdonald said.

Macdonald took part in the first ever property international press tour in Bulgaria. Sofia Echo Media and Central European Property Investment Forum (CEPIF) feature among the organisers of the event.

Sofia already boasts various office property projects and a number of others are in the process of being completed, Macdonald said.

Some of the major office property projects in Sofia include Lozenets Expo, Business Pak Sofia, Business Park West and the developments alongside Bulgaria and Tsarigradsko Shousse boulevards, Macdonald said.

Vacancy rates have fallen dramatically, he said, though no one expected several years ago that the office property market will see such development.

One noticeable office property market trend is that local investors tend to buy, while foreigners rent, Macdonald said. At the moment demand exceeds supply.

Another fact is that the quality of office property projects is constantly improving and will continue becoming better.

Macdonald said that in Landmark’s estimates in the near future rent per sq m will reach up to 17 or 18 euro and yield compression will vary between 6.5 and seven per cent.

Source: Sofia Echo

Friday, February 23, 2007 

Russian Property Investor enters Bulgaria's Property Market

Russian group of companies MIAN announced that it will construct an office centre in Sofia.

Sergei Ozerov, general manager of MIAN said that the group had paid 10 million euro for a plot of 5000 sq m in Sofia.

MIAN planed to construct an office complex of 24 000 sq m build-up area which should be opened in 2008, Bulgarian news agency BTA quoted Russian media as saying.

The company is in a process of selecting partners and mediators fro the project in Sofia.

Ozerov said that the high profitability of the Bulgarian commercial property sector provoked MIAN’s interest in the country.

The group planed to continue investing in office property in Bulgaria and to enter the residential property market, Ozerov said.

MIAN is a group of companies working in all sectors of the property market in the city of Moscow and in the Moscow region.

The group offers all types of construction and intermediary services, including consultation and investment in residential and commercial property. The company manages assets totaling more than $880 million.

Source: Sofia Echo

Friday, February 09, 2007 

Bansko-Good Snow, Nice People and Cheap Beer

The Bulgarian ski resort Bansko is one of Europe's fastest growing winter resorts in Eastern Europe, according to the BBC.

There are 65km of a brand new lift system at hand and a boom of accommodation surrounding. With more lifts coming, a new motorway to the airport and a golf complex next door, this place has become a property boom town.

It's only just been discovered by holiday home investors in the last couple of years, considers the British journalists Dominic Littlewood after his trip in search of foreign hotspots for properties.

Since the past 2-3 years, there is massive increase in the value of property and Bansko wins the reputation of a winter resort with good skiing, good snow, nice people, and cheap beer.


Bulgarian Real Estate Blog

Welcome to the Bulgarian Real Estate Blog, offering the latest information on the rapidly growing Bulgarian property sector for international investors

email us 

RSS & email Newletter Subscriptions

My Yahoo

Subcribe now to our weekly email newsletter

Your email address:

Powered by FeedBlitz



Bulgaria Online Resources

Overseas Property Blogs

Overseas Property Legal Advice

Online News Resources for International Property

International Real Estate Directories

Foreign Exchange Providers

Overseas Property Finance

International Property Portals

Overseas Property Online Resources

International Property Agents


Powered by Blogger
and Blogger Templates