Friday, March 31, 2006 

Eastern property bubble at risk

A flotation bubble that saw £1bn of east European property firms come to the stock market last year is in danger of bursting.

Last year 19 property companies joined London's junior Aim market - the largest number for seven years. Of these 17 raised a record £1.16bn of new money to buy up both built and unfinished schemes in east European countries from Poland and Hungary to Bulgaria and Romania.

But seasoned City property investors and advisers now fear Britain's large institutional investors have put the brakes on funding new eastern Europe property ventures.

There is concern the market has fallen victim to 'irrational exuberance' - the phrase former Federal Reserve chairman Alan Greenspan used to describe over-inflated share prices during the dotcom bubble.

Investors were enticed into the property shares hoping that high-growth economies would see house-price inflation. The prospect of countries joining the EU was also enticing. But while many London listings have been a success, others have proved less lucrative. This week Deutsche Bank and Evolution Securities postponed plans to list Bluehouse Accession Property.

Deal sources blamed a lack of investor demand for the intended £100m fundraiser to expand Bluehouse's portfolio in Bulgaria and Romania. After years of dramatic rises in the price of Bulgarian property, the market seems to be stuttering. Bulgarian agency Industry Watch expects residential prices to 'stabilise' this year.

Seven of last year's property floats were Bulgarian specialists, and some experts say investors may not have fully appreciated the risks.

'Fundamentals have gone out of the window in eastern Europe,' according to Michael Marx, head of Development Securities and one of the country's most respected British developers. 'To quote Alan Greenspan, 'the cycle has not been disinvented'.'

Investment bankers working on new flotations insist institutional investors are still keen on the idea, but worry about liquidity, or lack of trading, which can lock investors into falling stock.

Ernst & Young partner Mike McNamara says raising finance for new companies wanting to invest in the next round of eastern Europe accession countries may prove difficult.


Source: ThisisMoney.co.uk
Article by James Rossiter, Evening Standard


 

Buying Abroad: Purchasers should take care

Interesting article on Bulgarian property Laws and the buying process of properties in Bulgaria, from Matthew Brunwasser of The International Herald Tribune

SOFIA, Bulgaria has modern laws governing the buying and selling of property, more or less the same as those found throughout the European Union, yet rough spots remain in their administration. After all, the country's transition from communism to a multiparty free market system has been long and bumpy and is still not quite finished.

Foreign citizens are free to own buildings, but only Bulgarians can own land. So foreign citizens buying properties with land -- including apartments, most of which include partial land rights -- usually register as a Bulgarian firm, most often a limited liability company, in whose name the purchase is then made. A Bulgarian lawyer would handle the work for about $500 or $600.

According to recent changes in the Bulgarian Constitution, EU citizens will have the right to own land when Bulgaria's accession treaty takes effect, as it is scheduled to do Jan. 1, 2007. But there is a seven-year moratorium, so the right will not take effect until 2014. The measure, similar to those enacted by other new EU member states from eastern Europe, is intended to stop western Europeans from making big acquisitions of cheap land right after accession.

"It's all really absurd because anyone can buy land," said Kalina Milanova, a senior lawyer responsible for the real estate dealings at CMS Cameron McKenna in Sofia.

She recommends that anyone intending to buy should form a company to save taxes on any eventual sale. Legal entities pay corporate income taxes of 15 percent on sales while individual owners are charged about 25 percent.

Most foreign buyers, especially those acquiring property on the Black Sea and around the ski slopes of Bansko, buy new properties directly from developers. These are straightforward deals that usually are completed through a real estate office in the buyer's home country.

Any complications generally are the result of foreign buyers "parachuting" into the country to buy older properties and then neglecting to check on the reliability of their local contacts.

Bulgarians with all kinds of backgrounds are trying to profit from the real estate "gold rush," the recent swell of foreign interest in the country's property market. Frauds are a small minority of problems; the much greater risk is doing business with people who have little or no professional experience in real estate.

"It used to be that every Bulgarian knew everything about politics and soccer," said Georgi Dutchev, editor in chief of Properties Xpress, a magazine published in English and Bulgarian in Sofia. "Now every Bulgarian is also an expert about real estate."

Professional agents automatically check the titles of older properties, but those new to the business sometimes do not realize the need. Thorough checks will help avoid fraud, corruption and poor administration of paperwork and will uncover any complex ownership problems connected to post-communist restitution among family members and their descendants. Title insurance is not available.

Nor is there a national property registry. One is being constructed with the EU's help but it still is years from completion. So all transactions must be done where the property is located, a lot of travel for agents if the property is on the Black Sea and the buyer is in Sofia.


Source: International Herald Tribune


Wednesday, March 29, 2006 

Sport Opportunities Increase the Appeal of Bulgarian Property

Bulgaria offers sport opportunities available in already well-known international sport centres. As a result more property seekers, interested in golf and ski resorts turn to the country, 999 Network reports.

Resorts in the country already offer quality golf courses and sport facilities. At the same time Black Sea developments give holiday real estate seekers the opportunity to enjoy coastal resorts.

Ski and golf lovers have the chance to practice both sports in the same Bulgarian resort, according to the publication. The Pirin Golf Country Club is located near Bansko ski resort and its winter sport facilities, the online publication reports.

Interest in Bansko is on the rise, with Bulgaria's application for Winter Olympics host in 2014. Bansko and Borovets in Bulgaria are becoming increasingly popular among skiers, thus also attracting property investment to the two regions.

These developments also seem to attract well-known athletes to Bulgarian property. One of Europe's all times best golfers Nick Faldo purchased two apartments in Sofia. Faldo said Bulgaria has significant growth potential, which attracted him to the country.

According to biography.ms Faldo has won six golf majors and has represented the European team 11 times. Faldo started his professional career in 1976 and one year later became the youngest participant in the Ryder Cup. Throughout his career Faldo won 30 European titles.


Source: Sofia Echo


 

Bulgaria’s prices still low, but rising fast

Bulgaria, the wannabe 2014 Winter Olympic host and wannabe EC member is continuing to see property prices soar from their low beginnings, although the price per square metre (currently 50 - 150 Euros) remains low compared to the Alps.

The Sofia News Agency, reports that offers are pouring in for a wide range of plots on sale in Bansko and Pamporovo as the 2006 building season begins to get underway. Bansko, where there are reported to be more than 400 plots currently for sale, is currently the most expensive, having come from fourth place behind the communist era Borovets and Pamporovo, both now undergoing radical face lifts under private ownership. Bansko was ‘unspoilt’ a UNESCO world heritage site and has seen the development of a modern lift system in recent seasons opening up a world class lift-served vertical.

On the possible downside for property investors, lift ticket and other prices have been rising rapidly along with property costs and the Economist Intelligence Unit (EIU), remains concerned over the quality and sustainability of existing public infrastructure and state administration.

Source: Ski Press


Sunday, March 26, 2006 

New budget Bulgarian service

Travellers looking for cheap flights to Eastern Europe are to get a boost with the launch of two new services from London to Bulgaria.

Wizz Air will begin operating flights from Luton Airport to the Bulgarian capital Sofia four times weekly, as well as flights from Luton to Bourgas three times a week, from May 1.

The new flights, which will cost as little as £42.46 including taxes and fees, were announced at a press conference at the Radisson Hotel Sofia last week, bulgaria-property.com reports.

Bulgaria is proving a popular choice amongst Britons looking for a second home, and UK-based property companies have also moved quickly to develop in the country.

James Knight, director of property firm Knight International, congratulated Wizz Air’s decision saying the ‘UK and Bulgaria have grown ever closer today’.

Wizz Air is the first low-cost airline to offer flights from the UK to Bulgaria. The budget carrier enjoyed a three-fold increase in passenger numbers in 2005 and believes it will become the largest airline in Central and Eastern Europe within two years.

Flight times:

Luton to Sofia
Departs 6.30am, arrives 7.45am (Tuesday, Thursday, Saturday, Sunday)

Sofia to Luton
Departs 7.55pm, arrives 1.00am next day (Saturday)
Departs 8.20pm, arrives 1.20am next day (Monday, Wednesday, Friday)

Luton to Bourgas
Departs 4.40am, arrives 6.15am (Monday, Wednesday, Friday)

Bourgas to Luton
Departs 10.25pm, arrives 3.55am next day (Tuesday, Thursday, Sunday)

Source: CheapFlights.co.uk


 

Spain's Construction Leader Enters Bulgaria

Spain's Dico Empresarial, which specializes in the construction and promotion of real estate property, plans to step on the Bulgarian market, the company announced.

The company is exploring prospects for entering Eastern European markets and is to come up with concrete strategies for Poland, Hungary, Romnia, and Bulgaria.

The move is part of its plans for expansion at the national level, within which the company will inaugurate six new offices in Jijon, Toledo, Santiago de Compostela, Valladolid, Zaragoza, Valencia.

Dico Empresarial Group has more than fifteen years of experience. The company's business structure has four divisions - Works and Constructions, Real Estate Services, New Technologies, and Town Planning and Maintenance.

Source: Sofia News Agency


 

The rise and rise of Bulgarian property

Anyone who has bought property in Bulgaria will tell you that the prices are so low, it is impossible to lose. Prices will continue to rise. The only uncertainty is by how much. And how long.

The Balkan country already has had 12 years of increases. And the National Statistical Institute reported in January that the average sales price per square meter for residential properties in Bulgarian cities had gone up 36.6 percent in the previous year.

But residential prices in Sofia still average only €600, or $717, per square meter, or $66 per square foot. That is much less than the €750 average per square meter in Bratislava, Slovakia; €850 in Bucharest and €1,500 in Prague, according to the National Real Property Association of Bulgaria.

Those numbers have pushed Bulgaria squarely into the real estate spotlight, attracting West Europeans lured by the current hot place for vacation homes and, to a lesser extent, for investment. And real estate agencies from small European countries like Ireland and Malta have opened offices in Bulgaria in an effort to expand their businesses.

Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than €4 billion, according to the property association. The year before they generated 18 percent of all sales, or €3.36 billion.

Overall, real estate is one of the fastest growing sectors in the national economy, which grew by 5.2 percent in 2005. Observers say that while the foreign interest certainly has not hurt, the country itself is producing much of the change.

"I don't think this kind of growth can be supported by international investors," said Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors in London. "It must be driven by organic, domestic growth."

Much of the interest is linked to the country's expected entry into the European Union. Bulgaria and its northern neighbor, Romania - the two poorest of the former Soviet bloc countries in Europe - are on track to join the European Union on Jan. 1, 2007.

Construction costs, sales prices and incomes are all expected to jump after membership, fueling a "now or never" air of urgency among citizens and foreigners alike.

"If the prices are so low, people assume the prices must go up a lot, which means that the GDP and incomes will catch up with the EU average," Khatri said. However, he cautioned, "they may never take off."

At the end of World War II, 85 percent of Bulgaria's population lived in villages. Communism brought industrialization and blocks of Soviet-style housing, most of it concrete and all of it drab.

In the years after the collapse of communism, Bulgaria adopted a post-Communist style common to much of Eastern Europe: garish construction done quickly and cheaply, unmistakably meant to impress. But things are changing.

Deyan Kavrakov, a partner with Equest Investments Bulgaria and a specialist in luxury properties, says about two-thirds of the better properties being sold now are new construction, partly because renovations can easily be one and a half times as expensive as new builds.

Isolde Pringiers, an interior designer from Belgium who moved to Sofia with her husband and two children in 1998, said, "Some of the best work is now being done by interior decorators who are going into building."

"They are traveling, they subscribe to the international magazines, they are very well informed," Pringiers said. "They go to the Milan Fair to see what's going on. They have much more of a sense of space and how you live."

When she bought her house in 1999, there was far less to choose from than there is now. She searched for months before finding what she described as a house "with a spirit." It was built in 1939 by a German architect, and she fell in love with it and renovated it.

Kavrakov said he finds affluent professional Bulgarians in their 30s - the first generation to reach adulthood after communism - are developing a taste for modern minimalist interiors with integrated high-tech systems: blinds, air- conditioning, audio systems, security and lighting. "There are excellent examples in the area of contemporary modern style with more space," he said.

While Bulgaria is stable politically and economically, with protection for the rights of property owners, the regulation of the public space outside a home is chaotic. Urban planning is very much a new concept. "You don't know what's going to be next to you next year," Pringiers said. "That's the scary part."

Also, the rental market is in its infancy. The rate of home ownership is one of the highest in the world - more than 90 percent - so few Bulgarians rent. Foreigners who are thinking of investment, or who are planning to help finance the purchase of a vacation home by renting it when they are not using it, should first think about how to find tenants.

The property market is linked to tourism, one of Bulgaria's largest industries even during the Communist era, when attracting Westerners was seen as an effective way of getting hard currency into the country. Much of the current growth along the Black Sea, for example, has its roots in those times.

But now, according to Orlin Vladikov, chairman of the national property association, green spaces are being preserved and the country's policy makers have learned "not just from bad experience but also from best international practices."

"It's not easy," Vladikov said. "But it's happening."

Source: Matthew Brunwasser International Herald Tribune
THURSDAY, MARCH 23, 2006


 

Property Price Increase Tendency Still Valid in Bulgaria

Though Bulgaria offers cheap property, real estate prices in the country are constantly on the rise, a lengthy article of the International Herald Tribune reads. The author tries to predict whether the trend will continue in the future.

The upward trend for property prices has been valid for the past 12 years. In 2005 a sq m of residential property became 36.6 per cent more expensive, data from the National Statistic Institute shows.

Despite the price increases, real estate in Bulgaria remains cheaper than property in Central European countries. A sq m in Sofia sells for 600 euro on the average, compared to the 750 euro in Slovakia's capital or the 850 euro in Bucharest.

These lower prices continue attracting Western Europeans interested in property purchase, the IHT reports. The majority is looking for vacation homes, fewer search for investment opportunities.

Foreigners are involved in 23 per cent of the property deals concluded in Bulgaria in 2005. The total number of such transactions reached 220 000 for the past year, the IHT reported.

Interest remains high also because of Bulgaria's expected EU entry. Construction costs and respectively prices would likely rice once the country joins the union.

As a result of these developments real estate is one of the most dynamically growing economic sectors in Bulgaria, the article concludes.

Source: Sofia Echo


Thursday, March 23, 2006 

Profiling property in Rousse

There is a hardly a week that passes without a story about the latest property hotspot in Bulgaria, be it a small town on the Black Sea coast, or a perhaps the latest discovered village just a hop, skip and a 4x4 away from the ski lifts at Bansko.

I’d, therefore, like to start by saying that Rousse is not such a place (and let it always be so!). However, since our company opened an office in this small town exactly one year ago, it has emerged as a popular place for many of our clients. In fact, the ratio of viewings to purchasing has been as high as in our offices as in the more traditional locations of Varna and Veliko Turnovo.

We first introduced Rousse to the UK property scene through the British ITV’s equivalent of the programme A Place in the Sun. The first clients - three Scottish ladies - bought two traditional cottages in front of tens of thousands of viewers, leading to a great interest in the Rousse region.

For those not familiar with the locale, is it more akin to the rolling hills of England than to the mountainous areas to the south. Its quiet villages are home to thriving, if ageing, agricultural communities and to a healthy and reviving agricultural economy (boosted by SAPARD funding in recent years). Its proximity to the Danube and numerous small tributary river valleys make the area abundant in wildlife. In years past the region was better known to British bird spotters than to holiday homebuyers.

Rousse also has some key location advantages, which house buyers are quick to pick up on. Being only 65km from Bucharest means that there is an international airport on the doorstep. European Union (EU) membership will make the border crossing easier, bringing the airport ever closer. A new river passenger terminal is also planned for the town to cope with the growing demand for cruise ships plying the Danube from Germany. And, of course, as the only bridge crossing the Danube between Romania and Bulgaria, the roads are part of the EU’s trans-European transport network, giving rise to major road investment both now and in the future. With direct rail connections to several major European cities, it is easy to travel to and from Rousse.

Over the past year, we have had an interesting range of buyers, from an English lady wishing to move from a village near Veliko Turnovo because there were too many Brits (!), to a couple who sold their holiday home in California’s Joshua Tree National Park to buy in Rousse’s own wonderful National Park only 20km from town. From holiday homes, to retirement homes, to investment opportunities, the region provides a wide range of property. Prices for apartments in town average about 460 euro a sq m, making it very competitive with Varna or Sofia, while village properties range from 10 000 euro to 100 000, depending on condition and size.

The very essence of why cities and regions grow, prosper or decline is because of the individual choices we all make about whether to live, work or spend time in a place. Judging by the response of the British to the Rousse region, the area still has the ability to attract people and provide a pleasant place to live and perhaps start a business.

Source: Sofia Echo


 

Building season begins in Bulgaria's ski resorts

The reputation of Bulgaria as a premier country for ski holidays is continuing to grow and investors are starting to take advantage of this by snapping up properties.

According to the Sofia News Agency, there is currently a large selection of plots for sale in Bansko and Pamporovo – two of the country's finest ski resorts.

Citing the Investor.bg website, the Sofia News Agency states that offers are now pouring in as the new building season gets underway, with investors keen to find themselves a bargain that will presumably gain a tremendous amount in terms of value during the coming years.

It is an option that is increasingly appealing to investors who have become frustrated by high prices in alternatives including Austria and France, with property in Bulgaria still remarkably cheap despite the quality of the ski slopes.

Nonetheless, it is claimed that the ever-popular Bansko is seeing much higher prices than some of the other resorts, starting at around €50 per square metre and rising to around €150.

The report suggests that there are approximately 450 plots for sale in Bansko, with existing ski properties and off-plan projects attracting interest in equal measure. As prices begin to rise considerably in the country, off-plan investment has been tipped as a particularly sensible option, in that house price inflation can mean that investors have made huge returns on properties before they are even completed.

The ski resorts have also seen hotels and rented accommodation springing up in recent years to cater for the growing number of tourists hitting the areas each season.

With Bulgaria still seen as relatively undiscovered, many are combining the traditional ski holiday with an opportunity to explore the spectacular scenery, with the Black Sea resorts and the capital city of Sofia similarly popular.

Tourism inevitably has a significant impact on property investment and it is a factor that is expected to affect Bulgaria more than most.

The World Travel and Tourism Council (WTTC) predicts that the travel and tourism sector will grow by 6.3 per cent this year in Bulgaria and by 4.3 per cent per annum, in real terms, between 2007 and 2016.

In terms of its direct and indirect impact, travel and tourism is likely to contribute 16 per cent of GDP and 13.6 per cent of total employment this year, both of which should be instrumental in enhancing the property market.

While Bulgaria is still only 68th out of 174 countries represented in the WTTC survey, the speed with which Bulgaria has emerged as a tourist hotspot has been striking and it is a trend that can only improve the country's reputation for investment.

Bulgaria is not without problems, however, and the Sofia News Agency has reported that Delia Meth-Cohn, senior consultant for CEEMEA at the Economist Intelligence Unit (EIU), remains concerned over infrastructure and state administration.

EU accession is a step that will be crucial in determining just how substantial the economic growth in the country will be, but speculative investors are already banking on impressive capital gains by purchasing cheap properties in ski resorts and beach resorts alike.

Source: Assetz News


Friday, March 17, 2006 

Brits Fall For Bulgaria's Charms

Investment has been the incentive for most buyers in Bulgaria, with off-plan apartments forming the bulk of sales. But a new trend is emerging as a growing number of Brits encounter the charms of this diverse country and opt to move there permanently.

Sunny Beach on the Black Sea Coast has so far drawn the most buyers, and signs of development are everywhere in this buzzing resort. But head further along the coast, or just a few miles inland, and you find a totally different Bulgaria where property prices are still low.

Pauline Scrace of property specialists Bulgarian Horizons says the tide of UK buyers often opt for period properties in small villages. "Many buyers come from the north of England, they may be on lower incomes and leading stressful lives, so they opt to go and live where the cost of living is so much cheaper."

Some buyers are now letting their UK properties and finding they can live well in Bulgaria on the rental income - "For the rental income from a two bedroom flat you can live like a king over there," she said.

With Bulgaria's EU membership scheduled for 2007, the number of Brits relocating is likely to increase, said Avatar International's Amar Sodhi. "Bulgaria has high unemployment and some of the lowest wages in Europe, around €200 per month, and this alone will attract companies to base themselves there, resulting in many more British employees being relocated."

So what can buyers expect to find? Prices on the coast have risen significantly in the last few years, many agents reporting year-on-year rises of 25 per cent in most resorts and even 100 per cent in certain hotspots but, while investors are attracted to the coastline, people moving permanently often prefer to be based inland.

Halfway between Sofia and the Black Sea Coast, Veliko Turnovo, the former capital of Bulgaria, is one of the country's most ancient cities and attracts people who come here for period architecture and a cosmopolitan lifestyle. The old city itself is situated on four hills and on the banks of the Yantra River. Here, prices are lower than the coast, typically starting from GBP 10,000, although it is still possible to find cheaper homes, but renovation costs can add a further GBP 15,000.

Many Brits are buying in this region, in surrounding villages such as Kapinovo, Mindia, Pchelishte, Ressen and Hotnitsa. To the west, villages such as Gostilitsa and Kereka have lovely south-facing views over the Stara Planina Mountains and attract British buyers who find that they can still pick up traditional stone and wooden houses for under GBP 20,000.

Stephane Lambert is based in Bulgaria, where he runs Stara Planina Properties, and he has noticed a growth both in retirees who discover that they can make pensions stretch much further, and in younger people who find Bulgaria offers many business opportunities, often catering to the needs of British buyers such as architects and builders.

"We are even seeing first time buyers who can't get on to the property ladder in the UK, so they decide to buy out here, use the property for a few years themselves and then cash in on the equity." Lambert moved to Bulgaria eight years ago while working for the UN, and has noticed a recent increase in bars and restaurants catering to the influx of foreigners. "Years ago, apart from a few language teachers, there were no other nationalities but now I know of around thirty British people living in Veliko Turnovo permanently."

Julie Freeman, 52, from the West Midlands, recently bought a large farmhouse in a village 30km from Veliko Turnovo, which she plans to run as a small guesthouse. "The house does need renovating and I expect to spend about GBP 15,000 doing it up. Once it's done I'm hoping to be able to have my B&B, and hopefully cater to other British buyers who are looking around here." The property itself cost GBP 20,000.

Source: Sofia News Agency
15 March 2006, Wednesday.


 

Brits Fall For Bulgaria's Charms

Investment has been the incentive for most buyers in Bulgaria, with off-plan apartments forming the bulk of sales. But a new trend is emerging as a growing number of Brits encounter the charms of this diverse country and opt to move there permanently.

Sunny Beach on the Black Sea Coast has so far drawn the most buyers, and signs of development are everywhere in this buzzing resort. But head further along the coast, or just a few miles inland, and you find a totally different Bulgaria where property prices are still low.

Pauline Scrace of property specialists Bulgarian Horizons says the tide of UK buyers often opt for period properties in small villages. "Many buyers come from the north of England, they may be on lower incomes and leading stressful lives, so they opt to go and live where the cost of living is so much cheaper."

Some buyers are now letting their UK properties and finding they can live well in Bulgaria on the rental income - "For the rental income from a two bedroom flat you can live like a king over there," she said.

With Bulgaria's EU membership scheduled for 2007, the number of Brits relocating is likely to increase, said Avatar International's Amar Sodhi. "Bulgaria has high unemployment and some of the lowest wages in Europe, around €200 per month, and this alone will attract companies to base themselves there, resulting in many more British employees being relocated."

So what can buyers expect to find? Prices on the coast have risen significantly in the last few years, many agents reporting year-on-year rises of 25 per cent in most resorts and even 100 per cent in certain hotspots but, while investors are attracted to the coastline, people moving permanently often prefer to be based inland.

Halfway between Sofia and the Black Sea Coast, Veliko Turnovo, the former capital of Bulgaria, is one of the country's most ancient cities and attracts people who come here for period architecture and a cosmopolitan lifestyle. The old city itself is situated on four hills and on the banks of the Yantra River. Here, prices are lower than the coast, typically starting from GBP 10,000, although it is still possible to find cheaper homes, but renovation costs can add a further GBP 15,000.

Many Brits are buying in this region, in surrounding villages such as Kapinovo, Mindia, Pchelishte, Ressen and Hotnitsa. To the west, villages such as Gostilitsa and Kereka have lovely south-facing views over the Stara Planina Mountains and attract British buyers who find that they can still pick up traditional stone and wooden houses for under GBP 20,000.

Stephane Lambert is based in Bulgaria, where he runs Stara Planina Properties, and he has noticed a growth both in retirees who discover that they can make pensions stretch much further, and in younger people who find Bulgaria offers many business opportunities, often catering to the needs of British buyers such as architects and builders.

"We are even seeing first time buyers who can't get on to the property ladder in the UK, so they decide to buy out here, use the property for a few years themselves and then cash in on the equity." Lambert moved to Bulgaria eight years ago while working for the UN, and has noticed a recent increase in bars and restaurants catering to the influx of foreigners. "Years ago, apart from a few language teachers, there were no other nationalities but now I know of around thirty British people living in Veliko Turnovo permanently."

Julie Freeman, 52, from the West Midlands, recently bought a large farmhouse in a village 30km from Veliko Turnovo, which she plans to run as a small guesthouse. "The house does need renovating and I expect to spend about GBP 15,000 doing it up. Once it's done I'm hoping to be able to have my B&B, and hopefully cater to other British buyers who are looking around here." The property itself cost GBP 20,000.

Source: Sofia News Agency
15 March 2006, Wednesday.


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