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Article #100: Bulgarian Property - Market Update 26 Jan 2006

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Bulgarian Real Estate - The Growth strengthening of the future EU external
Continues borders. All are seen as areas of concern
Figures from the National Statistical and part of the EU accession process,
Institute indicated that the average with EU membership expected in 2007.
prices of flats in the Regional capitals * * *
of Bulgaria have shown a rise of over 36% Brits Invest and Holiday in Bulgaria in
in 2005. Record Numbers
The prices of flats in the capital of The British have been heading to Bulgaria
Sofia saw the highest rise of 20.2% with in record numbers. The country is not
prices averaging 1,222.4 leva/sqm. The only proving more and more popular as a
highest percentage of growth was destination for British holiday makers
registered in Vratsa, where the prices of but many are also buying investment
flats rose by an astounding 86.1% and properties and holiday homes in the
prices are at 464.8 leva/sqm. country.
Other areas of growth for the same period James Knight, Managing Director of
include: leading property specialist Knight
Yambol up 72.1 per cent to 513.6 leva/sqm International ( has predicted that 1.2
Silistra up 70.1 per cent to 406.5 leva million British tourists will probably
sqm choose to visit Bulgaria for a holiday in
Varna up 25.6% to 1,198.1 leva/sqm 2008.
Bourgas up 46.2% to 1,126.5 leva/sqm In 2002 there were 100,000 Brits
* * * travelling to Bulgaria for a holiday.
Sofia Olympic Bid Gathers Momentum This number has risen heavily each year
In a move which signals the determination and was up to 400,000 for last year,
to put Bulgaria on the tourist map and 2005.
commit to major infrastructure Knight cites that Brits now know a lot
improvements, the government has more about Bulgaria and the country is
confirmed its support for the Bulgarian now seen as been within their "comfort
capital to host the 2014 Winter Olympics. zone" for holiday destinations, along
"We should be aware that the road ahead with other countries such as Italy,
is long and difficult. Achieving the aim France and Spain.
will be good not just for the development The cost of a holiday is also vastly less
of the Olympic ideal, but for the than that of a similar holiday in France
development of winter sports andwinter or Spain due to the lower cost of living.
tourism in Bulgaria as a top priority of There is also an impetus on the expansion
the economy as well," Prime Minister work been carried out at airports such as
Sergei Stanishev said. Burgas and Varna to allow the passage of
The first stage in the process concludes an increasing number of tourists.
in June 2006 when the number of competing Low-cost airlines are also doing their
cities is narrowed down to four. These bit with more flights than ever in and
cities will then continue the bidding out of the country. The completion of
process right up until June 2007 when the construction work at the airports will
winning city is named. open the market to more low-cost carriers
Major highway projects will be given resulting in greater competition, lower
priority as the State and Sofia prices and improved flexibility for the
Municipality, along with the Bulgarian traveller.
business community work together to On the property front, the number of
ensure the best possible outcome of their Brits buying second homes in Bulgaria has
bid. Winter tourism will also greatly risen 77% in 2005. Alex Wright, director
benefit as a result of a successful bid. of British Consultancy Company HIFX
* * * comments "Although France and Spain
EU Integration remain the most popular destinations to
This week saw the arrival of European buy abroad, due to their proximity and
Commission Vice President Franco Frattini the cheap price of travel; British
in Bulgaria. Frattini met with the Prime citizens are starting to look further a
minister and many other government field,"
ministers along with Justice Minister He adds "Bulgaria also is booming and the
Petkanov and senior judiciary members. Black Sea resorts are reminiscent of
Items up for discussion included judicial Spain 20 years ago; investors are buying
reform, the suppression of human in their droves and there is similar
trafficking, corruption and the activity in some of the ski resorts.






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