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