Roof stage is completed on Pomorie Beach Resort’s
27 December 2007
We are delighted to announce that on 7th December, the roof was completed on Pomorie Beach Resort (Pictures can be seen in our website Gallery ). We are largely in line with our scheduled roof completion date. Windows are now being fitted and we are making final selections for the interior finishings, which will begin in the early new year.
Bulgarian Developments would like to take this opportunity to wish all our clients a very Merry Christmas and Happy New Year.
Source: Bulgarian Developments
Pomorie municipality in Bulgaria to develop eco and golf projects
29 June 2007
Pomorie municipality plans to carry out a number of eco projects aimed at transforming it into one of the first Bulgarian green regions.
The projects will increase the municipality's energy efficiency and improve the road and electricity distribution infrastructure in the region, Pomorie mayor Petar Zlatanov said as quoted by investor.bg.
One of the major projects envisions the construction of a golf course Black Sea Golf and Country Club. It has already received a first class investment certificate. The investment exceeds 194 million euro.
The golf course will cover an area of 1918 decares near the village of Kableshkovo. It will have an entertainment complex functioning year-round. A four or five-star hotel, golf academy, tennis academy and swimming pools, villas and apartments are also included in the project.
Work on the project is expected to start by the end of 2007. The complex will provide 800 to 1000 work places.
Pomorie municipality currently seeks a public-private partnerships to finance the port in the town.
Sunset Resort vacation complex features among the other investment projects in Pomorie. It will have 2700 beds and a five-star hotel complex.
Pomorie also will work on several eco projects among which local dump renovation and reconstruction which will be transformed into park.
Source: Bulgarian Developments
Pomorie to become modern yacht port
28 June 2007
The Transport Ministry announced that Bulgaria's Pomorie, Tsarevo and Ahtopol's seaports, South Black Sea Coast, will become modern yacht ports.
The government decided to transfer the possession of the ports to the municipalities in order to make that happen. The mayors will now be in charge of making the harbors modern and convenient ports for vessels.
This will bring benefit to the developing profile of the Southern seaside region and will create one common concept for the local infrastructure.
Recently the first yachts centre opened doors in Bourgas; a yacht port is also to be constructed there this summer.
Bulgaria has great potential to develop yachting tourism and sailing and therefore many investments are going to be made in this sector.
Source: Sofia Echo
Bulgaria and Romania: Better Option Than France and UK
16 May 2007
Property investors looking to eastern Europe could be boosted by the news that US tourists are increasingly looking towards countries like Bulgaria and Romania for holidays abroad, according to a recent Ready2Invest report.
With the dollar trading at historically weak levels, traditional European holiday destinations like London and Paris have become prohibitively expensive.
However, the Bulgarian lev and the Romanian leu are currencies that represent better value for those from the US - and while cheapness alone is not enough to make a good holiday, the countries offer a range of attractions for all tourists, said Seattle Times writer Carol Pucci.
"For adventure-seekers looking for an escape from $5 cups of coffee and hordes of tourists, these ex-Communist countries are the final frontier for European budget travel," she commented.
And as "times are changing fast", with their accession to the European Union, Bulgaria and Romania also offer the 21st-century mod-cons to make travel easier than it's ever been.
Source: Ready2Invest
UniCredit: Bulgaria GDP Per Capita Will Grow 13% in 2007
13 May 2007
Buoyant individual consumption and strong investment activity, largely financed by FDI, are the main drivers of growth for the two newest EU member-countries Bulgaria and Romania, concludes the latest CEE Quarterly report of UniCredit New Europe Research Network.
The economists of UniCredit Group expect 6.2% real GDP growth in 2007 for Bulgaria, as well as about 13% increase in GDP per capita to 3690 euro as of end 2007.
Source: Dnevnik Daily
Black Sea Inspection Trip
04 May 2007
Inspection Trips available to the Black Sea Coast, 1st June 2007
Source: Bulgarian Developments
Housing Prices Up 10% in Q1
23 April 2007
Residential prices added 10% in the first quarter of 2007, Bulgaria's Statistics Institute announced on Monday, April 23.
Housing prices are expected to post a growth of 15-20% over the entire 2007, although the mark has already been hit in some regional markets. Residential prices in Blagoevgrad, Targovishte and Varna rose 16% in Q1.
Usually quiet markets like Kyustendil and Silistra were also in the double-digit mix with increases of 11% and 15.8% in the first three months of the year.
The most expensive housing markets in Bulgaria are Sofia, Varna, Bourgas, Rousse, Stara Zagora and Plovdiv, although the residential prices there have not reported more than 10% increase in Q1.
Source: Dnevnik Daily
Housing Prices Up 10% in Q1
23 April 2007
Residential prices added 10% in the first quarter of 2007, Bulgaria's Statistics Institute announced on Monday, April 23.
Housing prices are expected to post a growth of 15-20% over the entire 2007, although the mark has already been hit in some regional markets. Residential prices in Blagoevgrad, Targovishte and Varna rose 16% in Q1.
Usually quiet markets like Kyustendil and Silistra were also in the double-digit mix with increases of 11% and 15.8% in the first three months of the year.
The most expensive housing markets in Bulgaria are Sofia, Varna, Bourgas, Rousse, Stara Zagora and Plovdiv, although the residential prices there have not reported more than 10% increase in Q1.
Source: Dnevnik Daily
Bulgarian GDP Rises Record 6.7% in the Third Quarter of 2006
13 December 2006
The expansion of the industry and the services section pushed Bulgaria's economy ahead at a record annual 6.7% growth rate in the third quarter of 2006, significantly beating government expectations. The acceleration lifted the economy by 6.3% over the first nine months of the year.
According to the institute, GDP per capita in the third quarter was 1,760 leva (€900; US$1,150).
Bulgaria's economy last year grew by 4.6% in the third quarter and 5.5% for the whole year, according to official statistics, and the government's Agency for Economic Analysis.
The Agency’s forecasting has projected a 5.5% growth for 2006, while the Socialist-led government expects an overall growth of 6.1% in 2006.
Imports outpaced exports, growing by 13.7% on an annual basis in the third quarter. Exports grew by 9.0%.
Gross domestic product totaled BGN 13.611 billion from July to September as industry and services grew by 11.3% and 5.8% respectively.
The private sector grew by 8.5% on the year and made up 72% of Bulgaria's GDP in Q3. The public sector, which accounted for 13.9% of GDP, shrank by 1.7%.
Individual consumption, which includes households and state spending on healthcare, education and other items affecting individuals, rose by 7.4% on the year and made up 70.3% of the economy in the third quarter, the data showed.
Source: 24 Hours Daily
EU Commissioner Praises Pre-membership Reforms by Romania, Bulgaria
11 December 2006
EU Justice and Home Affairs Commissioner Franco Frattini on Monday praised Romania and Bulgaria for pushing through government reforms before they join the European Union on Jan. 1.
"Both countries have made enormous progress, including reforms of their judicial systems, the fight against corruption and organized crime. The two governments must now make citizens understand that this progress is made in their own interests," Frattini told reporters in Rome.
"This first result means the EU has pushed the governments to give their citizens important results on democracy and security," he said. "Romania and Bulgaria will enrich the politics, the security and the markets of the European Union."
Romania and Bulgaria will join the EU on Jan. 1 under strict conditions. Both will have to report back every six months to show that they are making progress in justice and home affairs, food and aviation safety and the disbursement of EU subsidies. They will also receive significant chunk of economic and by the EU funds and the European Bank for Reconstruction and Development.
Source: Excerpt from The Associated Press
Bulgaria Breaks New Record in Property Sales for 2006
29 November 2006
Low prices, long-term investment prospects and changes in lifestyle have fueled record-high property sales in Bulgaria for 2006, a realtor data shows.
The experts comment that following the massive 25% to 30% annual capital gains of recent years, Bulgaria's property market is now showing a much more realistic growth rate of 15% this year, setting the pattern for more predictable and sustainable long-term investment.
EU membership in January next year, the nationwide development of major tourism and infrastructure projects, the planned expansion of low-cost airline routes in 2007 and mortgage facilities remain the main attraction for making a property purchase in Bulgaria.
The trend to buy a home abroad has now moved to a new level with more and more people buying overseas with the intention of emigrating. Recent research findings show that over half of the UK homeseekers aged between 18 and 29 would consider buying abroad and the UK Office of National Statistics has reported that some 198,000 UK citizens, almost 4,000 a week, left the country last year to live overseas.
The number of Britons living in Bulgaria has doubled in the past year alone, with more than a thousand British families given residency here.
Data shows that many buyers are now seeking a permanent residence, rather than a second home and are planning to live and work in Bulgaria.
Source: 24 Hours Daily
Sofia Airport's New Terminal Ready By Christmas
24 November 2006
The new terminal of Sofia Airport will open just in time for the Christmas rush, said Sofia Airport’s CEO Plamen Stanchev.
The Bulgarian Directorate for National Construction Control allowed on Wednesday the new passengers' terminal at Sofia airport to be put into exploitation. A day earlier the green light was given for the runway system and the adjacent facilities. The whole modernized complex will be put into operations in the end of January 2007.
Stanchev explained that the old terminal will serve only low-cost airlines and charter flights.
The airline companies, which fly to and from Sofia Airport and their offices, will be gradually re-directed from the old to the new terminal, he added.
Baggage conveyors and check-in counters will start working the moment the first airline company takes off.
Source: Sofia News Agency
Eight Low-cost Airlines to Fly to Bulgaria’s Bourgas
18 November 2006
Bourgas airport executive director Kalin Barzov announced recently that 4 new low-cost companies are planning flights to Bourgas next year.
Three low-cost companies - Wizz Air, Sky Europe and Norwegian Air Shuttle AS - already flew to Bourgas this summer, Barzov said.
Italy’s Myair, Ireland’s Ryanair, the UK’s Easy Jet and Germany’s GermanWings all announced their plans to start operating regular flights to Bourgas as of next year. They also intend to fly to Bulgaria’s capital of Sofia after the country’s EU accession on January 1 2007.
Nearly two million passengers are expected to land at Bourgas airport in 2007 thanks to the new low-cost airlines.
Source: Standard Daily
Bulgaria Welcomes 1,5 Million Tourists in Summer 2006
13 November 2006
Bulgaria's Black Sea Coast resorts have been visited by nearly 1,5 million foreign tourists for the 2006 summer season, shows a survey of the Analysis of Tourism Institute.
The numbers were recently announced at the tourism forum "Bulgaria's Mountains".
Rough calculations show the income from foreign tourists' visits for the summer season is about EUR 600 million.
Bulgaria has scored a 8,3 % increase of the number of foreign tourist and a 4,6 % growth of income from summer tourism for the last year.
Source: Sofia News Agency