Demand for Land Plots Leading to Rising Prices

More and more owners of both regulated and agricultural land are putting their plots up for sale, according to real estate agents. Several possible reasons are cited but the main focus appears to be that owners are not building on or cultivating their land and they have loans to repay.

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However, since the beginning of the financial downturn, it is land plots that has seen the biggest fall in price – by up to 40-50%. This now puts the price of land in Bulgaria into the same category as properties, namely: the cheapest in Europe. So, conversely, the demand for land is rising and the supply is beginning to dry up. The critical point is that the price for land in Bulgaria is forecast to increase considerably, which means that future investment returns are expected to be very high.

According to current data, prices per 1000 sq metres based on actual concluded deals, range from 100 to 180 euros in the north and western regions, rising to around 410 Euro in the south-west, where there is a limited supply.

For building land, the price of a plot is based primarily on location and access to services, while the most important criteria for agricultural land are the size of the plot and its quality rating. This spreads across ten categories based on the fertility of the soils, the climatic conditions, the relief, suitability for producing different kinds of crops and any imposed limitations on the land’s use. The higher the grading, the better, more productive - and more expensive - the land.

A number of the larger real estate agents still have substantial land portfolios available, with plots ranging in price from 6000 to 350000 euro - but, with supply beginning to dwindle, today's advice is to heed the words of the wise old sage who said .. "buy land when you can - they don't make it any more"

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Investors Interested in Bulgarian Property for High Rewards

Buying property abroad could lead to high profits, it has been suggested by Founding director of Property Frontiers, Ray Withers, who believes that a number of people who traditionally buy commercial real estate in the UK are starting to look overseas.

"More and more investors are showing an interest in purchasing properties abroad for their high profit potential .." he said ".. and this could be because it is seen as a way of reaping reasonably high rewards".

In a recent report cited by CFG, Commercial Finance Group, Withers stated that investing in countries with economies that are recovering means that commercial property buyers are likely to earn a profit. He noted that this is especially the case in emerging markets.

Bulgaria and Montenegro were highlighted as places with particularly good opportunities, with Property Frontiers pointing out that investors could purchase a brand new holiday apartment in these locations from as little as £23,000.

Investors considering purchasing real estate abroad to use or to rent out to tenants were recently advised by Jonnie Irwin, presenter of "A Place in the Sun: Home or Away", to consider the market potential before signing any contract. MovetoBG.com endorses this advice and adds that buyers should always conduct background research, identify a range of property options and follow a strategic plan for their property purchase.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Discover Bulgaria - a Magic Worldwide Hit

Impressive estimates have been reported of the number of worldwide viewers who watched the recent series of TV ads for Bulgarian tourism featured on four international TV channels. This is the second year that the campaign has been run and, for 2010 - 2011, a total of 137 million viewers are said to have watched Bulgaria's tourism ads at least four times on National Geographic, Euronews, Eurosport, and Discovery Channel.

Aneliya Genova, head of Marketing, Advertising, and Information in Tourism in the Ministry of Economy, Energy, and Tourism announced that the advertising campaign cost a total of BGN 7.5 million funded through the EU Regional Development Program and took place between 6th September and 27th December 2010 and then from 31st January until 27th March, 2011.

A total of 561 30-second video ads of Bulgaria were shown on Eurosport, 952 on Euronews, 504 on National Geographic, and 1020 on Discovery Channel. The videos on Euronews and Eurosport were general, while those on National Geographic and Discovery focused on culture and nature.

More than half of the ads were shown during prime time viewing of the four channels. A total of 14 million page views were also generated through Bulgaria's advertising banners on the TV channels' websites. All four channels made documentaries about Bulgaria as part of the advertising campaign.

Despite some public debate as to the quality and substance of the videos and the campaign's general approach, the Bulgarian Economy Ministry says that the priority was to focus on image-making and increasing awareness about Bulgaria, and that the overall effect of the campaign is yet to be fully measured. When the campaign was introduced in August 2010, there were estimates that it was supposed to increase the number of foreign tourists in Bulgaria by 4%-5% and recently released reports suggest that this target is likely to be achieved.

Bulgaria's TV ads were aired abroad under the Discover Bulgaria - Magic Lives Here slogan - an example of a typical 30-second ad can be viewed here on YouTube.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

British Buyers Still Snapping up Property Bargains

While Europe continues it's battle with economic uncertainty, the crisis hasn’t deterred British buyers from snapping up property bargains.

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Currency exchange specialist World First says transactions for holiday home purchases in Spain, Bulgaria, Italy and Greece, where property prices have plunged, more than doubled over the summer.

The World First report matches recent data from The MoveChannel's latest 'Top of the Props' web search survey and from real estate experts on the ground in Bulgaria, who have consistently identified market recovery, stabilisation and rising sales through the past six months.

Reviewing the report, John Preston, Operations Manager at Property Partners, said, "This is a particularly important signal for people considering property purchase in Bulgaria because it locks into place what has now become a positive trend through 2011. We have been seeing increasingly positive figures since the end of last year but, without question, the last 3 months has been the most successful period for the real estate industry since the beginning of the financial crisis."

"Bulgaria's economy is strong .." he continued, ".. investment in infrastructure continues to grow year-on-year and tourism numbers are better than at any time since 2006. Perhaps most importantly, though, buyers are well aware that property prices here are currently the lowest in Europe, which is one of the main reasons that Brits continue to choose Bulgaria."

The total of completed property deals in Bulgaria increased by 36% in the first half of 2011 and data from the Bulgarian National Registry shows that the country's four largest cities, Sofia, Plovdiv, Varna and Bourgas, as well as the major beach and ski resorts all displayed increases.

Commenting on the World First report, David Livingstone, CEO of MovetoBG said, "This confirms everything that we have been seeing through the year .. and now, as we enter the last months of 2011, the Bulgarian property market is looking as positive as ever."

Related articles:
46% of Brits Considering Emigration as a Lifestyle Choice
Bulgaria a Top Choice for 46% of Brits Planning to Emigrate
Picking up a New Trend for Property Purchase in Bulgaria ..
Experts Agree that Property Market has Bottomed Out
Rising Property Sales Reported in Bulgaria

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Golf Lessons from Pravets Golf & Spa

The official opening of the 6470 metre, par 72 centre at Golf Club Pravets brings the number of courses in Bulgaria to eight. But Pravets is set to be different from the rest.

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Interviewed at the opening of the club, PGA Europe chief executive Ian Randell said "It's refreshing to see the local ambition to develop the domestic as well as the international market. We have seen in too many countries that if you purely want to attract the international market and don’t grow the game at home, then it’s only a short-term success".

So what is that makes Pravets stand out from the other courses?

Firstly, this is a professionally designed course and professionally managed course that is intended to provide a top class experience for all golfers from beginners to professionals. Keith Haslam, managing director of Braemar Golf, the management company for the Pravets club, said "In some ways it’s the approach that we are trying to achieve that is different. Peter Harradine designs courses, I think, for the masses to play golf ..." Haslam continued, "and that's what Peter is very good at. Pravets isn’t the longest golf course in the world but it’s still a very challenging and enjoyable one from the back tees. This, I think, is going to be a resort golf course. And it doesn’t apologise for that."

Secondly, unlike some of Bulgaria's other courses, membership packages and green fees have been set at a sensible, realistic price that will attract golfers of all levels. Pravets is also a true 'pay-and-play' course, open to members, their guests and the public alike.

Thirdly, there are only around 200 properties and apartments for sale at the complex and, as Lachezar Todorov, MD of Terra Tour Service, the investor in the project, points out, "with just 35 plots sold for private villas, most one-storey and some two-storey, there is much less real estate than on other golf courses." More importantly, though, the misguided and elitist concept of "property owners only" employed by some other courses has been ignored - membership and playing privileges at Pravets are available to everybody and will not be limited to those buying on-course properties.

Fourthly, Pravets is already set-up as the venue for Bulgaria's first fully professional golf tournament, the PGA European championship for club professionals to be held from 27th to 30th September. "Hosting a PGA Europe championship event with international media coverage," said Ian Randell, "will bring in professionals who will experience the facilities, the warmth and the hospitality - and then these guys bring coaching trips which, in turn, brings in the amateur golfers."

So, four strong indicators that the concept, the planning, the ethos and the management of Pravets has, at long last, broken the mould of Bulgarian golf which, to date, has been based on the entirely misconceived notions that either a field with eighteen holes in it is a golf course - or that golfers are so wealthy they will come from all over the world to play our signature courses, no matter how much we charge them for the privilege.

Asked about the challenge that Bulgaria faced in becoming a golf tourism destination Keith Haslam said, "Somebody has to get moving here - the owners supported us when we were saying that this is golf for all; come even if you’ve never played golf at all; come, we have our own clinics for beginners"

Perhaps the owners and managers of some of Bulgaria's other courses should take some lessons from Pravets Golf & Spa.

Related articles:
Thracian Cliffs Golf Course ready for Business
Golf - The Great Challenge and Opportunity for Bulgaria
New Programme of Incentives for Investors
Summer Property Bargains

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Picking up a New Trend for Property Purchase in Bulgaria ..

BOGOF ... it's been done before ... but, so far as we are aware, not for buying homes overseas. So, is it just a gimmick - or the start of a new trend within Bulgaria's property market?

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Within its primary role of seeking out the most attractive property offers available in Bulgaria, Property Partners BG has picked up details for a brace of Buy One Get One Free offers now on the market, which information portal Bulgaria Gateway describes as ".. an interesting and innovative marketing strategy with the potential to create a new niche sector in the market."

The first offer is for two 3-bed rural properties with land, each priced at £10000 ... buy either and the other one comes absolutely free. Similarly, two plots of development land - one in Karandila National Park and one on the coast near Kavarna, overlooking Thracian Cliffs Golf Course - are listed at the same £10000 price mark ... with the same 2 - for - 1 purchase arrangements.

After a couple of years of relatively quiet activity following the global recession, Bulgaria's property market is now well on the road to full recovery. The economy is strong, investment in infrastructure continues to grow year-on-year, tourism numbers are better than at any time since 2006 and, in its monthly analysis of buyers' web search activity, the Move Channel has identified that Bulgaria is now firmly back in the top-ten preferred investment destinations. Most importantly of all, though, property prices are amongst the lowest in Europe and market experts are now reporting strong indicators of steady and sustainable growth. Leading real estate agents have consistently reported rising sales volumes since the beginning of 2011 - and this is confirmed by data from the Bulgarian National Registry showing that the number of completed property deals increased by an amazing 48% in the second quarter of 2011, compared with the same period in 2010.

"The market has clearly turned the corner .." said David Livingstone, CEO of MovetoBG.com, ".. and this new type of offer may well be a reflection of the growing levels of confidence that both buyers and sellers are now demonstrating about property in Bulgaria. Each of the properties on offer represents genuine value for money in its own right - and two for the price of one is a real bonus for buyers, as well as a powerful shop window pitch for sellers."

"It's all about added value .." he continued, ".. and it doesn't get much more valuable than adding a second property for free - which is why we expect to see much more of this strategy in the coming months."

Related articles:
Bulgaria's Q2 Property Sales Rocket by 48%
Experts Agree that Property Market has Bottomed Out
Rising Property Sales Reported in Bulgaria
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market

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Property Investment in Bulgaria's Undiscovered Gems

With a somewhat wider focus than just the Black Sea resorts, the capital cities and the centres of culture, Quest BG provides a welcome view of the property investment opportunities in one of Bulgaria's undiscovered gems.

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Property in Sliven Bulgaria is excellent value for money as in most of the country at the moment. With all of the makings of a potential top city, impressive architecture, vineyards, spas, golf and a scenic backdrop, Sliven so far has not yet even boasted about its secret treasure.

It does little to market its wonders, letting people stumble on them instead. Fortunately, Sliven has gradually changed from a forgotten backwater into a vibrant cultural and tourist centre with excellent real estate and property opportunities.

With construction work over the past few years of new shopping malls and office buildings giving a modern feel to the town but still preserving the original, well maintained Revival character of the city for which it is famous.

Sliven is a very beautiful town with a wonderful central pedestrianised area full of shops, cafes and restaurants, with inexpensive property in the city and surrounding villages.

One of its greatest assets is its strategic location, which offers convenient access to the south-eastern part of Bulgaria, the Black Sea and neighbouring Turkey and Greece. It has a well developed infrastructure and communications network, yet property in the area is comparatively inexpensive. There are also well established manufacturing industries like the large glass, textile and metal companies which dominate the business landscape.

For anyone considering a move to Sliven or investment here, the opportunities are countless. Reminiscent of "an inland version of Varna", when Sliven gets its act together and starts its aggressive marketing campaign, this will be an area where tourists including Bulgarians from other areas, flock to spend time.

Sliven's present economy centres on industries which have been there since the early 19th century. Indeed, Sliven used to be one of the country's biggest industrial centres and played a key role in the Bulgarian National Revival. It has long-standing roots in textiles, machine-building, glass-making, chemical production and the food industries. With the rise of Communism in the forties, many industries were nationalised; this spurred a growth in construction and development. Industry prospered during the socialist era, but declined once it collapsed; many businesses and factories were shut down and there was little innovation.

Fortunately, Sliven has picked itself out of the doldrums and again has started to thrive. There has been a massive surge in the local economy with increased investment, and the emergence of new industries and banking establishments. The traditional dairy industry is experiencing a large growth in business. The wine industry is now expanding, as you'll quickly witness from the thousands of acres of vines surrounding the town; with investment from leading wine producers like Vinprom and Vini Sliven. Sliven is also home to some lucrative heavy industry including a 3MM factory, which manufactures apparatus used to cut metals. The production of electric lights and machines is also a key business here. Most of Sliven's light industry revolves around the stalwarts of textiles, especially woolen clothing and food.

Sliven has beautiful mountain scenery, and opportunities to ski in nearby Shivachevoit with a far cheaper price tag to that of the famous ski resorts of Bansko, Borovets and Pamporovo. There are also ample opportunities during the summer for those who love outdoors activities such as camping, hiking and cycling.

For the property investor, there is an enormous choice available in and around the Sliven area. A search of the listings at Property Partners BG reveals a selection of more than 200 properties priced from €5600 to €77500

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Bulgaria Holds Top-10 Spot in Property Purchase Favourites

Bulgaria has retained its top-10 place in the latest "Top of the Props" report from TheMoveChannel.com, once again rivalling the established league of hardened competitor countries.

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While Cape Verde's entry to the list was a surprise for many as the country punched above its weight to replace Barbados and Cyprus as a preferred property market, the main destinations of: Spain, France, USA, Portugal, Italy and Brazil were all non-movers in their top spots, with Bulgaria and Turkey continuing to jostle for position close by.

Director Dan Johnson comments, "It’s not easy for the newer or smaller investment destinations to challenge the established order, as the countries that make up the top six in this month’s report are very well-established."

"To put a new destination on the investment map .." he continued ".. usually takes a concerted effort from agents and developers with a vested interest in promoting a country or region. However, there hasn’t been any significant recent upsurge in marketing activity for Bulgaria, Turkey or Cape Verde – it seems that buyers are making their own minds up that these countries represents good investment value, with attractive prices, reliable weather and an developed tourist infrastructure."

Related articles:
Bulgaria Back in Top 10 Locations for British Property Buyers
Experts Agree that Property Market has Bottomed Out
Rising Property Sales Reported in Bulgaria
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market

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More Positive News in Bulgaria's Retail Property Sector

Compared with 2010, which was characterised by a record supply of new shopping centres, no significant retail schemes have been completed since the beginning of 2011, according to the Q2 report of Forton International.

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Looking forward, though, current shopping centre stock stands at almost 560,000 square metres, with a further 237,000 square metres of retail space under construction. When all of the projects are completed the total shopping center stock in the country will increase by 42% to nearly 800,000 square metres or 107 square metres per 1000 residents.

Prime high street rents have remained stable over Q2 2011, although a decrease was observed in shopping centre rates as a result of both rental concessions and new lease agreements signed at lower rent levels. The estimated average fall is about 9-11% on a quarterly basis and approximately 20% compared with the same period last year. Furthermore, there are indications that rents are gradually stabilising around their current low rates, which is a positive trend in view of the constant fall observed since the beginning of 2009.

Forton points out that the investment market for retail properties has improved in terms of completed transactions, with values for the first quarter exceeding Euro 115 million - a significant improvement on both the previous quarter and the same period in 2010.

According to Forton, the Mall of Sofia (23600 square metres of retail space), one of the prime shopping malls in Bulgaria, was acquired in June for approximately Euro 105 million. And in Stara Zagora a retail park with anchor tenants Mercator, Aiko and Mobbo was recently sold to Bluehouse Capital for Euro 11 million.

Forton's data also shows that prime shopping center yields remain unchanged at around 9% for a fourth quarter in a row and that investment interest is focused on prime schemes such as retail parks or shopping malls with strong recent performance and sustainable rental income.

Related articles:

More Positive Economic News - IMF Review Optimistic
More Positive Economic News - Airport Passengers Climb
More Positive Economic News - Car Sales Rocket
Bulgaria's Stock Exchange - SE Europe's Top Performer

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Bulgaria's Q2 Property Sales Rocket by 48%

Data from the Bulgarian National Registry shows that the number of completed property deals has increased by an amazing 48% in Q2 2011 compared with the same period in 2010.

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The total of completed property deals in Bulgaria increased by 36% in the first half of 2011 and by more than 90% in Q2, compared with the first 3 months of the year.

Commenting on the recently released data, David Lingstone, CEO of MovetoBG.com said, "This is a particularly important signal for people considering property purchase in Bulgaria because it locks into place what has now become a positive trend through 2011. We have been seeing increasingly positive figures since the end of last year .." he continued ".. but, without question, Q2 has been the most successful 3-month period for the real estate industry since the beginning of the financial crisis."

MovetoBg.com has recently identified a number of positive movements in the property market on the basis that the combination of price falls and increases in the volume of sales has been the key indicator of recovery across the real estate sector.

Related articles:
Experts Agree that Property Market has Bottomed Out
Rising Property Sales Reported in Bulgaria
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011

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Positive Signs of Recovery in Bulgaria's Property Market

Residential real estate markets in Bulgaria and other parts of Eastern Europe are showing signs of recovery with some areas recording price increases and a rise in the number of new properties being built.

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According to the Ober-Haus Baltic Apartment Price Index for May, apartment prices in most of the capital cities in the Baltic region increased by around 0.7% to a new average price of €1025 per square meter.

The report also shows that, while annual price changes are now in positive territory again, average apartment prices have dropped by approximately 34% since the peak of the market in December 2007.

In Bulgaria builders and developers are returning to the market with the number of new properties being built increasing by 16.7% in the first quarter of 2011. But the figures also show that the number of new developments is still way below what it was a year ago, with new house construction down 5.3% year on year.

The largest numbers of residential building permits were granted in the Black Sea cities of Varna and Bourgas, followed by Sofia. The average usable area per unit went up to 77.8 square meter compared with 76.4 square meters in the same period in 2010. The largest flats and houses were built in Gabrovo, Sofia, Yambol and Razgrad, while the smallest homes were in Vidin and Plovdiv.

Overall, the index concludes that now is a good time for investment because, while there are signs that prices are rising, the real estate markets in the Baltic have some way to go before they get back to where they were in 2007.

Related articles:
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011

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30% of Bulgarian Properties now Purchased by Foreigners

It has been recorded that the population of Bulgaria has dropped by nearly 600,000 in the last 10 years. This has not however, slowed down the demand for property in the country. Far from it in fact, as many foreigners are now investing in the country. The rise in foreign investors and decline in Bulgarian population means that the property market is being mainly supported by the investments and demands of foreigners.

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Recovering from the global recession more quickly than most of its European neighbours, Bulgaria is fast re-discovering its reputation as a property hotspot. For anyone seeking a low-cost holiday home or considering a permanent lifestyle shift, this is the place to be and, if you are planning a move to Bulgaria, it may well be that your neighbours or nearby residents will be non-natives.

So who's buying these properties? Well, at the height of the buying boom just a few years ago, around 80% of the buyers in Bulgaria were holiday home hunters and quick-flip investors. Today, though, the market has changed and the speculative buyers snapping up two or three houses at a time have been replaced by lifestyle buyers looking to live in Bulgaria.

In terms of buyer nationality, there has been some reduction in the number of British investors over the past couple of years but, at the same time, Russians and Scandinavians have been snapping up the bargains and have purchased over 200,000 properties in Bulgaria since 2008. Domestic demand has also slipped over the past few years and many Bulgarian real estate agents would probably have gone out of business if it were not for foreign investors.

This, of course, is largely because of the impact of the global recession on the property market. Since peaking in late 2007, prices in Bulgaria have plummeted and are now among the lowest in Europe but there are indications that this downturn may be coming to an end. David Livingstone, of Property Partners says that, "The worst is behind us, prices have reached the bottom of the curve and there are signs that buyers are returning to the market, picking up bargains before prices increase again."

In addition to exploring the property options of Bulgaria's cities and traditional holiday destinations, the advice to today's home seeker is to leave the resorts behind and journey inland. What you will find, here, is a veritable treasure trove of rural and village properties at prices that just don't appear in other countries. It's in the villages of Bulgaria that you will find some of the cheapest houses and the best bargains - and it's in this sector of the market where those who may have missed the lifestyle change boat in other countries find that there still plenty of opportunities available.

Every real estate agent in the country has a selection of rural and village properties on their website - and there are some that specialise in this sector. At the portal site of Property Partners, for instance, you can view multiple lists covering hundreds of houses available today for less than €10000.

This is the fundamental reason why around a third of today's property deals are being concluded by foreigners but, as Bulgaria's recovery continues apace, these bargains will not be available for too much longer

Related articles:
Look Inland for Today's Bulgaria's Treasures
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011

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Bulgaria's Stock Exchange - SE Europe's Top Performer

Sofia Stock Exchange has been the top performer in South East Europe since the beginning of the year, according to a Financial Times ranking.

With a rise of 29% in USD terms and 22% in local currency, Bulgaria has posted the world's best performance results in USD and lies second only to Zambia in local currency.

According to the article the markets in the region have benefited, first of all, from the coherent international support extended by the European Union and the International Monetary Fund from 2008 onwards, with programmes for Hungary, Romania, and Serbia. These combined well with the Vienna Initiative, an informal grouping of multilateral agencies and international banks active in eastern Europe, which successfully put pressure on the banks to continue investment in the region.

While it was clear by mid-2009 that the region would avoid financial meltdown - and that Europe had much bigger difficulties in Greece, Ireland and Portugal - it has taken time for confidence to return. The key point is that there are no signs that conditions are getting any worse .. and that is critical for astute investors seeking bottom-end opportunities.

Also, unlike the EU's Mediterranean problem countries, public and private debt levels are generally low - around 75 per cent of GDP for Romania and even less for Bulgaria.

Bulgaria's only stock exchange became a public company in the middle of December last year after the Financial Supervision Commission approved its prospectus and the bourse was listed on its own platform. The capital of the bourse is a total of Bulgarian Leva (BGN) 6,582860 in shares at BGN 1 each.

At the beginning of October 2010, Bulgaria's Finance Ministry raised its share in the country's stock exchange from 44% to 50% plus one share through the purchase of an additional 715000 shares apiece. The bourse now plans to sell the remaining 50% held by investors including brokerages and banks into the public domain.

Related articles:
More Positive Economic News - Airport Passengers Climb
More Positive Economic News - Car Sales Rocket

Our aim is to provide a single source of information, advice and practical help for everybody visiting Bulgaria. So, whether you are planning a relaxing holiday break, a travel adventure, a fact-finding trip for your property purchase - or if you are thinking of moving here permanently, we recommend that you visit our websites at:

MovetoBG.com - and Twitter @MovetoBG
for comprehensive information, advice and assistance

Bulgaria Gateway - and Twitter @BulgariaGateway
for accommodation options, resources and services

Property Partners BG - and Twitter @Prop_PartnersBG - or on Facebook
for all the latest real estate listings and offers of properties for sale

Bulgaria to Benefit from Major Outsourcing Uplift

In February 2011, The Financial Times reported that the global outsourcing industry will see wide-reaching shifts as a result of the political turmoil in the Middle East - and the latest reports coming out of Bulgaria suggest that their forecast was spot-on ...

After significant growth in visitors last year as a result of civil unrest in the Middle East, Bulgaria is now likely to attract outsourcing investments diverted from the region.

According to CallPoint New Europe, a major services outsourcing company operating in Bulgaria, European firms that have been using the services of outsourcing centres in Egypt and Tunisia are currently considering moving their operations to more secure locations such as Bulgaria and Romania.

Bulgaria's advantages are said to be their EU membership, a lower risk of terrorist attacks and revolutions and greater political stability and as well as their strong cultural, physical and economic proximity to Europe.

"We are currently holding talks with investors, mostly from France, who are pulling out of North Africa and are looking towards Eastern Europe as an outsourcing destination. That is why, for these and other projects, we have grounds to believe that we will appoint at least 250 new employees by the end of the year. We have positive expectations for our business and expect a double-digit growth," Filip Ugrinov, CEO of CallPoint New Europe, is quoted as saying.

CallPoint New Europe has sales offices in New York, London, and Paris, and delivery offices in Bucharest, and Bulgaria's Sofia and Plovdiv.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

400000 visited Balchik Palace in 2010 .. more in 2011

The Palace complex in the Bulgarian Black Sea town of Balchik hosted more than 400000 visitors in 2010, according to a management press release issued on 6th April.

Balchik Palace – or Dvoretsa – was built in 1924 by Queen Maria of Romania at a time when the region of Southern Dobrudzha was part of Romania (1918-1940). It was subsequently integrated with the Balchik Botanical Gardens to create one of the most famous tourist sites on Bulgaria's Black Sea coast.

The Balchik Botanical Garden was established in 1940. It has an area of 65,000 square metres and accommodates more than 2000 plant species belonging to 85 families and 200 species. In May 2010, a government decision was made to transfer the Garden's management from Bulgaria's Sofia University, St Kliment Ohridski, to the Ministry of Culture, which caused a long-running battle between the two institutions. Earlier on Wednesday, however, the University won back its right to manage the Gardens.

A record number of tourists visited the Balchik Palace complex in August 2010, announced the Director, Toshko Gyaurov, on Wednesday. "This amounted to 40% of the year's total visitors ..." he continued "... and this helped us to generate revenues of BGN 2.5million in 2010."

Director Gyaurov said that BGN 4million has been invested in the complex over the past 5 years and that a further BGN 280,000 has been allocated for maintenance and infrastructure development of Dvoretsa and the adjacent beach before the 2011 summer tourist season starts. On this basis, it is expected that every month in the summer of 2011 will be just as successful for the Balchik complex as was August 2010.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Bulgaria's economic rating set for upgrade review

Moodys Investors Service said on Tuesday 5th April that it has placed Bulgaria's Baa3 government rating under review for a likely upgrade, reflecting the country's healthy government finances and ongoing improvements in institutional strength.

The economic outlook has been positive since January 2010 and the move from Moodys comes thanks to the government's strong balance sheet, a prudent budget reserve and expectations it will soon bring its deficit below the European Union's 3% limit.

Given the importance of maintaining low debt, a key focus of the review will be in the area of public finances. In this context, Moodys will examine the government's medium-term budget strategy as outlined in its forthcoming submission of its Convergence Programme to the European Commission. In particular, the rating agency will monitor the debate surrounding the new fiscal rules in order to ascertain whether envisaged restrictions will preserve low government debt without compromising its fiscal flexibility.

The agency will also evaluate the ongoing discussions concerning reforms to the pension system, where the goals are to expand working lives and to further develop private pension savings in order to strengthen and deepen the domestic capital market.

Moodys said it will also seek to evaluate how strong Bulgaria's macroeconomic stability might be in the face of current Greek fiscal and economic isssues crisis, or to other external factors that could put the government finances and economy under strain.

Although Bulgarian banks, which are 82% foreign-owned, are well-capitalized and liquid despite relatively high non-performing loans, Moodys review will look at whether the prospects for growth are likely to be constrained because of the 30% ownership by Greek financial institutions within the banking system.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Brits Searching for Bargains in Bulgaria's Property Market

Bulgaria remains one of the more popular countries for overseas British buyers even though the number of online searches in February for Bulgarian Real Estate was slighly down on the previous month. Bulgaria has dropped just one spot to number fourteen in a new ranking of property markets which remain popular for foreign buyers, according to the latest figures from Rightmove Overseas and Moneycorp.

The Bulgarian market attracted 1.24% of the searches for properties abroad at Rightmove Overseas in February, down over January when enquiries soared by almost 53%.

In the February search tables, Spain continued to top the league, followed by France, the US and Australia. Germany, France, Italy and Ireland saw the biggest spikes, as prospective investors looked for bargains or sought to capitalise on the stability in Germany, according to Rightmove's Robin Wilson.

David Kerns, private client dealing manager at Moneycorp, said it is unsurprising that Germany is rising up the ranks of popular countries for Britons ... "the fact that Germany, with stable housing and jobs markets, is seen as a crutch for many of the other Eurozone countriesis is a strong draw for many people in the UK looking for prospects overseas." he explained.

At the other end of the scale, property markets that have fallen in countries such as Bulgaria, where house prices are now at their lowest for many years, are becoming attractive again for people looking for a bargain. Commenting on the recent Ten Year Review of the Property Market from Bulgarian Properties, MovetoBG.com has confirmed the finding from the report's author, Polina Stoikova, that the past two year's price falls in Bulgaria are now levelling out and that 2011 should be the year that the market moves from negative into positive territory.

Owning a second home abroad was once the preserve of the super-wealthy, but in the past decade a heady combination of TV property shows and cheap mortgages convinced an estimated half a million Britons to buy their own place in the sun. the overall value of UK-owned foreign property investments peaked at £58 billion in 2008, up from around £10 billion in 2000.

More recently, though, the global recession has brought about a double hit .. British investment demand for overseas properties dropped away and, at the same time, British owners of second homes have been selling up due to falling rental income and concerns about sterling and the UK economy. The number of Britons who put their properties in Bulgaria up for sale rose sharply in 2008 and 2009 but data for 2010 shows that these trends have bottomed out .. a pattern that is now confirmed by the latest Rightmove's Overseas Search report .

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Five Key Points to pull from major Property Report

Marking the end of the first decade of the 21st century, leading real estate agent, Bulgarian Properties, have released their Ten Year Review of the Bulgarian Residential Real Estate Market.

This is a report of major significance that has been extensively researched and compiled by Bulgarian Properties Chief Operations Manager, Polina Stoikova, using data from the National Statistical Institute (NSI) and the Registry Agency. Starting from the basis that the state controlled property sector was localised, undervalued and undeveloped through the 1990s - and that there was no effective real estate market in Bulgaria before the turn of the century - her analysis takes us through a wealth of detailed findings, highlighting both annual and cumulative changes in terms of price, value, number of deals, building permits issued and volume of residential housing stock across the country and the main cities of Sofia, Varna, Plovdiv and Burgas.

It's certainly impressive stuff ... but what does it all actually mean to the family thinking of buying a property and moving to Bulgaria? The report is wide-ranging, detailed, accurate and positive ... but what clues can today's buyer glean from the graphs and statistics?

Well, we've done the sifting and sorting for you and, here, we identify the five key points embedded within the report - and for added interest we've included the relevant comparison figures for the UK market.

1. Property prices have increased by around 65% over the last decade.
Despite the impact of the global recession and the crash in property markets around the world, headline rates of price increases per square metre in excess of 250% have been recorded but, after allowing for inflation and regional variations, the average price increase of some 65% represents a continuing and consistent upward swing.
The comparable figure for the UK is 74%

2. Average annual growth in residential property values has been around 12%
Even though there has been a fall in value of some 30% over the past couple of years, long term owners in the Bulgarian property market have seen a substantial increase in the value of their investment. The average annual appreciation of countrywide property values over the past ten years is registered as 11.65%, which shows that even after the major falls in the last two years, investing in a residential property has been a sound investment for the long term.
The annual appreciation in UK residential property values is 16%

3. The number of property sales has fallen by around 28% since 2005
Sales volume peaked in 2007 at just under 190,000, followed by two years of quite dramatic decreases. Taken over the five years for which statistics have been available, though, the number of concluded deals fell from 143,000 in 2005 to some 115,000 in 2010, an overall drop of around 28%.
The equivalent figure for the UK fall in property sales is higher at 35%.

4. The number of new building permits issued is around 40% down since 2005
It is generally accepted in the field of contemporary research in the real estate sector that, like sales volume, the number of annually issued residential building permits gives an early indication of future trends and is a good forecasting tool for growth and development in the market
A comparable fall of 38% was recorded in the UK market

5. All the graphs and forecasts follow the same trend curve
Possibly the most important point that can be drawn from the report is that if all the graphs and trend curves were laid one on top of the other, there would be very little divergence from a single, median path. While this demonstrates that the report's data analysis is both accurate and consistent, it also paints a crystal clear picture of exactly what has been happening in the real estate sector during the past decade.

In its most simple form this can be mapped out as ...
A relatively stable market from 2000 to 2003, then a rapid growth until mid-2007 in terms of prices, building activity, market development and property values. The defining market characteristic of the following two years was a sharp decline in new housing stock, sales volume and prices down to, or even slightly below, 2004 levels. The pattern for mid-2009 through to the end of 2010 is that these decreases in the core factors of the market, while still in the negative zone are, in fact, levelling off and beginning to turn positive again.

The report concludes by forecasting that this trend of coming out of the negative and returning towards positive territory will result in new market growth by the end of 2011, provided that there is continuing economic stability and development in the country.

In summary then, owning property in Bulgaria over the past few years has been a good overall investment. While the global downturn and local price falls over the past couple of years have caused some difficulties and distortion in the market, it appears that this phase is now coming to an end, so the recommendation is that now might be the right time to consider - or reconsider - buying in Bulgaria

References:
Original Property Report
Comparative UK data
Discussion Forum

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Signs that the recession is coming to an end ..?

Recent media reports provide a solid indicator that the impact of the global recession is lessening and that people are beginning to consider Bulgaria's emigration and investment options again ...

Populus poll on 10 February shows that 42 percent of UK citizens believe that Britain is broken and want to emigrate ... welcome to BG folks

Primelocation survey on 24 February shows 134 percent year-on-year increase for January in web searches for information re: Bulgaria, Turkey and Cyprus ... more people making their moving decision?

Bulgaria's National Statistical Institute (NSI) has reported a 16 percent increase in British visitors for January compared with the same period in 2009 ... half of these were skiers - half were here to look at property as their first step in a possible move to Bulgaria sometime in the next year

The general trend is that most real estate agents are reporting that the decline appears to be over and client enquiries are now static or rising

The Spring and Summer period this year is set to be extremely interesting

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway

Bulgaria property market upturn predicted from Q3 - 2010

Analysts within the Bulgarian property market are suggesting that Bulgaria property could be strong into the second half of 2011, depending on how the banks read and respond to the early signs of real estate rebound.

"The market depends on the banks' behaviour," said Tsvetelina Tasseva, manager of Address.

If the banks decide to cash in quickly on homes that were requisitioned from their owners, prices will experience another fall. If they don't, the availability of desirable homes on the market will be seriously limited," she said.

According to the consensus of opinion and analysis Bulgarian property fell in value by 30% in 2010. With real estate values retreating on all fronts across Bulgaria during the year, Varna, now the most expensive City still saw properties selling at around 1150 Leva per square metre. Sofia came in second with 1085 Leva per sq m, followed by Bourgas with 995 Leva per sq m.

According to analysts selling Bulgarian properties in the UK, 2011, is to be a good year for Bulgarian property in terms of rising foreign demand as well. Experts from companies like Azure Overseas, have said that the price drops are good for some Bulgarian municipalities, because they make the market more competitive with lower cost destinations.

The common thread of advice to foreign buyers is to look outside the traditional buyer locations and try to predict the hotspots of tomorrow. This advice is shared with many emerging markets, because, the credit crunch and ensuing price adjustments has taught that overdevelopment can crush construction industries, so any new emerging regions are unlikely to see overdevelopment.

For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway