ulgarian Real Estate - The leva/sqm
Growth Continues
* * *
Figures from the National
Statistical Institute indicated Sofia Olympic Bid Gathers
that the average prices of flats Momentum
in the Regional capitals of
Bulgaria have shown a rise of In a move which signals the
over 36% in 2005. determination to put Bulgaria on
the tourist map and commit to
The prices of flats in the major infrastructure
capital of Sofia saw the highest improvements, the government has
rise of 20.2% with prices confirmed its support for the
averaging 1,222.4 leva/sqm. The Bulgarian capital to host the
highest percentage of growth was 2014 Winter Olympics.
registered in Vratsa, where the
prices of flats rose by an "We should be aware that the road
astounding 86.1% and prices are ahead is long and difficult.
at 464.8 leva/sqm. Achieving the aim will be good
not just for the development of
Other areas of growth for the the Olympic ideal, but for the
same period include: development of winter sports and
Yambol up 72.1 per cent to 513.6 winter tourism in Bulgaria as a
leva/sqm top priority of the economy as
Silistra up 70.1 per cent to well," Prime Minister Sergei
406.5 leva/sqm Stanishev said.
Varna up 25.6% to 1,198.1
leva/sqm The first stage in the process
Bourgas up 46.2% to 1,126.5 concludes in June 2006 when the
number of competing cities is Items up for discussion included
narrowed down to four. These judicial reform, the suppression
cities will then continue the of human trafficking, corruption
bidding process right up until and the strengthening of the
June 2007 when the winning city future EU external borders. All
is named. are seen as areas of concern and
part of the EU accession process,
Major highway projects will be with EU membership expected in
given priority as the State and 2007.
Sofia Municipality, along with
the Bulgarian business community * * *
work together to ensure the best
possible outcome of their bid. Brits Invest and Holiday in
Winter tourism will also greatly Bulgaria in Record Numbers
benefit as a result of a
successful bid. The British have been heading to
Bulgaria in record numbers. The
* * * country is not only proving more
and more popular as a destination
EU Integration for British holiday makers but
many are also buying investment
This week saw the arrival of properties and holiday homes in
European Commission Vice the country.
President Franco Frattini in
Bulgaria. Frattini met with the James Knight, Managing Director
Prime minister and many other of leading property specialist
government ministers along with Knight International
Justice Minister Petkanov and (http://www.knight-intl.com), has
senior judiciary members. predicted that 1.2 million
British tourists will probably
choose to visit Bulgaria for a construction work at the airports
holiday in 2008. will open the market to more
low-cost carriers resulting in
In 2002 there were 100,000 Brits greater competition, lower prices
travelling to Bulgaria for a and improved flexibility for the
holiday. This number has risen traveller.
heavily each year and was up to
400,000 for last year, 2005. On the property front, the number
of Brits buying second homes in
Knight cites that Brits now know Bulgaria has risen 77% in 2005.
a lot more about Bulgaria and the Alex Wright, director of British
country is now seen as been Consultancy Company HIFX comments
within their "comfort zone" for "Although France and Spain remain
holiday destinations, along with the most popular destinations to
other countries such as Italy, buy abroad, due to their
France and Spain. proximity and the cheap price of
travel; British citizens are
The cost of a holiday is also starting to look further a
vastly less than that of a field,"
similar holiday in France or
Spain due to the lower cost of He adds "Bulgaria also is booming
living. There is also an impetus and the Black Sea resorts are
on the expansion work been reminiscent of Spain 20 years
carried out at airports such as ago; investors are buying in
Burgas and Varna to allow the their droves and there is similar
passage of an increasing number activity in some of the ski
of tourists. Low-cost airlines resorts.
are also doing their bit with
more flights than ever in and out While Spain accounts for 35%
of the country. The completion of Brits homes overseas and France
accounting for 24%, interest in Bulgaria where buyers can get
second homes in these countries more for their money.
is declining and the going to
other countries such as Dubai and
About the Author:
Tim Wright is an international property investor and regular article contributor. He is the author of "Bulgarian Property - The Overseas Buyers' Kit" available at www.BulgarianPropertyBuyer.co.uk
Source: www.isnare.com
