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News - Archive
29Mar. 2008 A new Law for the Trade Register came into force in Bulgaria A new Law for the Trade Register came into force on 1.01.2008. This Law refers to the registration of new business companies in Bulgaria as well as registrations of all existing companies in the new online trade register. According to this new Law, all existing companies must be registered in the new register by 31.12.2010 if not they will be removed from the register of companies in Bulgaria resulting in loss of their assets (properties for example).
The new trade register is hosted by the Registration Agency and is planned as a unified data base of all companies in Bulgaria and their details, which will be publicly accessible and centralized. This is a needed and helpful change in the administration and the results will be seen soon.
However, there is a complication that the Law makes for the registration of companies. The complication is that all existing companies need to submit their tax declarations for previous years to the new online register by 30.06.2008. This means that the companies need to first be registered there, so that their declarations are submitted on time. This actually is a contradiction to the term of 3 years and the Law reduces this term to 6 months for the majority of the companies. It is expected that this law will change soon but if it doesn’t, there will be fines for not submitting declarations by 30.06.2008.
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Mar. 2008 Phare will pour 4M leva into a village for fishermen near the Bulgarian Balchik About four million leva is needed for the development of a fisherman’s village in Balchik, municipality officials said upon emerging from a meeting with local fishermen, representatives of the sea club, municipal councillors and the mayor’s team on discussing the project.
The future development will be financed through the Phare programme and will be realised with the joint efforts of a consultancy company and the municipality.
Participants in the meeting agreed on the village’s location – between the holandski plazh and the purification plant that is currently under construction.
Apart from boat berths, the project envisages the construction of fish-storage chambers and service rooms for the fishermen. The nearby quay, which will secure moorage for larger vessels, will be extended and remodelled into a wharf, municipality representatives said.
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Mar. 2008 Biggest traiding fair for architecture, building and furnishing in Bulgaria opens door The 30th edition of Stroiko 2000 exhibition will open doors on March 26 at the National Palace of Culture (NDK) in Sofia and will run until April 1. Stroiko 2000 is the biggest trading fair for architecture, building and furnishing in Bulgaria.
The exhibition area covers 5 000 square meters at the building of NDK in Sofia. Every year there are around 700 companies, presenting а wide range of products and services - from research and development to the miniature interior design elements, both made in Bulgaria and imported ones.
The fair helps both consumers and building companies to get acknowledge in the variety of new technologies and products.
The event will feature end-use products, such as furniture, home textiles and accessories, as well as products used during construction - building materials, chemicals, insulations, framings, hi-tech facades, electric, heating, ventilation, air-conditioning equipment and etc.
The official opening is on March 26 at 11 a.m. in central lounge of NDK. Entrance is free of charge
24
Mar. 2008 Israeli multi-porpose project again in Bulgaria Roslin Park, the first residential project of Israeli-based Pritzker Group in Bulgaria, will be situated in Sofia’s Lyulin neighbourhood, at the junction of Petar Dertliev Blvd and Pancho Vladigerov Str, consisting of 28 eight-storey apartment buildings with a total built-up area of 65 000 sq m, which will spread on a land plot of 30 000 sq m.
The plot was acquired between 2004 and 2006, the company told The Sofia Echo.
The project will total 550 apartments with sizes varying from 60 to 220 sq m and prices hovering in the 735-880 euro a sq m price range.
Roslin Park will be a semi-gated compound, offering 24-hour security services and video monitoring, a fitness hall, sauna, kindergarten, beauty parlour, supermarket and a number of shops. A large chunk of the space has been allocated for green areas.
The first phase of the project, which comprises eight residential buildings with a total of 150 apartments, is scheduled for completion in May 2009. About 85-90 of these units have already been sold to residents from Lyulin and the nearby neighbourhoods.
Itzhak Pritzker represents the investor in the project, IP Bulgaria 2005 Ltd. The construction company is AT Engineering 2000, architectural design was done by Atanas Panov, and financing has been secured through a loan from United Bulgarian Bank (UBB).
The Pritzker group of companies is an international company that started in the construction of residential apartments in 1961. Over the years, the company has strengthened its position as one of the biggest and most respected developers in Israel, having erected thousands of housing units, some of the expensive and luxurious shopping centres, office buildings and residential compounds in Tel Aviv, Jerusalem and Haifa.
It has expanded its activity, going beyond the boundaries of Israel and, since 1985, has invested in property in locations like New York, Connecticut, Hungary, Croatia and Latvia. It has recently started large-scale investment in Russia and Romania and it landed on the Bulgarian real estate market through the Roslin Park complex.
Currently the company is owned and managed by Itzhak Pritzker, a second generation member of the family.
This is not the first residential investment aimed at middle and lower-middle consumers by an Israeli company in a residential development in Sofia’s western neighbourhoods.
Tivon Properties, a subsidiary of leading Israeli developer Stern, is the investor in City Park Residence, a complex to be located in the southwestern part of Sofia at the corner of Tzar Simeon Str. and Zografski Manastir Str., comprising class A residential, office and retail space, due to open at the end of 2009.
The architectural plan was elaborated by Atelier Serafimov Architects Ltd, with Glavbolgarstroy Jsc as the contractor. UBB will once again finance the project and Orvitex Ltd. is the manager and exclusive agent of City Park Residence.
Investment should come to 25 million euro, including the purchase of the 0.5 ha land plot, and the total built-up area will be 30 000 sq m - 6 000 of which will be allocated to office space and 3 500 sq m to retail units. Residential units will sell at 1100-1200 euro a sq m, office areas will trade at 1500-1600 euro, and retail outlet prices will be negotiable, fluctuating between 2 000 and 3 000 euro a sq m.
And given that Israeli investors are traditionally known for their shrewd and savvy investments, and banks consider them as very reliable borrowers, it might be assumed that such multifunctional developments in this region, commanding reasonable prices, will prove profitable.
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Mar. 2008 The mayor of Sofia discusses new Sofia land, Eurppean Valleyball championship and Winter Olympics The mayor of Sofia Boyko Borissov and the head of the State Agency for Youth and Sports (SAYS) Vessela Lecheva discussed the construction of new amusement and sports complexes in Sofia, Bulgarian newspaper daily Standart reported on March 20.
A new amusement park, similar to the former Sofialand, will open doors near Sofia’s Zapaden Park (West park), the capital’s chief architect Petar Dikov said from Standart.
Sofia city hall will invite a concession for the garden near Zapaden Park in the next months. The place is very suitable for a new amusement park, because there is no car traffic nearby, said Dikov.
However, he admitted that no one has expressed an interest in the project so far, but he was positive that candidates would soon appear.
Ilinden mayor Roumyana Doichinova, though, said that she did not have a clue about the contemplated enterprise on the premises of her municipality.
22
Mar. 2008 Rental Prices in Sofia 4-6% up The rental prices for two- rooms apartment in Sofia rose by an average of four per cent in the first quarter of 2008, while three-room flats in prime locations posted a 6.7 per cent mark-up in the same period, according to a recent report of the local think-tank Industry Watch.
Despite the recorded growth in residential rents, their rise still lags behind the growth in sale prices and the flat’s repayment period (sale price/rent price ratio) has been extended from 188 to 234 months on average, according to the survey.
Industry Watch analysts have observed a certain decline in the interest in residential and holiday real estate. Business space – offices and warehouses, on the other hand, are gaining ground.
21
Mar. 2008 We eclipsed Greece and Turkey in Moscow the Bulgaria Tourism Boss said Bulgaria's stand in the tourism exhibition in Russia's capital Moscow overshadowed the Turkish and the Greek stands, in the words of the Chair of Bulgarian State Agency for Tourism Aneliya Krushkova, quoted by the Bulgarian National Radio.
Thirty Bulgarian tourist firms are represented at the Inturmarket 2008 exhibition in Moscow.
"Bulgaria's stand is very large, beautiful, and sunny", Krushkova said adding that it had one of the best locations at the fair, close to the entrance of the exhibition hall.
The stand was opened on Sunday in the presence of the Russian Deputy PM Sergey Narishkin, the Minister of Tourism, and the Deputy-Minister of Foreign Affairs.
The Bulgarian firms met with representative of Russian tourist operators, who put forth several specific issues, including the issuing of Bulgarian visas for Russian tourists.
The Russian companies also pointed to the lack of enough flights to Bulgaria for those Russians who would like to make their vacation there.
The program of the Bulgarian stand at the exhibition includes also presentations of the spa and wellness tourism in Bulgaria. It provides special cosmetic treatment for those willing to give it a try.
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Mar. 2008 Record high yield of lignite coal in Bulgaria's Maritza Iztok Bulgaria's Maritza Iztok mines near Stara Zagora reported a record high yield of lignite coal for the first three months of 2008.
The mine complex in southeastern Bulgaria produced a total of 5,453 M tons of coal until March 16, which is about 7 percent above the plans, the management of the mine reported.
The state-owned company also reports record high yield for 2007 as 23,928 M tons of coal were produced, exceeding the plan by 2,578 M tons.
In 2008, the mine, which provides the coal for Bulgaria's major thermal power plant complex Maritza Iztok, plans to produce 23,1 M tons of lignite coal
18
Mar. 2008 Bulgaria is still at the top of investor's list Bulgaria, Turkey and France are the three countries set to see the biggest growth in demand among overseas property investors, a new survey has found.
Fly2let.co.uk reports that the NatWest International Personal Banking League of Buying Abroad found that 75 per cent of mortgage brokers expect to see an increase in the number of people looking to buy in Bulgaria in the next three years. Turkey, with 56 per cent, and France , with 46 per cent, were also expected to see a rise in demand.
Portugal, at 41 per cent, and Spain, with 31 per cent, completed the top five locations expected to be popular with investors.
"With the expansion of the EU, better transport links and an increase in low cost airlines offering cheap available flights to countries all over the world, the choice when buying abroad has increased significantly," Mike Freer, head of business development at NatWest, said.
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Mar. 2008 Plovdiv property prices to add 15 per cent in 2008 The city of Plovdiv now occupies second place in terms of the number of property deals, according to a chart compiled by the Varna-based Foros real estate agency. The number of transactions in Bulgaria's second largest city reached 20 000, versus 18 000 in Varna, where the market is considered much more dynamic and the number of deals is usually above the country's average.
The combined area of transacted properties in Plovdiv topped 100 000 sq m. That figure is expected to double in 2008, Dnevnik daily reported on March 14.
Plovdiv also outpaced all other big cities in terms of downtown property prices with a 61 per cent increase last year, according to Foros' report. Rent rates in the city rose 18 per cent on average versus five per cent for Sofia and Varna.
Foros forecasts a 15 per cent hike for Plovdiv property prices in 2008. Plovdiv office property prices added 32.2 per cent in 2007, which compares with 28 per cent for Sofia. Around 55 000 sq m of retail space was placed on the Plovdiv market last year with another 300 000 sq m scheduled for delivery this year.
Another town that would see strong growth would be Rousse, Dobromir Ganev, Foros general manager was quoted as saying by the daily. The trend of Romanians buying out industrial and holiday properties in the Rousse and Black Sea region would continue in 2008, he said. Foros signed a number of transactions with agricultural land and industrial plots with Romanian residents.
In a report on Rousse's property market, Foros said prices in the Danubian city have been increasing 30 per cent on average year-on-year. Rousse pre-fab apartments registered a 39.5 per cent price hike in 2007, while old-brick apartments prices added 29 per cent in value. The banks' activity in terms of mortgages and home loans, the tourists flows, the population's increasing income and the Romanians' activity on the property market are among the factors that drove the Rousse's market development, Ganev said, as quoted by Dnevnik.