News For Bulgarian Estates and Property Market

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Jun. 2008 Bulgaria in foreign press: friendly and cheap Bulgaria was becoming increasingly popular destination “for curious Brits”, the Sunday Sun newspaper, which covers the north-east of England, reported.

“Affordable, welcoming and varied in the scale of activities on offer for beach bums, skiers and all types in between, it [Bulgaria] is attracting holiday-makers and investors by the plane-load,” the newspaper said.

Bulgaria had a ‘blooming’ real estate market for holiday property and was a ‘burgeoning golf scene’. While describing her experience at Golden Sands coastal resorts, author Vicky Anderson notes that the prices were “so ludicrously cheap” that she “actually felt guilty”.

“Wherever you go along the coast, fresh fish is available in abundance, in more shapes, sizes and species than a cod- reared Brit could dream of,” the article read.

Some of the biggest names in metal loved to play in the town of Kavarna, the Sunday Sun said, as the town mayor was a “devoted metal-head”.

Bulgaria’s second biggest city, Varna, was an “intriguing (…) mix of ancient and modern. Often our party’s eyes would be drawn to stalls full of historic tat alongside the usual postcards and keyring malarkey, only to find an array of authentic Nazi memorabilia for sale. Pretty odd in itself (...) but especially so when one of the stalls is selling the stuff outside a cathedral! We wondered why anyone would want to try and smuggle an SS death’s head ring through customs and politely moved on, but these curious stalls were to be found everywhere,” the article read.

The five things to do at the Bulgarian coastline were to visit the Sea Garden at Varna; the medieval Aladzha rock monastery, a few kilometres south of Golden Sands; the summer palace and beautiful Botanic Garden of Balchik; to go to neighbouring Kranevo and to the Evksinograd government residence at SS Konstantin and Elena resort.

Useful advise on visiting Bulgaria could also be found at the weekend in the Canadian newspaper The Expositor. “Letting a room in your house to tourists is a common way to make a few bucks so, if you don't have a hotel booking, take a look at the pictures they'll show you. Make sure the place isn't too far out of the way and that you're not sharing the room with a stranger. You'll almost certainly share a bathroom. Don't be afraid to dicker over the price. And be aware that the person may speak better English than he or she is letting on. If you're in the slightest doubt about the situation, walk away,” the newspaper said.

The newspaper agreed on the prices “Bulgaria is easy to get to (though it's less easy to get around once you're here), beautiful, sophisticated and -- for the moment, anyway -- cheap.”

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Jun. 2008 A Thracian tomb unearthed in the Black Sea municipality of Tsarevo Bourgas, on the Black Sea, June 20 (BTA) - A Thracian tomb with
a half-moon dome was unearthed near the village of Brodilovo in
the Black Sea municipality of Tsarevo. Excavations leader
Daniela Agre said that such a Thracian tomb has never been found
before in the southeastern part of the country.

Archaeologists believe that the tomb dates back to the 4th
century B.C and belonged to a ruler of Southeast Thrace,
probably the master of ore mining in the area.

The tomb is made of white soft limestone. It is severely damaged
by treasure-hunters. Having said that, Agre urged for changes
in the legislation to introduce tougher punishment for
treasure-hunters.

In what has remained of the tomb, the archaeologists have found
amphorae, grey Thracian ceramics and an empty grave.

The excavations at the site continue. They are funded by the
Tsarevo municipality.

Agre hopes that they will find more artefacts to contribute them
to the collection of the museum which is being built in
Tsarevo. BTA

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Jun. 2008 Romanian Publication Scares Balkan Travelers with Nightmare Vacations Balkan horror stories must convince Romanian citizens to spend summer vacations at Romania's resorts instead of living trough the nightmares of traveling to Bulgaria, Turkey or Greece, according to one of the leading Romanian daily newspapers Evenimentul Zilei.

The publication cites Romanian tour operators telling dreadful stories about deplorable conditions and robbers in Bulgaria, the avian flu in Turkey and wildfires in Greece.

The publication and tour operators eagerly remind Romanians about the 2007 incident when eight Romanian tourists, traveling in Bulgaria were attacked by criminals impersonating police officers.

In addition, the article points out the wildfires that devastated part of Greece last year and the death of several people from avian flu in Turkey, using the examples to entice Romanians to spend their vacations home and to curb their desire for travels to the neighboring countries.

Since the joining of the European Union, Bulgaria has been a top travel destination fro many Romanians who enjoy spending their holidays mainly at the Bulgarian Black Sea coast.

10
Jun. 2008 300M euro gated community to rise near Varna Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said.

The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.

The compound will have a total built-up area of close to 400 000 sq m on a land plot of 50 ha. It will consist of single-family and two-family homes, as well as condominiums. The total number of homes will amount to five thousand. For the convenience of the Electra Hills residents, the company also plans to build a shopping centre, kindergartens, a school, restaurants, an amusement park and even a church.

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Jun. 2008 Yachts sales in Bulgaria to increase by 30 per cent Yacht sales in Bulgaria would increase by 30 per cent in 2008 on an annual basis, Miroslav Ivanov, one of the organisers of the Bulgaria Boat Show, said. Revenues from yacht sales in the country in 2007 alone exceeded 30 million euro, Ivanov said, as quoted by investor.bg.

More than 50 new yacht models would be presented at the Bulgaria Boat Show on an area of 2000 sq m at the Varna Seaport. Elite vehicles, watches and properties would also be shown.

According to Ivanov, at least two more border checkpoints were needed at Bulgaria’s Black Sea coast because of the increasing number of tourist coming to Bulgaria by sea. The investments, allocated for the construction of 10 mixed ports along the Black Sea coast would bring an instant return and would create new jobs in the small coastal towns, Ivanov said.

Global statistics showed that a tourist with a yacht paid 30 times more money during their vacations, compared to all other types of tourists, he said.

At the end of May 2008, Varna municipal council chairperson Borislav Goutsanov said that the modernisation of Varna Seaport yacht club would cost more than one million leva. Some 200 000 leva were allocated for the reconstruction of the jetty, he said.

Varna port director Danail Papazov said that the new port would have a modern facility, providing electricity supply, water and internet to the yachts berthed at the port. A new restaurant, café and piano bar would also be built.

The Varna port had already been enlarged and could already host 120 yachts, investor.bg said. In 2009, the port would host the European yacht championship and in 2010, Tall Ships Race 2010.

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Jun. 2008 Albena resort operator to build new gated community Albena, the operator of the eponymous resort, turned the first sod to Rila Estate, a gated residential community in the Byalata Lagouna (White Lagoon) resort, the company’s spokesperson Yovka Strashilova told Dnevnik daily.

Byalata Lagouna, a resort adjoining Balchik, on the northern Black Sea, is known for its mineral thermal springs and curative mud.

The complex, to be located on the front beach line, would occupy 21 000 sq m. The first phase alone is estimated to cost 15 million leva. Part of the dwellings have already been marketed to Russian and Romanian investors.

Albena is currently conducting fortification works at the site.

The start of the project represents a reversal of Albena’s 2007 plans. The resort operator intended to sell Byalata Lagouna last summer, however, it failed to reach an agreement on the price with prospective buyers.

Byalata Lagouna ended with a 0.594 million leva loss last year. The financial result was due to the higher buildings tax and write-offs related to the re-valuation of assets after the resort went public.

In 2007, Albena reported net profit of 17.7 million leva, a 13.7 per cent year-on-year increase. Revenues, however, were down 3.7 per cent over a 12 per cent decrease in overnight stays. The number of German and British tourists reported the largest declines.