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Bulgarian Property & Real Estate News

Bulgarian properties in ski resorts expected to attract more Russians

Bulgarian real estate agents are involved this week in one of the largest international property exhibitions in Moscow.  They are presenting the latest Bulgarian properties to Russian investors interested in investing in Bulgaria.

With the ski season quickly approaching there is a focus on ski properties in Bulgaria. Agents are hoping to repeat the success they have had in attracting Russians to invest in the Bulgarian Black Sea coastal regions.

Attractive property prices are hoped to increase the number of Russian investors in the country’s ski resorts. Read more…

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Bulgaria apartment prices down in Q1

Bulgarian apartments for sale in the capital city Sofia have decreased 8% in Q1 this year.

The prices of Bulgaria apartments averaged 860 euro/sq.m in Sofia in Q1 2011 down from 920 euro/sq.m in Q4 2010. This is based on apartments listed with the Bulgarian Properties estate agent.

Sales of apartments in Bulgaria have increased 100% compared to 2010 with the main focus of sale being for apartments in Sofia.

Bulgarian real estate agents expect that apartment prices will continue to increase in the Sofia region due to population growth and movement from smaller regional towns. It is expected that many of these new arrivals in Sofia will focus on buying bulgarian apartments in the capital as this is where the best opportunities for jobs are based.

Bulgarian apartment prices are stablising in 2011 having decreased for 2 years following the bursting of the credit bubble in 2008.

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Bulgarian properties still popular with British real estate investors

Bulgarian property has ranked as thirteenth in a recent survey of global property markets, which are popular with British property investors.

The Bulgarian property market has reached almost 2% of inquiries for foreign properties on the Rightmove Overseas website in January, with inquiries increasing over 40% from December.

The highest surge in the searches for Bulgarian properties on the site  have been from Australia, New Zealand and Canada with inquiries up over 110% overall.

Spain continues to be the most popular destination for British real estate investors looking for foreign holiday homes.

Almost 60 billion GBP has been invested in foreign real estate by UK based investors over the last decade.

Low tax rates boost investment in Bulgaria

The latest research from KPMG tax consultants shows that Bulgaria is one of the top ten countries globally with the lowest tax rates. It is bettered only by tax havens like Hong Kong, the Bahamas, and Caymen Islands.

The effective tax rates are calculated using total income tax and social insurance costs over gross income before any deductions. The results factor in both the personal income tax rate and social security rates for workers earning 100,000 USD. The survey was conducted across 81 countries.

Overall the survey shows that the main area of tax rate changes in 2010 were in Europe. European citizens still pay the highest personal income taxes rates globally. Read more…

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Bulgaria apartments popular with Russian buyers

Residential apartment prices in Bulgaria have settled around the same price level as last year, but the number of Bulgaria apartment sales has actually started to increase.

Reporting from the Bulgarian National Radio shows that the market for Bulgaria apartments is mainly from buyers interested in apartments priced between EUR 45 000 and EUR 70 000.

Russian buyers are the main investors active in the Bulgarian apartment sector at the moment. The are attracted by the reduced prices and the fact that Bulgarians speak a similar language. Read more…

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Increased financing helps the Bulgarian property market

The small increase in Bulgaria’s real estate market has been accompanied by an improvement in mortgage financing according to several banks active in the Bulgarian property loan sector.

This trend has been encouraged by the stabilizing of Bulgarian property prices, which have already reached a floor. Buyers are now ready to buy and see good value in the market.

Property prices reduced just 1.5% between July and September in quarterly terms and are starting to level out. The lower rates of interest on financing and mortgages is also helping to support the market.  Statistics from UniCredit Bulbank show that the Bulgarian property market is recovering the increased numbers of sales are being completed. They show that the recovery is beginning first in the luxury sector which has a smaller supply of property.

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Bulgarian properties start to stabilise

The price of properties in Bulgaria are stabilizing, according to the latest results data from Bulgarian real estate agency Bulgarian Properties.  Hypocredit Group are also seeing the same outcome from their recent surveys of the Bulgarian property market.

One of the reasons for the leveling off in prices is the reduced amount of new construction being released on the market. Data from the National Statistics Institute shows that construction permits for Bulgarian properties have decreased by 30% in the last 12 months. The increased availability of mortgages and credit is also helping to put a floor under the property market.

Read more…

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German investing in Bulgaria planned to increase

Angela Merkel was in Sofia yesterday to meet with he German Bulgarian Chamber of Industry and Commerce. During the meeting they discussed the chambers plans for increasing by 100% the German investments in Bulgaria and the also doubling the bilateral trade by the year 2015.

Merkel was the main speaker at the event, which was attended by over 350 delegates,made up of German businessmen and representatives from several Bulgarian ministries including the Bulgarian prime minister Borrisov.

The 2015 Action Plan lists several approaches to increase the number of Germans investing in Bulgaria and also Bulgarian trade with Germany. Germany is currently Bulgaria’s largest trading partner. Read more…

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New auto manufacturer for Bulgarian market

The Great Wall Motor Co as announced that it will join with Litex Motors from Bulgaria and will start producing vehicles in a factory in Lovech, Bulgaria.

Great Wall Motors is China’s biggest auto maker and has signed a partnership agreement with Litex Commerce from Bulgaria. The signing on 15th October was watched by the Bulgarian PM Boiko Borrisov. the prime minister stated that this would be a major Bulgarian investment and a significant benefit to the Bulgarian economy.

The overall annual production from the factory is estimated at 50,000 units and 4 different models are planned including – an SUV, a pickup and two standard car versions. Read more…

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