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Of many popular locations in Bulgaria, Varna seems to be leading the way when it comes to growth of new construction within the country. According to data released by the National Statistics Institute, the construction of new apartment blocks in Bulgaria has increased in the second quarter of 2009, by 24.1%
Varna has seen 157 new buildings created, yielding 1204 units. Bourgas & Sofia are also high on the list. Between them 169 new apartment blocks have been built, creating over 2,200 units.
The good news however, does not include places such as Razgrad, Montana , & Haskovo, where new construction has been on hold for the same period.
Interestingly, the report by the institute also indicates that within the new builds average living space has been reduced from an average of just over 75 sq meters to approximately 69.9 sq metres.

Source: Propertyworld.com

The Sofia echo reports that investors considering purchasing property in Bulgaria are advised that prices climbed by 0.1 per cent last year, despite the global economic downturn.
Figures from the National Statistical Institute indicate that almost two-thirds of the total housing stock (63.5 per cent) is in towns and cities and there were 2.13 million residential buildings in 2008, containing 3.76 million units.
Covering 240.706 million square metres, Bulgaria 's total housing inventory primarily comprises two and three-room units (65.3 per cent), with cities Pernik and Sofia having the highest proportion of homes per 1,000 people.
Quest, an industry publication, suggests that Bulgaria offers expatriates a better quality of life, with lower levels of stress, a cheaper cost of living, local natural foods, fewer cars on the roads and a slower pace.

Source: Propertyworld.com

There is some professional optimism regarding the possibility of an upturn in the property market in Bulgaria, it has been suggested.
According to a blog on the Ireypg website, there is "good news" for investors looking to purchase a house in the eastern European country as the sector is expected to experience a boost next year.
It noted: "Most of the top-end estate agents and market analysts are predicting that a residential market recovery is expected in the first half of 2010."
According to the portal, these positive estimates come as prices dip 20 per cent lower than second-quarter figures for 2008 and the number of houses sold decreases in the first half of this year.
Those looking to put their property on the market in Bulgaria have been forced to lower the value of their domicile because of increased competition.
Research carried out by Raiffeisen Imoti recently found that investors in the country's housing sector are currently waiting to see if prices fall further before adding to their portfolio.

Source: Propertyshowrooms.com

At the moment there are no real signs of enlivening of the real estate market in Bulgaria but a certain movement is expected to start in the coming months. Investors, who have obligations to the banks, are pulling prices down drastically. Only Russian citizens show interest in purchasing luxury flats along the Black Sea coast.
These are some of the conclusions drawn by real estate broker experts, members of FIABCI – the International Real Estate Federation made up of professionals from 60 countries.
On a world scale the first signs of enlivening of the real estate market are now perceivable, the experts claim and point to the increased number of deals contracted in the USA. This fact is mainly due to the decision of the US government to grant tax credits of 8000USD to each new family buying its first dwelling. Last autumn and winter the market in Bulgaria froze. Despite the slight stir previous high prices would not be achievable for at least another 10 years, is the comment of Valeri Vassilev, owner of a real estate agency in Bulgaria.
“In February and March we noticed a certain enlivening in the sector, Vassilev further explains. Buyers came out at the market and started purchasing. The predominant part of international investors are companies seeking to buy flats “by the dozen” from unfinished constructions in obvious difficulty due the current crisis. Most of the offers of the buyers are for prices by 20-30% lower than what was on the market prior to the crisis. This is one of the reasons for the number of deals not to be increasing. Many entrepreneurs who have invested in building projects hope for an opening up of the market and are reluctant about a drastic lowering of the prices. If there are deals at all, they come from sellers who are not financially well secured and are indebted to the banks, which press them to sell at prices close to the real value of the property.”
According to Valentin Saikov, real estate expert and investor, those who remain on the housing real estate market in Sofia are buyers seeking dwellings of around 500-600 Euros per square meter. Luxury property costs up to 1200 Euros per square meter.
“On the one hand we have an increased offer of property but at the same time there are few sites that meet buyers’ modern requirements, Saikov explains. Construction companies sell as many newly built dwellings, as they need in order to receive their turnover money and continue construction works on the buildings they have already started. Citizens who have difficulties in servicing their mortgage credits are also selling.”
According to Vesselina Ivanova, another real estate agency owner who is working predominantly with Russian investors, there is no crisis on the property market. What we observe is a re-grouping, the largest buyers being from Moscow and Kiev with a basic interest in the northern part of the Black Sea coast. Russian clients are looking mainly for luxury flats at the cost of at least 250 thousand Euros, on the shore. They have substantially lost interest in mountain property.
“Russia continues to be the major buyer of real estate in Bulgaria, Vesselina Ivanova continues. There is a considerable enlivening and we expect quite good deals these days. Luxury and quality property keep up a high price while lower standard property actually reach their real value. The prices of low quality flats is drastically falling, which had to happen sooner or later; and this was the right time.”

Source: http://www.bnr.bg

There has been a rise in the amount of available property in Bulgaria on the market, according to the latest figures.
Statistics released by IrePQ.com show that there was a reduction in the amount of property in Bulgaria being sold in the first half of 2009, which means there are now greater opportunities for those looking to snap up a place in the sun.
"It is well known that for the past five or six years the property in Bulgaria has been marketed everywhere in the world, so there is no surprise that real estate investors from all over the world rushed in to buy a slice," the company stated.
Now, with a reduction in the volume of homes being vended, the firm claimed that bargain hunters looking for a property in Bulgaria may begin to search the market for luxury homes representing great value.
Recently, Alistair Rowland, director of distribution at the Co-operative Travel, said there has been a growth in people travelling to stay in accommodation in mid-haul destinations, such as property in Bulgaria.
Source: Propertyworld.com

The economic downturn is not preventing people from indulging in their favourite activity and travelling to stay in property in Bulgaria, according to a new survey.
New research from the Association of Independent Tour Operators shows people are continuing to travel to property in Bulgaria in the same volumes that they did last year.
In addition, some people may be intending to travel even more, with 77 per cent of individuals claiming that they will visit property in Bulgaria at least as often as they did in 2008.
Bob Atkinson, travel expert at Travelsupermarket.com, said people may be more "savvy" with their money and make sufficient allowances before embarking on their journey to allow them to spend the same amount when they arrive.
"Despite the economic downturn there would be still a large proportion of the UK population intending on taking the same number of trips that they did last year," he commented.

Source: Propertyworld.com

The Blackpool International airport has reinstated its weekly flights to Burgas four years after they cancelled their air link to Bulgaria.
The Blackpool Gazette reported Tuesday that the new Burgas flights are the first of a number of promised services being offered by the airport, which has seen a rise in passenger numbers despite the recession.
Sue Kendrick, the airport's customer relations and communications manager, said: "The route has been sorely missed for the last few years and passengers who emailed the airport requesting its return should be delighted," cited by blackpoolgazette.co.uk
"Bulgaria is attracting a lot of interest from holidaymakers not only because of its fantastic sandy beaches and great weather but also because it's a euro-free zone," she added
"A holiday in Bulgaria can be great value for money with a three course meal costing under Ј10 per person and a large beer only Ј1.30," Kendrik concluded.
Balkan Holidays will start flying to Burgas from the South Shore terminal from August 9, 2010.
Just four years ago, Westby based travel firm Book2Go decided to pull the plug on the service after Balkan Holidays announced it was set to launch a route between Blackpool and Bulgaria.


Source: novinite.com

Bulgaria has the potential and will become a world class golf destination in seven to ten years.
However, in order for this to be achieved both the business and the government must collaborate, experts who wished to remain anonymous told Novinite.com.
According to them, some Bulgarian golf courses comply with all European standards, and can host professional tournaments. This cannot happen, though, until golf's popularity grows in the country, and a professional Bulgarian golf players does not start playing.
"We have the place, we have everything, we just don't have the people. There are already too many golf courses for the people in the country", representatives of the business said.
Bulgaria does not yet have a golfing tradition or any famous player but is following in the footsteps of countries like Portugal, Dubai, and Thailand which have developed into successful golf holiday destinations in the past two decades.
In other countries, and other golf courses, you generate 50 000 rounds of golf a year; in Bulgaria - 5-8 000 rounds a year. And that's including all foreigners, and all members. Under these conditions there is no way you can generate income from the game of golf, business representatives told Novinite.com.
Nevertheless, Bulgaria is steadily moving forward, and it is fully potential to become a respected world class golf destination, they said.

Source: novinite.com

Despite the expected decline of the number of foreign tourists in Bulgarian resorts during summer 2009, Bulgaria is likely to end up with a profitable tourist season. According to Blagoy Ragin, Chair of the Bulgarian Hotel and Restaurant Association, if the decline in the number of foreign tourists is contained within 5%-7%, the summer season could be considered successful. The Bulgarian resorts would fare better in August than they did in July in terms of the number of tourists they attract, Ragin said, as quoted by dir.bg. He stressed that the number of Bulgarian tourists who visit Bulgarian resorts had increased which meant that they had decided to support the Bulgarian economy in a time of economic crisis. Ragin expects a boom in the hunting tourism, and an intensive development of cultural, spa, wine-tasting, and golf tourism in Bulgaria in the years to come. In his words, despite all flaws of the Bulgarian tourism sector, it was going to bring at least BGN 3 B in the Bulgarian economy in 2009.

Source: novinite.com

A large number of Romanians have decided to purchase real estate properties in Bulgaria or Hungary.
This has been announced by Adrian Sischin, regional director of the RE/MAX Romania real estate agency, as quoted by the Romanian newspaper Evenimentul Zilei.
According to Sischin, a number of well-off Romanians are going to take advantage of the declining real estate prices as a result of the global financial crisis.
Bulgaria attracts Romanian buyers primarily with vacation properties on the northern Bulgarian Black Sea coast, i.e. the region of the city of Varna. Where sea view apartments are reported to be on sale for about EUR 700-900 per square meter.
Another example of real estate property potentially attractive for Romanians is an apartment of 60 square meters in a residential complex with a pool for a total of EUR 51 000.

Source: novinite.com