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Bulgaria's largest and most modern trade and entertainment center Mall of Sofia will welcome its first guests on June 9.

The celebration for the opening will kick off at 4 pm on Friday, June 9, to continue through the entire week and to offer plenty of surprises, games and pleasant emotions to the guests of Mall of Sofia.

Mall of Sofia takes pride in its 130 tenants in the trade and entertainment part, which takes up 24 thousand sq. m. out of the complex's total area of 75 thousand sq. m.

Amongst the eight anchor tenants, totaling between 800 and 400 sq. m. in size, are Piccadilly Supermarket, Mango, Sisley-Beneton, who will occupy a joint store for the first time in Bulgaria, Intersport, Technomarket Evropa, restaurant Happy, Cinema City with 12 screens, as well as the first 3D cinema on the Balkans - Mtel -IMAX.

Due to the high international standards and the favorable conditions, which it offers, Mall of Sofia will provide the gateway to the Bulgarian market for many world famous brands such as Intersport, Coffee Heaven, Ecco, Fox, Calliope, Soho, Esprit, Caf? Neto.

"Mall of Sofia is a city in the city, a spectacular project, totally unique for Bulgaria. Everything it offers is build thanks to the latest technologies and know-how. The management of the complex takes place from one single computer room, where every activity throughout the whole building is closely monitored and controlled. We are proud of our product and believe that it will make the citizens of Sofia proud too", said Eli Egosi, CEO, Mall of Sofia.

Besides the 8 anchor stores there will be plenty of shops to choose from - men and ladies fashion, children's' stores, sports shops, bookstore, florist, chemist and plenty others. Visitors will be given the chance to use the different service providers on location, because Mall of Sofia will contain banks, mobile providers business centers, dry cleaners, travel agency, foto studio, video store and a kiddies' corner, where the youngsters can play safely while their parents shop.

Mall of Sofia will house 15 coffee shops in total, many restaurants and fast-food chains, where guests can find different cuisines for every taste and budget.

Bulgaria is Europe's cheapest tourism destination, according to a Thomas Cook Cost of Holiday Living Index (TCCHLI), a survey into the cost of living in the world's leading holiday resorts.

Europe's cheapest destinations according to the TCCHLI survey for 2006 were Bulgaria, (overall cost: GBP 34.73), Spain (overall cost: GBP 44.72) and Majorca (overall cost: GBP 45.98).

In its summer 2006 survey Thomas Cook surveyed prices on 16 typical holiday items across 25 popular worldwide destinations. Indian state Goa has, once again, polled the world's best bargain holiday spot, a feat repeated for the third year in a row.

The survey revealed that long-haul destinations such as Goa, offer greater savings in holiday spending compared with Europe, with Goa, Brazil and Tunisia all cheaper overall than even Bulgaria, Europe's cheapest destination.

Hardly a week goes by without news emerging from Bulgaria about another planned investment project as the country looks to enhance its reputation in advance of EU accession.
In addition to large-scale property investment, officials are also working hard to stamp out corruption and to combat some of the other legal concerns that have been Bulgaria's perennial weakness in years gone by.
It was reported in the Sofia Echo today that health minister Radoslav Gaidarski is now in the process of producing an anti-corruption strategy for healthcare institutions. This forms part of the country's overall desire to rid itself of the problems that have plagued it in the past, with prime minister Sergei Stanishev fixed on the idea of modernisation at every level.
The new strategy for the healthcare institutions is in direct response to the European Commission's monitoring report on May 16th, it is reported.
Bulgaria was criticised for levels of corruption in both healthcare and education, but the rapidity of the response in beginning this anti-corruption strategy is testament to the resolution to meet any conditions specified by the EU.
The issue of EU accession is important for Bulgaria for a whole host of reasons, but it is also particularly significant for property investors who expect the occasion to coincide with notable house price growth in the country.
A suitable parallel can be drawn with Spain and it is a comparison that is particularly apt because of Bulgaria's blossoming reputation as a tourist haven.
The US Department of State recalls that Spain's accession to the European Community in January 1986 required it to open up its economy. It also had to modernise its industrial base and improve its general infrastructure. Another key issue was that it had to revise economic legislation to conform to EU guidelines.
As a result of all of these amendments Spain was able to increase gross domestic product (GDP) growth, reduce public debt to GDP ratio, significantly reduce unemployment from 23 per cent to 15 per cent and reduce inflation to less than three per cent.
The vast majority of these factors are also applicable to Bulgaria 20 years later and so it is no surprise that experts have been drawing comparisons between the two countries. Property prices in Spain soared after it joined the EU and it is a fortune that many foresee for Bulgaria too.
Questions certainly remain regarding improvements to infrastructure but there is no doubt that the authorities are answering them in the right way. The Associated Press reports that the government has now invited five bidders to place binding offers for the construction of a ?160 million bridge across the Danube River, which will link the Bulgarian port of Vidin to the Romanian city of Calafat by both road and rail.
Another example of the progress that is being made, this provides reassurance to investors that the commitment to modernisation and expansion is strong. Bulgaria already has a thriving ski industry thanks to Bansko while the Black Sea resorts mean it is particularly popular in the summer.
As Bulgaria continues to prepare thoroughly for EU accession, optimism is high that it is developing into one of Europe's most dynamic locations for property investment.

Banks in Bulgaria will be fined should they decline to accept ahead of schedule credit payment, the new credit bill voted at first reading in Parliament reads.

The payment of the credit or part of it ahead of schedule will decrease the interest and the costs for the credit service in the period when the client would not use it. So far the banks implemented a penal interest for a payment ahead of schedule.

Still, if certain employees refuse to take into account the new orders they face fines of BGN 1000 to BGN 3000. For legal persons the fine is BGN 2000 to BGN 6000.

When the client delays the payment of the credit the penalty he would face must not exceed the interest regulated in the law, the new draft also says. After the new law is adopted the banks would not be able to refuse to their clients total credit payment.

They will have to inform the clients for all credit contract clauses ahead of its signing and will no longer be able to ask for taxes, which have not been included in the contract.

The new law will not be used for credits lower that BGN 400 and bigger than BGN 40,000. It will not be applied for mortgage credits and credits with one year payment term.

Albena, the Bulgarian travel company that operates the eponymous sea resort, said it will complete by late August the construction of administrative and passenger terminal buildings on the site of the Lesnovo airport near Sofia.

Albena has already extended the runway and built a refuelling dock and a 2,000 sq m hangar.

The 800 sq m airport building will include arrival/departure lounges, offices and a restaurant.

The Lesnovo airport, which will service only aircraft of up to 5.7 tons and will offer air pilot training, already has a fleet of 15 two- and four-seaters and is expected to add another 10 over the next 2-3 years, said Albena executive director Krasimir Stanev.

Albena already operates a small airport near Promorsko, on the Black Sea. That facility is planned to host a meeting of members of the Aircraft Owners and Pilots Association, an event that should boost Bulgaria's profile as a flight destination among the owners of small jets.

Earlier this month, Albena said it was negotiating with the defence ministry for joint access to a disused military air base in Balchik, on the Black Sea.

Stanev said the combined investment tally for the 3 airports is around 8 mln levs.

Bulgaria's capital Sofia and the winter resorts were among the most preferred destinations for the foreign tourists in the wintertime, it appeared Tuesday.

For the first three months of the year Sofia attracted the attention of the greatest part of the foreigners that came to Bulgaria, data of the National Statistical Institute (NSI) showed. Some 73,219 foreigners were accommodated as Sofia hotels that registered revenues of over BGN 16 M for the local tourism.

Sofia municipality is occupying the second place in the number of foreigners accommodated in its hotels. NSI explains these figures with the fact that two of the countries best winter resorts - Bansko and Borovets - are in that area. In January-March some 35,601 foreigners were accommodated in the municipality and it recorded revenues of almost BGN 4.2 M.

The other two major resorts Pamporovo and Chepelare are part of the Smolyan region and it came third in the number of foreigners accommodated wintertime. The number of the foreigners that visited the region is 18,915 and the revenues registered are BGN 6 M.

The southern region of Blagoevgrad, which turned into a university centre, is occupying the fourth place in the ranking. In the first months of 2006 some 21,783 foreigners were accommodated in Blagoevgrad area.

The statistical figures also showed that in the first three months of 2006 some 602,948 tourists were accommodated in the Bulgarian hotels, including 192,906 foreigners.

Bulgaria boasts 1216 hotels with 79,725 beds. Black Sea capital Varna leads the ranking in hotel bedspace with 11,625 beds located in 106 hotels. In Smolyan municipality, however, there are 169 hotels with 7,854 beds.

Investor interest in the acquisition of former military airports is high.

Before the official procedure began, the Defence Ministry already received various business plans, aimed at the development of tourism and business activities, Dnevnik newspaper said.

According to initial plans 22 airports will be offered for sale.

A recently created work group would determine the fate of these airports. It includes members of the Defence and Transport Ministries. The group will draft a strategy, defining the purpose for which each airport would be used.

Foreign companies, applying through their Bulgarian representative offices, already expressed interest in the acquisition of several airports.

A group of investors worked on a business plan for the Gotse Delchev airport. It is attractive because of the proximity to the Greek border, Dnevnik reported. The airport could be used for charter flights and tourism travel.

Another private company expressed interest in the Kiustendil airport, which could be used as an aviation school.

Investing in an overseas property certainly has its pitfalls and spending money unwisely can be extremely damaging. Buyers are often lured into purchasing a property simply on the basis of a love for the area or for the house itself, but this is rarely a solid foundation for a successful investment.

With buy-to-let investment in particular, long-term planning is absolutely central, as emphasised this week by experts from the Property Investor and Homebuyer Show North.

In all cases, it is crucial to have a firm grasp of exactly what it is that you hope to achieve from the investment. Some property investors will only be looking for a place that they can retire to and so issues relating to rental demand and capital appreciation will be of minimal importance.

For the vast majority, however, making money from the property will be the fundamental pre-requisite and so from this point it is essential to figure out whether short-term or long-term capital growth is the priority.

Property buyers are also being encouraged to adopt a slightly detached approach to the property investment project, by visiting at various times in the year and avoiding the temptation of simply following the sun.

Researching the strength of rental demand is generally of utmost importance and so buyers need to keep this in mind at all times. Investing near a golf course is often a particularly astute decision in this respect, with demand for these properties high throughout the year.

The experts from the Homebuyer Show have also drawn attention to the often underappreciated issue of airline routes. Simple though it may sound, investing in area that is extremely difficult to access it not only an inconvenience to the investor, but it also limits the appeal to possible holidaymakers.

It is no coincidence that the growth in low-cost airlines in recent years has sparked a series of property booms in Europe, as investors typically expect much of the demand for their property to come from tourists.

As an extension of this, it is clearly wise to invest near tourist attractions, as these areas will typically see the highest level of demand.

Financial issues also need to be taken into consideration, as different countries have different rules on taxation and inheritance. One of the issues noted by the experts at the Homebuyer Show is that in France, children automatically inherit the house and it does not pass to a spouse.

Nick Clark, managing director of the Property Investor and Homebuyer Show North, said: "Purchasing a home abroad can be both an excellent investment or provide a great holiday home, however purchasing a property overseas can be overwhelming to a novice investor."

With this in mind, it is clearly advisable to seek advice before committing to a purchase, to ensure that the property investment is as successful as possible.

With property investment television programmes dominating the listings, it is inevitable that real estate is beginning to attract more and more potential investors.

Most of these programmes are also becoming increasingly adventurous in terms of the places they cover, which is having a direct result on the investment patterns of UK residents.

In a report for Antara News, for instance, journalist David Burrows says that many investors are beginning to turn away from France and Spain in search of better value. He suggests that Bulgaria is a prime example, in that prices in the country are still exceptionally low but experts are predicting something of a boom before long.

"The EU may be balking at Bulgaria's failure to rein in organised crime but second-home hunters seem to have no worries," pointed out Mr Burrows.

The Sofia Echo has today reported that the coastal resort of Sozopol is seeing the highest demand for real estate at the moment. Referring to a report in 24 Chassa, the publication points out that the seaside resorts of Tsarevo and Ahtopol are also experiencing high demand, with slightly cheaper prices in both of these areas.

Bulgaria does have an advantage over many of its near neighbours in that it offers a hugely diverse selection of opportunities for property investors. There is great potential around the Black Sea regions but there has also been staggering growth in Bansko, with investors taking advantage of the rising number of holidaymakers heading over for cheap ski breaks each year.

While it may seem a small point, Bulgarian property is also benefiting from the fact that many investors are simply looking for a change and there is a certain kudos associated with buying a property somewhere slightly out of the ordinary.

When added to the fact that experts are predicting that prices will soar in Bulgaria in the next few years, it is inevitable that the country's popularity is continuing to climb.

There is clear evidence of this already, as noted in the report by Mr Burrows. Rupert Lee-Browne, from currency exchange specialists Caxton FX, said that 50 per cent more of his clients were moving money to the country when compared to last year.

He went on to say that a huge amount of money was being invested in upgrading infrastructure while there was a 40 per cent increase in hotel occupancy rates during the ski season.

The ski season is in fact becoming central to many investment projects, not least because properties in these areas are still cheaper than in the ski resorts. Borovets, Pamporovo and Bansko are all popular with buy-to-let investors as they all offer rentals in the summer as well as the winter.

While occupancy levels are clearly down in the summer and rents are lower, capital appreciation is perhaps the greatest consideration and expected EU accession in the next year should play a huge role in giving a free rein to this potential.

The coastal resort Sozopol is the Bulgarian region with highest demand for real estate.

24 Chassa published a survey by imot.bg ranking Bulgarian regions based on the property demand. Sozopol offers over 400 plots for hotel construction and prices vary from 20 to 150 euro a sq m.

The seaside resorts of Tsarevo and Ahtopol are also among the high demand regions. Prices are a bit lower, reaching only 120 euro a sq m.

One problem, common for all coastal regions, is the low supply of quality plots since the villages are rather small and already over-populated during the summer season.

As a result, demand for property in Sunny Beach resort has fallen. The resort had now turned into an urban area and even the most luxurious properties failed to attract customers' interest, 24 Chassa reported. The rapid decrease of demand in Sunny Beach has led to a fall in real estate prices.

Property prices depend on various factors including proximity to the sea shore. Accessibility to transport and communication routes was also of great importance, 24 Chassa said.