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Eight Bulgarian wine tours have been selected two French experts - Claude Samson (oenologist), and Pascal Teto (marketing specialist in vine and wine field).
This was announced Tuesday by the Chair of the State Tourist Agency, Aneliya Krushkova, at a press conference introducing the new tourist product, "Wine Tours".
The tours will be used to attract more tourists in the interior of Bulgaria, Krushkova said. The project aims to present different types of wine and culture sights in Bulgaria, she added.
The French experts have studied vines, wine-cellars, and factories, accommodations, restaurant, as well as cultural sights. 51 wine makers in 14 regions have been studies, and during three expeditions, 25 wine-cellars have been visited.
The biggest criticism from the French experts is towards the lack of proper road infrastructure and direction signs, Krushkova said. They have met with representatives of the European Commission in Bulgaria, and have expresses their hopes that the EC will help the country to deal with these issues.
"We did this research in a country of contrasts, of history, and which is a planet of wine. Among the Balkan states, in Bulgaria we met the widest capital for combination of wine, history, culture, religion, and civilization. Everywhere in this country we can connect wine with culture, archeology, and balneotherapy. In the last 20 years, Bulgaria has made a 50-year progress in the field of wine quality. Every tourist sight has its own emotion", Claude Samson said.

Source: Novinite.com

Bulgaria's Deputy Foreign Affairs Minister, Milen Keremedchiev, announced Monday that 100 000 Russians have been given tourists since the beginning of 2009.
Keremedchiev praised the Foreign Affairs Ministry and tour operators for increasing the number of Russian tourists who want to spend their holidays in Bulgaria, Darik Radio reported.
At 10am Monday the 100 000th visa was given out to a Russian tourist. This is an increase of 19% for the first 6 months of 2009 year on year. If the trend continues we could see up to 300 000 Russian visas being granted in 2009.
Kremedchiev concluded by stating that the Ministry had not received one complaint from tour operators or Russian citizens regarding the speed at which visa applications were dealt with.

Source: Novinite.com

New archaeological excavations are starting Monday, July 13, 2009, at the ancient Roman city of Nikopolis ad Istrum in Central Northern Bulgaria.

The excavations are a joint undertaking of the Veliko Tarnovo University and the Regional History Museum in Veliko Tarnovo, and are funded by the EU Social Fund through the Ministry of Education with a project for practical student work in a real environment.

30 archaeology students will participate in the work at Nikopolis ad Istrum together with their professors for over a month.

The researchers plan to uncover the architectural remains from the time of the founding of Nikopolis ad Istrum - the beginning of 2nd century AD, during the reigns of Emperor Trajan (98-117) and Hadrian (118-136), including several public buildings located at the forum of the city.

Nikopolis ad Istrum was founded in 102 AD by Emperor Trajan as part of the celebrations of his victory over the Dacians. It is located some 18 km northeast of the city of Veliko Tarnovo.

Source: Sofia News Agency

Bulgaria is the most popular destination for Russians seeking to buy real estate property abroad.
This becomes clear from a report of the DOKI real estate agency, as cited by the BGNES news agency.
According to the provided data, 25% of the Russians seeking to acquire property abroad over the last four quarters have chosen Bulgaria.
Thus, Bulgaria tops such popular destination for Russian real estate investors as Spain (13,3%), the Ukraine, Cyprus, and Turkey (6,1%), in the order ranked by the report.
The average sum that Russian buyers spend for real estate purchases in Bulgaria is EUR 32 400.
According to DOKI, the USA and UEA have registered the greatest decline in popularity among Russian real estate buyers.

Source: http://www.novinite.com

Quoting unnamed officials at the Bulgarian-Russian Investment Forum as saying that Russian investors were "opting for partnerships with Bulgarian companies in order to start new casinos in Bulgaria", Bulgarian daily Standart said the country had a "golden opportunity to become the Las Vegas for Russian gamblers."

As reason for the Russian interest, Standart referred to a Russian decision to restrict casinos in four regions on July 1 2009.

Luring rich Russian gamblers, however, was not going to be easy, as the country would have to compete with the likes of Monte Carlo and London.

Blagoy Ragin, chair of the Bulgarian Hotel- and Restaurant-Keepers Association, was quoted as saying that "rich Russians would come only if there was a megacasino – giant, luxurious, and with a lot of extras."

Ragin said that such a megacasino would be "most becoming in the western part of the Sunny Beach resort," Standart said.

According to an unnamed source in the tourism sector quoted by Standart, businessmen were already hoping that gambling-loving Russian tourists would "be the prime saviours of this summer's holiday season at the Bulgarian seaside."

Source: The Sofia Echo

Real Estate experts Cushman and Wakefield have stated that Bulgaria is one of the countries in Europe with the possibility of having a more robust short term economic performance.

In its bi-monthly report Cushman and Wakefield suggested that there are signs of an economic recovery in some parts of Europe.

They stated; "It's certainly true that the public's imagination has been caught. A quick look at Google shows a marked increase in stories related to ‘green shoots' appearing this spring, along with a corresponding fall in ‘recession' stories."

The report went on to state that "in the short term, more robust performances are expected by Greece, Norway and France in the West and Poland, followed by the Czech Republic, Slovakia and Bulgaria in the East."

The report concluded by saying that new property investors should act in anticipation of economic stabilization and that existing players are already getting ready to act.

Source: Sofia News Agency

Bulgaria is regaining its popularity with British real estate buyers, according to the first quarter results of major UK portal Property Abroad. Bulgaria became a preferred destination during the real estate boom, but credit crunch in 2008 and the sudden oversupply on the local market have altered market dynamics.

Still, Bulgaria has managed to reclaim some lost territory, according to Property Abroad director Les Calvert. "Not a major jump by any stretch of the imagination, but for us, immersed in the industry, watching and reading the negative press about Bulgaria and seeing thousands of British buyers rushing to sell-up, this is quite a pleasant surprise for us," he said.

Such is the story of Carl Froch, World Boxing Council super middleweight champion, who bought property in Bulgaria from Joe Upchurch, managing director of Aston Lloyd.

Froch has said that his purchase of property in Bulgaria was "just as satisfying as delivering a well-placed left hook", and it is likely to prove a lucrative one, as well.

"What is the point of having money in the bank which is earning nothing?" said Froch, 31, who hails from Nottingham. "I have been investing between 8800 and 44 000 pounds sterling in property in Bulgaria and Turkey over the past 12 months."

Froch has poured money into small flats with the intention of renting them out to local residents, rather than seasonal holidaymakers.

According to the Daily Mail, in 2008 revenue generated by tourists rose by 8.4 per cent over the previous year, with demand from foreign visitors and Bulgarian nationals expected to remain stable in 2009, particularly along the Black Sea coast. The healthy forecasts are attributed to the advertising campaign backed by the Bulgarian Government, worth the equivalent of 3.5 million pounds sterling, meant to promote tourism.

"The rise can be accredited to Bulgaria's economic performance: Bulgaria is now one of only four European Union member states forecast to avoid recession this year, and forecast to do so in the most impressive way; strong growth with a firm handle on the budget deficit. That and the low-prices of course," analyst Julie Liddle said, quoted by Property Abroad.

The British based firm is currently in the market in Bulgaria, advertising hundreds of real estate for rent, sale, resale and off plan, available for less than 10 000 pounds sterling.

Ross Elder, managing director of holidaylettings.co.uk, was quoted as saying by the Daily Mail: "Inquiries for Bulgaria in the first quarter of 2009 are up nine per cent. It's a fantastic holiday option if you are seeking value for money on accommodation, flights and food."

Simon Conn, a property consultant for the 58-room four-star apartment hotel in Kostinbrod, close to Sofia, where Carl Froch has invested in a suite, has said: "In good city locations, such as Sofia and the better-quality coastal developments, there are long-term possibilities."


Source: The Sofia Echo

David Darmanin

In 2006, Dhalia Investments set their eyes on a stretch of land facing an 18-hole golf course beneath the Pirin Mountains in southwest Bulgaria. After commissioning a world-renowned project management firm to develop the plot, a luxury apartment complex comprising 150 units, a spa, a restaurant and other facilities now nears completion.
Meanwhile, Dhalia owner Chris Grech forms a new company representing the ownership of the complex and brings on board two independent financial and management moguls as co-directors. In the next months, 150 new shareholders are expected to invest into this new company so that they can each enjoy a quota to spend their holidays at the complex; acquire dividends through short-lets to third parties; and finally reap the full investment benefit once the complex is sold off in 2017.

Choosing Bulgaria
When Dhalia had decided to venture into overseas investments four years ago, Chris Grech and Dhalia Group Executive Chairman Franco Valletta had toured Eastern Europe seeking new prospects of investment. Neither Albania, nor any other Balkan country including Croatia, Czech Republic and Slovenia fit the bill. Bulgaria on the other hand, was what they seemed to be after.
“Bulgaria is the smallest of all Eastern European countries – and this has clear advantages. When we were looking around in 2006, Bulgaria’s accession to the EU was just round the corner and the growing rate of tourism was very promising,” Grech explains.
In 2006, tourism in Bulgaria was increasing by 20 per cent each year – a significantly higher rate than that of Croatia, Slovenia and Romania.
“The Bulgarian workforce is also very highly educated,” Grech said, although he later remarked that the country has “a reputation for work that at times looks shoddy”. For this reason, Dhalia commissioned none other but Vector as their contractors – the UK group behind the construction of Heathrow Terminal 5 among others.
Grech chose Bulgaria also because “the destination is accessible by direct flight and there is a strong rapport between Malta and Bulgaria.”
But most of all, once his primary intention was to develop apartments for holiday rental, the village of Bansko proved ideal because it is an all year round destination.
Bansko is somehow perceived by locals as the St Moritz of the Balkans – albeit drastically cheaper and significantly busier in summer. Because it is set amid the Pirin Mountains, in winter, Bansko is packed with skiing tourists - most of whom German. The nearby mountains comprise 11 marked ski runs and four ski tracks, with a total ski area extending 65km in length.
But as summer draws nearer and the skiing season ends, the area keeps buzzing.
The Maltese development faces the Razlog 18-hole golf course designed by Ian Woosnam. Besides, many other summer activities and excursions are popular in the area. Such include whitewater rafting, horse riding, mountain biking, trekking, rambling, game hunting and quad biking.
Before picking Bansko however, Grech and Valletta looked into different alternative spots around Bulgaria – both “within the inner city as well as out of town.” But they gladly settled for Bansko to construct what they later dubbed “The Balkan Jewel”.

The Balkan Jewel
“We did not just want to build a residential resort but also a tourist complex – in a similar way an apart-hotel is designed,” Grech said. “The Balkan Jewel will in fact offer a host of in-house services and activities – such as a spa, a restaurant as well as transport and booking services for excursions and amenities in the area.”
According to Dhalia’s contract with Colliers, 120 of the 150 apartments in the Balkan Jewel must be allocated for rental purposes.
Initially, Dhalia intended selling 20 of the apartments to Maltese investors for private use, but thanks to an overwhelming response in Malta, they ended up selling 70 units. The new owners of 40 of the units sold agreed to the condition of handing their properties to Colliers for third party lease.
The ownership of the remaining 80 apartments will now fall under the wing of the Bulgaria-registered company Balkan Jewel EOED, whose board is composed of Chris Grech himself along with another two independent directors – John Cassar White, who needs no introduction; and former banker and financial services specialist Tony Camilleri.
The three directors are now offering a prospective 150 new investors to purchase shares of €50,000 each into the company. In return, the shareholders will be given a quota to use apartments for their own holiday needs, the possibility of earning dividends acquired by the Colliers operation and finally, an expected profit out of the sale of the apartments earmarked for 2017.
“Investors are effectively purchasing shares into the company that owns the property already,” said Dhalia Group CFO Nicky Camilleri. Essentially, this means that although investors will be putting their money into property – they will not have to fork out additional VAT and stamp duty expenses seeing that the property itself is a company asset already.
Camilleri stressed that “investors will be benefiting from property ownership at very reduced rates.”
In fact, the property value represents a rate 15 per cent lower than that valued by an independent firm.

The Bulgarian economy
Bulgaria became a member of the EU in 2007. The World Bank classifies it as an “upper-middle-income economy”. Bulgaria has experienced rapid economic growth in recent years, and although the country continues to rank as the second-poorest member state of the EU, standards of living have clearly risen.
Due to high-profile allegations of corruption, the EU has partly frozen funds of about €450 million until Bulgarian authorities speed up reforms.
Bulgaria plans to join the euro zone by 2013-2014.
Bulgaria’s economy contracted dramatically after 1987 with the dissolution of the Council for Mutual Economic Assistance (COMECON), with which the Bulgarian economy had integrated closely. The standard-of-living fell by about 40 per cent, but it regained pre-1990 levels in June 2004. United Nations sanctions against Yugoslavia and Iraq took a heavy toll on the Bulgarian economy. The first signs of recovery emerged in 1994 when the GDP grew and inflation fell. During the government of Zhan Videnov’s cabinet in 1996, the economy collapsed due to lack of international economic support and an unstable banking system. Since 1997, the country has been on the path to recovery, with GDP growing at a 4–5 per cent rate, increasing FDI, macroeconomic stability and EU membership.
The former NMSII government elected in 2001 pledged to maintain the fundamental economic policy-objectives adopted by its predecessor in 1997, specifically: retaining the Currency Board, implementing sound financial policies, accelerating privatisation, and pursuing structural reforms. As of 2006 the GDP structure comprised: agriculture at 8.0 per cent; industry at 26.1 per cent; and services at 65.9 per cent.

Source: businesstoday.com

The number of Russian citizens receiving Bulgarian tourists visas has increased since the beginning of 2009.
After a 30% decline in January 2009 compared to December 2008, and a 20% decline in February, in March, the number of Russians who received Bulgarian tourist visas grew by 12%, by another 62% in April, and the growth in the first 20 days of May is already 68%.
The news was announced Friday by Bulgaria's Deputy Foreign Minister Milen Keremedchiev in Varna, BGNES reported.
Keremedchiev reminded that the Bulgarian government had revoked the visa center fees for Russians for the period between June 1 and September 30, 2009.
The Deputy Foreign Minister also announced statistical data showing substational growth in the number of persons from other former Soviet and Balkan states traveling to Bulgaria in the first quarter of 2009 - Serbia (48% increase), Macedonia (40%), the Ukraine (20%), Belarus (12%), and Moldova (7%).
The only non-EU states that enjoy visa-free travel to Bulgaria are Macedonia, Serbia, and the People's Republic of China.

Source: Sofia News Agency

Industrial properties are the absolute leader on Bulgaria's property market, according to a research of Forton International.
The research shows that serious competition is still lacking in the warehouse and logistic segment, leading to the success of all new projects.
The biggest interest is towards facilities with over 6 000 square meters, which offers the possibility of concluding serious, for the local market, deals. The rent remains at EUR 5-6 per square meter but the profitability of industrial properties continues to grow and reaches 13%.
The office facilities market maintains a relative, more limited activity. New trends among renters of offices are renegotiation of the rent amount, subleasing or relocation to buildings with lower rents.
The biggest supply of office space in the capital Sofia continues to be located on the main thoroughfares and around the beltway near Business Park Sofia.
19 315 square meters of office space have been created in Sofia during the first quarter of 2009.
The biggest deal in the segment, despite the reduced activity, is the renting of 23 000 square meters of office space by the Bulgarian telecom BTK.
The commercial space market also continues to develop, but with lower rates. Big international discounters are entering the market while the other merchants are looking to reorganize their activity and/or renegotiate their contracts' terms.
Forton representatives further say that the deals that are being currently finalized date from 2008 and are the result of older negotiations, adding quick and incidental deals are impossible due to the big supply and cautious landlords.
The crisis has its effects not only on shopping malls but on Sofia's main shopping streets such as the boulevards "Alexander Stamboliiski", "Hristo Botev", and "Maria Luisa". "Vitosha" is currently the only shopping location where all store spaces are rented. The others have many empty store spaces.
According to the Forton research, 5 shopping mall projects are currently in construction stage in the capital, with a total area of 193 000 square meters.
Investment deals have been strongly limited during the first 2009 quarter. Despite the big supply and the revised sellers' expectations, buyers remain limited in numbers. They are seeking distressed assets, and would not make a purchase until those properties with significantly lowered prices appear on the market.
The Forton experts warn Bulgarian sellers that potential foreign investors are comparing local properties with similar ones in Western Europe, which has the advantage of more long-term rents with fixed prices and better justice systems.



Source: Sofia News Agency