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Bulgaria Property price for the first half of 2008 (1 EUR = 1.95 BGN) Please read Bulgaria Property Index, for important notes and facts. Be FIRST, get all the latest NEWS about Bulgaria Property Market! Enter your E-mail to receive our Weekly Reports Enter your E-mail to receive our Daily Reports ShareThis

Bulgaria Property Developers rely on good marketing to survive in the ever more competitive market. The foundations of the real estate boom in Bulgaria were set at the begging of the new millennium. The talk of joining the EU in 2003, not much time after the big financial crisis of the late 90 s is one of the main reasons for the property and construction boom in Bulgaria. Barometer The construction sector is one of the best barometers for the country economy. The construction sector combines both the employment rate and the consumption of raw materials. The activation of the construction sector opened a door to the foreign second holiday home seekers and infrastructure improvement. In parallel to the construction boom in Bulgaria, the banking sector reacted immediately and started to develop quality credit products tailor made for property developers. All this factors led to high demand for Bulgaria properties in the begging of the millennium. The supply and the demand of Bulgarian properties balance in the late 2007, especially in Sofia (the capital of Bulgaria). When will the balance of the demand and the supply of Bulgarian Properties will come? Following the logic of highly competitive overseas property markets, the next logical step is the supply to overcome the demand. This automatically will improve the competition in Bulgaria property market. Seeing the high demand for Bulgaria Properties from 2003, a lot of developers started new projects with hope to gain easy money. Such players on the market will vanish in few years time, as buyers tend to become more and more critical. Service Critical for Bulgaria property developers that wants to stay on the property ladder is to concentrate on after sale services, like consulting the clients and providing maintenance packages. Selling property should be just the first step of satisfying the needs of buyers. Buyers started to look further when purchasing a property in Bulgaria. Questions like is the property in prestigious area? comfort of living;  easy road access and good infrastructure; are of big importance NOW. So, where the Bulgaria Property Market is going? Today, the developers tend to look for areas, which were not that attractive in the past. With providing high quality property, well developed infrastructure and comfort, they will guarantee long business success and buyer’s satisfaction. ShareThis

Bulgaria Property Projects speed up, as prices remain stable Retail center projects are among the most attractive for developers. Real estate experts forecast that the development of shopping malls will progress at least until 2010. To attract the attention of clients, future projects bet on providing more services and leisure and entertainment opportunities. Over 10 new shopping and entertainment buildings are expected to be completed by 2009. Four of them are expected to appear in Sofia, 2-3 in Varna and 3 in Plovdiv.  The shopping center development boom has not led to changes in rental levels since the beginning of the year. Rents in malls vary between EUR 20 and EUR 60 per sq m per month in cities like Sofia and Varna. This depends on the specific location and unit size.  Downtown rents also remain the same. They usually range between EUR 70 and EUR 160 per sqm per month although asking levels of up to EUR 200 per sq m have been registered on Sofia s Vitosha Blvd. Location  The most expensive retail locations in Plovdiv reach EUR 153 per sq m per month for a high street unit. The high market end stands at EUR 150 per sq m for retail space in the city of Varna. The lower end in Sofia s city center has been estimated at between EUR 5 and EUR 12 per sq m per month.  A 25-sq m shop at Rakovski St. is commanding EUR 88 per sq m monthly rent.   Sale prices start from EUR 560 per sq m and could exceed 47,000 euro per sq m. The great disparity is due to the particular location, state of the unit and its square surface. On the very central Vitosha Blvd. in Sofia, an 85-sq m shop is up for sale for EUR 47,058 per sq m.  Asking prices on ohter major boulevards in Sofia are far below this level. The most expensive one on Vasil Levski Blvd. costs EUR 10,000 per sq m for 12 sq m. In the center of Plovdiv, shops are usually sold for between EUR 900 and EUR 10,000 per sq m, as in Varna the price range is between EUR 1,500 and EUR 10,500 per sq m and between EUR 800 and EUR 7,000 per sq m in the city of Burgas. ShareThis

Bulgaria Property poor project will suffer The lack of quality space forced some foreign companies to delay their plans to enter Bulgaria Office market in Bulgaria is still far from being mature although the number of quality projects is growing. Nevertheless, progress is evident. A couple of years ago there were no quality projects and even now some of them have simply vague resemblances to class A offices. Still, these are marketable as demand significantly exceeds supply. Foreign companies have even postponed their plans to enter Bulgaria as they have actually has not found place to establish an office. The term class A office is still pretty much unclear. However, almost every single offer on the market lacks certain features that would qualify it as class A - whether it comes to suspended ceilings, raised floors, lighted areas or the needed car parking spaces. Although there is more to expect from Bulgarian developers, quality is improving , Elitsa Panayotova, CEO of Alfa Developments, a Bulgarian real estate development and investment company, said. The first foreign investor to come to Bulgaria found there was actually nothing to invest in. They had to either start developing their own projects or to try to share the risks with Bulgarian development companies, the Executive Director of Forton International real estate consultants, Sergey Koynov, commented. This scene has recently started to change. A booming economy has driven the absorption of 200,000 sq m of office space in 2007. The forecasts for 2008 are similar. As of the end of 2008 and the beginning of 2009, the first new projects are expected to be delivered and to change the ratio between demand and supply. Financial concerns, prompted by the credit crunch, will also have an impact. More opportunistic and speculative players will gradually start to fall off the scene. A year ago most investors tended to be aggressive and use up to 75 per cent leverage ratios. But nowadays all of them seem to be more cautious. We are now witnessing a reverse effect with 80 per cent of investments coming from equity and just about 20 per cent from credits. However, there are still problems remaining regarding the office market development in Sofia and solutions are unlikely to be found soon. Problems with infrastructure equally apply to existing buildings and future projects. High prices of land, seen by all Bulgarian developers, are just another setback for the sector s development. This, however, is expected to change once land owners unrealistic expectations are cooled down. ShareThis

Bulgaria Property Construction Level of construction in Bulgaria remain, even increase the supply of newly build properties. This is so even in tourist regions, where the demand is low. The years of 2005 and 2006 were the strongest for the Bulgaria real estate business and construction. In 2007 we have vast increased of prices and supply of Bulgarian properties. Approved Bulgaria Property Projects For Q1 2007, the approved building projects were with 20% less than Q1 2006. That was a sing of decreasing construction in Bulgaria. However in the end of 2007 the approved building project were more than the same period of 2006. According to National Statistic Institute for Q4 2007, the approved building projects were for 19,393 units with total living area of 2.4 mil square meters. Compared to the same period of 2006 that is with 0.2 mil square meters more. Stara Zagora The highest rate of construction for 2007 compared with 2006 is in the area of Stara Zagora, where the approved building projects have been tripled ( 2006 - 41,930 square meters, 2007 - 113,964 square meters). Burgas Bulgaria Property The most active construction area for properties in Bulgaria is Burgas region, where for Q4 2007 a 6,407 buildings with living area of 582,299 square meters have been approved. Varna Bulgaria Property For the first time the construction of North Black sea coast region overrun the South Black sea region. The main reason for that is the over development, enormous supply and high prices of development land in Sunny Beach area. For 2007 the approved building permissions in Varna are 1,2 mil square meters and for Dobrich are 900,000 square meters, or total of 2,14 mil square meters. For Burgas area the approved building permissions are for 1,74 mil square meters. Bansko Bulgaria Property The major negative effect of over development in Bansko and Razlog, lead to 50% less approved building projects for Q3 2007. Bansko holiday place are hardly trying to develop the infrastructure in order to offer better tourist conditions, which is one of the main reasons for decreasing of approved building projects. ShareThis

Bulgarian Property Resources List - Part 1 Bulgarian Top 9 Most Useful Government Institution Links 1. Ministerial Council - the Bulgarian government http://government.bg 2. Bulgarian National Bank - the central bank of Bulgaria regulating bank activities of all commercial financial institutions. Follow local exchange rates and more. http://www.bnb.bg 3. National Statistical Institute - NSI - the government institution collecting data on the population, economy, etc of Bulgaria. Use the data on Bulgarian property with caution as it may be quite incomplete. http://www.nsi.bg 4. Registry Agency - the Bulgarian equivalent to the Land Registry - the government body where all Bulgarian Property deals are registered. http://www.registryagency.bg 5. Ministry of the Interior - http://www.mvr.bg 6. National Assembly - the Parliament of Bulgaria http://www.parliament.bg 7. National Income Agency - NAP - the agency collecting all taxes due by individuals and companies in Bulgaria. This is where you pay your tax on Bulgarian property. http://www.nap.bg 8. National Association of Municipalities in Bulgaria - the non-for-profit organization of all municipalities in Bulgaria. Find useful information on the municipality where your Bulgaria property is located. http://www.namrb.org 9. Ministry of Health of Bulgaria http://www.mh.government.bg ShareThis

A few notes about the Statistical Data used for compiling the Bulgaria Property Index The Bulgaria Property Index is compiled using variety of sources both online and off-line. While it is presumed that an accurate data should be available at the National Statistical Institute of Bulgaria ( http://www.nsi.bg), the data provided there is far from being complete and reflecting the real market situation. The lack of accuracy is reflected in the following: - Data about the property market is being collected from government only resources. The files of the government organizations in Bulgaria are notorious for their inaccuracy and incompleteness. A good example could be that, for instance, prices of properties reflected in the title deeds are far from returning the real market value, as the law in Bulgaria allows for the so called “Tax Estimation Value” to be declared in the deeds of Bulgaria property. - Furthermore, in Bulgaria there are several other forms of ownership proves, other than title deeds. Those are so diverse, and the data for them is kept in different government institutions. Those institutions fail to submit statistics quite often, and there are even periods of years where such data is missing. - The methodology and definition of “property” used by the NSI is quite questionable, as for instance the so called “summer kitchens” are classed as separate properties, although they are almost 100% part of another property. For the purposes of presenting as accurate as possible data we use data also from the biggest on-line property portal in Bulgaria, as well as statistics from sources like the Balkan Consultancy Center, big banks like UniCredit Bulbank, Bulgarian National Bank, the European Bank for Reconstruction and Development – EBRD, the two largest Bulgarian property magazines – Imot and Index Imoti, specialized business publications by www.economedia.bg, part until recently of the Verlagsguppe Handelsblatt GmbH, Germany, as well as other Bulgarian media. As a result of the lack of a central source of information, the data we provide cannot be guaranteed to be 100% accurate also. However, we believe it is much more reliable than data provided by the NSI alone, as it is analyzed and cross- referenced to other sources that contain much fresher, real time market data. ShareThis

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According to PineForest Resort - Bulgaria, the prices for studio apartments for the first quarter of 2008 have increased almost everywhere in Bulgaria. There has been a significant increase in cities like Ruse, Stara Zagora, Blagoevgrad and Vidin. However, in two regions of Bulgaria - Dobrich and Veliko Tarnovo the prices for studio apartments have actually decreased. click here to read the original post. ShareThis

This post shows 2008 first quarter analysis of studio apartment market in Bulgaria. Clearly from the table we have a few key changes of prices, when it comes to studio apartments. In the table with yellow are marked cities with a significant increase. These cities are Ruse (Danube river biggest city), Stara Zagora (the biggest populated city in South East of Bulgaria), Blagoevgrad (the district where we have one of the most popular winter places Bansko) and Vidin (another Danube river city). In red, however we have cities like Dobrich and Veliko Tarnovo where the price of studio apartments have decreased, not by much, but still decreased. In all the rest of the areas in Bulgaria we have a slow increase. click on the pictures below to enlarge graph, table and demographical analysis. ShareThis

Recent statistics from GfK Bulgaria show the following tendencies of how the people are buying apartments in Bulgaria: In a few words these statistics show us that buying an apartment in Bulgaria is not that difficult or expensive. Most of the Bulgarian apartments are either inherited or purchased by cash. Both of these methods equal in total 73% of Bulgarian apartments purchased. Only 6% of the buyers sell an apartment in order to buy another one. Only 21% of the people that are buying Bulgarian apartments are either arranging credit or a mortgage. ShareThis

One Bedroom Apartment in PineForest Resort - Bulgaria includes: LOUNGE: fitted kitchen with fridge, sink and cooker sofa and arm chair TV with table dinning table with 4 chairs coffee table BEDROOM: double bed TV with table chest of drawers 2 bedside cupboards wardrobe dressing table with mirror and chair BATHROOM: fully tiled sink toilet shower ShareThis

Analysis of the property market in Bulgaria for the first quarter of 2008. For the first quarter of 2008, we have two surprises. The first one is the increased value of apartments in Stara Zagora with 13.1 %. The second one is in Varna, now a property per square meter is more than 1,000 EUR/sq.m. The most steady property market is in Sofia. For the first quarter the property price has increased from 932 EUR/sq.m. to 965 EUR/sq.m. or with 3.54%. In Plovdiv and Ruse we have 10.3% and 12.2% increased value of the properties for the first quarter of 2008. The table below visualized the property market from March 2007 to March 2008. ShareThis

If you are asking yourself the question “Where to invest my money” you have probably heard the answer “In Bulgaria”. Knowing that Bulgaria is an ex-communist country your first reaction, would be “Are you crazy”. At the present time, Knight Frank Global House Price Index shows that Bulgaria has the strongest growth index worldwide. Please see table below: Liam Bailey, Head of Residential Research, Knight Frank says: “The Knight Frank Global House Price Index shows that while property prices in Europe and America appear to be suffering from the downturn in economic conditions; prices in Asia and elsewhere, notably Singapore and Hong Kong, are performing very well. “The most outstanding feature in this index in Europe is Bulgaria’s continued strong showing against the astonishing reversal of fortune witnessed in the three Baltic countries. Two of the three; Latvia and Estonia, suffered negative growth (-7.1% and -14.5% respectively) and the third, Lithuania managed price growth of just under 1%. A year ago each were high flyers in our index with 66.6%, 23.8% and 23% annualised growth rates respectively. Uncertain employment conditions, rising interest rates and household indebtedness are all identified as contributory factors in this turnaround. “The country by country summary that follows provides an insight to the shifts currently taking place in house prices across the world.” Featuring different landscapes (from high mountains, plain fields and long beaches) you can find that Bulgaria is an extremely attractive country to invest in. You may think “It is too good to be true”. In fact, it is true. But, property prices in Bulgarian cannot remain low for ever, so now is the time to invest. If you are looking for a rural property, keep in mind that at least 90 % of those properties will need some work doing to them. Some will just need modernization, and some will need a complete renovation. A lot of people fail to realize the construction prices in Bulgaria are cheaper than in the UK or Western Europe. If you are a so called ‘investment hunter’ and always look for properties in newly built apartment complexes – hurry. The demand is huge and the supply is small. Even with the increased number of newly built apartment complexes, Bulgaria is far from meeting the demand. In fact, by investing in such properties, you can never loose your investment, as Bulgaria Property prices go up with the increased popularity of Bulgaria. ShareThis

Bulgaria is a very exiting opportunity for investors of all kinds, claims Paul Watchorn, a Bulgarian property expert. The potential for obtaining a holiday home or retirement property is outstanding, said Paul talking at an investors evening focusing on off plan developments, and retirement homes in Bulgaria. With the cost of living rising so much in Briton retirees and pensioners are looking to sell their home in the UK and buy a purpose built place in the sun. Off plan property in Bulgaria offers extremely good value, leaving money in the bank to earn interest, Paul said. Paul Watchorn is a Bulgarian property expert advising people on investments, building and property purchase in Bulgaria. ShareThis

The Bulgarian property market has been on an increase over the last few years. The prices are expected to continue to rise in 2008, although is will be less than the 30% of 2007. The potential is great in this region, particularly with the industrial and commercial property. The city of Sofia is rapidly growing and shows some of the better potential. Many people are looking at Bulgaria for vacation investments. The region offers amazing natural amenities, including hiking and bike trails, coastline along the Black Sea, beaches, historical attractions, and skiing. The weather is also temperate. The economy has also been playing a large roll in the increase of the property market. Tourism continues to rise, and the local, regional and national governments are all working hard to improve conditions to take advantage of the tourism dollar. Since 2002, the annual growth of property values has been around 50%. In Bulgaria, the property buyer pays most of the costs associated with the purchase. The transaction fees can run up to 25% of the total purchase price (and sometimes a bit more). The property rental market tends to be stronger in the ski regions than along the coast, mainly due to the longer skiing season. Rental incomes tend to run around 6% to 12%, with the higher rates being generated by mountain properties. Properties away from the tourist areas tend to be more rustic and need much more work. They offer little rental income (if any) and are better investments for individuals who want a second home away from the rest of the world. Typically these properties can be found for a very good bargain. source: http://novinite.com ShareThis

Rather than buying a farmhouse in France or an apartment on the Costa Del Sol, the Daily Telegraph reports that investors are now tempted to buy properties in Bulgaria. A key factor in determining the new location in which to invest is price and investors have been experiencing enormous returns. For example, a large one-bedroom flat in PineForest Resort - Bulgaria, 1h from the Black Sea coast and Burgas International Airport purchased a year ago for just under 25,000 pounds fully furnished, would now cost 35,000 pounds. “Only now in Bulgaria you can buy one bedroom apartment for 35,000 GBP (52,500 EUR) at well located mountain resort where you can enjoy activities like golfing, skiing, fishing.” Marc Todd of Dosop, an international property company based in West London, raises the concern that some of overdevelopment in the big resorts such as Sunny Beach and suggests that there is a large supply of less desirable properties coming on the bulgaria property market. ShareThis

The Times in London writes that Bulgaria is now one of the top destinations for ski properties due to factors such as the low property prices and inexpensive ski passes. During the summer this sparsely populated, largely rural country offers a wealth of activities such as hiking, fishing and mountain biking, as well as the fabulous beaches of the Black Sea coast. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored. Properties in ski areas can earn up to 12% rental return according to property investment firm Assetz. This return is potentially double that of coastal properties due to their all year-round attraction. The number of UK holidaymakers visiting Bulgaria increased by a staggering 36% in the past year. This has lead to an influx of travel companies as the country is now establishing itself as a true holiday hotspot. Source: http://panload.com ShareThis

Aer Lingus today announced a new service from Dublin to Bourgas in Bulgaria. The new service marks the first Aer Lingus scheduled flight to Bulgaria and moreover, the only scheduled service from Ireland. From mid-June the airline will operate two flights weekly. Bourgas Airport is in close proximity to major tourist resorts on the Bulgarian Black Sea coast. Bulgaria is an increasingly attractive destination with Irish tourist and property investors alike. Speaking on the development, Enda Corneille, Corporate Affairs Director said, We are delighted to be able to offer our customers another new popular holiday destination which compliments our existing extensive schedule. We believe the Bulgarian resort will prove particularly popular with families and holiday- makers alike. In addition to great flight deals, aerlingus.com offers discounts on over 80,000 hotels worldwide with four- star Bulgarian hotels starting from €30 per room per night. Source: Aer Lingus ShareThis

Bulgarian property slideshow Author: aaronsneddon Keywords: bulgaria property Added: February 27, 2008

Interview with Lance Nelson Joint Managing Director of Jet2Let covering the state of the Bulgarian Property market and information regarding the Capital, Sofia.