Bulgaria Offers "Excellent" Investment Opportunities
Source: Sofia News Agency
Business: 7 June 2006, Wednesday.
The world is getting smaller, or so it seems, as developers, investors and other real estate professionals go to great lengths to find opportunities these days, California Real Estate Journal wrote in one of its articles.
In the article Tishman International Chairman Alan Levy explains how his company discovered Bulgaria and why it decided to invest in the Balkan country. Tishman had been active in London, where its European office is located, since the 1980s. Levy said one of the company's London bankers had been approached by the investment division of Bulgaria's Interior ministry, which wanted to know if it had any clients who would be interested in developing Western-style buildings in that country.
"Bulgaria was about to enter NATO, which it did, and is scheduled to enter the European Union in 2007, which it will," Levy said. "They don't have all the environmental studies and traffic studies and difficult and time-consuming bureaucratic procedures to get development rights," he explains. "It's a much more efficient and welcoming process."
Tishman International chairman also commented that a number of Westerners, though not from the US, have undertaken residential developments in the country.
Alan Levy backs his choice of Bulgaria with a number of arguments. "First of all, they like Americans, which is nice," Levy said. "They welcome Americans", the chairman of the major company explains his interest in Bulgaria. The younger generations of Bulgarians all speak English, he added. Besides Bulgarian, German and English are the two main languages that are taught at any early age. The business culture tends to be more Western-style and less formal than, say, Japan's.
"You get to know somebody on a first-name basis much more readily than the Japanese culture permits," Levy said. In addition, he said, the education level of most Bulgarians is very high and the work ethic is very good.
Levy said local newspapers still have stories about corruption and bribery, but the government is trying to crack down on that, particularly since Bulgaria is poised to enter the European Union. If fact, he said one of the country's chief crime fighters recently was elected as the mayor of Sofia."One of his campaign promises was to patch all the potholes in town, and he actually did," Levy said. "He got the streets cleaner. It's becoming a more user-friendly city, because it's an international city."
Top news: 8 March 2006 . Wednesday
Buying Real Estate in Bulgaria is a Super Bargain
"Buying real estates in Bulgaria is among the most profitable investments in the world," say some US real estate agents, quoted by the New York Times.
"Bulgaria is an investment paradise at present; the country has wonderful beaches and its mountains offer excellent conditions for skiing.
"You live like a king in Bulgaria with US $10,000," writes the New York Times
Top news: 15 December 2005, Thursday.
Spain's Senate has unanimously ratified the EU Accession Treaty of Bulgaria. The voting took place Wednesday evening. With its quick ratification Spain proved its political commitments to Bulgaria as a "strategic ally", Bulgaria's Foreign Ministry wrote in a press release.Bulgaria closed most of its negotiation chapters with the EU during the Spanish Presidency of the Block and received the support of Spain in many critical situations concerning the so-called "sensitive issues."
Bulgaria: Unspoilt Villages, Cheap Property - The Times
Business: 20 December 2005, Tuesday
The Bulgarian property market is among the cheapest in Europe, along with bargain places one can find in Portugal, Italy, Lithuania, Greece, The Times wrote on Friday.
It points out that last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted.
Among Bulgaria's advantages the article singles out its rich culture, stunning unspoilt villages and scenery as well as rock-bottom living costs.
"Rural houses for renovation are still widely available for less than 20,000 pounds. The cost of living is low and the climate excellent, and there is a wealth of historic towns, unspoilt villages and some beautiful beaches. Tuscany-like hilltop towns such as medieval Veliko Turnovo are to be found inland, while the ski areas in the Rhodope Mountains in the south are increasingly popular. Rental yields tend to be better for ski properties than those on the coast because of the longer ski season. You could expect about 12 per cent gross yield for a good ski apartment and about half that on the coast.
The Times notes that most Brits are buying on the Black Sea Riviera, especially at Sunny Beach, Golden Sands and Bourgas, and the resort city of Varna.
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