Archive for March, 2006

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BULGARIAN PROPERTY INVESTMENT FUND FLOATS GBP 23 M SHARES IN LONDON

Friday, March 31st, 2006

Bulgarian Land Development, a real estate investment fund, established by realtor Address Group, announced the start of floating shares on the Alternative Investment Market of the London Stock Exchange, or AIM.

The fund said it raised GBP 25 M by placing GBP 23 M worth of shares on AIM at 100 pence apiece. On the very first day of the placement the achieved yields reached 10%.

The fund plans to invest the entire capital in residential property and holiday sites in Bulgaria’s Black Sea and winter resorts.

Based on the Isle of Man, the fund was established for about eight months with the aim to attract huge foreign investors to the Bulgarian real estate market.

Among the investors in the fund are CLS Holding, one of the biggest real estate companies in Europe, he fund management company Jupiter, New Star.

Posted in Bulgaria | No Comments »

135 PASSENGERS ENJOY 1ST BA LONDON-VARNA FLIGHT

Friday, March 31st, 2006

A total of 135 passengers, including UK Ambassador to Bulgaria Jeremy Hill, arrived in Varna on Wednesday evening with the first British Airways flight London-Varna-London.

By the end of May the company will perform two flights each week, on Wednesday and on Saturday. Starting June 5 the number of weekly flights will increase to four.

The two-way ticket costs EUR 200.

Last year, the number of foreign tourists entering Bulgaria increased by 14.4% to 4.6 million, with many of these heading to seaside resorts such as Varna.

Airlines have been quick to pick up on the demand for Bulgarian flights.

Posted in Bulgaria, Eastern Europe Flights | No Comments »

BULGARIA LEADER IN REAL ESTATE YIELDS

Wednesday, March 29th, 2006

Bulgaria was declared top overseas property hotspot in a London consultancy ranking that compared the total return on cash in real estate markets.

With yields rising to 12% and capital gains remaining impressive at 36%, Assetz assessed the total return on cash invested in Bulgaria at 116% last year.

This statistic has pushed Bulgaria above Cyprus in the chart for total returns on cash invested, backing up the popular claim that Bulgaria is now comparable to Spain in the 1980s.

While experts have been predicting for a number of years that Bulgaria will emerge as a leading choice for investors, the new research firmly positions the country at the top of the chart, says Stuart Law, managing director of Assetz.

The Assetz research suggests that the steep incline in house price increases will level off to some extent before the year’s end, but market growth is expected to remain high.

“The ski resorts of Bansko and Borovets continue to draw a huge amount of interest from property seekers, with significant construction projects now underway to accommodate the demand.”

Posted in Bulgaria | No Comments »

SOFIA TRAILS BUCHAREST IN PROPERTY PRICES

Tuesday, March 28th, 2006

After a decade of rising prices on the property market, residential prices in the Bulgarian capital continue to be lower than that in Bucharest, Bratislava or Prague, shows data, as cited by the International Herald Tribune.

“Residential prices in Sofia still average only EUR 600, or USD717, per square meter, or USD 66 per square foot. That is much less than the EUR 750 average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and EUR 1,500 in Prague,” reads the article, entitled “The rise and rise of Bulgarian property”.

IHT forecasts that property prices will continue to rise. “The only uncertainty is by how much. And how long.”

Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than EUR 4 billion, according to the property association. The year before they generated 18 percent of all sales, or EUR 3.36 billion.

Posted in Bulgaria, Czech Rebublic, Hungary, Romania, Slovakia | No Comments »

SPANIARDS TO BUILD 2 GOLF COURSES NEAR SOFIA

Monday, March 27th, 2006

Spanish investors will build a housing complex with two golf courses in the village of Kutina, near Bulgaria’s capital.

Early Friday morning Sofia mayor Boyko Borissov signed a contract for the building of the complex with Manuel Ferri Sanchez, owner of Ferri Group.

Over EUR 150 M will go into the complex that will also have a hotel and houses and will provide for 2,000 work places during construction

Everything could be built in a year, Ferri Sanchez said. He added that once it opens, the complex would offer employment for about 700 people.

To finalize the deal Spanish Ambassador to Sofia Fernando Arias handed down to the capital’s mayor a cheque worth of BGN 2.6 M (approximately EUR 1.3 M).

Posted in Bulgaria, General | No Comments »

EU “FREEZES” ENLARGEMENT AFTER 2008

Saturday, March 25th, 2006

The European Union will halt the enlargement process for prolonged period of time upon accession of Bulgaria and Romania, according to several news agencies.

The decision was reportedly made at the session of the Council of Foreign Ministers, held in the framework of the EU top-level meeting in Brussels.

Bulgaria is also represented at the forum with its Foreign Affairs Minister Ivaylo Kalfin.

Though the enlargement dossier was not officially on the agenda of EU foreign ministers meeting at dinner on Thursday, the invitation to EU Enlargement Commissioner Olli Rehn seemed to be quite conspicuous.

The ministers have agreed to freeze further expansion of EU until European Constitution or other document relating reforms of the existing structure of the Union is adopted.

“Absorption capacity” was also discussed by the foreign ministers, who determined the issue would be examined more thoroughly “in time.”

Posted in General | No Comments »

Second Annual Real Estate and Construction Conference

Thursday, March 23rd, 2006


Property Eastern Europe

EastEuro Link is proud to invite you to its forthcoming international forum on real estate and construction for the region of Central and Southeast Europe. Following the successful concept of bringing together regional government representatives and key industry figures, this event is tailored to provide knowledge and tools.

the Second Annual Real Estate and Construction Conference for Central and Southeast Europe

REGION UNDER CONSTRUCTION

Hilton Hotel, Sofia, Bulgaria
31. March 2006.

www.realestate.easteurolink.co.uk

Hear the very latest about the real estate and construction industry development in Central and South Eastern Europe. Don’t miss the opportunity to meet CSEE key stakeholders and discover the long-term vision for this rapidly transforming region. The conference will provide a superb opportunity to gather information and build new business relationships with the key players in the CSEE market.

Who will come?

· High Government Officials

· International Real Estate and Construction Organizations

· Property Developers

· Project Managers

· Financiers & Lenders

· Portfolio and Fund Managers

· Lawyers in the practice of real estate and property development

· Investment Advisors and Consultants

· Hedge Funds

· Insurance Companies

· Investment Executives

· Regulators

· Prime Brokers

Key topics to be discussed:

· The Role of governments in real estate and construction development

· Market regulations and legislative development in CSEE

· Comparison of investing in commercial, residential, industrial and infrastructure sectors

· Comparison of investment opportunities in different CSEE countries

· Overviews of real estate and construction markets in the region

· Financing issues for investing in CSEE property markets

· PPP environment in CSEE

· Future trends in property development and investment in CSEE

Network with your peers, competitors and future partners at the leading event for those interested in meeting the key players in the local market.

For the latest information regarding list of speakers and agenda visit
www.realestate.easteurolink.co.uk

Exceptional promotional opportunities available now!

TO BOOK YOUR PLACE, please contact Ms Alexandra Z. at:

Tel:+381 11 328 6 515

Fax: +381 11 20 26 115

e-mail: alexandra.zivkovic@easteurolink.co.uk

All attendees at the conference will receive a FREE CD ROM of conference material containing ministerial presentations and other conference material.

Posted in Bosnia, Bulgaria, Croatia, Czech Rebublic, Estonia, General, Hungary, Latvia, Lithuania, Poland, Rest Of Europe, Romania, Russia, Serbia Montenegro, Slovakia, Slovenia | No Comments »

Montenegro – The most exciting property market in Europe ?

Thursday, March 23rd, 2006

Montenegro, poised on the brink of EU accession acceptance, is undoubtedly the most exciting country in Europe for property investors today.

The wealth of potential in the market stems from the fact that real estate in Montenegro is massively undervalued, it is growing in demand from those seeking an affordable holiday home in the sun, Montenegro is growing in popularity as a holiday destination, the country is aligned for EU acceptance and the local economic reforms entered into by the government of Montenegro are resulting in strong and sustainable levels of foreign direct investment.

The climate in the property market in Montenegro right now is therefore incredibly ripe and it is attracting real estate investors from around the world.

Immediate gains can be realised from the rental of suitable coastal properties to the fledgling but burgeoning tourism market, with longer term rental income likely from well appointed and located apartments in the main towns in this tiny gem of a European country.

Medium to long term the property market in Montenegro is likely to reward a patient investor with substantial capital growth because as the local economy is boosted by inward foreign direct investment, so the numbers of companies relocating to Montenegro increases and so the demand for properties to purchase goes up. Furthermore as the local economy is strengthened and the local people become wealthier in real terms, they will present an investor with a second tier to the market to target over the medium to longer term.

Montenegro was once a country frequented by the European glitterati, the famous, the beautiful, the royals and the rich, but many years of strife resulted in the oppression and depression of a nation and its people. Thankfully gone are the days when Montenegro suffered at the hands of the war hungry and Montenegro and its neighbouring countries have settled down so much that they are all either fully fledged members of the European Union or poised on the brink of entry. The years during which the country suffered are over and the unrivalled wealth of stunning architectural and geographical beauty that Montenegro is home to is once again drawing the crowds from across Europe.

Montenegro is truly a beautiful gem of a nation and one that is beginning to shine and sparkle once again making it the perfect place for property investors seeking substantial potential for profits and gains.



Rhiannon Williamson writes about real estate investment in emerging markets worldwide. To read more about property investment in Montenegro click here.

Article Source: http://EzineArticles.com/?expert=Rhiannon_Williamson

Posted in Serbia Montenegro | No Comments »

Bulgaria Land Prices Watch

Monday, March 20th, 2006

Selling prices of land are notably higher in Bansko, starting at some EUR 50 per square meter and reaching as much as EUR 150.

In Pamporovo the minimum cost per square meter is EUR 20, and can reach EUR 110.

Investors hope that the future launch of Super Borovets, an impressive investment project, will boost land prices and make sales much more profitable.

A square meter average costs in Borovets is currently EUR 45.



Posted in Bulgaria | No Comments »

WESTERNERS FIND SECOND HOME IN BULGARIA

Sunday, March 19th, 2006

Estate buyers from Russia, Ireland, Spain and France are eager for Bulgaria’s seaside, the Financial Times said Saturday.

The story points out a tendency for more upscale development – high-end villas and bigger apartments.

“This kind of development is what will put Bulgaria on the second-home map,” Robert Jenkin of selling agent Bulgarian Dreams has told the FT.

The regions of the Avren, a village cuddled in the forest near Varna, and historic Balchik are pointed out as some of the examples of this higher-level construction with good onsite facilities.

A family-sized, four-bedroom villa costs up to EUR 236 000 in Bay View Villas, a resort under construction just outside Sunny Beach, the article reveals.

Another complex – Windows to Paradise that will rise near Balchik – offers two-bedroom apartments in the first phase of construction for EUR 80 000. Most of the apartments, however, have already been sold off plan.

Sofia Echo

Posted in Bulgaria | No Comments »

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