The appeal of Bulgaria is obvious – glorious beaches, snowy mountains and stunning countryside, not too far from the UK with more and more flights being introduced and a wealth of culture and history to enjoy.

 

The tourist industry is booming and Bulgaria’s Black Sea Coast and mountain ski resorts are popular options for both holidaymakers and investors.

 

• Knight Frank’s Global House Price Index for the Second Quarter of 2006 showed phenomenal growth in Bulgaria of 20.5%.  (The index relies on an official national statistical source or a well respected national financial institution, usually a large mortgage provider.). The property market in Bulgaria has performed well with prices rising rapidly due to wage inflation, growing prosperity and access to less constrained mortgage finance. There has been a classic combination of catch-up, speculation, second home interest and slow but sustained economic growth underpinning prices.
• 1.5 million tourists in summer 2006. Income from visits by foreign tourists for the summer season was about 600 M Euros. Bulgaria has scored an 8.3% increase of the number of foreign tourist and a 4.6% growth of income from tourism for 2006.
• The forecasts published by online travel company, Opodo, suggest that Bulgaria will be the top emerging destination for 2007. According to Neil Mott, Opodo's UK country manager, 2006 has seen a strong rise in travel to Eastern European countries since whilst being accessible; they still hold a certain "mystique" for the traveler. "Bookings to Bulgaria have risen by 40% in the last six months and with joining the EU in January 2007, we expect to see a significant increase in the number of tourists heading there to take advantage of the Euro," Mott added.
• The European Biathlon Ski Championship will take place in Bansko in February 2007.
• For the first quarter of 2006 foreign investment in Bulgaria reached 775 million Euros or twice higher than the sum for the same period the previous year. Bulgaria was also included for the first time in the economic competitiveness list IMD World Competitiveness Yearbook 2006. The country ranks 47th among 61 economies evaluated. According to the analysis some of the advantages Bulgaria has to offer include high economic growth rate, low taxes, budget surplus and stable macroeconomic environment.  (Organisation for European Cooperation and Development).
• Becoming a full member of the EU in January 2007

• Low unemployment rates – down to 3% in Sofia
• The population is earning more and foreign investments are growing
• Member of NATO since 2004
• Low cost of living
• Among the lowest costs of doing business in Europe
• Roughly the same size as England but with a population of just 8 million
• Average daily temperatures of 28 degrees centigrade in July and August on the coast.
• Mortgages are widely available form Piraeus Bank and Bulgarian Home Loans.

 

What the experts say about Bulgaria

Bansko

The Daily Telegraph – Saturday 14th October, 2006

Full of Eastern Promise

"Riding the gleaming Doppelmayer gondola up the Pirin Mountains over a pine forest carpeted by overnight snow, it was easy to imagine we were in the French Tarentais rather than Bulgaria. The meticulously groomed pistes and a final glorious descent in a bowl at the top of the ski area, through 15cms of light powder, did nothing to dispel the illusion. It was the lunch bill that restored reality. A welcoming hut with honest mountain fare before a roaring log fire are essential components of the perfect skiing day. But in recent years the cost of a long lunch in the French or Swiss Alps has reached iniquitous heights. Even a modest meal at a waiter service restaurant in Val d’Isere is £20 a head without drinks. In high flying Courchevel the damage can easily be double. Here it was a different story, £10 for two, with a decent bottle of local Cabernet Sauvignon? Surely some mistake, back in Meribel it barely buys a soggy sandwich! A six day lift pass costs £100 compared with £150 in the Trois Vallees. In town a beer is 50-70p, chicken and chips £2. Last season the combination of rock-bottom prices and a high standard of mountain facilities made Bansko the hottest property in European skiing – and the trend seems set to continue."

 

The Financial Times – Wednesday 12th July, 2006

All Seasons Bulgaria

“Tourism has grown to be one of the economy's largest - albeit seasonal – employers.  Tourism accounted for 13% of gross domestic product in 2005 and earnings from travel services have been growing steadily since 2001. The number of visitors is also rising - from 3.2 million in 2001 to 4.8 million in 2005. With one of the world's highest concentrations of hot mineral springs and a centuries-old tradition of herbal therapy, Bulgaria has plenty of potential for developing "wellness".  Mario Al-Jebouri, the new head of the State Tourism Authority, acknowledged the country's potential to become a year-round tourist destination.”

 

If you buy in Bulgaria you’ll be in good company with some big International Investors:

HEWLETT PACKARD opened its main office in Sofia in 1998 and in June 1999 decided to transform its operations in the country into a fully functional subsidiary. Today, HP is one of the leading IT companies in Bulgaria.  In 2003, HP opened a Government Solution Centre in Sofia with the aim of further expanding HP capabilities and expertise in developing and implementing IT infrastructure solutions for the public sector.  The decision to develop its Bulgarian operations reflects HP's commitment to the Bulgarian market. It aims to support the development of the national IT infrastructure in Bulgaria with technology solutions, know how, project management and financing.  

AMERICAN STANDARD: largest European sanitary houseware production facility

NOKIA: mobile telephone systems

DANONE: milk products

SOLVAY: fully integrated chemical plant

UNICREDITO ITALIANO GROUP: successful privatisation of the Bulgarian foreign Trade Bank

SHELL & SHELL GAS: over 90 filling stations across the country and suppliers of LPG for domestic purposes

CABLE & WIRELESS: investors in Bulgaria’ first mobile telecommunications network and installed a nationwide public payphone system.

SKF: low cost bearings production and assembly

 

‘There is continuing demand for prime quality residential and office space and the strongest growth is in downtown Sofia and along the Black Sea coast.’