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INCREASE OF SHARE CAPITAL INVESTMENTS 2008-09-25 05:43:08 The direct foreign investments in share capital in Bulgaria have increased by 237 million Euros in the fist six months of this year in comparison with the same period of last year according to Stoyan Stalev, the director of the Bulgarian Investment Agency.
According to the Bulgarian National Bank, the investments in share capital has increased [...]
BURGAS MUNICIPALITY - CREDIT RATING 2008-09-23 02:36:49 Burgas Municipality has received the BBB credit rating. The general evaluation has shown that the investment risk in Burgas is and it is a good place to invest. The financial audit of the municipality and the following credit analysis has outlined an income increase of 95%, low unemployment and increase of the tax income.
INVESTMENT FUNDS SHRINK 2008-09-23 02:29:10 The Bulgarian investment funds have shrunk by 37% since the beginning of the year according to the Bulgarian Association of the Investment Funds. Funds amounted to 880 million levs in December 2007, but they have come down to 556.9 million levs by the end of August 2008.
Only in August 2008, 8.3 million levs have been [...]
GREY ECONOMY 2008-09-18 08:50:57 The size of the grey economy in Bulgaria is 30% of the country’s GDP or 21 billion levs for 2008 according to the Budget Committee of the Bulgarian Parliament. In comparison the whole of the budget for this year is 27 billion levs. The analysts claim that the negative tendency is due to the change [...]
INVESTMENTS DO NOT GENERATE GROWTH 2008-09-18 08:31:07 According to professor Minasian, it is likely that the Bulgarian economy might suffer a mini-recession in 2009 similar to the one in the much bigger economies, but in a much smaller scale. There are investments in the Bulgarian economy and they lead to an increase of the total demand, however, the increase of the GDP [...]
Bulgarian Economy Predictions 2008-09-18 08:13:39 Despite the steady growth of the Bulgarian
economy, the international financial crisis is unlikely to miss Bulgaria. The Bulgarian economy is not dependent on the US economy, however 2/3 of the Bulgarian trade relations are with the EU countries, where the signs of recession are rather obvious. According to the experts the recession will affect [...] Read more:Predictions
ASSETS’ INCREASE 2008-09-18 08:01:48 The assets of the property companies have increased in the first 6 months of this year. 26% of the assets is agricultural land, 20% are buildings and equipment and 17.7% are off-plan properties. The number of these companies have increased to 68.
BULGARIAN ECONOMY GROWS 2008-09-16 09:04:49 The growth of Bulgaria’s GDP in the first six months of this year of 7% is one of the highest in the E.U. Only Romania with growth of 9.3% and Slovakia with 7.6% have better results than Bulgaria.The added value is 12.994 billion levs which is equal to 6.7%.
The big surprise comes from the agriculture [...]
ARMY PROPERTY FOR SALE 2008-09-11 09:25:08 According to the Defence Minister Nikolay Tsonev, the Bulgarian army will sell more than 220 properties throughout the country. Most properties will be put out to tender but 10 of them, mainly shops and apartments, will be offered at market prices to the individuals who at the moment co-own them with the army.
From September 30 [...]
ATTEMPTS TO MOVE THE PROPERTY MARKET 2008-09-11 08:41:49 Irish company PJD Construction offersa a fully furnished holiday apartment in Privacy Beach Resort in the village of Bliznatzi, 12 km away from Varna, which will be finished at the end of 2009 with each purchase of a house at their Lough Fern Highs development in Milford. The houses at Lough Fern Highs start [...]
PROPERTY PURCHASE IN THE TIME OF CRISIS 2008-10-15 02:18:07 The slowing down of the Bulgarian property market is most obvious at the Black Sea resorts, namely the Sunny Beach and the Golden Sands, and in the mountain ski resorts like Bansko and Pamporovo. The price of properties there have reached their peak levels and the number of purchases has been falling. There is no [...]
SUNNY BEACH - NEW DEVELOPMENTS 2008-10-15 01:39:33 Despite the looming global financial crisis. New developments open in the Bulgarian Black Sea resort of Sunny Beach.
Oasis VIP Homes and Blue Pearl Apartment Complex in Sunny Beach will be presented at the largest property exhibition on the Balkans - BalPex. Oasis VIP Homes is the first luxury development of Galaxy Property Group in Sunny [...]
PROPERTY SALES DROP 2008-10-13 09:43:57 The sales of properties have decreased twice in the first three months of 2009 in comparison with the same period in 2007. The main reason is the shrinking of the market. The investments in the property market are much less than in previous years.
In order to attract clients the construction companies now tend to building [...]
PROPERTY PRICES 2008-10-10 02:28:06 Despite the financial crisis, the property prices in the suburbs of Sofia have been constantly increasing due to the migration of people from smaller towns and villages who seek employment in the capital. In the last year, more than 30 000 people have relocated to Sofia, while 12 000 people have moved to Varna, the [...]
NEW CREDIT RULES 2008-10-10 02:19:17 The Bulgarian banks have introduced tougher rules for lending money after two days of stopping crediting. Now they lend money only for the purchase of properties which can be easily sold if reposessed. Families with total income under 1500 levs per month can not take a mortgage to purchase an apartment in one of the [...]
PROPERTY MARKET - PREDICTIONS 2008-10-06 08:23:30 Office and retail rents fall and will keep falling in the next two years according to Raiffeisen Property. In short term the office space on offer will outnumber the demand. The same tendency is valid for retail space, as only in the next 2.5 years it is expected that the retail space will increase eight [...]
NEW CREDIT TENDENCIES 2008-10-06 07:32:28 According to Credit Centre the most popular mortgage in Bulgaria at the moment is for a plot of land and a prefabricated house. More and more Bulgarians prefer to move in the outskirts of their cities and to build their own house, rather than to buy an apartment in a block, where two-bedroom apartments are [...]
BULGARIAN BANKS 2008-10-03 02:27:03 The collapse of the banks in the West is a serious warning for the future of Bulgarian banks. In the last three-four years, the Bulgarian banks enjoyed enormous profit and record growth levels but the world financial crisis is going to put an end to this.
Almost all Bulgarian banks have started to change their development [...]
BOOM OF REPOSESSIONS 2008-10-30 03:31:26 Each week about 20 new repossessed properties are declared at Sofia Regional Court. All repossessed properties are listed in the Third Civil Department of the regional court. Most of them are apartments, houses and bigger buildings, agricultural land and regulated plots. One-bedroom prefab apartment in Liulin gets a starting price of 36 000 levs, while [...]
Euromoney Conference 2008-10-24 08:29:01 The average price of properties in Bulgaria in the first half of the year has been 1418 levs per sq.m. according to the National Statistics Institute. The most expensive properties have been in Sofia where on average they sold for 2470 levs per sq. m. Varna has been in the second place with 2130 levs [...]
CONSTRUCTION INDUSTRY - STATISTICS 2008-10-22 04:49:29 The turnover of the largest Bulgarian construction companies in 2007 was 2.7 billion levs according to the Builders’ Chamber in Bulgaria (KSB) which announced the annual statistics on the eve of the day of the builders, St Dimitre’s Day. More than 2400 Bulgarian construction companies have provided information for these statistics.
The largest construction company in [...]
Bulgaria - Economic Forecast 2008-11-26 04:19:35 Bulgaria alongside Romania, will experience a shock because of the global slow down of the world economy according to analysts. There will be job cuts both in these countries, as well as in Spain, Italy and the U.K. where many Bulgarians and Romanians work to support their families back home. The lack of access to [...] Read more:Bulgaria
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EC CUTS AID FOR BULGARIA 2008-11-26 03:49:22 Bulgaria lost 220 million Euros with the decision of the European commission not to resume the accreditation of the two PHARE agencies in the country which has been taken in July of this year. The two agencies, one at the finance ministry, the other at the regional development ministry, have been administration 560 million Euros [...]
NO SKYSCRAPERS 2008-11-21 04:20:55 There won’t be any skyscrapers in the near future in Sofia. The fear of bankruptcy put on hold all projects Manhattan style in the Bulgarian capital. Some of the projects for new shopping centres have also been stopped indefinitely. Many of the investors contemplate selling their plots of land rather than pushing ahead with their plans. [...]
Bulgaria Brushes Aside Warning Signs 2008-11-20 02:51:52 Рublished in the Financial Times
By Kerin Hope and Theodor Troev in Sofia
There are warning signals everywhere, yet the European Union’s poorest member insists it can weather the global financial crisis.
Standard and Poor’s last month downgraded Bulgaria
’s long-term debt to BBB. Fitch this month cut its rating to BBB- just one notch above junk bond status.
On Friday, [...]
CASH IN HAND 2008-11-13 05:18:08 The total amount paid cash in hand by Bulgarian companies to their employees totals 4 billion levs (2 billion Euros) per annum according to Mediana social agency. More than 50% of the Bulgarian workforce confess that they receive part of their income unofficially, according to the Ministry of Social Affairs. The average income for the [...]
FALLING PRICES 2008-11-11 03:12:12 Because of the lack of demand in the last year the prices of rural properties fell dramatically. Plots of land around Sofia have decreased in price by 50%. The trend at the Bulgarian Black Sea coast is exactly the same. In the last 12 months mainly Bulgarians bought properties near to the big cities according [...]
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