Buy & Sell Bulgaria Insight Newsletter

By Christopher Violaris, BSc, MSc, PhD ( Econ)
Chairman of Eurolink Investment Group

You may ask, what is the best way and where should somebody invest. We are listing below some facts that will allow you to draw your own conclusions:

THE APARTMENT MARKET-RENTALS AND RE-SALES:

In recent years tourism has seen a spectacular increase and development in Bulgaria, something that has come about because of the huge Tour Operators’ advertising and the construction of exceptionally modern and luxury hotels on the Black Sea coast and the winter resorts of Bulgaria. Only in 2006 we had an increase of 28% of tourists spending their holidays in Bulgaria and the predictions for 2007 is even greater, 35% increase!

The role of the tour operator in the tourist industry is not just dominant but it is also absolute! Over 98% of tourists come into the country on packages bought through the tour operators, while over 85% of the flights landing at Bulgarian airports during the holiday season (summer and winter) are controlled or organized by tour operators.

With regards to hotel beds, the last 5 years have seen a huge increase both in numbers as well as quality, while in the meantime a huge number of new hotels are under construction, thus offering more and more beds. Considering all the above, we can not see how a holiday maker who can get a package all inclusive from a tour operator for a week in a luxury hotel, next to the beach or on the ski slope for €350, will be prepared to pay the same just for accommodation in a flat, somewhere in or near the resort, neither can we see how a tour operator will rent an apartment for his clients and offer a reasonable rent for the season, when he can get all the hotel rooms he needs at very low prices!

We honestly believe that investors buying apartments for rental purposes should think again! There are thousands of empty apartments in the resorts every year and they will carry on being empty for a lot of years to come! The non-existence of a rental market, therefore rental income, has naturally affected demand which has been declining year after year. Not to talk about the re-sale market which is either too small or non-existent!

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There are many birthday boys and girls in July. Our clients and good friends Ray Potter, Raquel Dale, Jeramiah Casey, Kevin Webster, Stephen Barker, Joel House, Margaret Pender and Louise Todd, have their special day this month. We would like to wish them all Many Happy Returns and the best of luck!

This month’s top employee is our dear colleague and friend Nevin Halil, member of the group’s Legal Department. She is one of the most hard-working employees in the company and is very devoted to her job. Nevin is very ambitious and takes every challenge with a smile. Congratulations Nevin!

Ingredients for 3-4:

- 3/4 kg of tender pork
- 1/2 cupful of oil 4-5 leeks
- 1 tbsp tomato paste
- 1 tsp paprika
- 1 tsp black pepper
- 1/3 cup red wine
- 1 onion, parsley, 1 small chilli

How to cook:

Chop the meat and brown it in the oil. Take it out of the pan in a dish and leave. In the same oil, fry the finely cut leeks. Add salt, the tomato paste, paprika and pepper. Pour in 1/2 a cup of water, add the wine and the meat. Let it stew on low heat until the juice has thickened. Serve with sprinkled chopped onions, parsley and a small hot pepper. You can also serve it with mashed potatoes or rice.

Varna, the “water town”

The new town appeared in the period of 580-560 B.C., at the same time when the other ancient Greek towns were also founded on our Black Sea coast. Its founders, the Miletian Greeks, settled gradually and without any problems in the already existing settlement, called Odessos and adopted the name given by the natives.

That name is first detected in the works of the poet Skymnos of Chios and the historian Strabo. In the 5th century Theophanus referred to it as Odissopolis. It is assumed that the name is of Karian origin and is translated as “water-town”.

From the VI century onwards the name of Odessos is no longer found in the historical documents. Varna is first mentioned in the chronicles describing the advancement of Khan Asparukh and his people who “…came to the so-called Varna, close to Odessos…” and the consequent settlement of Bulgarian tribes in those areas.

In the beginning of the century archimandrite Inokenti presents interesting details from his researches. He also mentions the theory that the name Varna originates from the avarian word “var”, meaning city.

Some hypotheses maintain that at the time of Emperor Tiberius (14 -27) the town was, for a short time, called Tiberiopolis. And during the reign of Empress Irene towards the end of VII century there was another short period in which it took her name - Irinopolis. In the ancient times Theophanus referred to the town as Odessopolis and other authors - as Ulissopolis.

Only once in the thousands-of-years-old history of the town were there no doubts about the time, its name and meaning. In honour of the 70th birthday anniversary of Joseph Stalin, taking into consideration the request of the citizens of Varna, the Council of Ministers issued a decree to rename the town. Thus on 21st December 1949 Varna became Stalin and a monument of the town’s patron was erected at the entrance of the Sea Garden. Time passed by and at their 1956 plenary sessions the Communist Parties of the Soviet Union and Bulgaria admitted still another mistake and the recent town name was regained. For those in the nostalgic mood, however, the old streets of Varna still keep drainage covers made in the town of Stalin.

The “Barite” complex, is located 36 km northwest of Varna, in the forest of the village of Chernevo. It spreads over 18 decares at 160 m above sea level. It consists of 5 houses, a national-style restaurant built of stone and wood, a museum of crafts in the open, an ethnographic collection of lifestyle items of the local people of Chernevo, a hall for quiet games, and a children’s playground. The restaurant, makes you feel at home, where one can share the tasty food with friends and enjoy the invigorative power of various drinks. The menu includes national cuisine, with the basic principle of their cooking being “Quality dishes are prepared from quality products”. The biggest pleasure is making the choice of “parlenki” (dampers), the sight of which tempts each visitor and are prepared only at the “Barite”. During the winter the live fire in the fireplace predisposes each guest to tranquillity and oblivion of the city clamour. Every night an orchestra entertains the guests, performing music of all genres.

Rating of 9/10

Great interest for our region from English, Cypriot, Greek, Italian, Maltese and Scandinavian Investors.

By Christopher Violaris, BSc, MSc, PhD ( Econ)
Chairman of Eurolink Investment Group

As a token of our long standing promise and commitment to keep our clients and investors fully informed on matters related to the Bulgarian Property Market and considering that we already entered the holiday season, I wanted to bring to your attention, a number of recent developments that affect directly your existing or future investments.

The Greater Varna Expansion Plan:

After long deliberations, changes, additions, exclusions and exceptions to the rules (this is more about culture than politics in Bulgaria), The Greater Varna Expansion Plan is expected to be approved and adopted by the Municipal Council just before the City Council members take their Summer vacations. (Read more about this topic in our BULGARIAN PROPERTY NEWS column). I am very happy to announce to you that all our regions, old and new are included in the new town boundaries and the micro regions provided by the plan. It is needless to say that upon the official publication of the plan, prices in the region will hit new heights.

I would like to disclose some details of the plan, though I am very confident that sooner than I originally thought, we may be in the position to supply you with official copies of the plan.

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I am happy to announce to you, that we have another 4 people who recently joined our team: Dimtar Rusev, Slavi Naydenov, Angel Dimitrov and Todor Baramov. They are all young and dynamic, willing to work and eager to meet our clients. As part of the Sales Department of Buy & Sell Bulgaria, the boys are currently trained and soon will be able to assist you in finding the best property or investment for you in Bulgaria.

Welcome guys and good luck in your assignments!

Reviewed by Diana Georgieva

Ask our Eurolink Finance
specialists anything you want to know about financial and social services to guarantee your pleasant stay in Bulgaria!

Q: We are thinking of relocating to Bulgaria and need some advice what company to use and how much they would charge us?

A: Relocating to a new house can be a troublesome experience when moving within the country, but moving internationally can get twice as bad as it requires a lot more planning and thought. When you’re considering moving to Bulgaria, make sure you’re aware of all the common problems and pitfalls which may occur unless you want to see your removal costs skyrocket in no time.

BUT with good organization and a bit of research your new life in the sun will begin as smoothly as you planned it straight from Day One! One of our clients and good friend, Richard Payne, did some investigation on the procedure for relocating and here is what came out. If you contact a professional removal company, they will assist you at every step, from picking up your luggage through arranging the customs clearance and insurance, helping with wrapping and delivering everything to your new Bulgarian home. Once you decide for a date when you wish to move you must call your preferred removal company and they will give all documents you need to complete. Among them are Removal Info Sheets where you fill in your name, addresses (both new and old), phone number, also a List of Contents where all larger items should be described and some other documents needed for customs clearance and insurance. As this is an overseas shipment you will be advised to have insurance which amount is usually for the replacement value of the goods.

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In Bulgaria, there is a tradition called July Morning as an echo from the hippy period in the 1980s and maybe as far back as the 1970s. Young and elder people from all over the country travel (often hitchhiking) to the Black Sea coast on the night of June 30 to meet the first sun rays on the 1st of July. Naturally, British rock band Uriah Heep’s 1972 hit July Morning is the main refrain.

Although the tradition was emotionally linked to the hippy movement in America, it is still popular in Bulgaria. It is probably not observed anywhere else, because of its specific role as a subtle protest during communist times. Celebrations started in Varna in 1991, two years after the communist government resigned and in recent years have spread to other towns and cities. Initially, celebrants gathered on Pier 1 at the Port of Varna East; now the vigil takes place on beaches as well.

Some argue that the tradition has lost its original meaning over time. Also, younger people do not necessarily know under what circumstances it was started or even who the author of the song was (namely, Uriah Heep). In Bulgaria, the sea is associated in the first place with summer vacation and having a good time, and July 1 is about when vacation starts for most high schools and colleges.

The feeling of elation from the first morning sun rays as a symbol of a new beginning in life, however, is still the main reason people observe the celebration. July Morning may be related to sun worship and to midsummer night rites popular throughout Bulgarian lands ever since antiquity. It is believed that the best way to experience July Morning is to retreat with a few friends to one of the quiet beaches on the Black Sea facing east.