Buy & Sell Bulgaria Insight Newsletter

Growing foreign direct investment (FDI) has pushed Bulgaria higher in the Economist Intelligence Unit’s (EIU) as per latest world investment rankings. On the back of improving business environment, EU integration and sustained economic growth, FDI last year reached a record of USD 5,2 billion, the equivalent of 16,4% of gross domestic product (GDP). However, with most privatisations complete, it is expected to stabilise around USD 2,3-2,5 billion over the period 2007-2011.

Nevertheless, EIU’s estimates for the period put Bulgaria in ninth place as a share of GDP, at a figure 6,15%, higher than any of its neighbours in the region. Bulgaria is also among the top ranked countries in terms of investment projects, with 286 projects last year, more than double compared to 2005, ranking tenth in the world and outperformed only by Russia, Romania and Poland in eastern Europe.

The energy sector remains the only area in which significant privatisations are still to be carried out, but capital-intensive investment projects in the water, electric power, coal mining and transport sectors should keep annual inflows of FDI high over the forecast period, EIU said.

With most of the government’s industrial assets already sold off, FDI has shifted from manufacturing towards real estate, transport and domestic trade, both wholesale and retail, in recent years, and the trend is expected to remain unchanged in the medium term. Overall, in terms of business environment for investment, Bulgaria ranked 44th among 82 countries that the report looks at, rising five places, with a score of 6,77 on a scale of 10. It scored better on components such as political stability, foreign trade controls and taxation, but lost ground in the financing and opportunities categories.

Young Brits are buying more property than any other group in Bulgaria, according to new research. As much as one third of the property in the country is now purchased by foreign nationals, with up to 20 per cent going to Brits between 20 and 35 years of age, according to Quest Bulgaria magazine.

“High UK house prices are making it difficult for first-time buyers - usually the younger age groups - to get on the first rung of the housing ladder”, said Chris Goodall, managing director of Quest Bulgaria. “These young buyers have more money and are looking for better quality homes.” As a result, Bulgaria seems an obvious choice. A three-bedroom property in the country costs an average of £65,000, compared to around £215,000 in the UK.

As much as 29 per cent of all transactions in the country now involve foreigners. “That’s no surprise for a country with low taxation, ease of access and low cost airline tickets. But the interesting thing is that the face of the British buyer is changing,” continued Mr Goodall. A report by National Savings and Investments - formerly the National Savings Bank - finds 20 per cent of first-time buyers would consider moving abroad for a cheaper way of life.

Securing a mortgage or financial assistance is also a factor in Bulgaria’s popularity as an investment destination. “The situation is now much easier with the average length of time from application to sale down from nearly eight months last year to around just eight weeks,” said Chris Downham, managing director of Bulgarian Home Loans.

All making Bulgaria a popular investment location.

An Interview with architect, prof. Ivan Nikiforov - Head of the team of the General Town Plan of Varna

 - Which are the basic alterations in the position and the range of the functual zones in the New General Town Plan of Varna?

 - The habitation and repose integration is specific for Varna. In this meaning, areas zoned for summer houses and urban formations with substantial percentage of permanent occupancy are included. The General Town Plan proposes an extension of the habitation zone to north east, upon territories, stipulated for relaxation and tourism, which practically are already used for permanent residence (St. Nikola, Gorna Traka, Vayalar, Traka- extension). Provisions have been made for the southern and south-west parts of the habitation zone to be included all the urban formations in the land territories of the village of Zvezditza (Pod selo, Letishteto) and the village of Konstantinovo (Chereshova Gradina, Panorama, Pripek and Krushova Gradina) as well as agricultural areas situated between them.

 - What about the so-called “lungs” of the city?

 - The green system in the new General Town Plan keeps the existing areas in the compact city by expanding - to the south - the seaside park, situated by southern coast of the sea bay, as a continuation of “Asparuhovo” park, to the south and west - by inclusion in the city of parts of the forest massifs in the regions of Djanavara, Orehcheto and Konstantinovo.

 - The citizens of Varna hope that the procedure of solution for the transport problems of the city is going to start soon. What does the plan provides for this problem?

 - The most essential improvement of the communication - transportation infrastructure of the south part of the city is the proposed road continuation, which connects Borovets with “Cherno more” highway, to the south-west to the village of Konstantinovo. To ease the traffic on the existing road Varna-Konstantinovo and Beloslav, the plan offers a new direct link from Varna to Konstantinovo. It will serve the new parks - attraction and zoological.

We want to provide the Municipality instrument for managing the town planning, in order to keep its magnificent nature facts and civilly inheritance and to integrate the new building with them in the best way.

And the best employee of October is……. Didi Georgieva (Business Development Manager). She is with Eurolink Investment Group since January and is responsible for organizing and managing the Company’s operations in and around Varna and head our Department relevant to this sector at our Head Branch.

Congratulations Didi and thank you for your hard work!

Didi Georgieva (on the right)

Reviewed by Diana Georgieva

Q: What is the best way to transfer money to Bulgaria?

A: When buying property overseas you need to cope with complex bank transfers that usually take a few days to arrive into the recipient’s bank account and in addition you are charged considerable fees for it. Furthermore, it is not always possible to do the transfer in pounds – you are more likely to be paying for your property in Euros, or some other currency as well.

Now, to appease the concerns of clients who are new to the foreign exchange process here comes a new service, offered by Eurolink Finance, in association with Globex Foreign Exchange. It guarantees that our clients get the best exchange rates and provides personalized service so as they know exactly where they stand through the entire funds transfer process. Not only we will provide you with the best rates for FX transfers, but we will also offer faster transfers and free WIRE transfer of funds to the beneficiary account.

For more information please send your questions to: diana@eurolink-finance.com

Minutes before the charity concert and the launch of the initiative “Izberi Zhivot” (Choose Life), the candidate for Mayor of Varna for 3rd mandate and later on elected, Kiril Yordanov, appeared on the stage at the entrance of the Sea Garden in Varna, and announced that he will give to the children at “Gavrosh”, as a present, 10 bicycles.

“I am here to personally thank Mr. Christopher Violaris (Managing Director of Eurolink Investment Group, organizer of the event) for his constant and varied charity and to summon you young people to active sport activities”. With these words, Kiril Yordanov spoke to the numerous young spectators and added, that the sport base of Varna is available and at their disposal all year round and free of charge. “Think for your future and put your best foot forward, we are right beside you”, said Mr. Yordanov, who came on a bike.

The concert “Izberi Zhivot” aims to help the children and social workers in “Gavrosh”, therefore, on both sides of the stage there were donation boxes and children from the orphanage were giving out soft drinks and snacks, as well as specially made T-shirts, provided by the organizers. MC of the concert was Misho Shamara (popular hip-hop and rap performer), and during the concert other performers also tool part, as Maria Ilieva and Grapha (other very popular singers in Bulgaria).

Dnes+, online news
06.10.2007, 19:24

The British national Patrick John Brown will be the leader of the list for municipal councillors in the Bulgarian village of Avren on the upcoming local elections on October 28. Brown was nominated by the Bulgarian labour and agriculture party, which is in coalition with the United National Front. The 59-year-old Patrick Brown has been living in Avren for four years with his wife Caroline. While in Britain he has worked in a shipyard. He wanted to join the list for municipal councillors to defend the interests of the British community in Avren.

Avren is the biggest village in the Varna county on the Black Sea and has become the home of around 40 British families.

Kamchia River, by the village of Avren

Richard, giving Chris a present for founding the company together

Welcome to the launch of EnergyFree Technology Ltd. We are a unique company that addresses energy efficiency needs for residential homes and offices. We offer the following:

• Energy audits assessment.
• Ground Source Heat Pump (GSHP)
• Air Source Heat Pump (ie wall mounted air conditioning units)
• Thermal solar panel
• Underfloor heating system
• HVAC system (air ducts with heating, cooling and air quality management)
• Swimming pool heating (using solar or GSHP)
• Architect, installation and maintenance.

READ MORE »

Foreign tourists have to pay huge sums for getting medical aid in Bulgaria’s seaside resorts unlike the Bulgarian nationals. Medical services fees for foreigners are up to six times higher than those paid by the Bulgarians. The fees for medical examinations and general checks in the resorts of Tsarevo, Primorsko and Sozopol are extremely increased in spite of the law adopted in 2005, which provides for equal prices for Bulgarians and foreign citizens in the tourism branch.

Bulgaria’s Health Ministry has not yet issued a decree that would regulate the price formation of the medical services. Until such a document is officially published, the people concerned could complain to the EU’s Consumers Rights Commission, headed by the Bulgarian commissioner Meglena Kuneva.

Jessy

I am delighted to announce that two new colleagues have joined our professional team this month – Jessy Karaivanova (Lawyer) and Bobi Djulgerov. They both became part of the Legal Department and will contribute to the department’s effectiveness in dealing with the company registrations, property law and other legal duties. Good luck with your new assignment!

Bobi

Recommended by Richard Payne, client and good friend of Eurolink

The restaurant is situated not far from the centre and a few minutes’ walk from Caesar’s Casino. It is not easy to find, since the building is in traditional style and is tucked away by other buildings. I was passing by and was curious with the outdoor table layout and the BBQ at the back, so I cautiously walked in and made a wonderful discovery! It is a full fledge restaurant of two storeys, arranged in wonderful Bulgarian traditional style as the picture above.

As I walked in the central area, there was a large copper chimney with indoor BBQ grill with the bar at one side, but what amazed me was the wonderful collection of wines - lots of them!!! I would assume that indoor BBQ should be very popular in the winter.

Another point goes to the waitress who was very friendly while taking me to my table and happily serving my richly deserved desires. The meal was also very well cooked and juicy, and of very good value (6 Euros) - I can’t wait to try out some lamb meal next time!

For those wishing to experience traditional Bulgarian meal in Varna, I would certainly recommend this place - it is the perfect way to impress yourself and your friends.

Rating 9/10

There are many birthday boys and girls in October. Our dear colleagues Diana Georgieva (Sales team) and Stellios Violaris (Deputy Managing Director of Eurolink Investment Group), our clients and good friends Colin Sharp, Claire Eggington, Colin Trodden, Ann Stewart and Gordon Spiteri, have their special day this month. We would like to wish them all Many Happy Returns and the best of luck!

“We turn not older with years but newer every day”

Eurolink Investment Group offers a scholarship to studious and disadvantaged kids. From next year onwards, only one strictly selected teenager will be granted the scholarship. The undergraduate has to provide a certificate proving that it is on social support, issued by the relevant Social Authorities. Besides the grades achieved he or she should have a minimum Very Good (B) competition score in order to be eligible for this opportunity. The procedure provides for each candidate to apply for the scholarship, by preparing a motivation letter and only 5 will be invited for an interview, then only one will be granted the financing, which will cover accommodation, food, university materials and semester fees during the full educational period. The financing will continue even if the scholar has found a job in the meantime and improves its social status. “This will show us that we have succeeded in our mission”, said the Managing Director of Eurolink Investment Group. The company plans to organize many events, such as football tournaments, where the winning team will be sponsored for 1 years training, etc.

The CHOOSE LIFE initiative will be launched by a charity concert on Oct 6th, 2007, at the entrance of the Sea Garden and near the Festival and Congress Centre in Varna. They are aiming at collecting donations for the children of the social association Gavrosh. Many popular performers and stars from the sports and art world will support the initiative and take part in the event, such as Maria Ileva, Grafa, Raptown Records, Misho Shamara (all famous singers and bands), Buble-gum hip-hop dancers, DJ Swed Lu, salsa club Malambo, Kickbox club Jet and many others. They will all ask children to spend their free time with sports activities, education, music and arts, which are the five key elements of the campaign.

Located in the Southeastern part of modern Varna, just by Eurolink’s offices, the Roman Thermae was built upon more than 7000 sq.m. and used to be the largest antic public building in Bulgaria. The architectural style and some discovered coins provide information that the construction work took place in the end of the second - beginning of the third century AC. During the relatively peaceful second century Odessos (Varna today) grew into a major economical and cultural centre of the Black Sea coast and the Roman province Moesia Inferior. Close to the end of the century the blossoming city could afford the enormous construction and maintenance operations. The daily life of the Roman citizens included visits to the baths called thermae. They were also equipped with gymnastics and sport halls, called palaestras, meeting and discussing halls, relaxation room, etc. In addition to the indoor hall, the thermae had a featured real palaestra - a big yard, surrounded with columns and shops. The palaestra is in the north part of the baths and stairs lead from it to the main hall.

The building itself was about 20 meters high (the preserved part of it nowadays - the Roman tower is 18 m high), constructed from both stones and bricks. The outer walls and the halls were decorated with marble columns, ornaments and other architectural elements. Another feature is the number of statues of distinguished citizens and Roman gods, built up together with the needed fountains. The social and political crisis from 3rd century caused damages in the Roman Empire and Odessos, as a part of it. The maintenance of the baths became very expensive and they were gradually left without proper care. The stone material and decorative elements were taken and used for the construction of other buildings, including the small baths of Odessos from the 6th century.

Autumn has finally come in Bulgaria on Sunday, 23 Sep, at 12:51 local time, putting an end to a dry and hot summer.

Despite the cold weather that marked the past several days before the official start of the autumn, the people on Sunday were surprised by welcoming sun and moderately hot temperatures.

This year the astronomical autumn in Bulgaria does not coincide with the autumnal equinox.