Buy & Sell Bulgaria Insight Newsletter

It has been 1 year, since the Insight Newsletter of Buy & Sell Bulgaria was launched in January 2007. I hope that I have managed to introduce you to interesting events and news from Eurolink Investment Group, its people and property investment trends. If you think that there is more needed to the newsletter or you would like to make a comment or even contribute with your own article, please email lili@buy-sell-bulgaria.com. Wishing you a successful New Year and hope to see you in our offices soon!

As the end of the Bulgarian financial year is coming soon (31^st March 2008), we would like to remind you of the necessity to have the accountancy for your Bulgarian Limited Liability Company arranged. Please let us know as soon as you make your decision and if you would like us to file your company end-of year financial tax return, contact miro@eurolink-finance.com

By Andrew Regan
Property Talk

Twenty years ago, few Brits would have been able to find Bulgaria on a map, let alone tell you anything about the country. Today, hundreds of Brits own property there and thousands more visit this Balkan gem every year.

Bulgaria has undergone an investment revolution over the last decade, meaning that property buyers looking for a good return and a holiday home are very keen to purchase in this former Communist state.

But what makes Bulgaria so attractive to investors; after all, isn’t it possible to find similarly priced property in other Balkan countries such as Romania, Croatia and Serbia? Well, Bulgaria has led the way by building a number of high quality residential complexes that are available at low prices, in areas that are very attractive to tourists.

Bulgaria has become more and more established as a tourist destination for the Brits; both in the summer, for the black sea resort coastal regions which have a Mediterranean like temperature and beaches and internationally renowned golf courses; and also as a winter destination to the mountain regions of the Pirin, Rila and Rhodopa which offer skiing from 2000-2500 m and have a ski season that lasts from December to May. Bulgaria also has an enviable stretch of coastline along the Black Sea which attracts both holidaymakers and those looking to buy property in Bulgaria alike.

Cheap flights have also assisted Bulgaria’s rise in popularity, creating a quick, easy and affordable route for Brits. Demand for real estate is also coming from the increasing number of international buyers who are working for multinationals in Bulgaria’s capital, Sofia. This demand is helping to push up the design and build quality of new developments in the city.

As a well-marketed holiday destination with increasing tourist numbers for both winter and summer seasons, newly built infrastructure and cheap, quick connections to the UK, it’s no wonder that Bulgaria leads the Balkans by offering one of the best property investments in Europe.

The Black Sea city of Varna enjoys the best living conditions for living and working in Bulgaria, according to a survey conducted by Darik Radio in association with Bulgarian daily newspaper 24 Chassa.

The research, carried out in October and November 2007, ranked 35 Bulgarian cities according to 40 criteria. These included the availability of green areas, the number of kindergartens, road conditions, public access to wireless internet, climate, investment, unemployment rate, recreational opportunities, cleanliness, signposting, facilities for disabled people, architecture, airport availability, parking and health service as well as the crime rate and various other benchmarks.

The study’s aim is to evaluate the quality of life in Bulgarian cities at the turn of 21^st Century. The findings do not claim to be completely scientific because only some of the criteria could be assessed through statistics. Darik Radio’s listeners and 24 Chassa’s readers offered subjective evaluation of the other “quality” criteria.

Radosvet Radev, Executive Director of Darik radio, said that people living in the “best” cities would feel proud, and that residents and local governors of “under-performing” cities would be motivated to work harder to improve their surroundings. He noted that the Top 35 chart is not the culmination but rather the beginning of an ongoing process that will be followed closely by the media.

Assen Gagauzov, Regional Development and Public Works minister, said that 52 % of his Ministry’s programme, or € 800 million in absolute terms, will be allocated to restoration and infrastructure improvements in Bulgarian towns. This should result in towns to enhance their competitiveness. Real estate prices in the best-rated cities are likely to increase, Radev implied.

Here are the results of the study:

Top 5 Best Cities for Living in Bulgaria
1. Varna
2. Plovdiv
3. Veliko Turnovo
4. Sofia
5. Bourgas

Property prices in Bulgaria rose faster than anywhere else in the world in 2007, according to a survey conducted by a leading British estate agency.

The European Union’s newest member topped the latest Knight Frank Global Price Index with an annualised property price growth of 30.6 %. Bulgaria ranked three percentage points above the south-east Asian economic powerhouse of Singapore.

“Despite numerous concerns over the level of oversupply in a number of locations within Bulgaria - notably the winter ski resort of Bansko and selected coastal resort locations - Bulgaria has supplanted the previously top performing Baltic hotspot at the top of the Knight Frank league,” the report declared.

Last year, the highest ranking country was Latvia, which saw property price growth of 56.9 %. However, this dropped in 2007 to 10.9 %, on concerns about overpricing in the Latvian capital, Riga.

Thursday, 20th December, after continuous repairs, financed by Mr. Christopher Violaris, Managing Director of Eurolink Investment Group, opened the church in the village of Konstantinovo, Holy Trinity. The sanctification was carried out by father Ivailo of Konstantinovo and Kiril, Bishop of Varna (on the right in picture above), who blessed everybody, wished us health and advised us to be thankful to God for all we have. The bishop also blessed Anastasia and Stellios (Christopher Violaris’s deceased parents), in whose memory, the repairs and icons were donated. “The church is absolutely fabulous and we would all like to thank Mr. Violaris for his help, without him we wouldn’t have had this sacred place for our people”, said father Ivailo.

A temple, 100 years-old and located in the village of Konstantinovo, was revived
Sea Trud, National Daily paper, 27^th Dec

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Ivka, Bobi & Miro (Deputy Managing Director)

Just before changing the committee, which elects the Employee of the Month (Christopher Violaris and Megi), we have a last nomination by them, and this time we have 2 Employees of the Month for the beginning of the New Year 2008. The most hard-working and dedicated colleagues are Ivka Ivanova and Bobi Dyulgerov, both being members of our Legal Department. Although they recently joined the Eurolink Family, Ivka and Bobi have carried out thorough work, taking their responsibilities at 100%. Congratulation guys and keep up the good work!

Following, Employee of the Month for February 2008, due to be elected by the new Committee – Christopher Violaris and Mira Atanasova.

There are many birthday boys and girls in January. Our great boss Mr. Christopher Violaris, MD of Eurolink Investment Group, Ivka Ivanova (Legal Department), our clients and good friends Jennifer Mikalef, Veronica Sack, Allison Johnson, Martin Lambert, Lisa Preuveneers, Basil Preuveneers, Robert Pender, Monica Yates, Petrakis Petrou, Yiannakis Pericleous, Omiros Kiriakou and Panikos Kadis, have their special day this month. We would like to wish them all Many Happy Returns and the best of luck!

“It is our company policy to celebrate all Great Events!!!”

The International dance group: Yiannis (Cyprus), Minko (Bulgaria) and Richard (UK)

What to say… once again, we had a major explode. The table was loaded with food and drinks, music was playing all night and there were virgin talents on the dance floor. What made us most pleased though was Mr. Christopher Violaris’s speech and his kind words: ‘I want to extend my deepest gratitude and appreciation to all the staff, YOU ARE THE BEST!’

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Since mid December 2007, we have a new colleague who joined the Reception team of Buy & Sell Bulgaria, and her name is Marieta Delcheva. She is currently a student at the Varna Free University “Chernorizets Hrabar” and studies History and Tourism. Marieta will overtake Megi’s responsibilities, while Megi is promoted to the Senior Managements’ Personal Assistant. Congratulations to both of you!

By 2009 Hollywood will screen a movie telling the story of the Bulgarian medics who spent eight years in Lybia’s jails, producers announced in Sofia. At a press conference, Richard Harding and Sam Feuer from Sixth Sense Productions said the movie’s initial title is The Benghazi Six. The top producers added that the script is to be written in 2008 and will center on the love story between doctor Zdravko Georgiev and the nurse Christiana Valcheva thrown in jail during a controversial AIDS trial.

The movie is going to be shot mainly in Sofia but the cast is not clear yet. Harding said he hopes stars like Angelina Jolie, Geoffrey Rush and Cate Blanchet to play some of the main characters.

The six Bulgarian medics were present at the conference and said they will help the producers to create a reliable story.

“We were deeply moved by the story of these wonderful people and their unity during the times of hardship,” Harding said. The Hollywood producers refused to announce the budget of the new film but said it will be much bigger than the budget of the historical drama Hotel Rwanda that they produced in 2004 and for which USD 18 M was spent.

Ingredients:

• 1/2 kg spinach
• 60 g butter
• 2 tbsp plain flour
• 500 ml milk
• pepper
• salt

How to cook:

Boil the chopped spinach in salted water for about 15-20 minutes, drain, leave to cool for 10-15 minutes, then puree. Heat a pan, melt the butter, add the flour, stir well, fry for 1-2 minutes, then add the pureed spinach. Add the milk and 200 ml of the water in which the spinach was cooked. Simmer for 5-10 minutes and season with pepper.

Serve with croutons (bread cubes fried in butter).

In Captain Cook, you can enjoy one of the best sea specialties offered in Bulgaria. The menu includes over 50 kinds of fish and dishes for those who are fond of the healthy cuisine. Only here you can taste sea delicacies from the Black Sea and the Mediterranean and from the Indian and the Atlantic Oceans also. In the nice atmosphere of Captain Cook you will always feel like desired and precious quests, because you’ll be welcomed with a smile and served professionally and the dishes you order will be prepared right in front of your eyes in the special “show-kitchens”. For all connoisseurs of seafoods, Captain Cook offers always-fresh meals, which would satisfy the most refined taste.

Rating: 9/10

About 30 000 fans gathered at Alexander Batenberg Square Friday night under pouring rain for the concert of pop princess Rihanna. The superstar sang her top hit Umbrella together with all the exalted fans trying to find some cover in the shower. Rihanna also performed her hits Pon De Replay, S.O.S, Good Girl Gone Bad, Unfaithful, Don’t stop the music, and Shut Up.

The show in Sofia was a part of the European tour of the star, promoting her album Good Girl Gone Bad. The event at Batenberg square was entry-free, organized by Bulgaria’s third mobile operator Vivatel. Rihanna was accompanied by a team of 37 people, and protected by more than 300 guards during her stay in Bulgaria.

The 19-year-old star made her big break-through at the age of 15 when one of her friends introduced her to music producer Evan Rogers, who was vacationing in singer’s home Barbados. Currently, the singer is working with great stars such as Justin Timberlake and the hit producer Timbaland.