Buy & Sell Bulgaria Insight Newsletter

How people celebrate in Sweden?

Like in many Scandinavian countries, Easter in Sweden is devoid of its religious connotations and is mostly looked upon as an occasion for festivity. People do attend church prayers but most of them look forward to the long Easter weekend as an opportunity for family reunion or a vacation in the mountains.

Påskkärringar or Easter witches is a unique Eastertime tradition in Sweden. Children dressed up as Easter witches with long skirts, colorful headscarves and painted red cheeks, go from house to house in the neighborhood and present the occupants with Easter eggs and well wishes in hope of getting sweets in return. According to Swedish folklore, during Easter the witches fly to Blåkulla (Blue Mountain) to meet the devil.

The traditional Easter brunch consists of different varieties of pickled herring, cured salmon and Jansson’s Temptation (potato, onion and pickled sprats baked in cream). The table is often laid like a traditional smörgåsbord. Spiced schnapps is also a must at the Easter table. At dinner, people eat roast lamb with potatoes au gratin and asparagus or some other suitable side dish.

Decorated birch twigs are a common sight in Swedish homes during Easter. As a reminder of Christ’s suffering, young people would lash each other with silver birch twigs on the morning of Good Friday. These silver birch branches, decorated with brightly colored feathers, were the originator of both the Lent and Easter decorated branches.

As the earth is refreshed and the silver of winter blossoms into Spring…
wishing you all the happiness and blessing that Easter brings! Happy Easter!

Σταμάτα!Γιατί πετάς τα λεφτά σου;

Αφού θέλεις να επενδύσης στή Βουλγαρία, κάνετο σωστά!
Εσύ είσαι ξύπνιος,μήν αφήσεις να σε πιάσου κορόιδο οι άσχετο!
Εκατοντάδες Κύπριοι πελάτες μας θα σου πούν γιατί
ήλθαν σε μας! Πάρε σήμερα ένα τηλέφωνο γιά να δείς τη διαφορά…..

Αγαπητέ Επενδυτή,

Σε καλωσορίζουμε στή Βουλγαρία, τή χώρα τών λουλουδιών, του απέραντου πρασίνου, τών ποταμών, τών λιμνών…τόν επίγειο Παράδεισο!

Καί όμως αυτός ο επίγειος Παράδεισος μπορεί να γίνει γιά ένα άβγαλτο επενδυτή μιά πραγματική κόλαση! Δέν είναι λίγοι αυτοί που στή προσπάθεια τους να βρούν μιά καλή επενδυτική ευκαιρία, έπεσαν στό λούκι και έχασαν και τα αυγά και το καλάθι, όπως λέει κι’ ο λαός!

Σίγουρα εσείς δέν θα θέλατε να σας συμβεί κάτι τέτοιο, αλλά ούτε και μείς θέλουμε να χάνουν οι επενδυτές τα χρήματα τους! Ο λόγος είναι πολύ απλός. Η εταιρία μας γιά 15 χρόνια τώρα έκανε και κάνει αγώνα γία να ενθαρρύνει ξένους επενδυτές να επενδύσουν στή Βουλγαρία. Οταν τό άκουσμα μόνο τής λέξης «Βουλγαρία» έφερνε φόβο και τρόμο στούς ξένους, εμείς είμασταν εδώ και δουλεύαμε σκληρά, έντιμα και μεθοδικά για να πείσουμε εκατοντάδες ξένους και επόνυμες πολυεθνικές εταιρίες να δόσουν μιά ευκαιρία στή Βουλγαρία και τα καταφέραμε! Το δικό μας μέλλον είναι το μέλλον τής Βουλγαρίας!

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12 February 2008, Easier.com

Bulgaria property investment has proven to be the country’s economic driver with a record-breaking turnover of € 11.36 billion in 2007. As the world’s strongest property market in 2007, Bulgaria property investment has made a huge € 2.36 billion increase on 2006 figures, and is successfully keeping up the momentum for 2008. Many local and international property experts predicted the year’s increase to reach 25% to 30% however by September 2007 the market had actually risen by 32% with many major cities, such as Sofia and Varna, already recorded impressive growth.

The huge property price rise has been largely attributed to a good mortgage market, high annual revenue of properties and the weak impact of the world financial crisis in Bulgaria. The Bulgarian financial market has not been impacted by US sub-prime crisis due to no cross-border banking, with consumer borrowing continuing at a steady growth rate.

UK property investors, who accounted for 40% of all Bulgaria property investment in 2007, followed closely by Russia occupying 38% of the market have played a primary role in maintaining excellent market conditions, whilst further strengthening the country’s financial stability and adding to the robust appeal for Bulgaria property investment.

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By Kerin Hope and Theodor Troev
Financial Times

British home buyers have disappeared from Bansko, a leading Bulgarian ski resort and until recently a hot spot for people seeking moderately priced holiday properties.

Since the global credit crunch took hold, purchases by UK investors of Bulgarian properties priced between EUR 45,000 and EUR 90,000 (GBP33,500 - GBP 67,000) have fallen sharply, according to Sofia-based estate agents. Such a steep decline suggests Bulgaria’s holiday home boom, which has focused on Bansko and Sunny Beach, the leading resort on the Black Sea coast, may be over. Property developers have been offering discounts of 8-12 per cent in buildings nearing completion in Bansko. Meanwhile, prices for new apartments in Sunny Beach have fallen by 7-8 per cent.

Rapid development at Bansko and Sunny Beach resulted in an over-supply of lower-priced apartments, putting a severe strain on local infrastructure. An estimated 85 per cent of UK investors bought properties off-plan without having visited Bulgaria.

Rental incomes on the Black Sea coast have been lower than expected, according to investors. “Estate agents talked about a six-month season and yearly returns of 6-8 per cent. The reality is more like three months and under 3 per cent,” said David, a Dubai-based IT worker who bought at Sunny Beach two years ago. He declined to give his full name.

By News.Bg

Bulgaria will be a sole-owner in the new company „Golf-development“. This became obvious after a conference of the Council of Ministers.

The Government decided to set up a Single Person Joint Stock Company with 100% State participation in the capital. It will be involved in designing, construction, exploitation and management of golf complexes. They will include golf courses, service buildings and equipment, settlements, etc.

The capital of the company will be 9 183 000 Bulgarian levs, allocated into 9 183 nominal shares of 1 000 levs each. 12 estates, which are private-state properties, will be included in the capital of the company as an un-monetary installment. Their value is 9 133 000 levs.

The monetary installment of 50 000 levs will be secured by restructuring the costs of this year’s Ministry of Regional Development and Public Works’s budget.

Bulgaria is aiming to become a competitive golf destination, attractive for the solvent tourists. As an alternative to the over construction and the high-floor building in the Black Sea holiday resorts, the construction of golf courses will be stimulated. Thus, conditions for extending the tourist season will be created - 9 months on the Black Sea coast and year-round in the mountain complexes, having available ski-golf destinations, as there are in Austria and Switzerland.

The golf tourism is one of the most profitable ones all over the world and combined with the friendly climate and the natural sites, Bulgaria could be a preferred destination on the Balkans.

The company will be managed by a three-member Board of Managers, whose mandate will be three years.

There are many birthday boys and girls in March. Our dear colleagues Mira Atanasova (Head of Legal Dept, Buy & Sell Bulgaria), Sasho Todorov (IT Assistant, Buy & Sell Bulgaria) and Diana Nenkova (Executive Secretary, Eurolink Finance), and our clients and good friends Michael Randall, Richard Payne, Philip Wallis, Mary McHugh, Richard Copeman, Peter Guiver, David McHugh, Evan Roberts, Nicholas Fulford, Ioannis Kyriakopoulos and Evan Roberts, 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!!!

As the end of the Bulgarian financial year is coming (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.

We would like to introduce you to our new Billboard, located nearby our offices, on the sea front boulevard Primorski:

10 February 2008, Novinite.Com

The InvestBulgaria Agency (IBA) announced that Bulgaria’s tourism and real estate sectors attracted the greatest share of foreign direct investments of all sectors in 2007. According to their preliminary report, the foreign direct investments in January-November 2007 reached about EUR 5,05 billion which is a 20% increase from the same period in 2006. This figure is 17,7% of the country’s GDP.

The IBA stated that the improvements of the business climate in the country were related primarily to the reduction of the earnings tax, which is now down to 10%, and of the social security tax.

The largest foreign investors in Bulgaria in 2007 are reported to be the UK, Austria, Greece, Belgium, Spain, Cyprus, and Luxembourg.

• 2-3 cucumbers, finely diced
• 2 cups plain yogurt
• 1/2 cup walnuts, ground
• 3-4 cloves garlic, crushed
• dill, finely chopped
• 1/4 cup sunflower oil
• salt

Beat the yogurt, add the crushed garlic, ground walnuts, finely diced cucumbers, oil and salt. Stir and dilute with cold water. Serve sprinkled with finely chopped dill. Makes 3-4 servings. Light - easy - quick - tasty.

By British real estate consultant Obelisk

Obelisk says Sofia property investments are attracting the attention of Hollywood celebrities and pop icons, prompting the emergence of a new luxury market.

Cheap holidays, cheap skiing, cheap flights, cheap food and drink, and of course cheap property - ‘Cheap’ has been the main attraction for British investors buying into Bulgaria.

However, big changes are in the air with an increasing number of foreign investors and Hollywood A-listers buying up the more exclusive high-end property. Antonio Banderas, who already owns property in Spain, is amongst “Hollywood royalty” spending many months in the capital filming The Code, due for release this year, along with Morgan Freeman who has revealed his interest in purchasing a block of executive apartments in Sofia.

The newly renovated film studio in Sofia has created a house-hunting frenzy from top filmmakers and celebrities. Nu Image has strategically snapped up the previously state-run film studio in Sofia for US$9.2 million in a bid to cut massive production costs that the company faces in the US.

Rock legend Lenny Kravitz has also put Sofia firmly on the superstar map. The “Get on the Bus with the Love Revolution” tour will descend on Sofia’s Akademik Stadium on 27th July 2008. Huge interest for the €15 tickets has been created, with international fans taking advantage of a cut-price city break. Pink is also due to hit the city in July along with Marilyn Manson, Michael Bolton, and Vanessa Mae.

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This is the largest park in Varna city. The planting of the park started in 1878. Since then it is continuously decorated and restored. The Seaside Garden will always be associated with the name of the Czech Antonin Novak - a park designer specialized in the Vienna castles of Schoenbrunn and Belvedere. The Seaside Garden became also known as the most beautiful park on the Balkan Peninsula. It was not only a nature reserve, but also a recreational place for the citizens. The first cafeteria was placed on piles and covered with straw, a fountain spring was also built. In 1906 the foundations of one of the city’s most famous sights were laid. The building of the Aquarium (Marine Biological Station) finished in 1911 but it was adapted for the needs of the Naval Engineering School and later on - of the Fishery School. It was not until 17 September 1932 that the Aquarium was open for visitors. A Black Sea relief was modeled in front of it.

The park separates Varna from the beach and goes all along the city

Close by, the first Open Theatre was built in 1920 and between 1926 and 1939 it hosted the Varna Musical Celebrations, forerunner of the present Varna Summer Festival. The nowadays-existing Open Theatre was built in 1960-1961.

The decision to declare Varna as a resort centre had a beneficial influence on its development. Wooden stands appeared in the Sea Park where music was played on holidays, children’s area with swings was formed, and a tennis court was allotted to the Varna tennis club. The opening of the new sea baths brought about improvements in the beach zone.

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Orient restaurant opened in 1992 initially as a fast-food restaurant. This is the first place in Varna that offered duner kebab and genuine charcoal grill. Later the restaurant was extended and modernized to turn into a popular favourite place. At present the restaurant has 60 seats and a summer garden. Here you can try out very delicious, traditional and interesting salads (Turkish salad, Tabbules and Homs), Hors D`oeuvres (Felafil, Rolled dough list with cheese and Egg plant pane), special cook (Liahmadzhun, Pide with meat, Ballon ekmek and Lavash), coal grill (Chicken Duner, Beef Skewer Kebap and Lamb Chop), fantastic sweets (Kemal Pasa, Turkish Sweet and Kunefe) and many other offers. I strongly recommend it.

Rating 9/10

In just three years time, 2011 will see IWD’s Centenary - 100 years of women’s united action for global equality and change. Organizations around the world have already commenced planning for their celebrations.

The first International Women’s Day was launched on 8 March 1911 in Copenhagen by Clara Zetkin, Leader of the’Women’s Office’ for the Social Democratic Party in Germany. This followed many years of women’s campaigning dating back to British MP, John Stuart Mill, the first person in Parliament calling for women’s right to vote.

IWD is now an official holiday in Armenia, Russia, Azerbaijan, Belarus, Bulgaria, Kazakhstan, Kyrgyzstan, Macedonia, Moldova, Mongolia, Tajikistan, Ukraine, Uzbekistan and Vietnam. The tradition sees men honouring their mothers, wives, girlfriends, colleagues, etc with flowers and small gifts. In some countries IWD has the equivalent status of Mother’s Day where children give small presents to their mothers and grandmothers.

So make a difference, think globally and act locally !! Make everyday International Women’s Day.

Eurolink Investment Group is happy to announce that we are in the process of making a company magazine, which will include information about the Group, property market trends, investment opportunities, useful information while you are in Bulgaria and articles about the country and especially Varna, the Sea Capital. We welcome you to give your ideas on what you would like to know or you would enjoy reading, at: lili@buy-sell-bulgaria.com

Employee of the month for March 2008 is our dear colleague Ginka Petrova. Every morning, not only she works hard to provide us with clean offices, makes sure that the company apartments are nice and tidy, but she also pours over us all her attention and love. Ginka is extremely pedantic and strict, working with a smile on her face. She has a great sense of humour, and feels us as her own children. We would all like to express our gratitude and respect towards her and her work. It is a pleasure for us to a coffee with her every morning! Keep up that young spirit of yours, Ginche!

March 3, Bulgaria’s national holiday, symbolises the restoration of the third Bulgarian kingdom after almost 500 years of Ottoman rule. The treaty of San Stefano, signed on March 3 1878, was the milestone of this process and the day remains one of the most celebrated in Bulgaria’s history. The San Stefano treaty ended the Russian-Turkish war, which started in 1877.

In August 1877, a battalion of Russian troops and Bulgarian volunteers miraculously managed to defend the pass from the powerful army of Suleiman Pasha, which was attacking from the south. Despite their numerical superiority, the Turks suffered a catastrophic defeat, while the defenders of Shipka worked miracles of bravery. At periods of complete despair and lack of ammunition, the defenders of the pass threw stones, tree trunks and the bodies of killed soldiers against the enemy. A Russian detachment arrived just in time, providing crucial psychological support to the defenders. They counterattacked and sent the enemy running.

The Shipka battles became known to the world. Foreign reporters informed millions of readers about the course of the war. After Shipka, successful operations followed in Pleven, Sofia, Plovdiv and Shipka-Sheinovo and at the end, the Turkish command asked for peace.

On March 3 1878 in San Stefano, a village near Istanbul now called Yesilkoy, Turkey signed a preliminary peace treaty. Under this treaty the Bulgarian ethnic territories in Macedonia, Moesia and Thrace were liberated, and the Bulgarian state was restored after almost five centuries of Ottoman rule.

Shipka Monument

Baba (Grandma) Marta is one of the most observed traditions, and marks the end of winter & the beginning of spring. In the North, the winter seasons are personalised as a family of two brothers Golyam Sechko (Big Axe — January) and Malak Sechko (Small Axe — February) who wreak havoc in people’s lives by stopping all normal activities. Their grandma Marta is known to have a rather volatile temper — laughing one day (and then it’s sunny & warm) and fuming & angry the next (cloudy & cold). On 1 March everyone wears a ‘martenica’. The traditional martenica is a bracelet made of interlaced red and white cotton/wool strands. “Red & white” is the traditional desciption of a healthy person, red is for rosy cheeks, white is for unblemished skin. So by giving you a martenica, people wish you health and prosperity. An interesting note is that in BG psyche health & prosperity are the two sides of the same thing; you can’t have prosperity without health. There are many popular shapes of martenici as two cherries or a man and a woman (called Pizho and Penda respectively), while kids wear plastic figurines that have red and white strands. You do not buy yourself one, you receive from & give to other people (family, friends, colleagues and neighbours), and end up with a lot of bracelets & lapel buttons. The tradition says we should wear them until we see a stork (as a migrating bird, this is the true sign the weather has turned). Undoubtedly, the child delivering fame of the stork plays a role in its selection (the allusion of children as the new spring in the life cycle). Once you see a stork, you tie your martenica to a fruit tree (again, the perpetuation of the idea of harvest & riches). More practically, we wear martenici until about 1 April. This is a unique custom. If you see a person with martenica, he/she is either Bulgarian or received it from a Bulgarian. Ask them!