Buy & Sell Bulgaria Insight Newsletter

Varna, being the 3^rd largest city in Bulgaria, has the highest rate of construction of new buildings in the past couple of years, in comparison to other towns in the country.

For many years now the Sea Capital is one of the most attractive destinations to locals, as well as to foreign investors. The opportunities, which the city offers with its sea outlet, are many.

Apart from the transport connections to Russian and Ukrainian Black Sea ports, the city is also one of the most popular tourist destinations in Bulgaria as well as abroad. Every summer season Varna and the surrounding tourist complexes are visited by thousands of holiday-makers from Russia, Germany, the Scandinavian countries and many others.

In the past couple of years many construction companies and private investors are looking towards Varna and the region, where most of them have succeeded in realizing major projects.

Eurolink Investment Group is one of the major investors in the Varna region. Their vision is to create a brand new city, New Varna, which will become a preferred place for living, raising children and retiring. They aim to create a modern and environmentally friendly city, which will offer high standards and quality of living to its inhabitants. Below are some of the Group’s projects:

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ΕΠΙΣΗΜΗ ΑΝΑΚΟΙΝΩΣΗ

Πληροφορούνται οι κατοχοι τεμαχίων γης στίς περιοχές PANORAMA-SPRINGFIELDS-OLD VINES-MARINA HILLS-GOLF HILLS-ACROPOLIS στην ενορία Κωνσταντίνοβο της Βάρνας που έχουν εκδηλώσει πρόθεση να πουλήσουν τα τεμάχια τους στην κοινοπραξία STERLING-STERN-ZENITH JV ότι:

1- Θα πρέπει ΑΜΕΣΑ να προχωρήσουν στην επιβεβαίωση της πρόθεσης τους, αποστέλλοντας γραπτό μήνυμα στα γραφεία της κοινοπραξιας στη ηλεκτρονική διευθυνση sterling.stern.zenith.jv@gmail.com.

2- Για να γίνει δυνατή η μελέτη και αποδοχή μιας τέτοιας πρόθεσης από την κοινοπραξία είναι απαραίτητο να αποσταλούν από τους ενδιαφερομένους μια σειρά από έγγραφα που σχετίζονται με την κυριότητα και κατοχή του τεμαχίου.

3- Τα έγγραφα αυτά τα οποία εκδίδονται επίσημα από τις Βουλγαρικές Αρχές, μπορούν οι ενδιαφερόμενοι να τα εξασφαλίσουν έναντι πληρωμής από οποιοδήποτε δικηγορικό γραφείο, αρκεί να δοθούν οι σχετικές οδηγίες και να πληρωθεί το τέλος από τον ενδιαφερόμενο ιδιοκτήτη. Το τέλος αυτό ανάλογα με το δικηγορικό γραφείο μπορεί να κυμανθεί από 500 - 1000 ευρώ.

4- Το νομικό τμήμα του Ομίλου μας αναλαμβάνει την έκδοση των πιο πάνω εγγράφων, έναντι προπληρωτέας αμοιβής η οποία έχει καθοριστεί στα 500 ευρώ. Δέον να τονισθεί ότι ο Ομιλος μας δεν έχει καμιά υποχρέωση να εκδόσει τέτοια εγγραφα ούτε και οι ιδιοκτήτες τεμαχίων είναι υπόχρεοι να χρησιμοποιήσουν τις δικές μας υπηρεσίες.

5- Σε καμία περίπτωση το νομικό τμημα του Ομίλου δεν πρόκειται να αναλάβει την έκδοση των πιό πάνω εγγράφων εάν προηγουμένως ο ενδιαφερόμενος ιδιοκτήτης δεν προκαταβάλει το σχετικό ποσό είτε στα γραφεία μας στη Λευκωσία, ή στα Κεντρικά γραφεία του Ομίλου στη Βάρνα - Βουλγαρίας.

Για περσότερες πληροφορίες, παρακαλούμε να επικοινωνείτε με τη Δ/δα Αναστασία Πιπερίδου, δικηγόρο στο τηλέφωνο 22371512.

How to buy a home during a crisis

Revolutions often take place in a time of crisis. Some significant changes took place in Bulgaria since the beginning of the crisis in the real estate sector. Developers and real estate agents affirm that now it is the buyer to dictate the rules on the market. But does he know it?

Demand for homes is a steady constant. It is to remain in Bulgaria with or without a crisis. Official statistics show that 96% of Bulgarians own the properties they live in. Hardly ever more than 2/3 of the population worldwide and in most developed countries, in particular, lives in their own homes. The big dilemma a buyer faces is: should I buy now? Housing prices have tripled since 2002. At present the average price has reached 680 euro/sq m, while it was just 160 euro/sq m seven years ago. Prices continuous uphill led to a construction boom in the big cities. So currently customers are faced with numerous options to choose from. In 2008 over 21,000 houses & flats have been completed, a number which is slightly more than twice the amount of properties built in 2004. A lot of developers are disposed to give discounts in order to get rid of the excess of units they have available. Along with opportunities, buyers and real estate market participants have encountered some challenges, as well. In the past three years buying a property was never related to tackling such a long list of questions. Shall I obtain a loan? Of what amount should it be? Should I take the risk of buying a larger property? What if I lose my job? What if banks don’t approve my income? Do deferred payment schemes really work? Are they safe enough? Is off-plan buying cheaper? (I still remember those ‘pyramids’). What if the developer goes bankrupt? Prices are falling now. What if tomorrow they fall even faster?…

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As you may already know, there is a new law for the Trade Register that came into force on 01.01.2008. This law refers to the registration of new business companies in Bulgaria as well as registrations of all existing companies in the new online trade register. According to this new law, all existing companies must be registered in the new register by 31.12.2010. If this is not done, they will be removed from the register of companies in Bulgaria resulting in loss of their assets (properties for example).

The new Trade Register is hosted by the Registration Agency and is planned as a unified data base of all companies in Bulgaria and their details, which will be publicly accessible and centralized. This is a needed and helpful change in the administration and the results will soon be seen.

All companies, re-registered after 01.01.2008, are obliged to publish their annual financial reports in the new Trade Registry before 30.06.2009.

Companies, which are currently re-registered, have to publish their annual financial reports for 2007 and 2008 within a 3 months period from the re-registration. If they fail to do so, they will have to pay a penalty of approximately 3000 levs.

Our lawyers can help with this service, from answering questions to preparation and submission of the necessary documents. You can contact them for advice and to organize the process, at: legal@buy-sell-bulgaria.com.

The initial project for a new General Town Plan (GTP) of Varna was approved by the Minister of Regional Development and Public Works, Asen Gagauzov, and admitted to public discussions and consultations during the joint working conference of the National Expert Counsel for Territorial Structure (NECTS) and the Municipal Expert Counsel for Territorial Structure (MECTS), which began yesterday, announced a reporter from radio Focus, Varna. The participants at the meeting accepted the generalized stand, proposed by the Director of Territorial Structure and Projects Department of the Ministry of Regional Development and Public Works (MRDPW), Lidia Stankova, that the major part of the proposals and the notes to the project have been reflected, it is stabilized and the procedures for public discussions and consultations for the GTP and the ecological assessment of the project can be revealed with the shortest possible delay. The working group agreed that the additional notes and propositions put forward during the 2-days conference, will be submitted to the designers and they must be reflected in the final version of the project, along with the opinions and recommendations which will arise during the discussions and consultations. The decision was made on the basis of all standpoints covered at the conference by experts from NECTS and MECTS, Varna, the regional associations of the Chambers of Architects and Engineers, from regional municipalities and independent appraisers. Lidia Stankova generalized that according to all raised opinions the acceleration of the procedures for public discussions and consultations, as well as procedures for adopting the project will have a stabilizing effect and will be to the benefit of the local public.

The working group also agreed that a proposition for the signing of the prepared scheme for combining procedures provided in each of the four laws concerning the admittance of the GTP project, should be directed to the Mayor and the Minister of Regional Development and Public Works.

The initial GTP project should be admitted by the end of the year at the earliest. This became obvious at the conference. The launching of the procedures will be announced in a ten-day-period from signing the conference protocol. However, experts commented upon the possibility that terms may be lengthened due to the fact that during the consultations and discussions negative standpoints may occur, which will lead to amendments being made to the project. According to the Team Leader of the department working on the ecological assessment of the GTP, Ljudmil Ikonomov, discussions may be prolonged in case they are carried out with the intervention of additional methods acknowledged by the European Union as reputable practices, which would legally stabilize the project.