Dear friends, investors and clients,
Normally this message would and should have started with my best wishes for the New Year, for happiness, health and prosperity for all of you, your families and the world in general!
Though this is my genuine and wholehearted wish, what is happening around us and what the forecasts are predicting, do not allow much of optimism and positive thinking.
What started as an economic crisis in some parts of the world is now turning into a long lasting nightmare, the end of which nobody seems to be able or willing to predict.
In the meantime those who are guilty for causing this drama, which under normal circumstances should have been made to pay the price, are sitting tight and waiting to harvest the loot of their crimes. Mainly in the form of state funding destined to help the economic recovery.
I wish I had some good news and optimistic predictions to tell you, but I am afraid what I have to say and how I see the future, would for most of you, be a bad dream come true!
You may all recall my past statements as to the reason why we chose the new residential sectors of the city of Varna (the shores of the sea-lake and the surrounding area) to be the epicenter of our investment concept. I was predicting then an economic situation which would have forced hundreds of thousands of western and northern European citizens to leave their countries of origin and look for cheaper and more suitable countries to relocate.
A recent study, prepared for the Insurance giant AXA predicts that before the end of 2009 over 500.000 Britons would leave the shores of the United Kingdom and settle in other EU countries, mainly Bulgaria, Greece and Cyprus!
Additional studies and reports, coming from highly reliable sources, predict the same exodus from other Western, Northern and Central European Union countries! You don’t have to be an economist genius to see what is coming! The present crisis and economic depression will not go away by decreasing interest rates and pumping politics into the sick economies. I am afraid that certain economies and mainly the British and American, are in for a very long recession the kind of which we haven’t seen before! Permanent recovery will only come about if and when the foundations on which the future world economy is built on, is based on real values and strictly managed financial markets.
In the meantime, younger and smaller economies, which based their development on more traditional and conservative principles (The newest EU members, Russia, China, India, some Far-Eastern countries, Brazil, Argentina etc) will greatly benefit from the crisis.
In the case of Bulgaria, for which naturally we are more interested, I strongly believe the time has come for the long awaited boom! Regardless how we look at it and in full awareness of the practical and other problems Bulgaria may have, its strategic position, its proximity to Europe and Russia, the low cost of living and housing, the openness of its society and the beauty of the country will play a decisive role in attracting both investment and investors.
Somebody may say… “But Bulgaria and more specifically the property market and the construction industry are already on their knees”! True, but somebody has to see why? It is not a secret that a very small part of the property market and of the construction industry, targeted the “residential home” market! On the contrary over 85% of the available units (completed or under construction), were designed and built as “holiday homes” and were never destined to meet the needs of people wishing to relocate and settle permanently in Bulgaria. In fact, very few companies and Eurolink Investment Group are the first among them, targeted the market which under the present circumstances will generate the future demand.
In our case and from the very beginning we said … “we are not interested for a hit and run situation! We want to catch the real market which has both volume and duration…we want and we are going after the clients who want to settle and live in Bulgaria”. All our planning (prime residential quarters – golf courses – medical center – multi-lingual schools – the marinas - etc) provides for pure residential homes and top quality living for real people with real needs. Our time has come!
I will once again make a prediction, which I am more than sure it will come true! The New Year 2009 will see a massive influx of British, Irish and Central European clients, looking for suitable housing and business properties to relocate to. The years to follow will see a steady increase of this trend, a fact that will force the Bulgarian authorities and the market forces to adapt accordingly.
Most of you were waiting for this moment to come! I am not sure if it is coming too early or too late for some of you, but what is sure is that this situation will create huge demand for prime building plots, houses, shops etc. The great majority of the land you have invested in answers fully to these specifications! As it is always the case, it is a matter of timing and correct marketing. I believe we have both!
Those of you who were skeptical and chose to stay away from investing, you still have time! Naturally you will not have the same returns as those who invested a few years back, but still with a balanced and well planned investment, you can beat the crisis and the diminishing value of your savings and your equity and make a good profit for the future.
For those of you considering retirement or you have friends and relatives who do so, choosing Bulgaria and Varna in particular not only will offer you a better life, it will also help you to recover the lost equity from the economic crisis back home!
As always, the Eurolink Team and me personally, are at your disposal for every help, assistance and advice you may need!
The town plan is developed by the Territorial Town Planning Organization in Varna and the National Centre of Territorial Development in Sofia.
