Buy & Sell Bulgaria Insight Newsletter

By Christopher Violaris, C.E.O

Eurolink Investment Group Plc.

The dark clouds of the new economic recession are becoming thicker and thicker on the economic horizon of the West, while the prices of basic commodities are going through the roof, thus making any thoughts or plans for a quick recovery totally unrealistic.

Though the leading Western Central Banks were quick to intervene and tried to support the collapsing financial institutions in trouble, their intervention caused more doubts and insecurity among the investors. The Example of Northern Rock in the UK and leading lenders in the USA is causing serious concerns all over the financial world globally.

In my opinion, we have not seen the real thing yet! Those involved may have felt the repercussions but the real, unfortunately long term, consequences are still to come and they will not just limit themselves in the financial sphere! I expect that a very serious socio-political cost will be the final price, a very dear price to pay indeed!

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Dear friends,

I feel that I owe you a detailed explanation as to why we decided to change the date of the yearly conference “The Eagle Has Landed” from April to late September 2008, and to let you have my comments and thoughts as to the property market situation in Bulgaria and the way I see it developing.

Recently my increased duties and the un-expected flow of clients (this winter was the busiest ever) has kept me so occupied, that I was deprived from the real pleasure I always get, by contacting you personally and regularly!

My aim and vision has always been to create such conditions where your and our investments will have the best possible opportunity to grow! You do realize that this task requires a lot of time and energy and it is not something which can be delegated to either my assistants or to third parties. Not that my assistants could not perform as required, but because I feel that my duty and my loyalty to you all, dictates my personal care and attention.

I had a very tiring and exhausting year which was sealed with my health problem and the disc operation I had in January 2008. Today, right at the start of the spring, I feel full of energy, completely content and extremely happy with the fruits of my labours.

I wanted to share all these with you during the Spring Conference and ask for your approval for what we are about to start doing in a few weeks, which naturally will influence and affect your own investments greatly. Unfortunately, due to the fact that the 24th of April is the Greek Orthodox Good Friday, most of the non British guests and investors couldn’t make it and this fact would have had incomplete and negative results. We had no other choice but to change the date, as we did!

Additionally, I couldn’t deny myself the pleasure of been able to “show you around” the Royal Oakwood and “Marina Gardens”, the construction of which is due to start shortly! I know that you are all waiting to see something grand happening and the time we had until the end of April was not enough to allow us to do something obvious, that would have put your minds at rest.

It is needless to say that seen the start of my vision been realized and coming into being, would be the greatest moment of my life. I want to feel proud in that moment and not to have to apologize and give long senseless explanations. Please bear with me a bit more, I feel I deserve it.

I am sure that you will love what I will show you in September and above all, you will appreciate the impact which it will have on your investments.

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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.

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.

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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By Novinite.Com

Yet another research has pointed Bulgaria as the country with the world’s strongest house price growth last year amidst a global cooling of the property market. The study carried out by Global Property Guide (GPG) said Bulgaria saw the world’s strongest house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier.

Shanghai came in second, despite efforts by the Beijing government to cool the market. House prices there rose by 27,85 percent in 2007. The survey, which provides information for potential property investors, says that while the housing market gained momentum in the Asia-Pacific region, it slowed in Europe and “crashed” in the US.

In Europe most countries registered non-impressive y-o-y house price changes in 2007, except Norway and Estonia, shows the survey.

Ireland’s house price plunge continued, with a 4.68% y-o-y drop to October 2007. When adjusted for inflation, the drop is more pronounced at 9.1%. The Irish housing market is vulnerable to interest rate changes, as 85% of mortgages are with variable rate, GPG comments.

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Gains in prices of residential real estate in Bulgaria’s 28 biggest cities and towns averaged 28,9 % in 2007 over the previous year, data of the country’s National Statistics Institute (NSI) showed. The average price paid for residential properties last year in the areas covered by the NSI survey was BGN 1091,24/m2.

Capital Sofia, which boasts the highest salaries in the country, remains the nation’s most expensive housing market with an average price of BGN 1813,17/m2, a 35,1% increase over the previous year.

The port city of Varna came in second, commanding an average price of BGN 1762,63/m2, up by 33,9% over last year. Third ranked the other major Bulgarian port, city of Burgas with average residential property prices at BGN 1442,08/m2, posting a 17,5% surge over the previous year.

The residential real estate in Sofia district bottomed the ranking with prices as low as BGN 488,14/m2, marking an increase by 18,6% compared to the previous year.

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.

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.

By Christopher Violaris,
C.E.O and Managing Director of Eurolink Investment Group

After a long designing period, changes and additions, we are finally ready to announce to our many friends and investors that this coming Spring we will start the construction of the first Golf Course in the vicinity of the City of Varna, the “Royal Oakwood”! It is a grand design and grand the Golf Course will be!

Others choose to spend millions of euros to get a “Hot Name” to endorse their Golf Courses! We did not. We engaged the services of a highly experienced golf professional, Mr. Graham Coombs who has been involved directly in designing and managing some of the most successful Golf Courses in Europe and America, a Golf Course owner himself. Graham, Terry Murray the architect and Geoff Abraham the constructor, has between them 120 years of golfing and 5 successful Courses. We choose to spend money on building the best Golf Course in Bulgaria and let you judge the quality than spend it to have some “big golfer” tell you what to think. In June 2011 when it will all be ready, we are sure that you will endorse our present statement!

Besides being the only 27 hole Championship Golf Course in Bulgaria, The “Royal Oakwood” will incorporate three restaurants, an Olympic spec swimming pool, and a medical center, a Spa Complex, an Equestrian and Horse Jumping Course. It will be surrounded by super luxury residential complexes, comprising from detached executive villas, bungalows and chalets of 2-3-4 and five bedrooms

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The Bulgarian cities of Sofia and Varna have been identified as potential overseas property investment hotspots by analysts PropertySecrets.net. Strong demand in recent years has allowed the country to develop a robust financial sector, making investment in Bulgaria easier than neighbouring markets.

Cheap material and labour in the Bulgarian property market allowed property to be built for a low cost, before being sold for ever increasing prices.

Buying off-plan in up-and-coming locations is a key trend in the Bulgarian property market. Most people are buying off-plan because with off-plan you know what you’re getting, more or less. This is largely due to the convenience of new property.

You can see the floor plans at home, you can see the pictures, you can see the location, whereas with the existing property you need to have it checked out a little bit more, you don’t know if the room sizes are going to be right and you need to go and visit it yourself, which is a bit difficult for a foreign investor.

By Christopher Violaris,
Managing Director of Eurolink Investment Group

What looked as an impossible dream ten years ago, the economic recovery, the political stability and the rule of law in Bulgaria, today is an undisputed fact! An achievement that took other countries more than a few decades to reach, very often at a high cost and after the introduction of severe austerity measures.

Today, Bulgaria is well on the way to development and recovery, something that is obvious everywhere you go and everywhere you look. The EU membership has played a decisive role in getting the Bulgarian Authorities to put the criminal bands under control, to make the streets safe, to clean up the public sector from corrupted officials, to get the Banking sector to work properly at last, to get the judiciary to function and make its presence felt and finally push the country ahead!

Bulgaria is a great place to live, bring up a family and do business. It is defiantly a great place to invest your money and your life savings, but you should remember one thing, not everything that shines is gold!

The recent ‘writings’ on the wall can only cause concern and teach future investors to be very careful as to how and where they invest their money! A lot of people, in their attempt to make money out of the “property boom” in Bulgaria, have suffered serious losses and a good number of them have actually lost their money! Why and how you may ask.

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Cyprus has promised to lend a helping hand in developing Bulgaria’s tourism industry by training and investments. The assurance was given by Cyprus Minister of Commerce, Industry and Tourism Antonis Michaelides, who conferred in Sofia with Bulgaria’s Economy and Energy Minister Petar Dimitrov. Minister Michaelides pointed out that the Republic of Cyprus has excellent experience with Bulgarian workers and has placed no restrictions on Bulgarian jobseekers. Most of the 30,000 Bulgarians working in Cyprus are involved in its tourism industry as waiters and hotel staff, Antonis Michaelides said.

The Cyprus delegation, visiting Bulgaria, includes fourteen companies in the field of tourism, real estate property and banking. The country is the fifth biggest investor in Bulgaria with more than € 750 M invested over the last ten years.

Companies in Bulgaria’s tourism industry are finding it more and more difficult to recruit labour force and have recently warned they will be short of 30,000 workers next year.

Empty beds are only one of the Bulgarian tourism industry’s problems. Businesses have invested millions of euros to build beautiful hotel grounds, bars and other amenities, but the corresponding infrastructure, transportation and communication networks are too little or completely lacking.

Please note that there are many investment opportunities in the region of Varna, the Sea capital of Bulgaria. For more information, you may contact us directly.

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.

Foreign individuals and companies with foreign shareholders bought real estate worth €817 million in the first six months of the year, Bulgarian National Bank (BNB) data showed.

The figure is a 79% increase over the same period of last year, when foreign buyers paid €457 million for real estate in the country.

Real estate purchases accounted for nearly 40% of all foreign direct investment in January-June, helping offset flagging inflows, according to the BNB figures.

Bulgaria has attracted foreigners for years with its warm climate, seaside and winter resorts and relatively low-priced properties, but interest grew into a boom last year.

Foreigners spent a total of €1.13 billion on Bulgarian real estate in 2006 and will almost certainly spend even more this year, although overconstruction is reducing demand in some areas.

Brits remain the driving force of the boom and paid, as a whole, more than anyone else to buy houses in Bulgaria, focusing on seaside properties and accounting for 15,9% of the total money spent.

Austria and Luxembourg follow in the rankings, with 13,2% and 11,8%, respectively, while Spaniards spent 7,5% of the total sum.

Bulgaria joined the EU in January this year, but that had no effect on the market, as foreigners could buy real estate long before the accession, with the exception of the land itself.

The Mediterranean island of Mallorca has come to symbolize everything bad about cheap, mass tourism: crowded beaches full of drunken louts ruining the holiday atmosphere. Bulgaria’s Black Sea Coast wants to avoid the same fate.

Bulgarian tourist resorts along the Black Sea are in a quandary. They are drawn to the short-term money mass tourism brings, but don’t want to make the same mistakes as the Spanish.

Yet without a significant change in direction, that seems to be the way the country’s coastline is headed.

Investors have built gigantic hotel complexes, significantly increasing the number of beds along the Black Sea Coast. This has caused a price war. A night in a holiday apartment costs on average €25 ($34.50) while a night in a single room can be as little as €2. Hotels without a sea view sit nearly empty.

Too little infrastructure?

Empty beds are only one of the Bulgarian tourism industry’s problems. During the recent building spree, the accompanying infrastructure never materialized, said Marin Neschkow, head of the tourism board and a tourism expert at the university in Varna, the largest city on Bulgaria’s Black Sea Coast.

“Businesses have invested millions of euros to build beautiful hotel grounds, bars and other amenities. But the corresponding transportation and communication networks are lacking. There’s also insufficient water supply and sewage treatment”, Neschkow said.

Hotels are built so quickly that skilled workers can not be trained quickly enough. Their apprenticeships take several years. But the problem, according to Neschkow is not the dearth of places in Bulgarian training programs, it’s the fact that many students no longer stick around in the summers to work in the Bulgarian tourism industry. Instead, they go abroad.

“Tourism pays the lowest average wage in Bulgaria. It is not logical, when one thinks about it, that international tourism amounts to 14 percent of the country’s gross national product,” Neschkow said.

Tourism provides two billion euros each year, approximately half of Bulgaria’s trade deficit.

Responsible tourism?

The tourism industry represents the biggest hope for an economic boom in Bulgaria. The number of tourists continues to rise and Bulgaria has managed to build modern hotels, which provide quality similar to that guests would expect to find in central Europe. That contrasts with nearby Romania, Neschkow said.

But Bulgaria needs to be careful not to rely solely on Black Sea mass tourism, Neschkow said. In the long term, the country will need to increase not only the overall revenue from tourism but also how much each tourist spends.

It seems the Bulgarian government is considering a change in its tourism strategy.

“We’re trying to market Bulgaria as a year-round tourism destination,” said Stanislaw Nowakow of the state tourism agency.

“We’re actively promoting the possibilities in health and wellness tourism, since there are a lot of mineral springs in Bulgaria. In the upcoming year we will highlight our cultural monuments and promote Bulgaria as a country with a multifaceted cultural past.”