Bulgaria was becoming increasingly popular destination “for curious Brits”, the Sunday Sun newspaper, which covers the north-east of England, reported.
“Affordable, welcoming and varied in the scale of activities on offer for beach bums, skiers and all types in between, it [Bulgaria] is attracting holiday-makers and investors by the plane-load,” the newspaper said.
Bulgaria had a ‘blooming’ real estate market for holiday property and was a ‘burgeoning golf scene’. While describing her experience at Golden Sands coastal resorts, author Vicky Anderson notes that the prices were “so ludicrously cheap” that she “actually felt guilty”.
“Wherever you go along the coast, fresh fish is available in abundance, in more shapes, sizes and species than a cod- reared Brit could dream of,” the article read.
Some of the biggest names in metal loved to play in the town of Kavarna, the Sunday Sun said, as the town mayor was a “devoted metal-head”.
Bulgaria’s second biggest city, Varna, was an “intriguing (…) mix of ancient and modern. Often our party’s eyes would be drawn to stalls full of historic tat alongside the usual postcards and keyring malarkey, only to find an array of authentic Nazi memorabilia for sale. Pretty odd in itself (...) but especially so when one of the stalls is selling the stuff outside a cathedral! We wondered why anyone would want to try and smuggle an SS death’s head ring through customs and politely moved on, but these curious stalls were to be found everywhere,” the article read.
The five things to do at the Bulgarian coastline were to visit the Sea Garden at Varna; the medieval Aladzha rock monastery, a few kilometres south of Golden Sands; the summer palace and beautiful Botanic Garden of Balchik; to go to neighbouring Kranevo and to the Evksinograd government residence at SS Konstantin and Elena resort.
Useful advise on visiting Bulgaria could also be found at the weekend in the Canadian newspaper The Expositor. “Letting a room in your house to tourists is a common way to make a few bucks so, if you don't have a hotel booking, take a look at the pictures they'll show you. Make sure the place isn't too far out of the way and that you're not sharing the room with a stranger. You'll almost certainly share a bathroom. Don't be afraid to dicker over the price. And be aware that the person may speak better English than he or she is letting on. If you're in the slightest doubt about the situation, walk away,” the newspaper said.
The newspaper agreed on the prices “Bulgaria is easy to get to (though it's less easy to get around once you're here), beautiful, sophisticated and -- for the moment, anyway -- cheap.”
As the economic mood darkens, Britain's wealth generators are moving abroad. So where exactly is everybody heading, asks Terry Kirby The exodus is accelerating faster than house prices are falling. Refusing to risk their livelihoods on our spluttering financial situation, or have their spirits crushed by fear of rising crime, a new swath of high-flyers, executives and entrepreneurs are departing Britain for fresher, brighter economies. Think Brazil, China, Morocco, even Bulgaria and Albania. "Bulgaria, Black Sea Coast" 2008/06/11/bulgariablacksecoast.Escape to Bulgaria's Black Sea Coast Up to one million more Britons are predicted to join the five million expatriates currently abroad over the next five years. But evidence suggests that, driven by the economic gloom, availability of property and the ease of working abroad via the internet, the departure rate will increase still further. Almost two million have moved away in the past decade, according to figures released last month, with 200,000 quitting our shores in 2006, the last year for which official statistics are available. The figures make for happy reading for some. ''Our turnover has increased by more than 70 per cent," says former immigration officer Liam Clifford, who now runs Global Visas, which helps people negotiate the tortuous process of getting clearance to work abroad."We are swamped. People are disillusioned with Britain, and the tax system is punishing working people. About half of those going are entrepreneurial, types - what you might call aspirational non-doms. The people with get-up-and-go are getting up and going."Among them is Michael Loughlin, 39, whose company, Eurologix, based in Staffordshire, makes X-ray scanners for airports and prisons. He is moving his family and his company's manufacturing operations to Toronto, from where he will export back to Britain.''The Canadian government is biting my arm off to get me there, offering financial incentives and introducing me to potential customers, but no one here cares. We don't support entrepreneurship any more."Although the predicted exodus of hundreds of affluent non-doms from Britain has, to some extent, been averted by Government concessions, many other wealthy individuals are leaving, says Andrew Langton, chairman of international estate agents Aylesford International, which has offices in Spain and France. Forty per cent of his company's business is now in overseas property. ''Brits are saying enough is enough and are quitting the nanny state. Those who are successful are asking, why stick around here and lose everything to inheritance tax? "Experts say the wealthy are moving themselves and their money to Singapore, Dubai and Hong Kong - which, despite Chinese control, remains a temple to capitalism and offers the privacy in banking and tax affairs that are under fire in traditional havens such as Monaco. Closer to home, even the previously unsympathetic tax regimes of Spain and France have become more welcoming in comparison with Britain.Figures from overseas property advice site BuyAssociation.co.uk support the trend towards an exodus of the more affluent: the number of inquiries from those planning to emigrate has risen seven per cent over the past year. A shift upwards to properties costing between £100,000 and £300,000 suggests that home owners are capitalising on their UK properties before prices slump even more. Paul Collins, the website's property editor, adds that inquiries about properties in excess of £1 million have increased fourfold in the past year.'Wishing you were somewhere else?' At the same time, people are becoming more adventurous about their destinations. ''We have recently introduced new online guides to buying property and living in Albania, India and Malaysia because of growing demand. And Morocco is attracting a lot of interest because it's a big country, with a good government, and there is a lot of development. It's only another 30 minutes' flying time from the Costa del Sol."China, too, is attracting Brits because it is seen as a land of opportunity in the way that Russia was in the mid-1990s, but without the corruption and mafia. The Communist government is desperate to open up markets further to Western interests - the Olympics offers an ideal opportunity that they are exploiting to the max. Many rich people are also attracted to Hong Kong.According to Paul Collins, it's the prospect of economic hardship on the horizon here that ''crystallises thinking among people, prompting them to make decisions about their future that they have been considering for some time".This was precisely the case with Barry and Barbara Mardell, who lived outside Bognor Regis in East Sussex, and who moved to Cyprus in April. Aged 56 and 52 respectively, they are some way off retiring, but sought a better lifestyle when forced to rely upon one salary after Mrs Mardell, a former executive with Qinetiq, the defence contractor, had to give up work on health grounds. ''The quality of life in Britain is not what it was," says Mrs Mardell. ''Our village was no longer a real village because of over-development; we suffered every time the Government changed taxes to penalise middle- class, middle-income people and our children couldn't find work because the immigrants took all the jobs. "Now settled in Cyprus, her husband is starting his own facilities management company and they are shortly about to move into a three-bedroom detached house with swimming pool. Even Bulgaria is seen to offer more opportunities for a better life than Britain, says David Hollands, who set up PropertyBulgaria.com after realising that its low cost of living and competitively priced properties - a tenth of what they might cost in Tuscany or the Dordogne - would be attractive to disenchanted Brits. ''We are getting up to half a dozen inquiries a week from people who are going, or want to go in the immediate future," he says. ''People are fed with all the CCTV cameras, having all this global warming stuff rammed down their throats and not having anywhere to park the car." One of those who have taken the plunge is Martin MacMaster, 40, who runs an agricultural contractors in Bedfordshire and will soon be moving most of his business to Bulgaria. "I'm fed up with the rising cost of everything, including diesel fuel. I've given up banging my head against a brick wall. The quality of life in this country has dropped by 50 per cent over the past five years. It's not a political thing," he adds. ''I didn't vote for any of them. "He is one of a number of potential wealth generators of the future who are now lost to Britain. Simon Greenwood, 27, and his partner Charlotte Senior, 28, both left behind the prospect of good careers in London for a fresh start in undeveloped Puglia, southern Italy. ''We were fed up with commuting and the rat race. When we come back now, London seems so crowded, polluted and dirty." In the three years since they left, Ms Senior has written a novel and they have started a company that helps others relocate to the area. Next year, Damon Kestle, 40, and his wife, Sarah, who is expecting their first child, plan to move to Brazil to start a restaurant in a new luxury housing complex in the north-east of the country.Mr Kestle, who runs a gastro-pub in north London, says: "Making money is not the only reason for going there, but I think we can expect a better standard of living. The economy is growing and I think in five years' time it will become the place to be. We come from Nottingham, which has a very high crime rate, and we are living in north London, which is full of knife crime, so I think Brazil is actually a better place to bring up a child. Whether it is Brazil, Italy or Bulgaria, he speaks for many when he says of his new chosen home: "It is where we see our future."
I have never seen, on any subject, someone getting it so wrong. Let me go through this paragraph by paragraph and inject some facts into the proceedings.
1. "Bulgaria is a small country with almost no potential for healthy economic growth"
The facts: Bulgaria is one of the fastest-growing economies in the European Union. Economic growth in 2006 of 6.2%, 2007 5.7% and this years growth is forecast at 5.7%. This growth is exceptional when compared to other EU economies, especially given the global economic climate.
2."Foreign investors are staying away"
Reality: Bulgaria is a major destination of Foreign Direct Investment. This is not due only to cheaper labour costs, a highly educated work force and Bulgaria's strategic and geographic location are also major factors. Companies such as Microsoft, GlaxoSmithKline, SAP, AIB, Monsanto and innumerable others are operating in Bulgaria. Also there is major investment from overseas in property and tourist numbers are booming.
3. "All EU countries impose restrictions on Bulgarians"
Fact: The UK and Republic of Ireland are the only countries with work bans on Bulgarian nationals. A stupid and unnecessary measure, but it exists all the same. To state that this applies to all EU countries is mere fantasy.
4. "It is more worthwhile to go to Africa than return to Bulgaria"
Africa is a continent, not a country. This is a very wide, sweeping statement and I am not sure if this is meant as an insult to Africans or Bulgarians or both. On the whole, Bulgaria is now in a position that the majority of African countries can only dream of.
Dr. Vushkov (MBA), to give his full title, seems to me a bitter and disappointed individual. I would respectfully suggest that unless he has an informed opinion to put across he would kindly keep his twisted opinions to himself.
5. "The EU failed in Bulgaria"
THe EU is only getting started in Bulgaria and the change and progress it will affect will be considerable. Many countries have joined the EU in worse positions than Bulgaria - look at Ireland when they joined in 1973 after two unsuccessful attempts. Terrorism , corruption and organised crime were rampant.
I am Irish and work a lot in Bulgaria. It is a terrific place to work and hard work and effort is rewarded. It is very similar to Ireland in the early 1990s when our boom started. Back then we also had our share of naysayers, but I have never encountered someone who vilifies their own country in such a manner. If you are not part of the solution you are part of the problem.
My advice to young people would be to go to Bulgaria, bring home your ideas and your skills and become part of the major economic boom that is currently underway. It will not be easy and effort and persistence is required. But do not simply sit on the sidelines and complain - get involved and play a part in your economy.
I would also seriously advise any young Bulgarians not to listen to the simplistic ideals of Dr. Vushkov. This person has obviously not done any research on the matter but feels he can preach on the subject, a poor course of action for such an educated individual.
Colin Hanley
Ireland
Bulgaria tops Global House Price Index
16:39 Fri 30 May 2008 - www.propertywisebulgaria.com
Price increases in the lodging property sector worldwide slowed down in the first quarter of 2008 to reach 6.1 per cent on an annual basis. But Bulgaria still heads the price hike, according to the Global House Price Index of UK’s real estate company Knight Frank.
The price increase registered in Bulgaria was 31.5 per cent for the first quarter of 2008, investor.bg said. Bulgaria also occupied first place in the same ranking for the last quarter of 2007 with a 33.7 per cent price increase.
Singapore ranked right after Bulgaria with a price increase of 29.9 per cent year-to-year, followed by Hong Kong with 28.8 per cent.
The other EU member state, which featured highest in the list, was the Netherlands, which occupied 14th place with an increase of 4.5 per cent.
The property market in Latvia registered a 20 per cent decrease in prices after an increase of more than 60 per cent over the same period in 2007, investor.bg said.
European Trade Center to be ready in 2010
14:32 Tue 03 Jun 2008 - www.propertywisebulgaria.com
European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia, would be completed in 2010 and should bring seven per cent return on investment, investors in the project told reporters on June 2, as quoted by Dnevnik daily.
The complex would have a total built-up area of 70 000 sq m, making it one of the largest in Bulgaria and comprising a tenth of modern office space currently available on the market, Colliers International, the consultant of the project, said.
The floorage of the five buildings in the complex would vary from 7 000 to 23 000 sq m. One of them would fall in the skyscraper category with a height of 65 m, chief architect of the complex Ilian Iliev said.
All buildings would be built in line with high energy efficiency requirements and would offer class A office space.
One of the five buildings has already been rented out, Anton Slavchev of Colliers International said, as quoted by Dnevnik daily. The average rental would be 14.5 euro per sq m, which is within the current going rate of 12 to 18 euro per sq m.
The complex adjoins the trade-entertainment complex of Carrefour, whose construction is also underway. The complex was recently sold to Greek Assos Capital.
Alongside Carrefour, the complex would be among the largest in Sofia sprawling on a total acreage of 5.35 hectares. It includes three underground levels of parking lots
300M euro gated community to rise near Varna
18:18 Tue 10 Jun 2008 - www.propertywisebulgaria.com
Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said.
The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.
The compound will have a total built-up area of close to 400 000 sq m on a land plot of 50 ha. It will consist of single-family and two-family homes, as well as condominiums. The total number of homes will amount to five thousand. For the convenience of the Electra Hills residents, the company also plans to build a shopping centre, kindergartens, a school, restaurants, an amusement park and even a church.
Mall of Varna opens to the public
17:20 Fri 13 Jun 2008 - www.propertywisebulgaria.com
Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privately-owned Miller Developments taking over.
Intersevice Uzunovi AA, a major Varna-based investor, has invested close to 50 million euro in the project, but agreed to sell the then-incomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.
The newspaper quoted Krassimir Uzunov from Interservice Uzunovi AA as saying that 35 firms shoed interest in buying the mall. The property is the first acquisition for Miller Developments in Bulgaria, and its largest one-time investment on the Balkans.
The building, designed by UK–based architects Chapman Taylor, is on the intersection of Vladislav Varnenchik and Hristo Smirnenski boulevards. Both are major thoroughfares in Bulgaria's biggest Black Sea city, offering easy access to Varna Airport and the city’ centre.
Mall of Varna houses a skating rink, eight cinema halls, 10 bowling lanes, a 3D cinema - XD Theater - as well as 800 sq m children entertainment centre called Capella Play. The total built-up area is 70 000 sq m, out of which 33 000 sq m is the total retail space. The property management and leasing is overseen by Cushman&Wakefield and their Bulgarian affiliates Forton International.
The mall also features world-famous brands like Miss Sixty and Energy, Esprit, L’Occtaine, Nine West and Puma. The supermarket chain Piccadilly Gourmet will also have a store, the chain's biggest, spread out on 2 000 sq m. For the convenience of the mall’s customers, the parking lot is equipped with 800 spaces.
Miller Development announced that it planned to improve its European portfolio in the upcoming months through the establishment of joint ventures. Currently, the company has offices in Romania, Denmark, Hungary, Portugal, and it intends to invest in Ukraine.
In Bulgaria, Miller Developments is looking to invest into residential property and said it is already eyeing potential plots.
THE BLACK SEA ECHO: Foreign praise
10:00 Fri 20 Jun 2008
Bulgaria’s Black Sea coast has been mentioned in foreign press reports in June extolling the virtues of holidaying in Bulgaria.
Bulgaria was becoming an increasingly popular destination “for curious Brits”, the Sunday Sun newspaper, which covers the north-east of England, reported on June 15.
“Affordable, welcoming and varied in the scale of activities on offer for beach bums, skiers and all types in between, it [Bulgaria] is attracting holiday-makers and investors by the plane-load,” the newspaper said.
Bulgaria had a “blooming” real estate market for holiday property and was a “burgeoning golf scene”. While describing her experience at Golden Sands coastal resorts, author Vicky Anderson notes that the prices were “so ludicrously cheap” that she “actually felt guilty”.
“Wherever you go along the coast, fresh fish is available in abundance, in more shapes, sizes and species than a cod-reared Brit could dream of,” Anderson said.
Some of the biggest names in metal loved to play in the town of Kavarna, the Sunday Sun said, as the town mayor was a “devoted metal-head”.
Bulgaria’s second biggest city, Varna, was an “intriguing (...) mix of ancient and modern.
“Often our party’s eyes would be drawn to stalls full of historic tat alongside the usual postcards and keyring malarkey, only to find an array of authentic Nazi memorabilia for sale. Pretty odd in itself (...) but especially so when one of the stalls is selling the stuff outside a cathedral! We wondered why anyone would want to try and smuggle an SS death’s head ring through customs and politely moved on, but these curious stalls were to be found everywhere,” the article said.
The five things to do at the Bulgarian coastline were to visit the Sea Garden at Varna; the medieval Aladzha rock monastery, a few km south of Golden Sands; the summer palace and beautiful Botanic Garden of Balchik; to go to neighbouring Kranevo and to the Evksinograd government residence at SS Konstantin and Elena resort.
A report by SmarterTravel.com on June 9 that included Bulgaria in its “Five European Destinations That Won’t Kill Your Budget” quoted Kristine Dimitrova, a Bulgarian-born Boston lawyer who makes regular return trips to the country, as listing Varna among recommended destinations in Bulgaria.
“Varna is essentially a major destination beach resort for all of Western Europe,” said Dimitrova. “It has natural hot mineral springs and modern spas with all the amenities and treatments you’d find in other places, but for a lot less.” Varna, the article said, also had an excellent Archaeological Museum which displays artifacts like intricately made Thracian gold jewellery from the fourth century BCE and 100 000-year-old stone tools.
Canadian newspaper The Expositor, in an article on the weekend of June 14-15, said: “Bulgaria is easy to get to (though it’s less easy to get around once you’re here), beautiful, sophisticated and -- for the moment, anyway - cheap”.
THE BLACK SEA ECHO: From Britain to Bulgaria – An easy transition?
10:00 Fri 20 Jun 2008 - Libby Gomersall
More and more Brits are choosing to make Bulgarian their permanent home, and the age profile of those settling here is slowly changing. Previously, Bulgaria attracted British pensioners in their droves with its mild climate and low cost of living. Yet, nowadays, more young families are moving here, lured by the safe, relaxed environment that the country provides.
Leighanne Craven, her husband Chris and their two children moved from West Yorkshire to Rogachevo, a small village in Bulgaria, earlier this year. She chose Bulgaria because she felt that the United Kingdom could not provide the settled and relaxed environment she wanted for herself and her children. She says: “In the UK, everything was dog eat dog, everyone was out for himself. In Bulgaria, you never see young children out on the streets, high on drugs, smashing cars and robbing people. Plus it’s close to the sea and the countryside is fabulous; it’s also a safe environment for my kids.” As a full-time housewife, Leighanne’s day revolves around looking after the home and her children. Her husband owns his own import and export business and supports his family with the income he earns from it. He has a slightly different outlook of life in Bulgaria. “I don’t like the fact that the country is so run down; it looks fairly grubby.
There are always lots of stray dogs in the city, and I feel the locals barely tolerate the English. The other day I was in a shop, I got a bottle of water and pointed to a chocolate bar behind the counter, and the woman wouldn’t look where I was pointing, saying she didn’t understand. Customer service here is nothing like England,” he says. Leighanne likes it here, but is finding it difficult to settle in. “We decided to give it 18 months, then decide what to do about staying or going, but really it depends on our five-year-old son Ethan, and whether he wants to stay,” she says.
John and Joyce Lee left their life in the north of England in favour of spending their retirement years in Bulgaria. They left Newcastle–upon-Tyne for Tsurkva – a small village 10km from the Black Sea coast. The reason for their move was that John’s mother and father came to Bulgaria for a holiday 40 years ago, and they never stopped talking about what a lovely time they had had. John says: “They kept going on about Bulgaria, and suggested we go for a holiday, and after we visited we grew to love it, too. We came twice on holiday, and then decided that this was the place we wanted to spend the rest of our lives.” They purchased a small bungalow in June 2005, and since then they have never looked back. After years of running a pub back home, John and Joyce now enjoy a stress-free life of relaxation in Bulgaria.
Despite falling in love with Bulgaria, the reality of living here was different from a holiday experience. “Bulgaria reminded us of Spain 40 years ago; the way the country is run and the fact that it takes months to get anything organised. The public transport was awful,” John says. Even faced with these challenges, they never had any regrets about their move. “There are so many things we both love about Bulgaria; the people are fantastic; I trust them with anything, which is more than what I would do in England. The way of life is a lot slower, which is perfect for retired people, and everyone is so respectful of everything: space, the elderly, the English and, of course, the weather is gorgeous.”
It wasn’t only retirement that attracted John and Lorraine Banner to Bulgarian life. They moved to Oreshak, Bulgaria, from Staffordshire, England, in 2005. Lorraine was lured here by media hype which hailed Bulgaria as the “New Spain”. John, too, had become disillusioned with UK life, and Bulgaria seemed like the perfect escape. The couple purchased a small cottage requiring substantial renovation. John initially found Bulgaria to be full of beautiful countryside, but dirty in some built-up places, although he sees the EU membership as having positive influence on the country. He also dislikes the winters here. The couple is now semi-retired; Lorraine uses her experience as a chef to cook at a local bar on a part-time basis. In the evenings they relax in their newly renovated cottage and enjoy one of Lorraine’s delicious meals. In the future, John is not sure whether he and Lorraine will stay in Bulgaria – they have family in France, and they have not ruled out the possibility of finally settling there.
Sometimes it takes a drastic move to another country to realise what you have left behind. For some, like John and Joyce, Bulgaria is the perfect place for those who no longer find England safe. For younger expats like Leighanne, Bulgaria will take a little more getting used to. If it is sold as the New Spain, potential purchasers have to understand that it took many years for Spain to get the reputation of the expat haven it has today
THE BLACK SEA ECHO: A Black Sea bolt hole
10:00 Fri 20 Jun 2008 - Libby Gomersall
The reality of owning a second home on Bulgaria’s Black Sea
While many dream of escaping to the sun after a stressful day at work, few get the opportunity. Despite the recent fall in UK house prices, the previously buoyant property market has enabled many Britons to cash in on the thriving market and purchase a second home abroad. Bulgaria’s emergence as a property hotspot, together with its EU membership, has attracted many UK buyers looking for their own sanctuary away from the hustle and bustle of the daily grind.
Mark Sterring from Chester, England, bought a three-bedroom property in 2006 for 75 000 British pounds. The property is Mark’s sanctuary away from everyday life, but it’s not his first foray into holiday home ownership, “We had a similar property in Spain, but the country became too built-up, and the crime got unbearable. It got to the point where it never felt like we were on holiday, so we decided to sell up and come here,” he says. “We chose this part of Bulgaria because we heard it represented great value, it’s sunny and close to the beach. Basically, it had everything we were looking for.”
Mark and his wife do not envisage a permanent move to Bulgaria – it would be too difficult to leave their family behind, although they do visit their villa for six weeks at a time. Neither is his Bulgarian bolt hole a long-term proposition; he’s likely to sell up within the next five years and put the money towards his retirement in England.
Paul Russell lives in Hull and like Mark he purchased a luxury villa in Obrochishte. Paul’s villa cost 100 000 euro and he views it as his retreat from his hectic UK lifestyle. He finds that owning his own holiday home works out cheaper than paying for hotels and meals. He loves the weather here especially the summer, finds the cost of living exceptionally low, and the people extremely welcoming. Paul visits at least twice a year and lets his villa out to friends and family. He has also seen his property bring in extra income as a holiday home let out to European tourists. “We had a Polish family in last year, and we charged 200 euro a week,” he says. This proves that a second home in Bulgaria can prove a good long term investment as well as provide income over the summer months through holiday letting.
Paul has no plans to sell his villa in the short term but may do so in five years’ time and buy another holiday home in a different part of the world.
Sue Calder lives near Aberdeen in Scotland. She bought a luxury two-bedroom apartment with a communal pool in September 2006, for 60 000 euro in a small coastal village. While she doesn’t know what its value is today, she assumes that it has increased in price. Spurred on by a friend who had already bought in the same complex, Sue and her family decided to take a look and fell in love with the place. “I had never been to Bulgaria before so it was all really new, but the biggest attraction was its cheapness and gorgeous summer weather,” she says.
Sue’s property is limited to personal use and she visits twice a year. However, her house doesn’t stand vacant for too long as her friends and relatives also holiday here. In the future Sue says she may sell the property and put the money towards her retirement, but she has no fixed plans. She emphasises, however, that retirement to Bulgaria is not an option: “I could never live here full time because I couldn’t deal with the winters.”
Chris Jenkins from Oxbridge near London bought his holiday home in Bulgaria in 2004. He brought a luxury four-bedroom villa and a communal swimming pool. Back in 2004, the villa cost him 62 000 euro. Today, it’s worth around 120 000 euro. Chris chose to invest in Bulgaria because property was so inexpensive. Many experts were also tipping it as bringing a good return on investment. Originally, he thought he could earn an additional income from renting out the property, but as his disillusion with the UK grew, he decided to live in his villa for six months and enjoy the beautiful summer weather. Interestingly, Chris shares Sue Calder’s view on the winter climate and this stops him from making a permanent move here, “I couldn’t move here full time because I only like the sun and the winter gets far too cold,” he says.
For the time being, Chris is happy enjoying his seasonal life here and has no plans to sell.
Interestingly, those who have invested in holiday homes here have done so because they enjoy the country’s summer climate, its cheap cost of living and welcoming people. Most have seen their property increase in value and most intend to sell in the future rather than make a permanent move out here with one of the deciding factors being – it’s simply too cold in winter!
A modern Marina will operate in Nessebar for summer 2009
More than 10 yacht marinas for more than 100 million Euro are planned to be constructed during the next few years along the Bulgarian Black sea coast. This became clear on the yachting conference in Riviera, held at the end of August this year. Some of the projects are already in process of construction; the others are still projects, awaiting construction permits. If the plans of the investors are fulfilled, we can expect a yacht marina in most of the biggest Black sea resorts in the country.
At the moment just 10 fully equipped marinas are operating. These are the marinas in Balchik, Golden sands, St. Vlas, Nessebar, Sozopol, Sunny Beach and etc. There are projects for the construction of new marinas in Nessebar, Soozopol, Tsarevo, Ahtopol as well as improvement of some of the existing ports.
Marina Nessebar is expected to be completed for the next tourism season. New shops, restaurants, customs and border control post will be opened by the end of the spring next year. A two-leveled parking lot will service tourists. The investments in the project are estimated to cost 70 million BGN. The project is financed by YachtingBG and the Italian yacht producer Azimut Group. The funds will be provided by the leasing company Hypo Group Alpe Ardia. Half of the capacity of the marina will be able to accept 17 m yachts, 20% for mega yachts from 30 – 50 m and 10% of the port is designed for small boats.
The investors expect to attract yachtsmen with boats for more than 1 million Euros. According to them the project will have a positive impact on the tourism development in the region. Experts predict longer active tourism season and rise of the prices of properties located in close proximity to the marina. The construction of modern yacht ports is a compulsory condition for the development of the yacht tourism in Bulgaria.
Balchik also plans a modernization and reconstruction of the already existing marina in town. The existing marina can welcome 100 yachts and investors plan to increase the capacity of the port with additional 100 – 150 yachts.
Another project that is almost completed is the construction if yacht marina in Sozopol. At the moment the marina has a capacity for 200 boats. By the end of next year the company will invest in the construction of additional pontoons. A brand new and modern trade centre will be constructed close to the marina in October. This year yachts for 60 million euro were sold in Bulgaria. Experts expect to double the sales this year.
