Archive for January 2012


PROPERTY PRICES IN BULGARIA – FORECAST

January 30th, 2012 — 12:17pm

The expectations of analysts are that the property prices in Bulgaria will continue to drop on average by 5%. The top prices fetch luxury properties in Varna on the Black Sea, where they sell on average for 1500 levs (760 Euros) per square metre, while the properties in the capital Sofia are in the second place with prices of 1468.10 levs ( 700 Euros) per square metre.
In 2012 the market of holiday properties will keep relying on the Russian buyers, as their interest towards properties in Bulgaria has not been affected by the recession like in the case of the Irish and the British buyers. The prices of some of the holiday apartments and houses have dropped by 50% since 2008 and this makes them even more attractive for the Russian buyers. The expectations that Chinese and Middle East investors will start buying properties in Bulgaria failed to materialize.

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BULGARIA-EU – NO CONCESSIONS

January 27th, 2012 — 4:58pm

After his first visit to Brussels, the Bulgarian President Rossen Plevneliev said that there has not been a positive response to the demand made by the Bulgarian Prime Minister Boiko Borissov the EU to increase its financial share in infrastructure projects in Bulgaria. Currently Bulgaria pays 20% and the EU 80%. During his meeting with the German Chancellor Merkel in Berlin recently the Bulgarian Prime Minister asked that the share of the Bulgarian state decreases to 5%. Only member states with serious economic problems have received such kind of support from the EU. The Bulgarian government considers this approach unjust, as it stimulates undisciplined member states and punishes the others.

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BULGARIAN STATE BONDS

January 23rd, 2012 — 12:13pm

The Bulgarian Ministry of Finance has issued state bonds to the value of 35 million levs (18 million Euros) with maturity date in seven years time and a coupon of 4.45%, which shows increasing trust of the investors. The bonds were bought by banks (about 36%), pension funds (48%) and insurance companies (13%). The coupon of the state bonds is much higher when a country is experiencing financial difficulties like Hungary ( 10,04%) or when its economy is booming like Turkey (5,74%) and Poland (5,05%).

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THE DRAFT AMENDMENTS TO THE LAW FOR THE FORESTS

January 20th, 2012 — 6:37pm

The Bulgarian government has approved the draft amendments to the Law for the Forests and has sent them to the parliament for voting. According to the draft amendments more than 100 state owned companies that look after the forests will be allowed to cut and sell timber. Until now only private companies have been doing this after participating in tenders. There will be preferences for strategic partners of the state in the tenders for the production of timber.
The amendments shall make the regulations concerning the process of constructing skiing slopes and lifts pretty lose. The current obligatory requirement to exclude the plots of land where the skiing slopes and lifts will be positioned from the forestry fund shall not be in force any more. However, this shall not apply to plots of land where wind power turbines will be constructed.

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SOFIA – PAYMENT OF PROPERTY TAX

January 16th, 2012 — 1:57pm

This year the citizens of Sofia and the companies based in the Bulgarian capital must think twice before deciding to delay payment of their property tax. Sofia Municipality has focused on collecting debt from individual tax payers whose unpaid property tax exceeds 1000 levs and from companies owing more than 50 000 levs. Until now the emphasis was on collecting tax from the large debtors. Only in 2011 Sofia Municipality has collected more than 90 million levs of old debts which was an increase by 20% in comparison with 2010. The largest debtors were the Chief Mufti with 629 000 levs, Sofia Outlet Centre with 579 000 levs and Limex City with 267 144 levs.

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