Archive for May 2012


BULGARIAN ECONOMY

May 14th, 2012 — 5:31pm

Although that according to the official statistics the construction of buildings has decreased by 1,4% on an annual basis, the index of the construction has increased by 2.1% in March 2012 in comparison with March 2011. The production of the construction industry in March 2012 has increased by 7.1% annually. This is mainly due to the increase of the volume of civil and engineering construction.
In comparison with February 2012 the retail index in March 2012 has increased by 3.9%. The highest increase was in the sales of home appliances and hi-fi, furniture and home ware. However in comparison with February, the online and phone sales have decreased, as well as the sales of medicines and perfumes.
The industrial production in March 2012 has increased by 1% in comparison with February 2012. The index of the industrial production has decreased on an annual basis by 3.2%. The production and the supply of electricity, heating and gas have decreased.

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BULGARIAN PROPERTY MARKET – REVIEW

May 10th, 2012 — 1:27pm

Although that according to the estate agencies, the number of property sales in Bulgaria has increased by 22% in 2011, it must be underlined that this includes the sale of Mall Sofia for 100 million Euros which in fact was about 55% of the investments in the last year. In the last quarter of 2011 the investments in property have reached 186 million Euros which was the highest level since 2008. The Bulgarian market has shown vague signs of recovery but in practice the property prices in 2012 remained the same as last year. The British and the Irish buyers have almost disappeared from the Bulgarian market and the hopes that Russian buyers will enter the market in their place proved to be ungrounded. The property sector is not the major driving force of the Bulgarian economic growth and thus the direct foreign investments are not plenty in it at the moment. This is why the expectations are that the property prices will further decrease by 10-20%.

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DECLARED INCOMES AND TAXATION

May 2nd, 2012 — 11:56am

According to the Bulgarian Inland Revenue Agency about 177 million levs (85 million Euros) have been declared as income from rent of property. The total amount of the declared income that also included the income of free-lancers was 587 million levs or 290 million Euros. In the second largest Bulgarian city Plovdiv, despite the recession, the highest capital gain tax for 2011 was paid by an estate agency and it exceeded 425 000 levs (270 000 Euros). The second highest capital gain tax for 2011 was paid by yet another estate agency. The twenty richest Bulgarians have declared incomes from work that amassed 16 million levs (8 million Euros).

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