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Bulgarian Economy

Real Estates

  • The Bulgarian property market is still one of the most dynamically developing markets in Europe.
  • One-third of all the buyers and investors in Bulgaria are foreign citizens. They, as well as most of the Bulgarians, prefer the luxurious new housing complexes.
  • Foreign tourist spent  532 million euros for the first five months of the 2007 year. The earnings are 16% more compared to the same period in 2006, the number of tourists coming from the European Union increased by 30%.
  • From January to June 2007, 1.922 million tourists visited Bulgaria, according to the National Statistical Institute.
  • The advantages are low base cost of the real estates and great potential for development, which assures the investors from Western Europe (mainly British) fast recover of their investments.
  • About 1’300 million Euros have been invested in the real estate market in Bulgaria last year.
  • The future of "second home" sales in Bulgaria is the holiday residential complexes. Seaside holiday villages comprise of small buildings, which may be sold either in chunks - separate apartments - or as detached houses. The high quality of construction, the year round upkeep, security and beach cleanliness maintenance are among the advantages of such complexes.
  • Bulgarian real estate has attracted foreigners for years due to the country's warm climate, its seaside and winter resorts and relatively low prices.
  • Last year, foreigners spent more than 1 billion euros on Bulgarian real estate and are on track to exceed that record in 2007.
  • Britons, Germans, Belgians, Greeks, Scandinavians, Russian and Bulgarians hurry to buy real estates in the villages near the beautiful mountain resort of Bansko. The development of the region as a prestigious winter resort in the last years has turned the area into an attractive place for well-to-do people.

Economy

  • GDP (2006 est.): $27.85 billion.
    Real GDP growth: 5.5% (2006 est.); 5.5% (2005); 4.3% (2003).
    Per Capita GDP (PPP, 2006 est.): $10,400.
    Inflation rate: 6.5% (2006); 5% (2005); 6% (2004); 5.6% (2003).
    Unemployment rate: 9.61% (2006 average); 11.5% (2005); 12.7% (2004 average); 14.25% (2003 average).
    Natural resources: Bauxite, copper, lead, zinc, coal, and timber.
    Official exchange rate: Lev per $1 U.S.--1.56 (2006); 1.57 (2005 average); 1.58 (2004 average); 1.73 (2003 average).
  • Bulgaria’s economic growth is projected at between 6.6% and 6.7% in the second quarter of 2007.
  • Foreign direct investment (FDI) in Bulgaria in the first six months of the year grew by 4,8%, compared to the same period of 2006, to EUR 2,11 B, as reported by the Bulgarian National Bank.
  • The US investors in Bulgaria will pay lower taxes, reads the double taxation avoidance agreement between the USA and Bulgaria that will come into force after January 1, 2008.
  • Sixty kilometers of ski runs will be built near the town of Razlog, South-western Bulgaria. The construction of the Kulinoto Ski and Golf Complex will cost 240 million levs.
  • Bulgaria is about to absorb billions of euros from the EU structural funds and many big infrastructure projects are to be implemented the construction of a ring of highways and the reconstruction of the sewerage network.
  • An International Airport will be built near Bansko & Razlog.