Sofia Echo reports that “Bulgarian banks advanced to a new round in their cutthroat fight for attracting fresh cash from savers. New deposit offers came out from the market’s top players Postbank, UniCredit Bulbank, DSK Bank and Raiffeisenbank.

A bunch of other lenders have ongoing juicy deposit promotions including UBB, First Investment Bank, EIBank, and Allianz Bank Bulgaria.

Annual rates on three-month local currency deposits have climbed to 6-7.5 per cent, to eight per cent on four-month deposits and 8.5-9 per cent on six-month products.

Euro-denominated deposits come with lower rates because it is the lev that Bulgarian banks are most starved for.

Source: Sofia Echo

Found on the Black Sea coast just 1km south of the ancient town of Nesebar, Ravda is the perfect location for your dream holiday home and investment property. Set in an idealic backdrop of virgin forest, lush green meadows and fields of sunflowers, Ravda’s wide flat sandy beach is considered to be among the finest along the Black Sea coast.

Pensions not a viable option, then consider investing in a Bulgarian property to secure your retirement. With projected increases of 20-40% ROI p.a. for Beach Properties in Bulgaria and prices starting from only £39,000 make it an ideal investment location.

Just 20 minutes from the airport and commercial port at Bourgas, 3km from Sunny Beach and next to Nesebar, this property’s location has many strategic advantages.

1 bed, 2 bed and penthouse apartments still available.

Prices start at Euro 60,000/ £39,000 (includes VAT)

This complex is completed and ready to rent or occupy.

Ravda Beach holiday complex offers luxury accommodation, this closed complex comprises of 67 stylish turn-key apartments from 52 to 145 sqm, with private swimming pool, green areas, a children’s playground, parking and shopping facilities.

Are you already planning a trip to Bulgaria?

Why not take the opportunity to experience Ravda beach and its surrounding areas on your visit, to see if it’s right for you?

You are very welcome to stay at the Ravda Beach Holiday Complex, at our expense*. We will arrange for a colleague to pick you up from the airport and escort you to the apartments, and to assist you throughout your stay.

The Location

The ancient town of Nesebar, set on a small rocky peninsula on the north of Bourgas Bay, is one of 9 UNESCO heritage sites in Bulgaria and is the jewel of the Black Sea. With narrow authentic medieval, Roman and Greek cobblestone streets and ancient remains, Nesebar is a place of intrigue which exudes a romantic and timeless atmosphere.

In contrast, one of the most popular and lively tourist destinations on the Black Sea coast, Sunny Beach, is just 3 km away. With miles of sandy flat beach, alongside which runs a long pedestrian promenade with shops, market stalls, bars, cafes and restaurants, Sunny Beach attracts the young and stylish European set.

About the Developer

BG Developments is Irish/Bulgarian collaboration. The Irish parties have successfully developed and dealt in residential and commercial property and land for over 35 years, and they have a long standing relationship with their Bulgarian partners spanning 25 years. All projects undertaken by BG Developments Ltd are carefully analysed and planned, ensuring a continuing legacy of value and return on investment.

Contact us for more information.

* This offer is only open to serious investors and is subject to a standard vetting process.

Bulgaria could earn round 100 million USD yearly from congress tourism, the Bulgarian MEP Biliana Raeva considers.

According to Raeva words the congress tourism is one of the most successful tourist branches and our country should stake more on this sphere.

A business tourist leaves few times more money than the ordinary one by his visit to a concrete country.

Round 400, 000 people have visited Bulgaria for business in 2006.

Minimal drop in the amount of this kind of tourists is marked in 2007, but for the first 5 months of the present year, the branch marks raise of 16,6%.

MEP Biliana Raeva pointed out, the development of business tourism in our country is important, but is connected with serious planning and preparing.

That was declared on a seminar in Varna city on the theme ‘Congress Tourism’, attended also by the chairman of State Agency of tourism Anelia Krushkova , representatives of the local authorities and experts over the operative programs of EU.

There will be discussed the concrete opportunities for development of business tourism in Bulgaria, methods of attracting investments in the branch and ways of using the EU structure funds resources.

Source: BG News

Recent news from the Bulgarian banking sector confirms what many property investors have known for a while – investment potential in Bulgarian property is one of the best in the world. Not only does capital growth top global rankings, but the Bulgarian mortgage sector is booming.

Data just released by RNCOS – a leading market research company – confirms that the Bulgarian real estate market was the world’s strongest in 2007. The RNCOS report, Bulgarian Banking Sector Analysis, also found that Bulgaria’s mortgage sector is one of the fastest growing in the banking industry with housing loans accounting for one third of all lending products.

The Bulgarian mortgage market may be young, but in its short life it has shown remarkable growth. After liberalisation of the mortgage sector in 2004, the Compound Annual Growth Rate (CAGR) increased by a massive 87% between 2004 and 2007 with growth for the period 2007 to 2010 predicted to be at a similar spectacular percentage.

Bulgarian National Bank figures report that Bulgarians took out over €2.5 billion in mortgages over the last year and home loans now account for almost half the loan total (a rise of nearly 25% over the last 3 years).

Not only has mortgage lending seen a massive hike, but Bulgaria has also experienced a huge increase in mortgage products. “Being able to choose from a variety of products is very important for the property investor,” comments Ken Thorkildsen, Director of Obelisk Private Finance, “and the choice in Bulgaria has improved almost beyond recognition in the last few years.”

Of particular interest to property investors are products for remortgaging and equity release. Equity release amounts have increased by up to 75% of the appraised value, which allows property investors leverage for other products, therefore providing the opportunity to expand their property portfolio.

Interest-only mortgages are also a vital tool in property investment and while these were previously for a maximum of 2 years, Bulgarian banks are now offering interest-only home loans for up to 10 years. “This is a real bonus to the Bulgarian property market,” says Ken. Furthermore, banks have recently reduced mortgage tie-in periods meaning investors who sell their property soon after purchase have less to pay in redemption charges. Some banks have cut tie-in periods to just 3 years.

With increased choice in Bulgarian mortgage options, independent financial advice is more important than ever before. “The investor’s maxim should be to minimise borrowing costs and, at the same time, ensure returns are maximised,” says Ken. “Only a professional financial adviser with up-to-date information can guide you through the myriad of new products available in the Bulgarian sector.”

Source: Obelisk Private Finance

The Bulgarian banking industry is growing at a rapid pace on the back of rising housing and property mortgage loans and concrete real estate sector.

RNCOS has released a new research report on the Bulgarian banking sector, “Bulgaria Banking Sector Analysis”, which says that the housing mortgage loans is one the fastest growing markets for the banking industry of Bulgaria, and is expected to grow at a CAGR of nearly 88% from 2007 to 2010.

According to the report, the Bulgarian housing mortgage loans experienced high growth in recent years at a CAGR of nearly 87% from 2004 to 2006 due to liberalization of the mortgage market, coupled with lower interest rates that made mortgage loans hugely popular in the country.

Moreover, the property sector in Bulgaria has been growing at a rapid pace for last few years, as a result, the demand for housing mortgage and property loans is growing in the country, says the research. Interestingly, housing and property loans accounted for more than one-third of the total lending in the country in 2006. And the level of investment in the Bulgarian real estate sector has escalated so high that it accounted for 40% of total foreign investment in the country during the first quarter of 2007.

A Senior Research Analyst at RNCOS said that the Bulgarian real estate sector emerged as the world’s strongest property market in 2007 with 26.22% jump in property investment compared to 2006, and the momentum is likely to continue in 2008.

The RNCOS study on the Bulgarian banking industry also gives forecast on disposable income, number of bankable households, loans/deposits ratio, loans/assets ratio, consumer loans, commercial loans, housing mortgage loans and agriculture loans extended by the banking industry.

In addition, the “Bulgaria Banking Sector Analysis” provides comprehensive information on the Bulgarian banking industry and evaluates product quality and the services it offers. The report also helps clients to identify the opportunities vital for the success of the banking industry in the country. It also offers in-depth analysis supplemented with statistical information on the baking industry to investors, financial service providers and global banking players to understand the market.

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.

Source: RNCOS

Everybody knows that property prices in the UK are heading south and that the spectre of negative equity is once again raising its head. Not so in Bulgaria, apparently.

Last week, Bulgarian Property Developments was shouting from the Sredna Gora mountain tops after it managed to sell its logistics park in the Black Sea town of Varna for Ђ15m (Ј11.9m), the valuation given to it by Colliers last December.

That is important, says its chief executive, Ivo Hesmondhalgh, not only because it helps bump up the group’s cash position, but also because it goes some way to proving to investors that the group’s net asset value is sound.

Mr Hesmondhalgh was so chuffed, in fact, that he has decided to buy more shares in the group, a lucrative move since last Tuesday when BPD announced a 19p dividend. The shares closed on Friday at 51.25p, and investors still have until 11 July to buy before the stock goes ex-dividend, effectively meaning that buyers can pick up shares for about 32p.

Analysts say that the group trades at a significant discount and that the stock actually should be worth 56p given the net asset value. Moreover, if the group’s application to increase density in its major site in Sofia gets approval, this figure will rise to 71p.

Source: International BG

The US coffeehouse chain Starbucks is going to enter the Bulgarian market by the end of 2008 through its authorized licensee, the Greek Marinopoulos Coffee Company. The news was announced Wednesday by the Greek newspaper Ta Nea.

The Greek group Marinopoulos has already introduced the French hypermarket chain Carrefour to the Bulgarian market.

It has just recently opened nine Starbucks coffeehouses in Cyprus and four in Romania through a joint venture with the global coffeehouse giant.

In 2007 the Starbucks Europe, Middle East and Africa division recently extended its joint venture agreement with the Marinopoulos Group to open stores in Bulgaria.

Starbucks successful five-year partnership with Athens-based Marinopoulos Group now spans six markets including Greece, Cyprus, Romania, Switzerland, Austria and the addition of Bulgaria.

Source: Novinite

Foreign investors have a 97 per cent share of the total investments in Bulgarian commercial buildings, according to consultant company King Sturge, as reported by investor.bg.

In Sofia and some other big cities there are pleanty of examples of completed developments, including numerous retail and office buildings. At the initial stage of those developments, there had been a partial share of Bulgarian investors, which was later sold to foreign players.

This pattern was repeated with Sofia City Centre, which was acquired by the investment fund Equest Balkan Properties for 94 million euro. The Central Mall in Veliko Turnovo was bought out by European Convergence Property Company for 29 million euro.

More than 15 future projects have been announced in Sofia alone and a further 10 in Varna, all of them by foreign investors.

According to a Colliers International’ forecast, more than 100 000 sq m of commercial space will be available on the market in 2008, a figure that includes recently announced projects in Stara Zagora and Bourgas. Next year, in Sofia alone the completed retail and office centres will supply another 154 000 sq m to the market.

King Sturge’s survey suggests that the tendency of foreign investors to dominate property developments is typical for the countries in Central and Eastern Europe. In Hungary, Romania and Slovakia their share is 100 per cent, the survey says.

Source: SofiaEcho

Found on the Black Sea coast just 1km south of the ancient town of Nesebar, Ravda is the perfect location for your dream holiday home and investment property. Set in an idealic backdrop of virgin forest, lush green meadows and fields of sunflowers, Ravda’s wide flat sandy beach is considered to be among the finest along the Black Sea coast.

If you are having problems getting on to the property ladder in the UK, then consider investing in a Bulgarian property to raise your deposit. With projected increases of 20-40% ROI p.a. for Beach Properties in Bulgaria and prices starting from only £39,000 make it an ideal investment location.

Just 20 minutes from the airport and commercial port at Bourgas, 3km from Sunny Beach and next to Nesebar, this property’s location has many strategic advantages.

1 bed, 2 bed and penthouse apartments still available.

Prices start at Euro 60,000/ £39,000 (includes VAT)

This complex is completed and ready to rent or occupy.

Ravda Beach holiday complex offers luxury accommodation, this closed complex comprises of 67 stylish turn-key apartments from 52 to 145 sqm, with private swimming pool, green areas, a children’s playground, parking and shopping facilities.

Are you already planning a trip to Bulgaria?

Why not take the opportunity to experience Ravda beach and its surrounding areas on your visit, to see if it’s right for you?

You are very welcome to stay at the Ravda Beach Holiday Complex, at our expense*. We will arrange for a colleague to pick you up from the airport and escort you to the apartments, and to assist you throughout your stay.

The Location

The ancient town of Nesebar, set on a small rocky peninsula on the north of Bourgas Bay, is one of 9 UNESCO heritage sites in Bulgaria and is the jewel of the Black Sea. With narrow authentic medieval, Roman and Greek cobblestone streets and ancient remains, Nesebar is a place of intrigue which exudes a romantic and timeless atmosphere.

In contrast, one of the most popular and lively tourist destinations on the Black Sea coast, Sunny Beach, is just 3 km away. With miles of sandy flat beach, alongside which runs a long pedestrian promenade with shops, market stalls, bars, cafes and restaurants, Sunny Beach attracts the young and stylish European set.

About the Developer

BG Developments is Irish/Bulgarian collaboration. The Irish parties have successfully developed and dealt in residential and commercial property and land for over 35 years, and they have a long standing relationship with their Bulgarian partners spanning 25 years. All projects undertaken by BG Developments Ltd are carefully analysed and planned, ensuring a continuing legacy of value and return on investment.

Contact us for more information.

* This offer is only open to serious investors and is subject to a standard vetting process.

Emirates Investment Group LLC, a United Arab Emirates-based group with property and financial investments, picked Sofia-based brokerage BenchMark Group AD to provide advice on the Balkan country.

Emirates Investment is exploring possibilities in hotels and banking in Bulgaria, Lyubomir Boyadjiev, BenchMark executive director, said in a phone interview in Sofia today.

“They are looking into options for investing in a Bulgarian bank or setting up a new one,” Boyadzhiev said, without giving further details.

Emirates Investment Chairman Sheikh Tariq bin Faisal al- Qassimi met with Bulgarian Prime Minister Sergei Stanishev and Economy and Energy Minister Petar Dimitrov yesterday to discuss “a wide range” of investment possibilities in Bulgaria, the government said in a statement today.

Source: Elizabeth Konstantinova, Bloomberg