Bulgaria Stamps out Smoking in 2009
Sofia News Agency (22 Sep 2007)

A total ban on smoking in enclosed public places will come into effect in Bulgaria in 2009 at the earliest, health officials said.

A one-year grace period will be granted to businesses managing restaurants and disco clubs to make the necessary changes and meet the tobacco-free requirement.

The ban currently covers public transport, taxicabs, cinema halls, offices, as well as non-smoking areas in restaurants and bars, but it is more often broken than observed.

Health officials claim a total ban would protect everyone from passive smoking, but opponents perceive the measure as draconian.

The government plans to open a smoking cessation hotline for all those who want to quit smoking and increase the excise tax on cigarettes as early as 2008 in a bid to reduce demand.

The measures are included in a national program for combating smoking for the period 2007-2010.

Yet Another Thracian Tomb Unearthed in Bulgarian Village
Sofia News Agency (22 Sep 2007)

Bulgarian archaeologists unearthed an ancient Thracian tomb during the weekend while making urgent excavations near the village of Cherniche.

The team of Georgi Nehrizov, a specialist in Thracian history and culture with the Bulgarian Archaeology Institute, stumbled absolutely accidentally on the tomb.

The sepulchre is dated back to the 4-3 century BC. The burial chamber with two-slope surface of the walls is completely intact. It is 2 metres long, 1,8 metres wide and 2 metres high.

The antechamber was destroyed by treasure hunters, which had obviously tried to penetrate the tomb with a digger.

Specialists from the Archaeology Institute have already arrived on the spot to make further research and discuss how to best preserve the finding.

Poor Britons Urged to Relocate to Bulgaria
Sofia News Agency (20 Sep 2007)

Britons who want to reduce their cost of living have been advised to consider relocating to Bulgaria.

The Metro newspaper said the eastern European country had much lower prices than the UK in many areas, such as its property market.

As an example, the publication said that people could purchase a two-bedroom flat in Sofia for approximately GBP 22,000.

Furthermore, the price of enjoying leisure activities such as eating out was also highlighted.

The Metro stated that customers at a restaurant could expect to pay less than GBP 6 for a typical meal, while a litre of beer was said to cost 35p.

This contrasts with a recent report from Zagat which found that the UK capital London had the most expensive restaurants in the world.

According to the study, an average meal in London costs over GBP 39, more than in cities such as Paris, New York and Tokyo.

Bulgaria World Champ in Property Prices High Jump
Sofia News Agency (20 Sep 2007)

Bulgaria's residential property market has recorded the world's second-highest increase in prices in the second quarter of 2007, overleaped solely by Latvia, Knight Frank's global house price index reveals.

Residential property prices in Bulgaria jumped by 27.1% in the second quarter of this year, up by nearly 15% in comparison with the same period last year (12.2%).

The strong growth pushed the country up by eight spots in the ranking of Knight Frank, a leading British residential and commercial property consultancy.

Global property prices are increasing by 7.8 % annually to the second quarter of 2007, according to the research. The figure has shown a 1.8 % fall - from 9.6 % - since the same period in 2006.

House prices across much of Western Europe have stalled or begun to fall. Other previously strong performers in the Knight Frank ranking - notably Spain - have also seen growth rates moderate. Nationally prices in Q2 2007 were more than 5% higher than in Q2 2006.

The slowdown has continued to bite in Denmark, France, the Netherlands, and Switzerland. The German residential market also remains in the doldrums, with year-on-year price growth having declined for four consecutive quarters. Likewise, Sweden has also seen negative price growth over the last 12 months.

While still topping the Knight Frank Global House Price Index, the price rise in Riga is 37.7% for the second quarter of 2007, down from 45.3% for the same period last year.

Bulgaria Rises in EIU World Investment Rankings
Sofia News Agency (15 Sep 2007)

Growing foreign direct investment (FDI) has pushed Bulgaria higher in the Economist Intelligence Unit's (EIU) latest world investment rankings.

On the back of improving business environment, EU integration and sustained economic growth, FDI last year reached a record USD 5,2 B, the equivalent of 16,4% of gross domestic product (GDP).

However, with most privatisations complete, it is expected to stabilise around USD 2,3-2,5 B over the period 2007-2011.

Nevertheless, EIU's estimates for the period put Bulgaria in ninth place as a share of GDP, at a figure 6,15%, higher than any of its neighbours in the region.

Bulgaria is also among the top ranked countries in terms of investment projects, with 286 projects last year, more than double compared to 2005, ranking tenth in the world and outperformed only by Russia, Romania and Poland in eastern Europe.

The energy sector remains the only area in which significant privatisations are still to be carried out, but capital-intensive investment projects in the water, electric power, coal mining and transport sectors should keep annual inflows of FDI high over the forecast period, EIU said.

With most of the government's industrial assets already sold off, FDI has shifted from manufacturing towards real estate, transport and domestic trade, both wholesale and retail, in recent years and the trend is expected to remain unchanged in the medium term.

Overall, in terms of business environment for investment, Bulgaria ranked 44th among 82 countries that the report looks at, rising five places, with a score of 6,77 on a scale of 10.

It scored better on components such as political stability, foreign trade controls and taxation, but lost ground in the financing and opportunities categories.

EIU's "World investment prospects to 2011" report was co-written by the Columbia Program of International Investment of the Columbia University.

Go for Bulgarian New Build, Investors Told
Sofia News Agency (14 Sep 2007)

Investors looking to the Bulgarian market should concentrate on existing properties rather than off-plan, an industry expert has advised.

The managing director of Balkan Holdings, Chris Northam, said Bulgaria had plenty of both new off-plan and existing older property available.

He said that buying into the older stock was a "better potential investment than off-plan properties" because many places had seen so much off-plan building that supply exceeded demand.

In addition, Mr Northam said that existing property in Bulgaria was "still relatively inexpensive compared to almost anywhere else in Europe."

Bulgaria, which joined the European Union on January 1st 2007, has seen the value of estate grow by 18 per cent this year, according to research by Green Life Property Development.

The firm has also found that UK investors account for 20 per cent of property investors in the country, a figure which has risen in real terms but fallen as a proportion from 80 per cent in one year due to an influx of other foreign investors, particularly from eastern Europe.

40,000 Britons Own Property in Much Hyped Bulgaria
Sofia News Agency (03 Sep 2007)

A total of 40,000 Britons now own property in Bulgaria, one of the most hyped countries for overseas investment, the Independent wrote in its latest issue.

"Low prices continue to be the main attraction. For example, you can pay GBP 25,000 for a new flat (ready in November) in Platinum Residence III, an area close to the city centre in the Bulgarian capital of Sofia. Alternatively, GBP 32,000 could secure you an apartment in the four-star All Seasons development, due for completion next June, near the popular Bansko ski resort."

The article points out that brokers warn that there should no longer be any expectations of quick, easy returns. It advises potential overseas buyers to visit the property at least once and double-check every tax rule on rental income and capital gains. And make sure you don't sign any legal documents that you don't understand.

As for a home loan, if you don't have enough cash to buy outright - as many buyers in Bulgaria do - a broker can help find a good deal.

Sofia Hits Record-High Floorage Price of EUR 6300/m2
Sofia News Agency (31 Aug 2007)

A luxurious property in downtown Sofia has been sold at the record-high price of EUR 6316/m2, according to reports.

The property, covering a floorage of 95m2, faces one of the prettiest churches in Sofia - the Russian Church of St. Nikolay, known for its bright yellow tiled exterior, gilded domes and emerald green.

Experts attribute the whopping price of EUR 600,000 only and exclusively to the church location, Trud daily reported.

A deal in the prestigious Doctor's Garden set another precedent on the property market in the capital after a flat of 285 m2 was put for sale at the shocking asking price of EUR 1 M.

The Russian church and the Doctor's Garden are traditionally the most demanded areas for residential apartments in the high-end niche of Sofia.

After a decrease in the second half of 2006, the Doctor's Garden saw a 19% increase in average asking sales prices in the first half of 2007 and is now just below EUR 2,000/m2.

The previous record holder on Sofia residential property market is a luxurious property meters away from the building of the National Assembly, which was sold at the record-high price of EUR 6000/m2.

Yields of Industrial Property in Bulgaria Projected Under 10%
Sofia News Agency (14 Aug 2007)

Industrial property yields in Bulgaria stood at 10% at the end of July and are expected to fall below this mark with the further development of the sector, a market overview shows.

"Only a few investment transactions have been recorded on the market to date involving relatively small distribution facilities. The yields for these deals are estimated at 10%,", says the market overview of leading real estate company Colliers International.

Experts point out that yield levels will be compressed as a result of more investment grade transactions, which are expected to take place with the further development of the sector.

The total inventory of contemporary owner occupied and speculative industrial space
in Sofia and the region around the city is estimated at 1,200,000 m2.

Rental rents for industrial space in Sofia remains stable, and continues to range between EUR 3.5 - 5.5/m2/month for prime and secondary rents.

In Varna, the third-largest city in Bulgaria, the prime rental rates have decreased slightly because of Logistics Park Varna, which forms most of the prime supply and offers warehouse space at EUR 5/m2.

More than a third of the total inventory in Sofia is located in areas close to the international airport. Kazichene and Bozhurishte, located respectively just outside the eastern and western parts of the city, are the fastest developing new industrial zones.

The forecast is for new industrial developments to concentrate in the eastern part of the city (along the Ring Road between Trakia and Hemus Highways all the way to the town of Elin Pelin) and the western part of the city (along European Transport Corridor 10).

King's Sepulchre, Ancient Thracian Sanctuary Unearthed in Buglaria
Sofia News Agency (28 Jul 2007)

The archaeologist team of Bulgaria's Georgi Kitov has unearthed on Tuesday a Thracians king's sepulchre near the Kaloyanovo village, Darik News reported.

The archaeologists have found only the lower part the body of the buried person, the chest, the hands and the head were missing, which shows he had been a follower of Orpheus.

The scientists found another interesting artefact in the burial - a pottery vessel in the shape of a horse head, whose make is very precise. On the forehead of the horse there is a double-axe (labris) - a symbol of power in the Thracian society.

On Wednesday, another team of archaeologists announced they have stumbled upon an ancient Thracian sanctuary just above the Momchilova Fortress on the hills of Smolyan town.

"We suspected there is a sanctuary in the rocks above the fortress even before we started the excavations in the area," archaeologist Nikolay Boyadzhiev.

The team has also found lots of pottery around the sanctuary, all dated back to the 1st century BC.

Bulgarian Residential Real Estate Prices Rise by 5,4% in Q1
Sofia News Agency (28 Jul 2007)

Prices for residential real estate in Bulgaria's 28 biggest cities and towns grew by an average 5,4% in the second quarter of the year, down from 9,3% in the previous three months, data of the country's National Statistics Institute (NSI) showed on Monday.

In real terms, the prices grew by an average 3,4%, as inflation in the first six months of the year was 2,0%.

Year-on-year, residential prices grew by 27% in absolute terms, or 21,4% in real terms.

The average price paid for residential properties in the areas covered by the NSI survey was BGN 1041,1, compared to 988,2 in the first quarter of the year.

The port city of Varna continues to benefit from the seaside real estate boom and has the highest prices - BGN 1,710 per square meter, a 3,9% increase for the period.

Capital Sofia, which boasts the highest salaries in the country, is in second, with an average price of BGN 1,648 per square meter, a 3,8% increase.

Real estate analysts forecasted prices in the country would continue to grow after Bulgaria's accession to the EU in January, however it remains to be seen whether the market has finally peaked.

Bulgaria's other major Black Sea port, Burgas, the country's second-biggest city Plovdiv, the Danube town of Russe and Stara Zagora are the cities where where residential real estate sells on average for more than BGN 1,000 per square meter.

The lowest prices were recorded in Kyustendil - BGN 582,5.

Bulgaria's Gold Rush Going Strong with New Thracian King Mask
Sofia News Agency (21 Jul 2007)

A village in South-Eastern Bulgaria turned out to be harbouring a trove of buried gold treasure dating back to 4000 B.C.

Archaeologist Georgi Kitov, widely known as Bulgaria's Indiana Jones, announced his team have discovered a gold mask and a silver rhyton during excavations at a Thracian mound near the village of Topolchene, the municipality of Sliven.

The tomb and the mask is believed to have belonged to a rich Thracian king, about whose name no speculations are being made yet.

The silver rhyton is thirty-centimetre-long and depicts the head of an animal, most probably a hind.

Three years ago Kitov caused a furore after discovering one of the most sensational finds for Bulgaria's archaeologists ever - a 2,500-year-old unique gold mask, believed to depict the face of ancient Thracian king.

Bulgaria's Strandzha Keeps National Park Statute
Sofia News Agency (21 Jul 2007)

Bulgaria's Strandzha remains a national park and the construction works on its territory will be banned, the Parliament decided on Thursday.

The MPs adopted an amendment in the law over the protected areas, providing that the orders and other administrative deeds for declaring reserves, national and natural parks' statute, issued until June 30, 2007, could not be appealed.

All legal proceedings instituted against the texts of such documents are to be abandoned.

The amendment came as a result of last month's decision of the Supreme Administrative Court to revoke the status of protected areas from 5.400 hectares of land near the border with Turkey.

The ruling incensed environmental activists in the country, who staged numerous protests, demanding the ruling was overturned.

The Environment Ministry has previously announced it will fight until the end to keep the national park status for parts of the Strandzha mountains in southeastern Bulgaria.

"We need to review the environmental protection legislation, in order to prevent illegal construction," Minister Dzhevdet Chakarov said.

The Strandzha natural park is home to historical landmarks and unique natural monuments, as well as such folk customs as the fire-walking "nestinari".

Pirelli, UniCredit Launch Joint Real Estate Co. in Bulgaria
Sofia News Agency (21 Jul 2007)

The real estate arm of Italian industrial conglomerate Pirelli launched on Thursday a Bulgarian subsidiary, with banking group UniCredit taking a minority stake in the joint venture.

The new company, Pirelli RE Bulgaria, will focus primarily on residential real estate, investing both in new construction and acquisitions.

In addition to asset management and other services, Pirelli RE plans to work on joint projects with other big-name investors.

By linking up with UniCredit Bulbank, Bulgaria's biggest lender, it hopes to draw customers by offering its services packaged with those of the bank.

The two corporations are already working together in Poland, where Pirelli's joint venture with Bank Pekao manages assets of over 300 000 square meters after just one year of operation.

Pirelli RE is one of the biggest real estate companies in Italy with assets in excess of EUR 14,5 B.

Last year, it decided to expand its activities internationally, acquiring a German company and starting operations in Poland.

It now has decided to expand to the European Union's two newest member states, Bulgaria and Romania, launching operations there within days from each other.

Despite the construction boom in recent years, demand for new housing and office space remains high in Bulgaria, while profit margins are still substantially higher than in Western Europe.

Unique Cobra, Dragon Figurines Found in Bulgaria's Perperikon
Sofia News Agency (14 Jul 2007)

Bulgarian archaeologists have found two unique ceramic figurines of a cobra and dragon heads as they continue excavation at the rock sanctuary of Perperikon, near Kardzhali in southern Bulgaria.

The two figurines were part of the ornaments of a clay altar dating roughly to the period between the 3rd and 1st centuries before Christ, said archaeologist Nikolai Ovcharov, who oversees the dig.

The finds are probably part of the Tsepina culture, named after one of the key Thracian fortresses in the Rodopi Mountains, which played an important strategic role well into the medieval era.

The two finds are more important than the Roman era finds because they offer much more insight into the distinctive traits of the local culture, Ovcharov said.

Snakes were considered guardians of the deeps and, as such, were closely associated to the cult of Dionysus, whose shrine the Bulgarian archaeologists are currently excavating.

The next stage of the dig, which is staffed by close to 150 people, is to examine the southern quarter of the city, where the archaeologists hope to remain the remains of a third palace, dating back to the Thracian era.

The city of Perperikon has been inhabited since around 5000 BC, while a nearby shrine dedicated to Orpheus, near the village of Tatul, dates back to 6000 BC and is older than the Pyramids of Giza.

Bulgarian Archaeologists Find Roman-era Items in Thracian Tomb
Sofia News Agency (14 Jul 2007)

The excavations of Bulgaria's best-known archaeologist Georgi Kitov near Sliven have yielded yet more artifacts, this time from the Roman era, state radio BNR reported on Saturday.

The latest finds include two pairs of gold earrings, five rings, a ritual coin and a semi-precious stone, all found in a tomb dating to the first century AD, at the earliest.

All the items were found in the second of the 14 tombs Kitov plans to excavate this summer near the villages of Topolchane and Kaloyanovo in the Sliven region, southeastern Bulgaria.

The finds will be handed over to Sliven's history museum.

The area is known as the "Thracian Kings Valley", which Kitov believes to be larger than it was initially thought.

Kitov, who is dubbed the "Bulgarian Indiana Jones", has also invited the Discovery Channel to shoot a documentary of the three-month excavations.

Medieval Church Ruins Found Near Bulgaria's Tzarevetz Fortress
Sofia News Agency (14 Jul 2007)

Bulgarian archaeologists found the remains of a medieval church, later turned into a bath, in the vicinity of the Tzarevetz fortress, the seat of Bulgarian rulers in the Middle Ages.

The find is unique among the hundreds of Bulgarian medieval churches studied so far, said Konstantin Totev, the head of the local branch of the Archaeology Institute with the Bulgarian Academy of Sciences, who is in charge of the dig.

Although the foundations of the church were first discovered in 1992, excavations were soon frozen due to the renovation of the nearby St. 40 Martyrs church, itself one of the oldest and most historically important places of worship in Bulgaria.

But this summer the archaeologists began the study of the necropolis to the south of the St. 40 Martyrs and were surprised to find the foundations of the other church just 80 meters to the south, on the bank of the Yantra river.

Archaeologists say the church was razed down sometime in the 13th or 14th century, when Veliko Tarnovo lost its capital status.

In its place, a public bath was constructed, with a large stone pool and ceramic pipes built into the walls, linking it to a separate heating room.

Continued excavation is difficult because part of the church is under the modern road that leads up to the Tzarevetz fortress, but the archaeologists plan to restore as much of the ruins as possible.

Bulgarian Seaside Hotels Half Empty, Reduce Prices
Sofia News Agency (14 Jul 2007)

The hotels in Bulgaria's seaside resorts reduce the prices of their rooms, as the number of the tourists is constantly decreasing, the Chairwoman of the State Tourist Agency Aneliya Krushkova said Wednesday.

"Many of the hotels reduced the prices by over 50%," Mrs Krushkova specified.

She refused to comment on the trade policy of the organizations that are part of the tourist branch but underlined the resorts' overconstruction has a negative impact on the services provided.

According to data of the State Tourist Agency more and more Bulgarians prefer to enjoy holidays abroad. The money spent on such journeys for he first four months of the year is about EUR 390 M, 17% more in comparison to the same period in 2006.

5000-Year-Old Golden Architectural Decoration Unearthed in Bulgaria
Sofia News Agency (07 Jul 2007)

A team of archaeologists of Bulgaria's National Historical Museum unearthed Monday a 5000-years-old golden architectural ornamentation near the village of Dabene.

While carrying out excavations of small prehistoric moulds, archaeologist Martin Hristov also discovered well-preserved wall ornamentation details in the form of spirals, which are made of tubules of pure gold. Those spirals are unique artifacts compared to all prehistoric ones found in Bulgaria until now.

In the middle of the mound Hristov unearthed eight different pottery objects, hidden in a hole and covered with stones.

The excavations continue and the archaeologists strongly believe they will find many other interesting objects that will provide them with information for the people who inhabited these lands in the ancient times.

The fresh findings show that the population of these lands was well ahead in the civilization process and used precise and sophisticated technologies in the production of objects, especially golden ones.

Meanwhile, the archaeologists have now solid ground on which to base their previous hypothesis that the mines and the production center of objects of gold and their art processing was situated on the territory of today's Bulgaria, just next to the Dabene village.

Hristov's team of archaeologists has unearthed more than 25 000 golden elements and objects during excavations in previous years at the same place, all of them dated back to the 3rd century BC.

Bulgaria's Borosport Gets 1st-class Investor Certificate
Sofia News Agency (06 Jul 2007)

Bulgarian company Borosport, which operates the Borovets mountain resort in the country, received its first class investor certificate from Bulgaria's investment agency on Friday.

The company plans to invest BGN 70 M over three years in expanding the infrastructure of the resort - new ski courses, the modernisation of the existing ones, lifts and artificial snow installations.

The company was set up in 1991 and owns and manages the resort's infrastructure, in which it invested BGN 12 M last year alone.

Overheating Bulgaria Still Best for Overseas Property Investment
Sofia News Agency (30 Jun 2007)

Bulgaria has been named the best destination for overseas property investment, even though its tourist hotspots are showing signs of overheating, according to a new research.

UK ranks as the best for investment returns with Bulgaria second, says the quarterly investment tracker, released by British investment firm Assetz. Making up the rest of the top five are Canada, Cape Verde and Cyprus respectively.

Bulgaria maintains a strong position in the tracker with a total of 71% return on cash invested, but Assetz advised caution to investors, especially in the tourist hotspots such as Sunny Beach and Bansko where there is a severe oversupply of apartments.

Local agents are reporting a lack of demand resulting in weak rental yields being achieved and the resale market is still unproven, the company said.

However, average prices have increased from 17.3% to 22.5% annually in June 2007, possibly due to a number of âprestige' developments coming onto the market.

However, Assets have predicted that the rate of growth in many countries, such as Poland and Bulgaria, could not continue at a rate of 20 - 30%, and a reduction to a more stable and realistic rate of growth will occur.

Sarcophagus, Unique Gold Jewellery Unearthed in Bulgaria
Sofia News Agency (30 Jun 2007)

Bulgarian archaeologists have found Thursday a stone sarcophagus full of unique gold jewellery and ceramic and glass utensils in a mound near the village of Stroyno.

The cremated bones of a woman, who was buried in 1st - 2nd century, were placed in the sarcophagus.

The archaeologist Daniela Agre claims that was a unreal typical for the richest families in the Roman Era.

The team of Professor Agre, who are doing excavation works in the area, stumbled upon the unique artefacts while researching the so called Raykova mound.

They hope the relics of the eminent person the mound was made for will be discovered in few days.

World Bank Lends Bulgaria EUR 90 M for Transport Infrastructure Upgrades
Sofia News Agency (30 Jun 2007)

World Bank's board of directors approved EUR 90 M in funding for a project to upgrade transport infrastructure in Bulgaria, the institution said on Wednesday.

The funds will be used to rehabilitate first, second and third class roads with total a length of 450 kilometres.

Part of the money will be invested in buying new equipment and improving the capacity of Bulgarian institutions to use available resources more effectively.

The loan, which has 17-year-long maturity, will help improve road security and decrease the number of the accidents in the country.

France, Spain, Bulgaria Favourites for British Retirees
Sofia News Agency (24 Jun 2007)

Traditional holiday hotspots such as France and Spain remain British retirees favourite overseas property destinations, although the popularity of emerging tourist markets like Bulgaria is quickly gaining pace, BuyAssociation has revealed.

Britons tend to retire to countries which already have a strong market for tourism and holiday homes, while sunny spots across the channel are favoured due to their warm weather, the online property advice provider explained.

Paul Collins, overseas property editor for BuyAssociation, said Spain, France and Portugal were still very much the leading countries in terms of retirement destinations, followed by Cyprus and Italy.

However he added that improvements in infrastructure in emerging markets had helped to raise their popularity among retirees.

"We're starting to see places like Bulgaria again, as that market starts to emerge and things like healthcare and transport links improve, then people start to see that as a viable option," Mr Collins explained.

"It may be another five or ten years before we see it as a really serious retirement destination but it's something that's out there and people are thinking about it.

"When you retire you want a slightly slower pace of life, and to be able to enjoy that extra time that you've got. And for a lot of people the [warm] weather is not only more relaxing, it helps with the aching bones as well," he added.

Medieval Gold Jewellery Found in Thracian Mound in Bulgaria
Sofia News Agency (23 Jun 2007)

A total of eleven gold rings, three bracelets and a pair of ear-rings have been found in a Thracian mound between Bulgaria's villages of Topolchane and Kaloyanovo.

The artifacts were discovered in the tombs of three women by one of Bulgaria's best-known archaeologists, Professor Georgi Kitov.

"In 13th-14th century BC there was a medieval settlement near the mound," professor Kitov explained.

The finds will be preserved in the museum of history in the nearby town of Sliven.

After the unearthing of the first layer in the place, the excavation works will continue. There are to be performed such in a total of 12 Thracian mounds in the region during this summer.

Prehistoric Agriculture Tool Unearthed in Bulgaria
Sofia News Agency (23 Jun 2007)

Bulgaria archaeologists made a unique finding of the prehistoric times near the Ohoden village, the Bulgarian National Radio reported on Friday.

The find is a rare agriculture tool, which is made of volcanic material. The material was used as a flint by the inhabitants on the Bulgarian lands in that age.

Archaeologists stumbled upon the tool during excavations in the area that were renewed in mid-spring.

The artefact is the first such tool unearthed in Bulgaria.

The place were it was found attracted the interest of the archaeologists even more after they unearthed the intact skeleton of a person, who lived in the early Neolithic period.

The rare tool was sent to Sofia for a thorough expertise.

Sofia Europe's Cheapest Living Destinations
Sofia News Agency (23 Jun 2007)

Bulgaria's capital city of Sofia is the cheapest living destination for foreigners in Europe, a survey of the UK's research company "Mercer" shows.

The list of the most expensive cities in the world is topped by Moscow for the second year in a row, followed by London.

The third place in the ranking is taken by South Korea's capital Seoul.

The first ten spots are filled by Tokyo, Hong Kong, Copenhagen, Geneva, Osaka, Zurich and Oslo.

New York ranks 15th in the world order and takes the first place among the US most expensive living destinations.

The cities with the highest standard in the Latin America are Sao Paolo and Rio de Janeiro.

The cities worldwide have been compared according to the prices of the real estate properties, food, clothing, transport and entertainment services.

Bulgarian property market is "ideal"
Sofia News Agency (22 Jun 2007)

Bulgaria is enjoying a strong property market since joining the European Union, claims real estate portal RightmoveOverseas.

Interest in the country has grown, with the website reporting that site searches for Bulgarian property has doubled since the start of the year as more people become aware of the investment opportunities in the country.

Figures suggest that in the most popular area of Bulgaria, property prices rose by 20 per cent in 2006 and that ongoing improvements and developments are likely to encourage more growth over the next 12 months.

"Bulgaria is currently poised at the ideal stage of the emerging market property cycle; where the riskiest, most profitable period may have passed, but the greatest period of growth has yet to come," explained RightmoveOverseas' head Justin Figgins.

He added: "The previous build up to EU accession, gaining EU membership and its surging popularity are all ongoing contributing factors in sustaining the exciting development of this former Soviet Bloc state."

Maltese Warned Not to Buy Property in Bulgaria
Sofia News Agency (20 Jun 2007)

Maltese real estate advisors have warned property investors that Bulgaria's market is saturated and prices are expected to start decreasing as soon as the property bubble bursts, Malta Star newspaper reported.

The main problem with Bulgaria is that everyone is building even without permission from Bulgaria's permit authority, the article says. It cites statistics according to which around 25 per cent of all property in Bulgaria is actually built without permit.

Bulgaria has also been criticised for focusing on the development of property at the expense of infrastructure projects, such as those for transportation.

"When buying in another country, most people never do much more research than what is given to them from the investment company. This is a dangerous habit. Everyone between the potential buyer and the property is just a salesperson, and they all get paid on making sales." said Alyona Frendo a local international property advisor.

Foreign citizens and companies have spent a total of 310 million euro in acquiring real estate in Bulgaria during the first three months of 2007.

Mycenaean Sword Cap Found in Thracian Sanctuary in Bulgaria
Sofia News Agency (16 Jun 2007)

Archaeologists have discovered Tuesday a Mycenaean bronze sword cap in an ancient Thracian sanctuary in Bulgaria.

The artifact was unearthed in the sanctuary, which is situated in between ten rock tombs in Arda River valley near the village of Dolno Cherkovishte.

The marble cap has once been put at a bronze sword haft and was among the gifts, presented by the Thracians at the sanctuary more than 1,300 years ago.

"The find dates from 15th century BC and it is typical for the Mycenaean armament," the archaeologist Georgi Nihrizov explained.

That is the second marble cap, discovered by his group. The first one was found few years ago near the town of Krumovgrad.

"We have also discovered several religious fireplaces and different kind of gifts in the sanctuary," d-r Nihrizov added.

The rock, where the sanctuary is situated has the form of a lying lion. It is surrounded by tombs, fortresses and an ancient hamlet, which will be objects of further excavation works.

Unique Cybele Temple Findings Exhibited in Bulgaria
Sofia News Agency (16 Jun 2007)

The antique archaeology findings, that were unearthed in the temple of the Phrygian Goddess Cybele in Bulgaria, will be exhibited in the seaside town of Balchik.

Scientists will soon develop a project for adapting the unique archaeology monument of antique art to the surrounding buildings.

In the last couple of days the archaeologists working on the object found a third marble statue of the goddess - a deification of the Earth Mother. One of the most precious findings in the temple of Cybele is a 50-centimeter-high Doric column with a well-preserved inscription addressed to the Roman emperor Valerius Licinianus Licinius.

The archaeologists believe this is the biggest temple of Cybele in Bulgaria. The walls were at least 2.5 meters high, and the base of the building is huge, compared to other important buildings of the same age.

A huge fire or a disastrous earthquake destroyed the temple, the archaeologists believe.

The first finding in the temple was discovered at the end of April, when archaeologists found a 30-centimeter-long marble statue of Cybele in Balchik. The rare find was unearthed during excavation works for the construction of a new private hotel.

"The statue has no head and part of the goddess' palm is also missing," the curator of the local museum Radostina Encheva said. It emerged that a column with a Latin inscription and an architectural element with bulls' heads were discovered on the same spot.

Originally a Phrygian goddess, Cybele was a deification of the Earth Mother who was worshiped in Anatolia from Neolithic times. Like Gaia (the "Earth") or her Minoan equivalent Rhea, Cybele embodies the fertile earth, a goddess of caverns and mountains, walls and fortresses, nature, wild animals. Her title "potnia theron", which is also associated with the Minoan Great Mother, alludes to her ancient Neolithic roots as "Mistress of the Animals". She becomes a life-death-rebirth deity in connection with her consort, her son Attis.

Unique Thracian Symbol of Royalty Discovered in Bulgaria
Sofia News Agency (16 Jun 2007)

Archaeologists have discovered the most ancient ruler's symbol on Bulgarian territory, what was once the kingdom of the Thracian tribes.

The Bulgarian archaeologists Daniela Agre and Deyan Dichev, who are leading the Strandzha expedition, made the announcement for the exceptional finding on the Bulgarian National Radio on Monday.

The artifact was unearthed near the village of Golyam Dervent. Dichev and Agre were researching a dolmen (dolmens were the first Thracian tombs) when they noticed a frieze of intertwined zoomorphic and geometrical elements carved on the entrance of the tomb. The most interesting part of the discovery is the double-axe (labris) - a symbol of power in the Thracian society - placed inside a circle. The labris has lots of additional ornamentation on it, Dichev said. The frieze includes the images of snakes, which were the symbol of the king in the Thracian religious beliefs.

This is the first time when such an artifact is found on the territory, where Thracian tribes have lived in the 9-8th BC.

The ladris had later become the symbol of the king dynasty of the of the Odris tribes, which is the most powerful state organization in the second half of the firs millennium before Christ.
The appearance of this symbol three centuries earlier shows that organizing a state has started on this territory first.

Two years ago archaeologists found similar symbol of royalty on the entrance of a neighboring dolmen. There is no doubt that these two dolmens were the tombs of a mighty clan of rulers and priests, who lived around the end of the 9th to the end of 8th century BC.

Bulgaria Touted as Europe's Third Biggest Property Hotspot
Sofia News Agency (07 Jun 2007)

A new research has ranked Bulgaria as the third most attractive residential investment destination in Europe.

The study carried out by Global Property Guide (GPG) compared several factors, which were judged to contribute to the attractiveness of buying residential property.

Bulgaria came in third with 10.6% gross rental yields, reform on track, low prices, but very high transaction costs on purchase.

Slovakia grabbed the first spot with inexpensive house prices, very high GDP growth, low rental income tax and no capital gains tax on long-term property holdings.

Second came Turkey, whose major attractions are the strong GDP growth and the dynamics of the housing market.

Ireland Smashes Massive Scam Targeting Bulgaria's Property Market
Sofia News Agency (09 Jun 2007)

Irish police have smashed a multi-million euro plan to buy property in Bulgaria with forged euro notes, the Irish Independent reported on Monday.

The scheme involved the gang formerly led by murdered crimelord Martin "Marlo" Hyland and senior Provisional IRA members. It aimed to set up a massive money making racket by flooding the Bulgarian property market with forged notes with the aid of local connections.

But the plan was discovered by the detectives, who seized EUR 500,000 in fake notes to be used in the multi-million euro scam after a raid on a house on the northside of Dublin.

A suspected close associate of Hyland was arrested in the raid.

Subsequent inquiries established that the money was part of a "war chest" being built up by the gang and IRA personnel to launch their property portfolio in Bulgaria.

Foreigners Buy EUR 310 M of Bulgarian Real Estate in Q1
Sofia News Agency (02 Jun 2007)

Foreign individuals and companies with foreign shareholders bought real estate worth EUR 310 M in the first three months of the year, Bulgarian National Bank (BNB) data shows.

The figure is a 63% increase over the same period of last year, when foreign buyers paid EUR 190 M for real estate in the country.

Real estate buys accounted for nearly 40% of all foreign direct investment in January-March, helping offset flagging inflows, according to the BNB figures.

Bulgaria has attracted foreigners for years with its warm climate, seaside and winter resorts and relatively low-priced properties, but interest grew into a boom last year.

Foreigners spent a total EUR 1,13 B on Bulgarian real estate in 2006 and are set to spend even more this year, although overconstruction is turning some of them off.

Brits remain the driving force of the boom and paid, as a whole, more than anyone else to buy houses in Bulgaria, focusing on seaside properties and accounting for 16,4% of the total money spent.

Luxembourg and US follow in the rankings, with 11,3% and 9,2% respectively, while neighbouring Greeks spent 7,0% of the total sum, buying predominantly properties in southwestern Bulgaria.

Ireland, Hungary and Spain each accounted for more than five percent of the money spent by foreigners on real estate buys in Bulgaria.

Bulgaria joined the EU in January, but that had no effect on the market, as foreigners could buy real estate long before the accession, with the exception of the land itself.

Bulgaria in Top 3 Tourist Destinations for Europeans
Sofia News Agency (02 Jun 2007)

Bulgaria has made it to the top 3 of preferred tourist destinations among the Europeans, together with Greece and Tunisia, Bulgarian National TV Channel reported.

This summer the travelling agencies expect a 12% growth in the number of foreign tourists in Bulgaria and 60% of them will come from the EU member states.

In the last four years the country has gained popularity because of its luxurious hotels, unconventional tourist offers and the attractive venues. Still, there is a chance for Bulgaria to repel foreign tourists because of the uncontrolled construction works all over the Black Sea coast.

Bulgaria must also put some serious efforts in improving its executive and legislative power in order to put and end of the reckless constructions, CEO of the Bulgarian Tourists Agencies Association Donka Sokolova said.

"If we make even a single false move, Bulgaria will be forsaken by tourists for the next ten years at least," Sokolova warned.

Bulgaria Adopts Law on Black Sea Coast Management
Sofia News Agency (02 Jun 2007)

Bulgaria's Parliament adopted on Friday the Black Sea Coast Spatial Development Bill, concerning the scope of the areas where construction is prohibited, which will enter into force from January 1, 2008.

The law provides for the settling of two guarded zones, A and B, along the seacoast. Zone A covers the area from the water to a 100 metres inland, which means the beaches and the dunes. The new law puts a ban on constructing movable objects.

Zone B includes the areas that enter a 2-kilometer-wide strip of land, where no dumpsites can be built. In the villages, the towns and the resorts the construction works will not be imposed any grave restrictions.

The building restrictions in zones A and B do not assign to legally built objects, as well as to applying investment projects developed on already approved building plans.

People, who somehow curb free access to the beaches or try to collect taxes for that will be imposed fines ranging from BGN 3000 to BGN 6000. If the tax collector is a firm of some sort, the fine will be from BGN 6000 to BGN 24 000.

The date of law's entering into force was delayed after a proposal by MPs from the ethnic Turkish party. The opposition strongly opposed to this because this way the parliament gives one more year for illegal constructions on the Black Sea coast.

The legal and illegal building on the country's seacoast has been a largely discussed topic in the past couple of years as the number of erected hotels and holiday complexes has been growing extremely fast.

Bulgaria's Valley of Thracian Kings Larger than Believed - Expert
Sofia News Agency (02 Jun 2007)

The valley of Bulgaria's Thracian kings may be larger than believed and its extent may touch even the town of Sliven's borders, the famous Bulgarian archaeologist Professor Georgi Kitov said Monday.

Professor Kitov's team of scientists and archaeologists will start excavations of 15 Thracian tumuli in mid July as according to their preliminary research they contain many unique artefacts.

"All of the tumuli have been already pillaged by treasures hunters, but I really hope they did not know what to look for," Professor Kitov said.

It is expected that the excavations continue three months and they will cost around BGN 200 000.

At the end of June a team of the Discovery Channel will come to Bulgaria to make a documentary for the excavations.

Bulgaria, Romania Gain Lead as Tourist Destinations among US Citizens
Sofia News Agency (26 May 2007)

With the US dollar's devaluation on the go, Paris and London have lost their charm as tourist destinations for the US citizens and they get even more interested in Bulgaria and Romania, the Romanian newspaper Adevarul reported.

The main reason is the low price of holiday packages in comparison with other European countries. The US travelling agencies report a steady growing interest in the EU's two newest member states, reads the article, citing the Seattle Times.

Another reason is that Bulgaria and Romania offer a wide variety of entertainment and recreation for all types of tourists.

The most preferred destinations are the Moldova region, Transylvania and the delta of the Danube River, the owner of a Romanian tourist agency said.

Serious British Property Investors "Steer Clear of Bulgaria"
Sofia News Agency (25 May 2007)

Bulgaria, which was until recently touted as one of the most popular countries for UK property buyers, appears to have lost its appeal to the more serious property investors, according to new claims from an industry body.

According to Arlette Adler from the Federation of Overseas Property Developers, Agents and Consultants (FOPDAC), Bulgaria's property market has now reached saturation level, which may interest those first time buyers looking to invest abroad.

"The more serious buyer is looking at [other eastern European] countries and considering them," said Adler.

"The thing that is bothering many of us [about Bulgaria] is that they are building all over the place," she added.

FOPDAC recommended that Britons looking for an overseas property investment in an emerging market should turn their sights on Croatia, Montenegro and the Czech Republic.

This is the second time in the last month that British experts say investors are shunning Bulgaria due to oversupply at the expense of infrastructure projects.

At the beginning of the month specialist house TRI Investments warned property investors to steer clear of European holiday destinations such as Bulgaria, France and Italy.

Ancient Bulgarian Sanctuaries "Older" than Egyptian Pyramids
Sofia News Agency (19 May 2007)

Bulgarian scientist will try to prove their hypothesis that the rock sanctuaries of Tatul and Perperikon in the Eastern Rhodopi Mountains are more ancient than Egyptian pyramids.

To prove their hypothesis, the scientists will organize the biggest archaeology expedition in the country that will be situated near the southern town of Kardzhali. The top Bulgarian archaeologist Nikolay Ovcharov will lead the expedition.

The hypothesis of the rock sanctuaries' age was voiced some months ago by two Bulgarian historians. According to them the first cuts in the rocks there date back to the fifth millennium BC.

The archaeologists will seek evidence in the Orpheus sanctuary near Tatul, where previous expeditions have already uncovered a cultural layer date back to 20 century BC.

The excavations near Kardzhali will start on May 28 and will continue around 5 months. This daring initiative will cost more than BGN 200 000.

Bulgaria in the "Limelight of Property Developments"
Sofia News Agency (13 May 2007)

Property developments in Bulgaria are very much in the limelight now that it has joined the EU, the Times of Malta writes in its latest issue and describes the operations of leading Maltese real estate company Dhalia Group.

"Foreign investors look at tourist growth, gross domestic product growth, transparency of the property purchasing process, wage inflation and easier access to mortgages," Mr Valletta from UK company Vector International explains the reasons for Bulgaria's success.

"Rapid tourism growth in Bulgaria is mainly due to a good mix of markets. You go to the heart of Sofia, which is truly elegant, yet is becoming a great commercial hub, attracting huge institutional investors," he says.

"Then there are leading ski destinations such as Bansko, Borovets and Pomporovo, Black Sea resorts such as Albena, Golden Sands and Sunny Beach, central Bulgaria with its rose cultivation and perfume making, the Radopi Mountains, and other beautiful places such as Plovdiv, with its 20,000-year-old prehistoric remains, and Rila Monastery in the mountains."

UK Consultants to Property Investors: Beware of Bulgaria, France and Italy
Sofia News Agency (11 May 2007)

Specialist house TRI Investments has warned property investors to steer clear of European holiday destinations such as Bulgaria, France and Italy after the recent fall in the Spanish stock market.

It said that Spanish leisure resorts have been oversupplied and expensive on valuation grounds for a number of years and that several other popular European destinations could also decline due to a combination of strong inflation, oversupply and overly bureaucratic operating environments.

Its £35m European Residential Property fund, which was launched in July 2005, has stayed away from these areas and has split its investment equally between Bucharest and Prague, where managers feel there is evidence of a growing professional and business community acting as a driving force for the market.

However, they are planning to invest in Warsaw and the majority of the Baltic states over the coming months.

TRI managing director Chris Finch said: 'We were originally keen on Bulgaria, but then it became apparent that the Black Sea coast is overdeveloped in terms of quality of building, much like Spain.'

Bulgaria, US Neck-to-Neck in Race for UK Property Buyers
Sofia News Agency (05 May 2007)

Bulgaria is the third most popular country for UK property buyers, with 7.7% of the market, just edging the US into 4th place on 7.5%, the Association of International Property Professionals (AIPP) has revealed.

AIPP described the position of the Eastern European country as "phenomenal", the only market that has grown to such prominence so quickly.

"Seeing it sandwiched with Spain and France above and the US below highlights the level the Bulgarian market has reached," AIPP explained.

Paul Owen, AIPP's chief executive said: "It's gone from emerging to almost-established in three years, which is just unbelievable.

"It had a free run of being 'the' emerging market for three years, but it's now got competition from many others coming in Poland, Latvia, and Montenegro and there are a lot of emerging nations with comparable property prices which are relatively unheard of."

He also added that the extent of Bulgaria's success would be revealed in the resale of homes in a few years' time.

"There's a lot of properties being built, there's no doubt that prices have gone up in the last few years properties will be sold a second time around, the second wave of buyers will come in," he added.

AIPP's 2006 Report shows that Spain and France are still the top two markets for Britons buying abroad.

Nearly 1/3rd (31.6%) of overseas properties bought by British buyers in 2006 are in Spain. In second place was the other perennial favourite France with a little under 1/5th (18.9%) buying just across the Channel.

Italy ranked fifth with 2.8% of the market.

Bulgaria Could be Europe's Next Golfing "Hotspot"
Sofia News Agency (05 May 2007)

Real estate developers in Bulgaria have already woken up to the massive pulling power of top quality golf courses, experts say.

"Five signature courses - from the likes of Ian Woosnam, Jack Nicklaus and Gary Player - are planned," says Chris Goodall from English language magazine Quest Bulgaria.

"Developers here have recognised that by setting a course in an excellent location and combining it with additional quality attractions such as spas, wellness centres, horse riding, tennis and so on, gives year-round appeal. Golf is offering buyers the opportunity to buy top real estate not linked specifically to sea or ski."

With global golf tourism worth over GBP 10 B, Bulgaria has 12 new 18-hole courses in development or underway, with five due for completion by 2008. Of these five courses, 30% of the 2,300 residential units across them have already been sold.

Experts point out that Bulgaria is set to prosper from its all-new putting greens, given the success of Spanish and Portuguese golf developments and with low cost airlines further spurring golf development.

By 2020 nearly every third visitor to Europe will choose a central or Eastern European destination, according to the World Tourism Organisation.

Ancient Roman Town Ruins Found in Bulgaria
Sofia News Agency (05 May 2007)

Bulgarian archaeologists have unearthed the remains of an early Roman town near the village of Gorsko Ablanovo, 30 kilometers south of Russe, Bulgaria's national television reported on Tuesday.

Initial artefact finds include a bronze duck figurine of a previously unfamiliar design and a silver fibula, only the fifth documented find of its kind in Bulgaria.

The stone foundations of the houses have been preserved well despite intensive agricultural activity.

"The town was founded no later than the first half of the 2nd century AD, and has been damaged already in the second half of the same century, because we found coins dating to the reign of emperor Marcus Aurelius that have been badly burnt," archaeologist Sergei Torbatov with the Bulgarian national archaeology institute said.

Evidence supports the theory that the unfortified town was inhabited mostly by wealthy people and Roman army veterans, a claim supported by the large number of silver and bronze coins found, most of them dating to the Severs imperial dynasty in the 3rd century AD.

But the most intriguing find is the bronze duck, which was used as an outdoors decoration.

"We have never found this kind of figurines in Bulgaria. The next step is check whether similar finds have been reported elsewhere, or whether we have a unique item on our hands," Torbatov said.

The town apparently sprawled on 50 hectares and will take years to study.

UK Tabloid Slams Bulgaria as Nightmare for Home Hunters
Sofia News Agency (30 Apr 2007)

British tabloids are not letting up their raid on Bulgaria, claiming that the country, a top destination for UK bargain home hunters, actually leaves most of them duped.

Many Britons, seeking their dream homes in Bulgaria, end up duped because they do not own the land their homes stand on, the Daily Express reported.

The newspaper cites the experience of one couple, who claim they are living in fear after falling out with an estate agent who they say overcharged them on the price of the property and falsely told them they had bought the land.

Under local legislation foreigners, who acquire homes in Bulgaria, are not entitled to own but to run the land it is built on, experts commented.

The legal provisions provide all guarantees for managing the acquired properties and British buyers are supposed to be informed about this by their real estate agents, they added.

Bulgarian Residential Real Estate Prices Rise by 9,3% in Q1
Sofia News Agency (28 Apr 2007)

Prices for residential real estate in Bulgaria's 28 biggest cities and towns grew by an average 9,3% in the first quarter of the year, data of the country's National Statistics Institute (NSI) showed on Monday.

In real terms, the prices grew by an average 7,5%, as inflation in the first three months of the year was 1,8%.

The average price paid for residential properties in the areas covered by the NSI survey was BGN 988,2, compared to BGN 904 in the last quarter of 2006.

The port city of Varna continues to benefit from the seaside real estate boom and has the highest prices - BGN 1,646 per square meter, a 16% increase for the period.

Capital Sofia, which boasts the highest salaries in the country, is in second, with an average price of BGN 1,588 per square meter, a 14,3% increase.

The data appears to confirm the forecasts of real estate analysts, who predicted that prices in the city would continue to grow strongly after EU accession. Bulgaria joined the bloc in January.

The third most expensive real estate is in Burgas, Bulgaria's other major Black Sea port, with an average BGN 1,312 per square meter. However, demand and supply appear to have balanced out and prices grew only by 1,2%, below the inflation rate.

Russe, Stara Zagora and Plovdiv are the other towns where residential real estate sells on average for more than BGN 1,000 per square meter.

The lowest prices were recorded in Kyustendil - BGN 557,7.

Archeology: Marble Phrygian Goddess Statue Discovered in Bulgaria
Sofia News Agency (28 Apr 2007)

Bulgarian archaeologists found Wednesday a 30-centimeter-long marble statue of the Phrygian goddess Cybele in the seaside town of Balchik.

The rare find was unearthed during excavation works, done because of the construction of a new private hotel.

"The statue has no head and part of the goddess' palm is also missing," the curator of the local museum Radostina Encheva said.

It emerged that a column with a Latin inscription and an architectural element with bulls' heads were discovered on the same spot on Monday.

The construction works have been left. The police will keep the site until a team of archaeologists makes excavations.

Bulgaria Freezes Construction Works in Coastal Resorts
Sofia News Agency (19 Apr 2007)

Construction works in Bulgaria's Black Sea summer destinations of Nessebar, Sozopol and Tsarevo will be terminated as of the beginning of next month when the new summer season sets in.

An order to this effect was issued on Thursday by the mayors of the three towns, to come into force on May 1 or two weeks later for the separate resorts.

The coastal resorts have attracted lots of investors hoping to make a windfall from the sea property. Disgruntled tourists however have complained in the recent years of overconstruction and ongoing construction works that spoil their holiday along the Black Sea coast.

Construction workers claim to know their work will soon be terminated, but practice shows the bosses will turn a deaf year to the orders.

Expert attribute the investors' insolence to be low fines that are imposed on those who breach the law.

Brits' Houses Under Check in Bulgaria
Sofia News Agency (12 Apr 2007)

Bulgarian authorities have started checking the houses of British home-owners, looking for illegal constructions on their terrain.

Probes will fist start in the Tundzha municipality, where 44 villages have been 'overtaken' by Brits, Standart daily reported.

Locals have lodged dozens of complaints, claiming their new neighbours are raising illegal buildings and the mayors have been forced to start looking into those.

Bulgarians complain that their British neighbours are rising facades and fences without permission and that they make a habit of digging illegal canals and sewage lines through other people's propety.

Over 100 properties in the area have to be checked by April 20th. If any of the Brits have indeed violated construction laws, they will be liable for fines up to BGN 50,000.

Most of the Brits in the Tundzha region have bought their property with the help of a former journalist, who is now married to an English businessman.

Sunny Beach Sees Rise in Apartment Sale Offers
Sofia News Agency (12 Apr 2007)

Bulgaria's resorts of Sunny Beach and Saint Vlass are seeing an increase in offers for apartment sales.

Prices vary between EUR 450 to EUR 2,500 per square meter, property site www.imoti.net reported.

The average price is about EUR 900 per square meter.

Brokers say about 30% of the flats currently for sale, have been purchased some three to four years earlier for about EUR 600 to EUR 800 per square metre.

Bulgaria "Third Most Profitable for Buy-to-Let"
Sofia News Agency (10 Apr 2007)

Bulgaria has been ranked the third most profitable country for buy-to-let investors, lagging behind Poland and the United Kingdom, according to a report of property investment firm Assetz.

Bulgaria is followed by France, Turkey, Greece, Spain, South Africa, Cyprus and Portugal as the top ten most profitable locations.

Poland offers a 165 % net capital gain on cash invested, the UK - 63%, Bulgaria - 54%, France - 51% and Turkey - 45%, according to the study.

Sofia's Costliest Property District Sports 1,267/m2
Sofia News Agency (02 Apr 2007)

Sale prices of apartments in the capital Sofia have increased by 3,04 % on average in March as compared over the previous month, data of Foros real estate company shows.

The district of Ivan Vazov remained the most expensive residential area in the city, marking a 1,43 % increase in prices month-per-month up to EUR 1,109/m2. The construction of new, high-end residential real estate in the area comes at the price of EUR 1,267/m2. The prices of panel apartments in the prestigious district are much lower and remain unchanged at to EUR 800/m2.

The southern district of Beli brezi marked the highest rise in prices (up by 6,21% to EUR 786,67/m2), together with the area of Gotse Delchev ( up by 6,17% to EUR 746/m2).

In the middle class market, a slight increase was registered in the districts of Mladost 1 A (up by 0,62 % to EUR 653/m2), Malinova Dolina (up by 0,96 % to EUR 526/m2) and Yavorov (up by 1,07 % to EUR 945/m2).

Property in Bulgaria - From Laughable to Fastest-Growing Market in Europe
Sofia News Agency (31 Mar 2007)

"A decade ago, the idea of buying a holiday home in Bulgaria would have been laughable. Ten years on, and now a member of the European Union, it is one of the fastest-growing property markets in Europe," reads an article in the British magazine "This is Money".

Analysts at estate agent Knight Frank consistently put Bulgaria in the world's top five areas for growth - with price hikes of 20.5% recorded over the past year alone. Another British mortgage broker estimates that Bulgaria will account for 25% of overseas business by 2020.

" Bulgaria is consistently in the world's top five areas for growth, but there are concerns about the market overheating," the author Graham Norwood comments.

Bulgaria Still Tops Real Estate Buys among British
Sofia News Agency (24 Mar 2007)

Bulgaria is still a preferred country by the British for the purchase of real estate, despite negative publications in the media, shows data of Asta Bridge Company.

The percentage of real estate purchase by foreigners in Bulgaria is 29%, from which 66.87% are by British people. US citizens make 6% of the real estate deals followed by the Germans with 4% and Italians - 3%.

New for the Bulgarian market are citizens of Spain and Malta who look mainly for lands for building. Asta Bridge officials define them as speculators, as they aim at the best gain and not the best purchase. The biggest interest was recorded in the purchase of land in the mountain resorts.

Among UK citizens, it is the Irish who buy the most properties in Bulgaria, the survey revealed. The British usually buy studios or small apartments at the Black Sea coast and pay for them between EUR 50 000 and EUR 100 000.

Asta Bridge Company is part of AG Capital and a successor of Address Worldwide and Address Bulgaria.

Bulgaria Attracts as Many Investors as France
Sofia News Agency (17 Mar 2007)

Bulgaria is as popular as France on the property investment market, the British magazine "This is Money" claims.

A new report of Moneycorp Company shows that 12% of the investors want to purchase estates in Bulgaria and only 2% more choose France as an investment target.

Bulgaria's popularity has been increased because of its sunny seaside and the development of Bansko ski resort.

The developers from North Britain, West Midlands and Wales prefer to buy properties in Bulgaria because it is much cheaper.

The most attractive for the investors is Spain.

"This is Money" claims the investors' interest turns many beauty spots into building sites.

The environmental state of the place is also very important, the magazine reminds. That is the reason why the buyers should visit the spot before paying for it.

Mystery of Ancient Bulgarian City Uncovered
Sofia News Agency (17 Mar 2007)

Bulgarian archaeologists uncovered another of the mysteries in the Perperikon area, an ancient living region of Thracians.

The have found a bronze spear from the time of the Trojan War. The finding shows Thracians' sacred city has been a metallurgical centre before more than 3000 years ago. Perperikon was the place where armoury was produced for the belligerent Thracian tribes.

The finding was made accidentally on Sunday in the foothills of Perperikon. The bronze peak, which was some 30 centuries ago was part of Thracians's weapons, of the ancient spire was found intact.

Homer in his Iliad wrote that every warrior had two pikes, nearly two metres long each. According to Professor Nikolay Ovcharov, it is highly probable that the discovered bronze pike peak belonged to a Perperikon warrior, who had participated in the 12-year-long battle for conquering Troy.

On February 23, archaeologists announced they have made an incredible discovery in the Perperikon area. They said last summer they discovered the missing link in Thracian's history. They have found evidence for the transition from the late Bronze epoch to the early Iron epoch.

The living area of Perperikon has been around 12 square kilometres, which is much more than the one of Troy for example.

The earliest traces of human civilisation discovered so far at Perperikon were dated to the late Neolithic Period, 6th-5th millennium BC.

The ancient Thracian city of Perperikon is located in the Eastern Rhodopes, 15 km northeast of the present-day town of Kardzhali, on a 470 m high rocky hill. The city is called "The Sacred" because of the famous sanctuary and oracular shrine dedicated to Dionysus of the Bessi was situated there.

A legend tells that Alexander the Great himself had sacrificed upon the altar of Dionysus.

Residential Prices in Sofia to See Short-Term Stability
Sofia News Agency (12 Mar 2007)

Sales and rental prices on the residential market in Sofia are forecast to stabilize in the short term, according to a market overview.

The average asking prices for residential property in Sofia saw a minimal increase last year, says the market overview of leading real estate company Colliers International Bulgaria.

The area around the Doctor's Garden in downtown Sofia and the Ivan Vazov neighborhood retain their position as the most expensive locations in the capital, but mark a slight fall in prices - 7,3% and 4,4 % respectively.

The average asking prices for residential property in the region around the Doctor's Garden reached EUR 1,620/m2 for the second half of 2006, down from EUR 1,695/m2.

EU Accession Drives Bulgarian Real Estate Prices Up
Sofia News Agency (10 Mar 2007)

Bulgarian real estate prices rose by 10% in the first two months of this year after the country's accession to the European Union, 24 Hours daily reported on Tuesday.

Demand continues to grow, driven by the increasing number of young people looking to buy housing, while supply is limited.

The trend surprised industry insiders, who expected prices to stabilize after accession.

Should the tendency continue in the next months, the higher prices could be here to stay, said Strahil Ivanov, head of the Yavlena real estate company.

Some prospective buyers believe that supply could dry out entirely within months, driving the prices even higher, he added.

Other brokers, however, argue that the market will settle down. Despite higher prices demanded by sellers, most of the deals were carried out at the real valuation of the properties, said Vasko Atanassov of the "Victoria Invest" real estate agency.

Bank credits remain the main source of financing for real estate deals, as Bulgarian consumers remain hungry for loans and are willing to draw larger sums, a report by lending consultants Credit Centre showed on Monday.

The average size of loans drawn in Bulgaria, according to the report's data, rose by nearly one fifth to EUR 31,300 at the end of February, compared to EUR 26,000 in December last year.

The report also claims the share of loans over BGN 100,000 (roughly EUR 50,000), rose to 18% in February, compared to 15% in December and 6% at the beginning of 2006.

Bulgaria, Romania Set for Boom in Low-Cost Flights
Financial Times (10 Feb 2007)

Bulgaria and Romania are likely to attract many low-cost carriers thanks to their accession to the European Union and fast growing economies, Financial Times Deutschland reported.

"The two countries are hoping to enjoy the same travel boom experienced by their fellow former-communist neighbours in central and eastern Europe - such as Hungary, Poland and the Baltic states - when they joined the EU in 2004," the article says.

It points out that in anticipation of EU membership both Bulgaria and Romania have already dropped protectionist measures designed to coddle their national flagship carriers.

SkyEurope, based in Slovakia, WizzAir and a few other low-cost carriers already operate flights to Bucharest and Sofia. As of January 1, however, access became even easier. Any operator with a European Union air carrier licence no longer needs government permission to secure landing rights.

Spirit of Adventure Brings Britons to Bulgaria for Property
Sofia News Agency (25 Jan 2007)

France and Spain, traditional favourites for British property buyers, are losing out to a handful of emerging markets such as Bulgaria, Dubai and Cape Verde, a survey shows.

The annual global property hot sport report, recently released by currency specialists HiFX, puts the shift partly down to a new spirit of adventurousness in British buyers.

"In many cases the emerging markets offer property, which is significantly less expensive than the traditional favourites," Mark Bodega, marketing director of HiFX, commented.

"As UK property prices have continued to rise dramatically in the UK over the last 12 months, combined with rising interest rates, we've seen the overseas property market open up and become accessible to more of the UK population."

The company also puts the rise in interest in more exotic destinations down to a shift away from people purely buying holiday homes towards more serious property investors.

"As people look to where they can make the most money and returns, they are more likely to look away from the traditional markets to areas of expansion and new development", says Bodega.

"We've seen properties in the emerging markets snapped up by investors in 2006. Bulgaria remains a popular investment destination with investors keen to cash in when it joined the EU and we're seeing a consistent amount of interest in Romania for the same reason."

Residential Prices in Sofia Bulgaria's Highest for 2006
Sofia News Agency (23 Jan 2007)

Average price levels of residential properties on the middle market in Sofia remained the highest in the country last year, standing at BGN 1341.8/m2, data of the National Statistical Institute shows.

This marks an increase of 9.8% as compared to the previous year.

The Black Sea towns of Varna and Burgas confirm the trends so far as they see the most brisk demand and prices exceeding BGN 1,000/m2.

Varna follows closely the levels of residential property prices in Sofia with an average of BGN 1316/m2, up by 10% y/y. Third comes Burgas, where prices stood at BGN 1227 /m2, up by 8.9% y/y.

The Danube town of Vidin marked the sharpest rise in prices last year, by an average of 60%.

At the bottom of the price-ranking list are Sofia district, the towns of Kyustendil and Silistra, where buyers are asked to pay about BGN 400/m2.

Sofia is Europe's Cheapest City for Luxury Apartment Buyers
Sofia News Agency (20 Jan 2007)

Monaco is the most expensive location to buy a super-luxury apartment in Europe, followed by Prime Central London, Paris and Amsterdam, say the experts from Global Property Guide, who maintain the world's single biggest collection of house price indices.

Sofia is at the bottom of the ranking with prices averaging EUR 1, 042 per sq. m. Other less expensive locations are Slovakia's Bratislava (EUR 1,292 per sq. m.); Warsaw, Poland (EUR 1,175 per sq. m.); Skopje in Macedonia (EUR 1,125 per sq. m.) and Chisinau in Moldova (EUR 917 per sq. m.).

Luxury apartments pricing levels average EUR 24, 900 per sq. m. in the top scorer Monaco. Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost EUR 1,742,656, or EUR 14,522 per sq. m.

Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of EUR 800,000 (EUR 6,667 per sq. m.).

Moscow is Europe's sixth most expensive capital for buyers of residential property.

Dublin makes an appearance among Europe's most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around EUR 600,000.

Sofia is among the four Eastern European capitals, which earn above 10% rental returns on owning apartments: Chisinau, Moldova (14.13%); Warsaw, Poland (13.28%); Sofia, Bulgaria (10.56%); and Bratislava, Slovakia (10.06%).

Bulgaria Breaks New Record in Foreign Tourists Visits
Sofia News Agency (20 Jan 2007)

More than five million foreign tourists visited Bulgaria in 2006, breaking a new record for the country, officials announced in Stuttgart.

Bulgaria's tourism sector generated more than EUR 2 B of revenues last year from 5 158 000 visitors, Stanislav Novakov, deputy chair of the State Tourism Agency, said at the Caravan-Motor-Touristik tourism exhibition.

The state agency presented the country as a modern and dynamic destination, offering traditional and alternative tourism (spa, golf, eco and cultural tourism).

Residential Prices in Bulgaria Up by Up to 15% in 2007
Sofia News Agency (15 Jan 2007)

Average price levels of residential properties on the middle market in Bulgaria will increase by 5% - 10% in 2007, the first year of the country's EU accession, experts say.

Luxurious newly built apartments and properties at key locations will command a higher increase in prices - an average of 15%, according to realtors' forecasts, cited by 24 Hours daily.

Low prices, long-term investment prospects and changes in lifestyle fuelled record-high property sales in Bulgaria for 2006.

The year-end count of transactions is forecast to reach 260,000 at a combined value of more than EUR 5 B, according to figures of BulgarianProperties.com, partner of foreign property buyers in Bulgaria.

The experts comment that following the massive 25% to 30% annual capital gains of recent years, Bulgaria's property market is now showing a much more realistic growth rate of 15% so far this year, setting the pattern for more predictable and sustainable long-term investment.

13 % of Britons Eye Property Purchase in Bulgaria, Romania
Sofia News Agency (07 Jan 2007)

One in seven Britons are considering purchasing property in Bulgaria or Romania, following the countries' joining of the EU at the beginning of this year, according to a new survey.

The number of foreign visitors to Bulgaria went up by 8.3 per cent last year, bringing the total in 2006 to 1.5 million, while visitors to Romania went up from 800,000 in 2000 to 1.4 million in 2004, the study by MRI Overseas Property found out.

"Bulgaria and Romania's official inclusion in the European Union is a key opportunity for property investment in these emerging markets," commented John Triton, a sales director at MRI Overseas Property.

"Based on the past history of other Eastern bloc countries joining the EU, where property prices have risen significantly these markets look set to become strong areas for capital growth."

Cities Recommended for Bulgaria Property Investment
Sofia News Agency (06 Jan 2007)

With the growing popularity of eastern Europe as a destination for foreign property investment, experts are recommending that investors look towards cities in Bulgaria for the best opportunities.

"I think a lot of people have already gone to Bulgaria already because of the cheap prices," Simon Tweddle, head of research and analysis at Property Secrets stated, as cited by the site of the London Stock Exchange.

Experts at Property Secrets maintain that properties located in urban parts of Bulgaria offer strong investment potential and are yet to be fully exploited by foreign investors.

These recommendations follow the accession of Bulgaria and Romania to the European Union this year, a development which is fuelling economic growth and boosting the value of properties in many areas.

Simon Tweddle argues that the context surrounding Bulgaria and Romania's accession is central to future property market developments, speculating that city investment in Bulgaria could be significantly lucrative.

"I would recommend investing in cities, because you have local demand propping up the market rather than investors propping up the market."