Archive for July, 2007
Tuesday, July 17th, 2007
Bulgaria and Russia have the highest taxation residential properties
Bulgaria and Russia rank among countries with highest rates of tax on residential property deals, says Global Property Guide research.
Research examined several types of expenditure including registration fees, real estate agency commissions, taxes for purchase and VAT, 24 Chasa daily reported.
Results for Bulgaria and Romania showed that purchase expenditures were nearly 25 per cent of the property value, the main reason being VAT.
VAT in Bulgaria is 20 per cent and 18 per cent in Russia. This is the factor ranking Romania and Bulgaria on the top positions concerning residential property taxation.
Out of old European Union (EU) countries, Belgium and Italy have the highest expenditures on property deals, the lowest feature Estonia, Slovakia, Litva and Danemark with less than five per cent of the property value.
Expenditures are higher in southern Europe and lower in UK and the Scandinavian countries.
The commission for the real estate agency is usually shared between the seller and the buyer. Research said that it usually ranges between 1.25 and 1.5 per cent for both sides. In Bulgaria the figure is 2.5 per cent to three per cent for both sides.
Monday, July 16th, 2007
2 million euro invested in Bansko ski resort run reconstruction
More than 2 million euro have been invested in Bansko’s ski runs reconstruction, said representatives from Ulen, Bansko ski facility concessioner. The reconstruction programme has been developed by the world-famous consultancy company Ecosign Mountain Resort Planners. Ecosign’s study and concept for the snow-based Olympic venues led to the nomination and the election of Sochi/Krasnaya Polyana to host the Olympic Winter Games in 2014.
The length of the ski runs in Bulgaria’s Bansko reached the record-breaking 65 kilometers. Bansko ski runs’ reconstruction programme is coordinated with experts from the Environment and Water Affairs Ministry, the company stated..
This year Bansko hosted a round of the Women’s Alpine Ski European Cup. Next year it will hosts the initial round of the men’s competition.
Monday, July 16th, 2007
Commercial projects in Bulgaria offered for “off-plan” sale
An emerging trend on the Bulgarian business property segment is the marketing to buyers of projects at the design stage,local realtors said, as quoted by Dnevnik Daily. Everything is sold right off the drawing table before even the first sod of ground is turned, said Krasimir Dimitrov from Source Real Estate.
A crucial deal-maker for the buyers is for the respective project to have passed all relevant administrative procedures like rezoning, planning approval, etc. The latest large-scale property to be transacted at the design stage is the 100 million euro Mall Plovdiv sale to GE Real Estate and Quinlan.
The list of major projects transacted so far in 2007 includes also Mall Varna (Varna), Megapark Soravia (Sofia), Business Park Varna (Varna), Porsche Center (Sofia) and Hypermarket Technolux (Pleven). The combined price exceeds 400 mln euro.
Thursday, July 12th, 2007
Oman State General Reserve Fund enters Super Borovets project
Investment fund Equest and Oman investors from have set up a joint venture that will implement the Super Borovets project, said Equest managing partner Georgi Krumov. The joint venture Borovets Invest now owns 67% of Rila Samokov 2004, the project company that owns 2 mln sq m of land in Bulgaria’s Borovets mountain area for further development into residential second homes and associated infrastructure.
Equest has contributed 10 mln euro to the partnership where ownership is evenly split between the two investors. The size of the Oman investment in the joint venture was not disclosed.
Earlier this year Equest invested 15 mln euro in the capital of Rila Samokov 2004 to gain entry into the project.
The Samokov municipality controls a 25% share in Rila Samokov 2004 AD with construction company Glavbolgarstroy holding 8%.
A day before the announcement of the joint venture with Oman investors, Romanian news agency Rompress reported that Equest had acquired Romanian electronics and home appliances retailer Domo.
At end-2006, Domo had a national chain of 107 shops selling household, electronic, IT and telecom appliances, with a total area of some 40,000 sq m.
In Bulgaria, Domo has 7 specialist stores, with a total area of 3,500 sq m.
Equest already owns one electronics retailer, Bulgaria’s Technomarket. The chain has plans to expand into Romania and Serbia.
The Domo deal is a key investment for Equest as it shapes up the biggest chain of electronics stores on the Balkans, said Krumov. He did not rule out the merger of the two store chains.
Thursday, July 12th, 2007
First yachts to dock at Golden Sands resort marina in 2009
Several major investors have plans for the construction of a yacht port in Bulgarian Black Sea resort Golden Sands, said Nikolai Nedkov, executive director of Golden Sands AD.The cost of the marina project is seen at 7-8 mln euro, a resource that the resort operator will be hard press to come up on its own due to the ongoing implementation of other top priority infrastructure projects, said Nedkov.
Work on the port has already began but 2/3 of the facility are yet to be completed. The resort has spent this year 1 mln levs on new berths and landscaping.
The resort official said the yacht marina should be ready within 1-2 years.
The yacht port is adjacent to a 1.5 ha amusement park that is being developed by the resort operator and the Parkstroy company. A 120-seater sea food restaurant, mini golf and paint ball courses and a 120-car parking lot have already opened in the complex.
The investment spending of the resort operator has topped 10 mln levs so far in 2007.
Bookings are expected to add 6-7% this year, said Nedkov. Current occupancy is at 85%
Thursday, July 12th, 2007
Large SPA complex to be built in Bulgarian town of Varshets
The first dig of the investment project in the Bulgarian town of Varshets was made on Monday.
will be built on an area of 5000 sq m. and is situated in the very city center next to a 800-dеcare park.
The future spa complex includes 4-star hotel, SPA Center on more than 1500 sq m. and 42 holiday apartments. The hotel will have 72 double rooms, 9 apartments, lobby bar, European and national restaurant, multifunction congress center with 120 places, business center, kindergarten, night bar, dental and medical cabinets.
The investors informed money.bg that they have chosen Varshets because of the unique qualities of the mineral water, analogue of which, there is only in Argentina.
“We searched long time for a proper place for investment, where to give people the opportunity to rest in a calm and beautiful place, to use the recovering qualities of the thermal springs, to provide new package of services, which to make our clients feel special”, commented the project investors from Stascommerce Invest.
Varshets is famous with its healing waters ever since the time of the Thracians. It is formed as balneological center at the beginning of last century, when king Ferdinand built his summer residence there, as well as the first casino in Bulgaria. During the socialism, the town has been visited by an average of 300 000 people per year.
“Our investment is not an end of itself. The town has been and will again be one of the leading balneological and SPA centers in Bulgaria”, added the investors.
It is expected around 70 people to work year-round in the complex, which will further stimulate the town’s economy.
news.bg
Wednesday, July 11th, 2007
500 000 British tourists visited Bulgaria in 2006
More than 500 000 UK tourists visited Bulgaria in 2006. Many tourists came to Bulgaria, bought real estate and stayed in the country, UK deputy chief of mission Nick Leake said for Monitor.
Leake was on a day visit to Smolyan during which he met the mayor of Smolyan and management of the regional administration. With tourism sector representatives, he discussed opportunities for the development of the region. Leake said that it was important for tourism companies to decide which is more important, to attract fewer but wealthy tourists or larger groups of tourists with less money to spend, the newspaper reported. Nearly 600 UK people live in the region of Smolyan.
Britons come to Bulgaria attracted by the mountains, the sea and the exceptional nature, Leake said.
Thursday, July 5th, 2007
4 investors propose Banya golf, spa developments
Four companies are seeking the approval of the local government in the Bulgarian town of Banya, in the mountainous Karlovo region, to develop spa and golf tourism in the area.
The Karlovo municipal council, which has jurisdiction in Banya, will review the submissions on July 10.
One of the entries comes from local businessman Hristo Danov. It is submitted on behalf of the Banyasoccer club presided over by Danov.
The other 3 proposals have been collecting dust in the municipal archives for quite a while. Some were handed in no less than a year ago.
The most expensive development is the 60 mln euro Banya Golf and Spa Resort proposed by the company of the same name.
The investor has invited the municipality to co-create a joint venture and contribute a 157 ha land plot valued at 12 mln levs. BanyaGolf and Spa Resort will provide a capital of 25 mln levs for the JV.
The company wants to build a golf course, a five-star spa center and entertainment venues.
Luxembourg-registered Rose Valley Investment also favors a spa tourism joint venture format involving the municipality.
The fourth proposal comes from a Dolna Banya entrepreneur Georgi Genov.
The projects will be tabled for a public discussion on July 5. If they get the popular vote, they will probably get ours as well, said municipal council chairman Stoyo Karagenski