Property for sale Bulgaria

Area: from 31 sq.m. Garden: No Floor: 5 Price: from 33500 EUR Ref.No: SB01BG079

The complex Nautilus Club is located in the central part of the the western area of tourist complex Sunny Beach. The apartment complex was projected as flats for seasonal use (all year round use is also possible). Architectural graphic of the building is clean and free of superfluous detail. The fresh color decision gives project modern appearance and sense. The construction is solid - ferro-concrete with a scaffolding beamless construction system. The walls are filled with ceramic bricks, protected from outside with the necessary heat insulation - with regard to the standard . The inner walls will be worked with materials without wet processes. The facades will be shaped with mineral water-resist plasters, wood, metal etc. according to the architectural details. The doors and windows will be PVC with a thermal bridge, which will contribute to the general comfort in the building.

Area: from 34 sq.m. Garden: No Floor: 5 Price: from 33500 EUR Ref.No: SB01BG080

The complex of holiday studios Abelia Residence is located in the western part of the resort Sunny Beach. It is situated over a regulated landed property XV-352 in district 5801 from the building-regulation plan of the complex on a total area of 1 539 m2. The apartment complex was projected as flats for seasonal use (all year round use is also possible). The residential area is compact designed in one room apartments - type studio. The flats are economical having in mind their purpose: a large living room with a kitchenette and a place for dining, anteroom with a wardrobe. There is an individual bathroom with a bath-tub. It is being envisioned on necessity living room is being adapted as extra space starts sleeping on /in shape-2 + 2 persons/. Through expansion of suggested apartments in the complex there are designed 10 one bedroom apartments and 4 two bedroom apartments at most compactness disposition of rooms.

BULGARIAN PROPERTIES published their analysis of the property market in Bulgaria in 2008 based on empirical data from real completed property deals, as well as the forecasts for 2009.

You can read the full analysis here.

The main trends in 2009 will be the following:
• Property prices will not increase. It is most likely that the prices of quality properties will retain their current levels while the prices of properties that are of bad quality, with bad location, the Soviet-type blocks and some of the holiday homes will decrease to a certain extent.
• The clients will become more and more demanding towards the quality and the parameters of the properties they seek.
• New construction will be reduced to a minimum and not many developers will stay in the business.
• Many of the building projects will be on stand-by or will not be started at all. There will also be such which will be put on hold and will remain unfinished.
• The price of standard development land will decrease significantly. This will also be valid for the compensations.
• The market will work in favor of the buyer and the sellers will be more disciplined and inclined to make discounts.

One day after BULGARIAN PROPERTIES made their analysis public the National Statistical Institute published its regular statistics of the Bulgarian property market.

Home prices in Bulgaria’s regional cities jumped almost 25% in 2008 compared to 2007 to an average of BGN 1,363 per square metre, showed data of the National Statistical Institute quoted by Bulgarian daily Dnevnik.

The uptrend held through October, but prices dropped 4.1% in the third quarter from the previous three months.

The data excludes newbuilt, houses and luxury apartments and are based on the prices of sold properties.

A survey of Bulgarian Properties revealed that last year property transactions were struck at 26% higher prices on average than in the previous year. The company’s operating manager, Polina Stoikova, explained prices were rising by October and then slid 15-20% from the early months of the year as buyers opted for higher-class properties.

According to NSI, flat prices in Sofia jumped the highest, gaining almost 47.8% last year. In Lovech, Pleven, Plovdiv, Rousse and Yambol prices rose around 30%.

In the third quarter prices dropped in 28 out of the 23 regional cities, most notably in Veliko Tarnovo, Pleven and Targovishte, which saw falls of more than 11%.

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Mihail Chobanov, the Executive Director of BULGARIAN PROPERTIES, commented the situation on the real estate market and the trends on the Bulgarian National Television morning program Denyat Zapochva.

Mr. Chobanov noted that in 2009 the prices of real estate in Bulgaria are not expected to increase but added that no mass decrease is expected either – this can happen only in certain segments. On the question about the situation on the credit market he answered that it is quite dynamic and that the situation there changes constantly.

BULGARIAN PROPERTIES’ Executive Director pointed out a couple of times that at the moment we are witnessing a market of lessors and lessees as most people are waiting to see what direction the real estate market is going to take.

On a viewer’s question whether the interest towards properties in the towns and villages around the big cities had increased Mihail Chobanov said that according to the company’s 2008 analysis more and more people are interested in the settlements around Sofia, Plovdiv, Varna and Bourgas and that there is a lasting trend on the part of Bulgarians to buy properties in these locations with the idea of moving to live there permanently.

In conclusion Mr. Chobanov noted that 2009 will be the year of the buyers with cash and of much more attractive real estate prices.

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Archaeologist Teo Rokov watches intently as a mechanical digger raises a bucket of soil from a building site in Varna’s Grtska Mahala, or Greek Quarter. Mixed in with the earth, he spots fragments of medieval pottery. “This is plain old household stuff but you never know,” he says. “We track every construction project in this neighbourhood. If something important comes up, the developer covers the cost of a full-scale excavation.”

The scene is indicative of life in Bulgaria’s largest Black Sea port, which was settled two-and-a-half millennia ago by colonists from Miletus, a Greek city on the Asia Minor coast and is now, as the country’s second fastest growing city, coping with a big influx of new residents.

Originally, and for centuries under Greek, Roman and Turkish rule, Varna was a hub for traders shipping salted fish, grain, furs and gold to the Mediterranean and beyond. By the early 1900s Armenians, Jews and Bulgarians had joined Greek merchants and many took part in a grand urban revival of the city, launched by King Ferdinand. New mansions designed by Italian architects were painted in pastel colours appropriate to a fashionable European resort with a pier, wooden bathing huts and a Sea Garden (a stretch of parkland planted with rare trees under the supervision of a renowned Czech botanist and landscaper).

Communism followed and, after that, a gritty transition period, including shootings of local mobsters in crowded seaside cafйs. But, according to residents, a group of ex-Bulgarian marines nicknamed the “Varna Seals” eventually managed to expel members of the Russian, Chechen, Ukrainian and Georgian mafias vying for control of the port and the city’s underground economy. And today “you can stroll around the centre late at night without problems,” says Agap Agapov, a restaurant owner in Grtska Mahala.

Varna now draws about 30,000 new residents a year and it was recently rated Bulgaria’s “best city to live in” for the second year running in a poll carried out by Darik Radio, a private station, and 24 Chasa, a national newspaper. Students from three local universities support a lively bar and music scene and, in summer, the city’s seafront promenade fills up with visitors from the capital, Sofia, western European tourists bussed in from nearby resorts for a day’s sightseeing and increasing numbers of Russians, Ukrainians and Romanians, whose own Black Sea coastlines are less hospitable than Bulgaria’s.

The country has been hit by energy shortages this month following Russia’s cut-off of gas supplies to Europe. But the Bulgarian government has now asked the European Union for €400m to build a link with an alternative Turkish-Greek pipeline and Varna itself plans to consider the possibility of building a liquefied natural gas terminal.

Transport links to the city have already been improving, with gradual upgrades to the highway to Sofia, a five-hour drive away, and more frequent air connections via Bulgaria Air, which runs three flights daily to the capital in winter and four in summer. Fraport, a German company, is now running the city airport under a 35-year concession, investing in a runway refurbishment and expanded terminal facilities, and several international airlines, including low-cost operators, now fly to Varna from European hubs.

For now, the Greek Quarter remains one of the most attractive areas to live, with some of the city’s highest property prices, ranging from €2,200 per sq metre for an apartment in a communist-era four-storey block (the maximum height permitted) to €3,000 per sq metre for one in a renovated mansion or a new building with a view of the sea.

Living spaces tend to be compact, with studios running to 50-60 sq metres including the balcony, and 100-120 sq metre apartments deemed a comfortable size for four-member families. Many dilapidated buildings still await refurbishment but the quarter is beloved both by old-timers, such as Agapov, who serves fresh fish from the ground floor of his family home in a space once occupied by his grandfather’s tailoring workshop, as well as new arrivals, such as diving instructor Iasen Ivanchev, who will soon move into an attic apartment one block from the seafront.

But there are downsides to living in the Grtska Mahala, including increased traffic, more street noise than in the suburbs and a shortage of parking spaces, with only a handful of new, high-end buildings having underground garages. “When I was growing up here, we played street games all the time. It wasn’t quite the same for my daughter,” says Darina Ivanova, a colleague of Ivanchev, who moved to the neighbourhood as a child.

The area has developed so fast that it will be another year before access roads and street lighting are completed. But prices for a top-floor apartment with a sea view have doubled in the past two years to about €1,600-2,200 per sq metre and are expected to rise marginally this year in spite of the global economic crisis. “We expect some homeowners in Briz will want to cash in their profits this year, so there’ll be opportunities to buy on the secondary market,” says Evgeni Zlatev, Varna office manager for estate agency Bulgarian Properties.

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For a second year in a row Varna won the Best City to Live in Bulgaria award. After Sofia Varna is the town with the highest property prices and in some sectors it can even be said that it leaves Sofia in second place.

What was the market in 2008 like:

1. Turning the English clients from buyers into sellers. In the first quarter of 2008 the trend from 2007 was kept as there was high demand for holiday homes on the part of foreign buyers. At the end of the spring season we witnessed a withdrawal of the UK buyers from the market. What was interesting is the fact that even before the crisis hit the UK and the rest of Europe it was the Brits who first started to re-sell the properties in Bulgaria which they had bought in the period 2002-2005.

So in the summer of 2008 attractive property offers appeared on the market – with top locations, which were sold at prices lower than their market price. These properties were bought by Bulgarian buyers due to the simplified bank lending procedures. Meanwhile, the British buyers managed to receive a profit of between 50-80% compared to the prices they had paid in the period 2002-2005.

2. Increase of the percent of Russian-speaking buyers. In 2008 the share of buyers from the Russian markets increased significantly and of those from Russia in particular. The main motive for purchasing a property was the buyers’ wish to own a second home in Bulgaria and smaller part of the buyers bought real estate for investment purposes.

The purchasing of a real estate allowed Russian buyers to apply for a multiple-entry visa which additionally increased Bulgaria’s attractiveness. All Russian clients of BULGARIAN PROPERTIES’ Varna Office had similar requirements to the properties they sought: the location had to be either in the top center or first-line but not farther than the Golden Sands resort. The requirements to the units were for them to be with a size of no less than 120 sq.m., with bigger bathrooms/lavatories. The buildings had to be finished or before receiving Certificate of Habitation, with excellent infrastructure and quality of the finishing works. On the other hand the supply was not adequate enough as in the last few years the construction was consistent with the requirements of the British buyers – small apartments (studio type) with hotel-type furnishing.

3. Disappearance of the Baltic-countries buyers. The clients from the Baltic countries which were some of the most active buyers in the period 2006-2007 sharply decreased. This trend started as early as 2007 after their economies fell into recession and the banks ceased lending resources. In 2008 a lot of these buyers had a few properties in Bulgaria which they had bought for investment purposes and which now they unsuccessfully tried to re-sell in order to get rid of their liabilities to the bank.

4. Increase of the share of Bulgarian buyers. In 2008 there was an increase in Bulgarian buyers who were assisted by the facilitated lending procedures. The demand was directed towards properties with good characteristics: new construction, central location, etc.

5. Increase in property prices. From January until the middle of the year the prices of real estate increased both in Varna and the surrounding areas. In comparison to 2007 the price of a front-line apartment in Golden Sands resort was 1,750 EUR/sq.m. while in 2008 it was already 2,400 EUR/sq.m. The prices in Briz residential quarter were 800 EUR/sq.m. in 2007 compared to 1,500 EUR/sq.m. in 2008; in the top center area the prices were 1,300 EUR/sq.m. in 2007 while in 2008 they reached up to 3,000 EUR/sq.m., as there were some deals concluded at 4,000 EUR/sq.m. in Varna’s Sea Garden area. However, this growth ended at the end of the year as some of the developers adopted a policy of price-decrease or of Christmas and New-Year promotions.

2009 trends:
1. The share of Russian buyers will be kept but their requirements regarding the properties’ parameters will increase.
2. Bulgarian buyers will decrease due to the more complicated lending procedure.
3. The prices of properties in the outskirts of the city, in the old buildings and in the Soviet-type blocks will decrease.
4. Properties in the top center of Varna will retain their prices.
5. The share of rents compared to sales will increase. This is connected to the increasing interest rates under bank loans and to the uncertain economic situation.
6. Decrease of the number of properties sold off-plan, due to uncertain financing on the part of the developers and to the finishing of the projects.
7. Very few new developments will be started. Stagnation of the construction of new residential properties.
8. Increase in demand for finished apartments.
9. Increase in the share of foreigners who have purchased properties in Bulgaria and who now want to re-sell them.

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The team of BULGARIAN PROPERTIES Bourgas Office welcomes the new year in a new office in the city’s top center area.

With its unbeatable location just meters away from Hotel Bulgaria and from all the main administrative and public buildings the modern office is easy to find.

If you need a piece of advice, if you want to buy a property in Bourgas or the surrounding area, as well as around the country, if you want to sell or rent or let out your property we will be happy to assist you. Our office is open every working day from 9 a.m. till 6 p.m. and outside the working hours with a previously arranged meeting.

Bourgas Office contacts:
10 Vuzrazhdane Srt., 4th Floor
Tel./Fax: +359 56 828 449
E E-mail: Please send your enquiry
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MOTO-PFOHE is one of the first private motor companies in Bulgaria, established in 1991. The company is the official importer and distributor of Ford, Volvo, Jaguar and Land Rover for Bulgaria. The company is owned by the German motor company Hugo Pfohe which has been operating successfully on the German market for 90 years.

For its 17 years on the Bulgarian market MOTO-PFOHE has been expanding dynamically and has earned itself the reputation of a stable and successful company placing it among the market’s leaders.

The company’s owner Mr. Karl-Heinz Pfohe is one of the first investors in Bulgaria and sets the company’s stable investment policy. For over 17 years the company opened dozens of locations for sale and servicing of Ford, Volvo, Jaguar and Land Rover. In the last few years the name of the company has also been connected with the first mall in Varna – Pfohe Mall. The company’s next big investment project is in the ski resort Bansko and is called Belvedere Holiday Club – a gated development offering luxury apartments and a number of amenities and facilities.

Mr. Pfohe, how did you decide to come to Bulgaria and start a business here?

In 1988 I established some contacts which allowed me to start dealing with cars in Bulgaria. As soon as I arrived I saw the country’s future potential for a steady business.

Are you pleased with your business here?

In the last 20 years Moto-Pfohe developed really well. Today, with over 500 people personnel and a total of 17 branches and dealerships around the country, we are among the biggest car companies in Bulgaria and we continue to develop quite successfully.

Your employees are Bulgarian. Are you pleased with their work? Do you find it easy to work with them?

I am especially proud of my employees – motivated and devoted men and women who see to it that we provide the best possible services to our clients on a daily basis. This is supported by the questionnaires filled in by our clients. The satisfaction level is well above the average for Europe.

Could you tell us what impression Bansko makes on a German? What do you think of the resort, what effect does the mountain have on you? What would you say to your fellow-countrymen or to other Europeans who are interested in Bansko?

I find Bansko to be one of the best winter resorts and ski centers in Europe. The town’s administration managed to preserve the style and atmosphere of the town by controlling the issuing of construction permits for new residential units and hotels.

With its 65 km of ski slopes, state-of-the-art facilities and amenities Bansko is among the finest and best positioned European winter resorts.

What is the difference between Bulgaria’s ski resort of Bansko and the mountain resorts in Austria and Switzerland? Does Bansko have the necessary qualities to rival the globally recognized winter resorts?

The comparison is in favor of Bansko due to the fact that this Bulgarian ski resort offers new holiday homes and hotels which have been built in accordance with the latest fashion and standards. They are far more modern and comfortable compared to the somewhat aging buildings in Switzerland and Austria which were built decades ago. The same goes for the sports facilities, the quality of the lifts and the tow-lifts. However, above all Bansko offers the charm of the Bulgarian hospitality which is missing in the ski resorts in Austria and Switzerland. The years of dealing in tourism there has somewhat decreased the genuine pleasure of receiving guests as if receiving them in one’s home.

What is the advantage that you will point out to the potential buyer interested in the possibility of owning a unit in Belvedere Holiday Club? What were the ideas that you implemented during the design and construction stages of the development?

Belvedere Holiday Club offers numerous possibilities for sport and relaxation all year round. With its wonderful location in close proximity to the Gondola and to the mountain Belvedere Holiday Club is without doubt the best and most spectacular gated residential development in Bansko.

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Belvedere Holiday Club

The properties in Bulgaria will continue to have a good return rate for the investors in the country in 2009 as well, Simply Group Property write.

The return on the investment will decrease considerably from the over 30% return rate reported in the last five years but the country remains a good place to invest.

The properties in the country continue to be very affordable as up to now the credit crunch has not affected the market as much as it did in the other countries.

The good return rate and the affordable prices will be the two main factors which will attract new investors in the next couple of years, Simply Group Property point out.

They point out to the properties in Yablanitsa, Stara Zagora, Gabrovo and Rousse as the perfect investment in Bulgaria.

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