Bulgarians have responded positively to the increasing trend of foreign investments in the real estate market in the country. Steve Williams, the British ambassador, pointed that the popularity amid overseas property buyers was widely noticed to have been good for the economy. Mr. Williams have praised the extent of the transformation in Bulgaria during the last several years, especially its recent entry into the European Union in the beginning of 2007 and its growing popularity across the holidaymakers.
He also stated that there are growing numbers of British nationals getting acquainted with Bulgaria and its property and travel markets. The same shows and the number of business and leisure travelers from the United Kingdom, which has increased by 7% last year.
Bulgaria awaits around € 4,7 billion of direct foreign investments for 2008(which Bulgaria will not co-finance), informed the vice Minister Sergey Stanishev and the Foreign Minister Ivailo Kalfin.
Furthermore in the next seven years Bulgaria will have the chance to absorb about seven billion EURO from the European funds distributed on different operative programs.
The Minister also mentioned that the edition of “Oxford Business Group” is exclusively useful, particularly for the direct foreign investments, due to the fact it gives a picture of the overall economy development, as well as of the different economy indexes.
The average prices of residential real estates in Varna has increased by twenty-five per cent for the first 9 months of 2007 following the trend of growth in property prices in entire Bulgaria. Prices have been rising up every month since the beginning of current year, brokers claim. Concrete blocks real estates have gone up by twenty-six per cent, while the apartments in residential buildings by fifty-five per cent. The properties in Varna’s Sea Garden are the most expensive, after go these in the “Greek Neighborhood” and the Sports Hall area. Despite the fast growth rate in property prices in Sofia, Varna continues to be leading in terms of real estate prices as the main difference is in the new construction. The construction of malls and trade centers in Varna’s residential quarters has increased the prestige of these parts of the city and of course the prices. Apart from the great demand another reason for the higher price of new constructions are the higher requirements regarding the quality of the building and the rising prices of building materials.
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