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Bulgarian real estate agent
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House prices recorded an average increase of 8.7% in late 2004/early 2005 worldwide, shows data of the International Real Estate Federation (FIABCI) and ResearchWorldwide.According to their survey, which monitors 23 countries on a monthly basis, South Africa at 27.8%, Hong Kong 21.6%, Spain 17.2%, New Zealand 16.4% and France 16.0% top house price annual percentage change list at present. China, Norway, United States, United Kingdom and Sweden complete the top 10 rankings.Bulgaria appears there as the typical example for an explosion of interest in Eastern Europe with prices startlingly cheap, especially for new homes. It gives several examples of Bulgaria property prices along the Black Sea coast quoting a two-bedroom new house outside sea resort Burgas at the cost of GBP55,000 and a maisonette almost on the beach in the same region offered for GBP 95,000. Even cheaper properties can be found in high-density resorts being built close to the sea coast.Relatively low Bulgaria-property prices such as these, along with estate agents' talk of 40% rises per year, have triggered worries of a price bubble. But analysts suggest most buyers just want a low-cost holiday home or a long-term investment and that, so far at least, the high volume of ongoing building has not undermined price gains made by early buyers.However, the ratio of sales and re-sales in Bulgaria has been on behalf of the latter, suggesting the majority of buyers keep them for a length of time. Some UK-based agents believe a lot of their investors are people who have bought in Western Europe where prices have reached a peak and are now looking at the next best emerging market. The return of stability to the Balkans and the opening up of Eastern Europe has bought vast new swaths of property into the marketplace.Foreign Investments in Bulgaria Up
Foreign investments in Bulgaria over the period January -April 2004 amounted to EUR 416, 4 M, marking an increase of nearly EUR 18 M as compared to the same period in 2003.
Also in June it was reported that Bulgaria is among the mostly alluring destinations for foreign investments. The country has ranked at the prestigious eighth place among the European countries, according to EU research data.
There are experts' predictions that foreign investments in Bulgaria will grow by more than USD 1.5 billion this year.
Further, the number of tourists from the European Union (EU) coming to Bulgaria has gone up by over 46%.
More and more tourists from UK, Germany as well as from different Central European countries come to Bulgaria. Their number has increased by 25,3% just in five months, Bulgaria's Economy Ministry reported.
More than 1, 248, 138 foreigners visited Bulgaria in the period January- May. The Greeks lead the ranking of foreigners coming to Bulgaria, some 56,34% more as compared to the same period in 2003. The British and German tourists closely follow them. A total of 57, 517 Britons visited Bulgaria during the same period in that way going up by 73,09%.
Bulgaria's revenues from international tourism over the first three months of 2004 amounted to EUR 199,8 M in that way marking an increase of 28,8%
The southern coastal resort of Sunny Beach has attracted some EUR 500 M so far, with 10 bran new hotels opening doors this year alone,
Nearly 30,000 guests have filled in up to 80 percent of the local bed capacity since the start of June.
The glitzy Sunny Beach resort, which marks its 45th anniversary, hosts 125 hotels in its eastern part alone. It is an awardee of the prestigious international ecology prize Blue Flag for 2004.
Tour operators, hoteliers and economy experts gathered on the Black Sea coast to discuss the paths to halting random construction works on site and strategies for cooperation among themselves.
State administration and business will pool further their efforts to complete successfully Bulgaria's route to the EU in the agriculture sector. Following the closure of the Agriculture Chapter, Bulgaria has found new ways of cooperation with the business, Agriculture Minister Mehmed Dikme stated during the annual lunch held by Bulgaria's International Business Association (BIBA).
Bulgaria's Prime Minister Simeon Saxe-Coburg expressed his satisfaction with the final declaration issued at the EU summit in Brussels.
European Union leaders confirmed the year 2007 as date for Bulgaria and Romania's accession to EU. The leaders of EU 25 member states voiced content with the completion of Bulgaria's entry talks.
Bulgaria's Euro-integration Minister Meglena Kuneva also explained that the final EU declaration offers Bulgaria even greater security, while Foreign Minister Solomon Passy added that the declaration was a "pure pleasure for Bulgaria".
Bulgaria has put an end to negotiations for EU entry this week after technically closing the last two chapters, Competition and Miscellaneous.
Bulgaria will close soon three out of four remaining EU negotiation chapters. The three chapters: Agriculture, Regional Policy and Coordination, and Finance and Budgetary Provisions are said to be among the most difficult ones. They depended on Bulgaria's financial frame that was approved by the EU. The only chapter left -Competition- is to be closed by the end of the month.
Bulgaria's European Affairs Minister Meglena Kuneva said at the beginning of June 2004 that it will make it possible for the entry talks to be completed altogether before end of July 2004.
Under the Regional Policy chapter Europe will provide EUR 2.3 B to Bulgaria for the first three years after Bulgaria's EU accession, pinned for 2007. The country is required to present a number of eligible projects to apply for funding.
Timely end of entry talks will help the country stick to its accession schedule fixed for January 2007.
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