Archive for January, 2010

Bulgaria tourism to be promoted at international trade fair

Bulgaria will push its tourism products in a big way at three international tourism exhibitions in European countries, which were launched this week.

The Feira International de Turismo (FITUR) in Madrid, Spain, is one of the year’s most important trade shows, a meeting point for tourism professionals from around the world, in which they establish lines of action, strategies and business alliances. It will run until January 24.

The country will also be represented with an information desk at MATKA fair in the Finnish capital of Helsinki and ITF Slovakia Tour, the most important tourist trade event in Slovakia and one of the most prestigious events of its kind in Europe. This year, it will take place between January 21 – 24 in Bratislava.

The economy, energy and tourism ministry has alotted BGN 3,4 M for promoting Bulgaria as an international tourism destination. The country will take part in 35 tourism fairs.

Sofia Airport introduces flight status text service

Sofia Airport has had its share of weather-related chaos over the years, but passengers will no longer have to crowd the airport’s terminals or spend their time on the phone line trying to find out flight information. A new text service will provide that information, the Transport Ministry said in a statement on January 22.

Subscribers of all of all three Bulgarian mobile phone operators will be able to get the information about the arrival and departure of flights at Sofia Airport by sending a text message to 12211. The cost of one text message is 1.20 leva.

By texting the flight number to 12211, users will receive information on any particular flight, including the flight’s current status, expected time of arrival/departure, possible delay and the terminal it is expected to land at or take off from.

Sofia Echo Fri, Jan 22 2010 12:18 CET

Moody’s raises Bulgarian outlook to positive

Moody’s outlook on Bulgaria’s Baa3 sovereign rating has been raised from stable to positive. It’s the first positive rating action on an EU sovereign since July 2008. The positive outlook means Moody’s is considering upgrading the Bulgarian sovereign to Baa2. Such an upgrade is contingent upon the country’s ability to renew growth and weather the impact of regional shocks. “Moody’s expects the recession to end in mid-2010, although the problems in Greece will likely dampen the recovery this year,” says Kenneth Orchard, a VP in Moody’s sovereign risk group. About 9 per cent of Bulgarian exports go to Greece, and Greek companies are major investors in the country, particularly the banking sector. “The Bulgarian government’s finances were relatively resilient through the 2008-09 financial crisis,” explained Mr Orchard. “Despite a deep recession, Bulgaria will have very low budget deficits by global standards in 2009 and 2010, keeping government debt ratios low and stable.”

Financial Times January 21, 2010 10:39amby Emma Saunders

Bulgaria Ski Resorts Tempt Russian Property Buyers

The demand for European property by Russians is steadily increasing despite the economic crisis, Russian media have reported.

According to official data, Russian people are currently the most active foreign buyers of property in Europe, especially in its eastern regions. The majority usually look for property near the famous ski resorts of Bulgaria, Montenegro, Turkey and other countries with a well-developed tourism sector.

Russians now account for almost half the buyers of real estate in Europe, despite the fact that compared with 2009, the number of transactions completed by them has decreased by 5%.

In contrast, the demand for foreign property among the citizens of the European Union and the US has significantly dropped since the beginning of the recession.

According to the Kvadroom Property Group, currently prices on real estate in Russia are so high that more and more Russians prefer to invest their money in buying property abroad.

The average cost of one square meter of housing in Moscow is now more than USD 5 000.

Whereas in the past many preferred to buy homes and apartments in Eastern Europe, Russian citizens are now also increasingly interested in Western European real estate.

Russell Collins

EC release 1.5 bln EUR for Bulgarian roads

The European commission has waived the ban on construction of roads under operation programs “Regional development” and “Transport”, informed the chairman of the Supervision council of National agency “Road infrastructure” Ivan Atanassov after inspection of the construction on “Lyulin” highway.

Yesterday a letter was received from “Regional development” directorate general which points that Bulgaria can open procedures under both operational programs.

205 million euro are scheduled for the construction of roads under Functional program “Regional development” and nearly 1 bln euro under OP “Transport”, informed the press centre of “Road infrastructure”.

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Welcome to RilaDev’s Blog!

In 2006, RilaDev a English Bulgarian homebuilder embarked on one of the most ambitious hotel and residential project in Bansko, Bulgaria, Pirinea Hotel Spa and Residence.

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Author: Russell Collins - RilaDev

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