Posts Tagged 'russell collins bulgaria'

Sofia Housing Market Shows Strong Signs of Recovery

The January 2011 sales of housing properties in Sofia are up two times compared to January 2010, according to data from the real estate agency Bulgarian Properties.

The company’s Operational Director, Polina Stoykova, quoted by the Bulgarian daily “Dnevnik,” says data about deals concluded in January of 2011 shows this has been the strongest first month of the year in terms of sales in several years to pass.

The Director explains the common trend is for the sales to go down in the beginning of the year, adding the numbers are a good sign for the real estate market as a whole.

In January, buyers were mostly interested in one-bedroom apartments with a listing price of up to EUR 50 000; followed by two-bedroom units between EUR 75 000 and EUR 80 000, and by luxury apartments with prices between EUR 120 000 and EUR 300 000.

Considering the average income and the price reduction for housing units, apartments in Sofia are way more affordable compared to 5 years ago, according to Stoykova.

Data from the National Statistics Institute (NSI) shows that housing prices in the capital are at the 2005 level while the average income of 1 employee after inflation deduction is 65% higher compared to the same year.

In 2005, an individual was able to afford with their monthly income about 0.4 square meters of housing in Sofia while in 2010 this number is 0.5 square meters.

For example, a 70 square-meter apartment in 2010 could be paid off in 11 years or 132 monthly salaries. In 2005, these numbers have been 14.5 and 175 respectively; in 2000 – 9 end 107.

The lowest purchasing power was registered in 2008 – 0.3 square meters in 19.5 years or 233 monthly salaries.

Apartment prices in Sofia have fallen by nearly 33%, compared to their peak in 2008, according to NSI data, and 31%, according to Bulgarian Properties data. The reduction, however, is nearing 0 since the second half of 2010, meaning the real estate prices have already hit their bottom.

Stoykova’s forecast is for a continuing strong interest on the part of the buyers in Sofia over the expected relocation, (triggered by better wages), of highly educated people and business people.

Bulgaria – the Best Kept Tourism Secret

The Bulgarian resorts have lately outshined the sights of Istanbul. The British tourists prefer sunbathing in Sunny Beach and Golden Sands, or skiing in Bansko and Pamporovo mountain resorts in Bulgaria to sightseeing in Istanbul. Bulgaria ranks fourth among the world tourist destinations, recommended by the “Scotsman”.
Only the city of Kyoto in Japan, Morocco and South Africa rank before Bulgaria in this chart. According to the edition, Bulgaria is one of the best-kept tourism secrets in Europe.
“Now that the country is a EU member, this gem comes to light. Skiing in Bulgaria is cheaper than in the Alps and the Black Sea coast offers resorts that are especially built for the purposes of summer tourism and traditional resorts, as well as one of the best sandy beaches in Europe,” the article reads.
“The East meets the West in this charming corner of the world,” the Scotsman writes.
Istanbul, Nepal, Salvador, Nicaragua, Suriname and Iceland rank after Bulgaria on the tourist map.

Standart News 13/01/10

Bansko Ski season video Jan 2010

A short video featuring the beginning of the Bansko 09/10 ski season.



Wizz Air reports 76 per cent increase in Bulgarian traffic

Budget carrier Wizz Air has reported a steep increase in traffic on its Bulgarian network, accounting for a 76 per cent rise in 2009 on the previous year, the company reported on its website.

In total, Wizz Air ferried 7.8 million people in 2009, a 33 per cent increase on its 2008 figures.

Wizz Air also announced that it would expand its fleet in Romania and introduce new flights. Reportedly, from June 12 2010 the carrier will base a third aircraft in the Romanian city of Cluj-Napoca that will enable it to launch new flights to the Italian destinations of Pisa and Turin and increase frequencies on other existing routes.

The airline will also add Pisa to its list of destinations from the Romanian capital, Bucharest, and start new services from Timisoara in Romania to Bologna in Italy. Additionally, Wizz Air will also initiate flights from the Hungarian capital, Budapest, to Forli in Italy as of March 30 2010. This route will be thrice weekly.

The company reported that it carried 3.6 million passengers in Poland in 2009 and envisages those figures rising to about 4.7 million passengers this year.

Reuters – Nick Illev

5% еxpected increase in tourism revenues in 2010

Sofia. In 2010 the development of tourism in Bulgaria has started stabilizing. We expect to keep the parameters of the tourism of 2009 with about 5% increase in the revenues, said director of the Institute for Analysis and Assessment in Tourism Rumen Draganov in an interview to FOCUS News Agency.
“This will be felt this winter, mainly with the increase of Romanian, Macedonian and Greek tourists, who are acquainted with Bulgarian tourist product and in which we see a high level of repetition in travels,” Draganov said.
He said further that regarding to Christmas and New Year, Bulgarian tourism has closed 2009 very well and has started 2010 very good, as well.
“The hotel base in all winter resorts-Bansko, Borovets and Pamporovo has worked at full speed,” Draganov noted.
Desislava ANTOVA

6 January 2010 | 22:11 | FOCUS News Agency

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.

This blog offers current news and information on the Bulgarian real estate market and economy, local and touristic events and tracks the exciting progress of this emerging market.

This blog will also offer subscribers periodical updates on the Pirinea project, its construction progress and other related information.

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Russell Collins

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Author: Russell Collins - RilaDev

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