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bulgproperty.com
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Contrary to recent rumours that the Bulgarian real estate market is not so attractive to foreign investors any more, Andrew Regan, a Scottish online freelance author, comments that the Bulgarian property boom shows no signs of abating.
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Investors are particularly interested in Bulgaria, as it is believed that EU money will be spent on improving the country's infrastructure. Bulgaria has seen a great deal of political reform since the Communist era, and the government has shown solid commitment to economic improvements, with GDP growth the highest in Eastern Europe.
Economic growth has also caused a vast escalation in land values, which have risen from just 20 euro a square meter to around 350 euro in some areas. The prospect of high profits has lured many individual and business investors from Britain, Ireland and Russia to buy ski and beach chalets, which can be purchased for a fraction of the price of similar properties in more traditional holiday areas such as France, Spain, Austria and Switzerland.
The high price of UK properties and the recent rises in interest rates have also led UK investors to widen their search for better real estate deals. Bulgaria continues to excite investors as it is an emerging market that offers property at prices that are unobtainable in other parts of the world. It is still possible to pick up property for as little as 30 000 euros, a sum which would buy little more than a garage in the UK.
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New Water Purification Plants along the Black Sea coast
The Minister of Ecology Dzhevdet Chakarov has set an ambitious goal to place water purification plants along the whole Black Sea coast, which will cost about 200 million euro. This was announced yesterday at a seminar of the mayors of the Black Sea municipalities. The construction of these facilities is also important for the development of the tourism, the Minister of Finance Plamen Oresharski underscored and promised to cooperate fully. The municipalities with over 2,000 residents may apply with projects for financing from EU’s Cohesion Fund. By the end of 2010 they must have purifying stations not only for mechanical, but also for biological purification of the waste waters – removal of nitrogen and phosphorus. The projects from municipalities with under 2,000 residents will be financed under a rural regions development program. 1,8 billion euro is the budget of the Environment Operational Program of which 1,466 billion euro are from the EU funds and 334 million euro are co-financing from the national budget.
16 memoranda for purifying facilities have been signed under ISPA. Of these 16 memoranda two - for Meden Rudnik – Bourgas and Balchik, are already under way. The rural regions development program has subsidies amounting to 3,244 billion euro. The municipalities may apply with projects for improvement of the quality of life in the villages for which 482 million euro have been allocated and 330 million euro have been allocated for the construction of a water-main and drainage system, Dimitar Tadarakov, head of Zemedelie Fund, explained.
The Payment Agency will start operating on January 15th 2008. For municipalities of up to 2,000 residents the subsidy will be from 10,000 to 3 million euro.
28.09.2007
Trud Newspaper
