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Property Secrets: Bulgaria is Prime Place for Investors
UK newsletter Property Secrets has published an article on the Bulgarian property market, saying that the country was a prime place for investors to buy real estates. "Bulgaria currently offers investors the opportunity to buy properties at some of the lowest prices in Europe, close to beautiful beaches or ski resorts, and benefits from the dual attractions of marvellous weather and a very low cost of living," the article says. According to the newsletter, Bulgaria is the right destination for both short and long-term investments, as the country's economy is "one of the most stable and quick developing of the Balkans." Property Secrets also emphasized on the fact that foreign investments in Bulgarian property have soared over the last months. __Over the first half of 2004, the sum totaled EUR 216 M, compared to EUR 98 M for the whole of 2003.
Bulgarian Resorts Attract Austrian Pensioners
About 20,000 Austrian pensioners are to spend their holidays in Bulgaria in 2005 and 2006, Bulgarian Economy Ministry announced Tuesday.
Bulgaria's Deputy Economy Minister Dimitar Hadzhinikolov and Austria's Union of Pensioners have negotiated on developing the program, offering pensioners five weeks of holiday in Burgas and Sunny Beach, some of the best Black Sea resorts .
The first group is expected to arrive in Sunny Beach in April 2005, while the next one, including 10,000 people, is to visit Burgas in the spring of 2006.
The program is organised on an annual basis for the members of the Austrian Union, offering them trips to different attractive destinations all over the world out of the summer season.
To attract the Austrian pensioners, Bulgaria had to rival out countries like Spain, Turkey, Greece and Croatia, Deputy MInister Hadzhinikolov said.
Bulgarian Top Ski Resort Promoted in London
Business Bulgaria's leading ski resort Bansko, will be presented at the prestigious International Tourist Market in London, according to information from Bansko municipality.
Town's highlights, winter and summer holiday opportunities, the advantages of Bansko ski facilities are to be displayed in "Tourism and Rest" magazine on over 15 international tourist markets, including the one in London, starting in November.
Bansko boosts the advertising campaign before the start of the new winter season by, the municipality explained.
In the upcoming winter season to be officially inaugurated December 18 by Bulgarian football coach Hristo Stoitchkov the popular resort expects over 350,000 tourists.
Ten new hotels will meet the visitors, including a five-star Kempinski hotel.
Bansko's popularity as a winter resort has been continuously growing over the last few years. Last December, legendary Italian skier Alberto Tomba opened the town's ski season. Tomba was one of the first professionals to try Bansko's new ski run.
Ian Woosnam Spurs Budding Golf Craze in Bulgaria
Sports marketing giant IMG plans to make investments in the construction of two golf courses in Bulgaria, according to reports.
Welsh golf star Ian Woosnam will make the designs of the courses, to be located in the Bansko resort, at the foothills of the Pirin mountain, and the town of Balchik along the Black Sea coast, local 24 Hours Daily reported.
The investor was attracted to Bulgaria by its beautiful nature, even though the sites will have to be adjusted for golf.
The project will be implemented by two Bulgarian companies - Balkanstroy and Barazh.
Investors See Bulgarian Coastal Resort Back on Track
The new Dublin-based developers of the controversial Pomorie Golf&Beach resort in Bulgaria have said that 75% of the project will be completed by next summer, as quoted by the Sunday Business Post.
The online edition reports also that deposits paid by Irish investors totalling EUR 12 M will be protected.
Investors in the troubled resort, known as the Sunset Resort Bulgaria, will receive an information pack from foreign property estate agency Platinum Developments on the future of the project in the coming days.
Over 400 investors paid deposits on the development of the project, which was thrown into a deadlock when the assets of Dutch developer NV Capital Ground Building Investment were frozen last June.
Besides British agents, the main Irish selling agents were Platinum Developments and B&D Bulgarian Properties.
The project faced collapse when builders ceased work with only 10% of the resort completed. Planex, the main local contractor, attempted to bring the former owners to court, but this was called off following the intervention of Platinum Developments managing director Neil O'Reilly. He declared he would not allow the project to collapse and that no "fundamental'' changes to the resort are planned.
Platinum Developments claims that the development will be the biggest of its kind on the Black Sea coast and will cover a total of 125,000 sq. m. An online brochure will be made available this week, the Irish online edition informed.
Bulgarian Power Utilities Attract Dozen Investors
Eleven companies will further compete for acquiring 100% of assets in Bulgaria's power utilities at Bobov Dol, Varna and Russe, as the state sale body closed the stage of submitting applications on Tuesday.__Now the shortlisted candidates can buy the set of information memorandum and submit the needed request by March 30, the Privatization Agency's chief Atanas Bangachev said adding that the main criteria of final selection will be the offered price.__Czech CEZ, Austria's EVN, German E.ON, Greek Public Power Corporation along with Russian PAO, Enel, Japanese corporation Mitsui and J Power and English International Global Development, French Dalkia, and AES have bidded before the deadline. India's National Thermal Power, that had initially approached for the tender, has declared in a letter it quits the competition.__Prospective buyers will be able to initially acquire 51% of each power utility's assets and then enlarge their proprietorship up to 67%. The rest of 33% in the three power utilities will be open for sale until July 1, 2007, and 10% of each deal's total price will be paid off by compensatory notes, Bangachev explained.__A total of EUR 693.2 M has been paid by foreign investors for the acquisition of 67% of three energy pools.
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