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For more information to complete the application form.
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CLUB RATING. |
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Rentability |
An infant market to soon to tell |
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Capital Appreciation |
Once joined EU projected growth 500% in 3 years |
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Long term rating |
With EU money, cheap
labour & raw marterials - excellent |
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Country History
The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants in the late 7th century to form the first Bulgarian state. In succeeding centuries, Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans, but by the end of the 14th century the country was overrun by the Ottoman Turks. Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent in 1908. Having fought on the losing side in both World Wars, Bulgaria fell within the Soviet sphere of influence and became a People's Republic in 1946. Communist domination ended in 1990, when Bulgaria held its first multiparty election since World War II and began the contentious process of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime. Today, reforms and democratization has enabled Bulgaria to join the EU in January 2007, despite some initial human rights issues. The country joined NATO in 2004.
Bulgaria is situated in the South Eastern Balkan Peninsular and is around half the size of the United Kingdom (110,550 sq km), with around one eigth of the population 7,450,349 (July 2005 est.) and a population decrease of -0.89% (2005 est.) which means the governments are actively trying to encourage inward investment. The country has some of Europes’ finest beaches along its 3 84km Black Sea coastline where the May to September average temperature averages 27 degrees. This has been traditionally the holiday destination for the affluent Russians and Ukrainians. Bulgaria also has magnificent mountain ranges with terrific winter sports facilities and is very likely to win the 2012 Winter Olympic Games (check the official www.olympic.org site) . Coastal regions suffer
with earthquakes, landslides, so great care needs to be taken when selecting property.
Country Facts
Location: Southeastern Europe, bordering the Black Sea, between Romania and Turkey
Land Area: Land 110,550 sq km, Water 360 sq km Total 110,910 sq km
Land Boundaries: total: 1,808 km border countries: Greece 494 km, Macedonia 148 km, Romania 608 km, Serbia and Montenegro 318 km, Turkey 240 km
Coastline: 354 km
Climate: temperate: cold, damp winters; hot, dry summers
Terrain: mostly mountains with lowlands in north and southeast
Environmental Issues to consider: air pollution from industrial emissions; rivers polluted from raw sewage, heavy metals, detergents; deforestation; forest damage from air pollution and resulting acid rain; soil contamination from heavy metals from metallurgical plants and industrial wastes. Earthquakes and landslides also need to be assessed.
Population: 7,385,367 (July 2006 est.) 0-14 years: 13.9% (male 527,881/female 502,334)15-64 years: 68.7% (male 2,496,054/female 2,579,680) 65 years and over: 17.3% (male 527,027/female 752,391) (2006 est.) Population growth rate -0.86% (2006)
Government Type: Parliamentary democracy - Capital City Sofia. Country districts:- 28 provinces (oblasti, singular - oblast); Blagoevgrad, Burgas, Dobrich, Gabrovo, Khaskovo, Kurdzhali, Kyustendil, Lovech, Montana, Pazardzhik, Pernik, Pleven, Plovdiv, Razgrad, Ruse, Shumen, Silistra, Sliven, Smolyan, Sofiya, Sofiya-Grad, Stara Zagora, Turgovishte, Varna, Veliko Turnovo, Vidin, Vratsa, Yambol
Legal System: Civil law and criminal law based on Roman Law
GDP is $71.54 billion (2005 est.) GDP per capita $9,600 (2005) and growth rate 5.5% (2005 est.) with inflation running at 4.5% (2005 est.), Industrial Production growth 7% (2005).
Bulgaria , a former communist country striving to enter the European Union, has experienced macroeconomic stability and strong growth since a major economic downturn in 1996 led to the fall of the then socialist government.
As a result, the government became committed to economic reform and responsible fiscal planning. Minerals, including coal, copper, and zinc play an important role in industry.
In 1997, macroeconomic stability was reinforced by the imposition of a fixed exchange rate of the lev against the German D-mark and the negotiation of an IMF standby agreement. Low inflation and steady progress on structural reforms improved the business environment; Bulgaria has averaged 4% growth since 2000 and has begun to attract significant amounts of foreign direct investment. Corruption in the public administration, a weak judiciary, and the presence of organized crime remain the largest challenges for Bulgaria.
Why Buy In Bulgaria?
The Black Sea Coast is being hailed as the next “French Riviera”, but not only are prices substantially lower than on the Riviera, they are much lower than just about any other country in Europe. The house price index is currently moving upward at around 15% per annum and with a tourist rate growing at 21%, buying property with the aim of renting it out to maximise return is becoming much easier especially as the deadline of joining the EU in January 2007 approaches. At this point Bulgaria will embark on a programme of major infrastructure building, monies have already been set aside, and indeed you can see proof of this by driving from one side of the country to the other, as there a many large boards displaying information about various projects and monies allocated. This mean prices will rise even faster in the future , there have been talks that property price rises will go up 500% in various regions, and the same old saying location! location! location! Equally applies in Bulgaria as it does in any other country around the world. Also the upgrading of the winter sports facilities, whether it wins the Olympic bid or not will see major upward trendsin ski resort properties in those areas.
Bulgaria consists of great city living, incredible unspoilt agricultural land, amazing ski facilities and beautiful beach resorts, lining its 384km of the black sea golden sands. Since its departure from the old Soviet Block in 1991 Bulgaria has embraced a parliamentary democracy with a democratically elected president and prime minister. The economy has averaged a 4% annual growth in each of the last 6 years, and the country has worked hard at keeping all the fiscal and social policies in place, which will enable it to initially join the European Union. There have been recent reports that crime and corruptionare indemic, but Bulgaria is working extremely hard to sort this out, as this is a condition of joining the EU, and the crime figures are much lower than UK rates.
Bulgaria represents a true cross section of potential in property investments. There is everything from off-plan right through to purchase of derelict property. This type of property often comes with substantial land and can, because of the low wage structure, be renovated for a fraction of the UK cost, and then show a good profit. Soour investment strategy in Bulgaria, is to buy a mixture of derelict buildings and with our expertise and our local builders in Bulgaria renovate, which adds instant equity. When you become a member more details will be sent to each member to discuss and a collective decission will be made.
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Useful Information: |
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Time Difference: +2 GMT |
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Currency: Lev (BGN) although Euro taken |
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Flying Time: 3 Hours |
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Visa Required: Yes for more than 30 days |
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Major Airports: Sofia, Varna & Burgas |
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Work Visa Required: Yes |
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Dialing Code: 00 359 |
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Electricity: 230V/50Hz |
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