HINT: To watch bTV programm 'The New Bulgarians', featuring Britons moved to BG, please click here (in Bulgarian language, just click on the video to play)

June 7, 2010
NEWS: Polish GTC Builds 3 Shopping Malls in Bulgaria

The Polish company GTC (Globe Trade Centre SA) investment program for Bulgaria amounts to EUR 350 M, the company's management announced Monday.

GTC is building 3 shopping malls and has purchased terrains for the construction of residential and office buildings.

From the 3 malls called “Galeria” (Gallery), the one in the southern city of Stara Zagora is in the most advanced stage and will open during the third quarter of 2010 with 50% of the stores already rented. The mall will introduce for the first time in the city the Inditex group with its brands Zara, Bershka, Stradivarius, and Pull & Bear, along with the House, Cropptown, Deichmann brands. The Slovenian Mercator and Cinema City are among the key mall tenants. The investment amount is estimated at EUR 50 M.

June 7, 2010
NEWS: New Office Center to Open in Bulgaria's Capital in Fall 2010

Poligraphia Office Center will open doors in the Bulgarian capital Sofia in Fall 2010, announced Forton International, which is the intermediary of the deal.

The center, which is located on the Tsarigradsko Shousse Blvd, is the result of a project for transforming five old, historic buildings into modern business areas. It has a built-up area of 21 200 sq.m., over 2 200 sq.m. commercial space and 19 000 sq.m. office space, and 230 parking spots.

The complex is at finishing stage and the official opening is scheduled for October 1, 2010. The central entrance and the internal parking are still not ready, but the office interiors are all done.

The complex will feature a restaurant and a coffee shop. The company stated that it is working on finalizing deals for 5 000 sq.m. office space, but refused to reveal specific company names and rent prices.

May 27, 2010
NEWS: Grand Mall Varna Opening Attracts Thousands in Bulgaria's Black Sea City

Thousands of residents and guests of Bulgaria’s Varna attended the opening of the city’s newest shopping and entertainment center – Grand Mall Varna.

The ribbon of Varna’s largest mall was cut by a number of high-profile guests and partners in the project including Eli Egosi, advisor to the CEO of the investor in the project Orchid Developments; His Excellency Noah Gal Gendler, Ambassador of Israel to Bulgaria; Rosen Plevneliev, Bulgaria’s Regional Development Minister; Steven Cliever, Manager of Grand Mall Varna.

All of them tossed coins for good luck and success upon entering the new mall as part of an opening ceremony that included a traditional Bulgarian welcome with freshly baked bread, honey, and salt. The mall management has promised that the visitors of Grand Mall Varna will be able to enjoy a number of special events during its entire first week.

The opening of the complex ahead of schedule was announced Wednesday at a special news conference by the real estate developer and investor, Orchid Developments Group, and two of the major tenants, the international retail giant Carrefour, and Alexandra Group Holding, a Bulgarian operator of the Arena movie theaters.

The construction of Grand Mall Varna started in 2007; over EUR 120 M have been invested in the complex so far, and some 2 000 people have worked on completing the project.

May 27, 2010
NEWS: Bulgaria's Capital Small Housing Market Shows Signs of Recovery

After a temporary retreat, in May investors show renewed interest in the urban real estate market, a study of GreenLife shows.

The buyers are looking for small, but attractive plots, and aim at profiteering from lower land and construction prices. The plots in question are between 500 and 800 square meters at key locations where an apartment building with about 20 units can be built. The sale of such apartments is feasible in the near future, which can make a new construction project very beneficial despite the fact demand is still smaller than supply, according to the GreenLife experts.

The land sales' price is estimated at EUR 250 per square meter, which can bring the investor profits of about EUR 375 000 for the entire building in one year. The favorable factors are the low labor cost, abundance of materials and lack of competition.

Investors are, however, looking to purchase only attractive and promising plots, whose owners want and need cash, which, on one side, would help the latter cover current bills and prevent them from huge losses in case the investor files for bankruptcy – before the economic crisis the bankruptcy risk was estimated at 10% while now it is over 70%, GreenLife say.

NEWS: According to recently announced Barklays Bank and OPP official publication about 1.4 mln Britons will buy overseas property in 2010.