Attractions Bulgaria

Archive for the ‘Shopping’ Category

Good news for Bulgaria, is the rapid rise in the number of new shopping centres in Bulgaria. This is happening despite the global downturn in business… and once again points towards Bulgaria as a strong contender for overseas investment.

Bulgaria is still almost at the bottom of the charts for shopping centres – but this is not surprising, considering the average Bulgarian has less shopping power than the average Western European. However, with all the changes in Europe, and with Bulgaria soon to join the euro… growth is assured… and backers are seeing Bulgaria as potential shopping heaven.

However, should construction levels in Bulgaria maintain the same level, by the end of 2011, Bulgaria will have progressed from the current 25 sq m per 1000 people to levels currently enjoyed by Belgium, Malta and Croatia, who have anything from 100 to 75 sq m per 1000 people, provided of course that the aforementioned countries do not construct additional shopping malls.

Furthermore, a recent Cushman & Wakefield report indicated that construction levels in Bulgaria are actually considerably slower than they would have been had it not been for the global economic downturn. This saw the number of proposed projects slashed by 20 per cent.

More than 500 000 sq m of new retail area are expected to be completed in Bulgaria, which is more than the proposed construction in the United Kingdom, Spain, Germany and the Ukraine.

In western Europe the crisis, lack of financing and crediting, the deteriorating global recession and many other interrelated factors have contributed to the sharp decline of total volume of proposed construction for 2011, which in comparison to corresponding figures during the peak of the sector in 2007 has marked a 45 per cent decline. According to the Cushman & Wakefield report, however, the industry expects a rise in business in the following two to three years.

In a report by the international consultant firm, Jones Lang LaSalle, it is revealed that the total volume of investments in shopping malls in Europe has risen by as much as 85 per cent in Q2 of 2009, reaching two billion euro.

Derived from an article in Sofia Echo.

French retail chain Carrefour will open a store in Mall Pleven, developer Aladin Investment said on May 27, as quoted by Dnevnik daily. The hypermarket chain would rent 2 400 sq m on the shopping centre’s ground floor, Aladin Harfan, owner of Aladin Investment, was quoted as saying.

Mall Pleven, a 80 million leva development, is still under construction but is expected to be completed by the end of the year. “Construction is progressing according to schedule,” Harfan was quoted as saying.

The shopping centre is expected to open in early 2010 and has generated “heightened interest” from retailers, according to Colliers International, contracted to rent out the 100 stores that will spread over 17 500 sq m in the finished mall.

Currently, there are eight Carrefour projects under construction nationwide. The first hypermarket of the French group opened for business at the end of March 2009 in Bourgas, Bulgaria’s second largest Black Sea city.

The first Carrefour hypermarket in Sofia is expected to open in February 2010 on the Tsarigradsko Chaussee Boulevard.

Derived from an article in Sofia Echo.

Whilst much of the world is currently caught in the spasm of recession, the shrewdest of people are wisely looking towards overseas properties as a way to secure their future, and increase their property ownership. Gone are the days of overseas opportunities being the sole right of the rich and famous… today anyone can invest in one of the many bargains available in up and coming countries.

Bulgaria dangles the carrot of interest to many distinct groups of people. For those people seeking a holiday retreat as a second home, Bulgaria offers everything you could ever wish for. For people looking to purchase a holiday property to rent out, the visitor figures are growing at a staggering rate… ensuring a good rental return on your property. Or perhaps you have realised the massively underestimated growth that is taking the investment world by storm.

Bulgaria is one to watch according to the experts, and is the fastest growing country in Europe , with a gross domestic product increase of 6.2% in 2008. It is already fast establishing itself as a major holiday destination, with many low cost carriers now offering flights to Bulgaria , ever increasing the number of visitors to the country. With four major airports serving the area, access is easier than ever. The Real Estate market in Bulgaria is showing a continual and consistent increase, and prices are expected to rise between 15% and 20% over the next five years – making this country one of the most appealing for overseas investment. Those who missed the booms in property in America , Spain or Italy now have the opportunity to invest in the lucrative property investments in Bulgaria and jump in at exactly the right time. Bulgaria ’s Tourism Agency reported that visitor figures had increased by 18% in 2008… with that looking set to blast through the 20% barrier year on year.

Sofia
The capital of Bulgaria is a sophisticated city, and serviced well by its airport. Being the largest and most populated city in Bulgaria brings its own benefits, and the property market is thriving, despite the credit crunch around the world. Property here moves rapidly, and is showing no signs of dipping. In fact, the prices are still climbing year on year, so well worth jumping in right now to ensure a strong return on your investment.

The Sofia Echo reported that Sofia is in the top three fastest growing cities in the world, which is causing great excitement amongst Real Estate developers. Recent visitor statistics released by Sofia Airport showed a staggering increase of 20% year on year – and with the low-cost airline Easyjet adding extra flights and routes to their schedules, this is set to increase even further, bringing an influx of eager holidaymakers to the area. Sofia is one of the oldest cities in Europe , with a plethora of historic building, bustling shopping, and varied nightlife which holds an appeal for anyone. This affords property investors a huge opportunity, safe in the knowledge that their investment value will increase, and that it is a stable holiday destination for many many years to come.

Varna
Varna is described as the “pearl of the Bulgarian Black Sea coast”, and this is by no means a shallow compliment. The historic architecture, stunning backdrops, and bustling city life… Varna is holding its head above the parapet for future investors. Varna has its own airport, and is attracting visitors from far and wide – all keen to sample a taste of Varna life. The infrastructure is certainly in place, with excellent public transport links, expanding supermarket chains, and the generous support of the tourist trade. Just a short drive North of Varna is the up and coming development, Vantage Heights , which has a variety of apartments and villas already being snapped up by discerning investors.

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