Real Estate News
Hi there!
I finally found some new news after traveling to Bulgaria. There are three new articles on the http://Good2004.biz/news.htm page. They are all relatively interesting for investors and prospective investors.
The first (“Real estates market gave rise to loans to foreigners” from 7 July) is a two-page article from the Focus News Agency that discussed financing for real estate purchases in Bulgaria. This should give a non-resident investor a good idea of what to expect in terms of financing possibilities. The two most interesting items mentioned are the maximum amount that an investor can expect to borrow (typically 60-80% of the purchase price as estimated by the lender), and the borrowing interest rate compared to typical British real estate loans (1 to 1½ percent premium). The article is well worth reading!
The second article (“Bulgaria: A green and pleasant land?” from 9 July) reports on a report published on the website of the Bulgarian branch of the WWF. There, it gave warnings and some reasonable information about the situation with respect to environmental “hazards” for investors.
The third article (“COASTAL MUNICIPALITY WANTS CONSTRUCTION ON BULGARIA’S SOUTHERN BLACK SEA COAST TO BE BANNED” from 11 July) is a short description of one of the local battles going on for new construction in potential environmental “hazard” areas (see paragraph above). The article gives the reader an idea of what can happen, if one does not exercise sufficient caution.
As I noted above, we are now in Bulgaria (in Sofia at this writing), and will be on site in Nessebar next week. You can expect a report on the Good2004.biz website shortly after that – I’ll give a note here as well.
Ciao for now…
Craig
P.S. “Ciao” is an Italian word that was picked up by the Bulgarians somewhere in the early 20th century, along with “merci”. The meanings in Bulgarian are the same as in the original languages, but “ciao” is usually only used for “goodbye” in Bulgarian. “Merci,” originally French, is still “thank you.”
