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Why Bulgaria

In Brief

Bulgaria is currently one of the World’s fastest growing economies and offers extraordinary opportunities for investors and for individuals looking to purchase high quality second homes

Why is this so?

Bulgarian Property Market

* Prices rose last year on average 36% – amongst the best returns in the World
* Property prices are still amongst the cheapest in Europe. Prime property in Athens goes for 7, 000€ per sqm and 2, 700€ in Dubrovnik, Croatia. In Sofia you can expect to pay 1, 200€ per sqm
* Robust legal system with an electronic land registry system similar to the UK gives you security and peace of mind

Economic

* Bulgaria has been one of the fastest growing economies in Europe for the last six years. GDP in 2004 was 5. 6% (6% for the first quarter this year) and similar growth is expected for the next few years. This rate of growth is four times faster than expected from eurozone countries
* Taxes are low. Corporation tax is 15% and the top rate of income tax is 24. A recent survey found that 80% of international companies now cite tax as a key factor for choosing where to locate their businesses
* Foreign direct investment was 9. 2% of GDP in 2004 which was the highest level compared to other Central and East European countries
* In the last five years unemployment has halved and continues to fall
* The stock market grew by 71% in 2004 compared to 7. 3% for the FTSE 100
* Despite strong growth inflation has been kept low
* The Bulgarian Lev has been pegged to the Euro since 1997 resulting in tremendous stability
* Bulgaria has run a fiscal surplus for the past two years which has allowed gross government debt as a percentage of GDP to fall from 77% in 2000 to 41% in 2004
* As recently as 1998 the services sector accounted for barely 5% GDP and now stands at around 60% prompting economists from the Agency for Economic Analyses & Forecasts to conclude that Bulgaria’s transition economy is evolving quickly
* The current account deficit was 7. 5% of GDP in 2004 down from 9. 3% in 2003

Geopolitical

* Bulgaria is the most politically stable country in South East Europe
* Bulgaria joined NATO in 2004 and is scheduled to join the EU in January 2007. The foreign ministers from Germany and France each said the recent “no” votes would not make a difference to Bulgaria’s planned accession
* Bulgaria links East and West and is considered critical by the EU and the US for security, political and economic issues. For this reason also, multinationals (Hewlett Packard and SAP amongst others) are choosing to locate their facilities in Bulgaria
* Bulgaria has a highly educated workforce particularly in IT, maths, engineering and sciences and is known as the Silicon Valley of Eastern Europe
* Bulgaria’s credit rating was recently upgraded to BBB
* Bulgaria has extremely business friendly legislation and business working conditions

Tourism

* With 350 kms of sandy coastline, snow clad mountains, more natural mineral springs per kilometre than any country in the World, warm Mediterranean style climate, plentiful archaeological and cultural remains and a low cost of living, it is no surprise why Bulgaria is now the fastest growing tourist destination in Europe
* In 2004 ABTA members reported bookings to Bulgaria up by 62. Turkey was up 10% and Slovenia 11%
* In 2004 Bulgaria, for the first time, entered into the top ten tourist destinations worldwide for the UK market. The Washington Post also ranked Bulgaria in its top ten
* First Choice Holidays reported that Bulgaria was its top performer in 2004
* The main budget airlines are expected to commence flights to Bulgaria in 2007 which will significantly increase its appeal. Some smaller budget airlines (Wizz and Hemus) have already commenced flights