bulgariaproperty

Serious property investors are now choosing  to invest in Bulgaria as the property market in this country is now saturated and property prices are expected to start increasing soon .

 

Experts are advising  property investors  to continue with the trend of purchasing land and property in Bulgaria as investors .

 

The main problem with Bulgaria is that everyone is building even with permission from Bulgaria's permit authority and the Bulgarian Government announced that it will start tracking such illegal constructions and property. The authorities in Bulgaria are estimating that around 25 per cent of all property in Bulgaria is actually built without permit.

 

“When buying in another country, most people never do much more research than what is given to them from the investment company. This is a dangerous habit. Everyone between the potential buyer and the property is just a salesperson, and they all get paid on making sales." 

 

Foreign citizens and companies have spent a total of 310 million euro in acquiring real estate in Bulgaria during the first three months of 2007.

 

Bulgarian National Bank data published on May 29 shows that the 310 million euro is an increase of 63 per cent compared with the same period in 2006 when foreigners spent a total of 190 million euro in Bulgaria’s property market. Proof of the impact that the real estate sector has on the Bulgarian economy is that the money spent on real estate accounted for close to 40 per cent of all foreign direct investment in Bulgaria in January-March 2007.

 

Bulgaria has also been criticised for focusing on the development of property at the expense of infrastructure projects, such as those for transportation.

  

 

On account of rising property prices, Mumbai has jumped from 68th to 52nd and New Delhi from 73rd place to 68th in a ranking of the world�s most expensive cities for expatriate employees. The ranking was undertaken by Mercer Human Resource Consulting.

  The latest Cost of Living Survey by Mercer covered 143 cities across six continents and measured the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.   It is the world�s most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.   �There have been some significant changes in the ranking since last year. These are primarily due to exchange rate fluctuations-in particular, the weakening of the US Dollar and strengthening of the Euro," said Rebecca Powers, a principal and senior consultant at Mercer. 
 

SKYRISE
City	Rank
Mumbai	52
New Delhi	68
Chennai	133
Bangalore	134
Source:Mercer Human Resource Consulting

  Moscow is the world�s most expensive city for expats for the second consecutive year. Seoul moved down one place in the ranking to take third place, followed by Tokyo in fourth and Hong Kong in fifth. Asuncion in Paraguay was found to be the least expensive city for the fifth year running.   Four of the world�s top 10 costliest cities for expatriates are in Asia.   These are Seoul (third), Tokyo (fourth), Hong Kong (fifth) and Osaka (eighth).   Chinese cities have moved down the ranking this year with Beijing ranked at 20th and Shanghai at 26th. The Chinese Yuan decreasing by around 6 per cent against the Euro coupled with a low inflation rate and stable property rental prices have prevented major Chinese cities from moving up the ranking.   In contrast, an increase in residential property prices has contributed to Singapore climbing three positions to rank 17.   Costly European cities include Copenhagen in sixth place, Geneva in seventh, Zurich in ninth and Oslo remained in 10th place. Sofia in Bulgaria is Europe�s least expensive city in 108th place.   The strengthening of the Euro and other European currencies including the Swiss Franc and Swedish Krone had resulted in a number of European cities moving significantly up the ranking this year. For example, Stockholm has moved up from 36th position to reach 23rd place while Amsterdam has climbed from 41st position to 25th.   Depreciation of the dollar against the Euro and other major currencies resulted in only two American cities-New York (rank 15) and Los Angeles (42) finding a place in the list of top 50 cit