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Veliko Tarnovo real estate, new roads to recreation facilities 2013-2025 news

Veliko Tarnovo municipality has updated its latest Town and Country Development Plan (TCDP)

veliko turnovo

Veliko Tarnovo Town council will meet regarding the town and country plan

According to the Bulgarian Law on spatial planning and overall development in the municipality the general structure of the regional plan and overwhelming use of its constituent structural parts being; location and boundaries of urban areas, farmland, forests, protected areas, contaminated areas and those with special and mixed use.
The TCDP gives general regimes for each of these areas with targets, measures and requirements for conservation use, building and development, identify networks and technical infrastructure facilities and areas with perhaps predictable natural disasters and necessary preventive measures and ways of planning and protection.
TCDP development for the municipality of Veliko Tarnovo has been done since 2006 adopted by the Town Council in April 2007. A preliminary draft TCDP was ready in 2008 and adopted by Town Council in 2009. In 2010 after a commission, an opinion needed to be sought on the environmental assessment . There have been meetings and coordination with environmental organisations, the guild of architects, the road agency, the Regional Directorate of Forestry, Water, Energy, National Institute of immovable cultural heritage, businesses, mayors and deputy mayors. Continue Reading

News

Good news for Bulgaria as debt-to-GDP ratio is tops in EU

More good news for Bulgaria and again a demonstration that Bulgarian real estate is a very worthwhile investment to base your small to medium enterprise (SME) in Bulgaria.

Bulgaria is now ranking in 2nd place within the European Union in relation to the “debt-to-GDP ratio”, which is a recognised economic indicator of the health of a country’s economy, according to data supplied by Eurostat. In the third quarter of 2012 the correlation between debt and Gross Domestic Product (GDP) was 18,7%.

bulgaria economy veliko tarnovo property

Bulgaria economy, “debt-to-GDP ratio” shows Bulgaria is on the right track in Europe!

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News, Property News

Veliko Tarnovo Mayor champions review on logging activities in Bulgaria in 2013

Over the past few days the Mayor of Veliko Tarnovo, Daniel Panov, organised and has been engaged in working meetings with representatives of the North Central Bulgaria regional forest management companies occupied in logging, the police, mayors and deputy mayors of towns and villages discussing the various problems caused by logging.

Mayor veliko turnovo

Daniel Panov, Mayor of Veliko Tarnovo

During these forums held in 23 towns and villages in the municipality of Veliko Turnovo the mayor heard numerous complaints about the way in which the lumber companies de-forest and transport the cut timber.

bulgaria veliko tarnovo land property real estate mayor ecology logging

More governance is required to stop this type of deforestation within the woodlands around Veliko Tarnovo

In many places, the main issue was the lack of regulation and control within the industry as a whole! The forests and woods are being “cut to the bone” which sadly can lead to landslides and the movement of cut timber by heavy lorries is visibly destroying road infrastructure and causing major damage to private homes in Bulgaria and agricultural Bulgarian Real Estate.

bulgaria veliko tarnovo land property real estate mayor ecology logging

Huge swathes of woodland and forest has been “removed to the bone” is this about to stop in Veliko Tarnovo?

The Mayor’s personal observations were non compliance with restrictive tonnage signs of trucks down secondary roads with weak bridges, distortion of the roads and pavements, damage to drainage and sewerage systems. “Investing in repairs of streets and roads while trucks demolish the same infrastructure. Landslides on roads and roads disappearing through landslides, Subsidence of private land and cracks in the walls of houses, and bridges being damaged too. A better co-ordination between all institutions and companies to improve the activity of logging is required as a whole” the mayor said.

bulgaria veliko tarnovo land property real estate mayor ecology logging

The local road infrastructure around Veliko tarnovo is only designed for light traffic, not masses of heavy logging trucks

Daniel Panov said to the company representatives at the meeting that the goal was not to interfere with their business but only to regulate all the activities that have a bearing on all stakeholders which includes protecting local communities and the public interest by complying with regulations, instead of creating problems by destroying infrastructure and private Bulgarian properties.

bulgaria veliko tarnovo land property real estate mayor ecology logging

Large old trucks designed to get into the forests

“It is not correct or fair that the profits of some cause problems and suffering for others and damage to public infrastructure. We need to discuss and put forward legislative changes, organise a consensus and have a full understanding and then agreement of all parties to resolve this important issue, “said the mayor.

bulgaria veliko tarnovo land property real estate mayor ecology logging

Landslides and a desert instead of woodland and forest, this is a scene which cannot be tolerated around Veliko Tarnovo

In conclusion it was agreed by December 27th necessary measures were to be drawn up with the intent to resolve these problems and by January 15th, 2013 to come up with a solution at the second meeting with all institutions and stakeholders.

By this time the Regional Directorate of the Interior Ministry will take action, said Chief Commissioner Zhivko Kotsev. Limited movement of heavy timber will be via regulated routes and crossings. Anyone who violates these routes shall have sanctions imposed upon them.

News, Property News

The re-registration of companies worries British owners of real estate in Bulgaria

Britons with property in Bulgaria are worried not about losing their real estate because of legal requirements, reports the online edition propertywire.com. Leading consultancy firms in the UK warn that because of the re-registration of companies British owners risk being fined or even losing their assets in this country.

Consultants John Howe & Co. explained that many Britons with Bulgarian property do not realise the complexity of the Bulgarian legal system and its potential impact on them. The managing partner of the firm John Howe is concerned by the requirement for re-registration of companies. Howe points out that until recently, individuals could not buy property in the country and had to register a company in order to purchase Bulgarian real estate. However, many British people have not been aware that they need to re-register and have missed the deadline for it, and as a result their trading activity has been cancelled and they have not been able to dispose of their assets.

The company announced that it had found a way to solve the issue with British owners  of Bulgaria property who missed re-registration, so you they don’t lose their investment. Consultants say there is no accurate statistics on the number of British residents living permanently or temporarily in Bulgaria. According to the British Embassy there are about 8-9 thousand people, who work in the country, others have bought property and live permanently, while others only spend their holidays in the country.

News, Property News

Bulgarian property market trends

Bulgarian property prices have dropped by almost 50 pc since the beginning of the financial crisis, say realtors. Bulgarian houses and apartments are sold at low prices. This why most buyers who waited for the prices to come down, are buying now. Even in August, a month that seems to be slow for the property market, there are plenty of buyers. These are generally people who have waited for the prices to drop enough, so they could invest their savings in larger and cheaper housing.

For the Bulgarian capital and the larger Bulgarian cities and towns the average sale prices of Bulgaria homes have fallen by about 20 Euros per square meter since the beginning of this year. Most sought-after are one-bedroom apartments within the price range of 35,000 to 45,000 Euros, however buyers struggle to find good properties within this price range, especially when they are looking for newly-built properties.

Rental prices are not expected to go up, agents predict. Even though August and September are the most lively months on the rental market (especially for apartments in Bulgaria), the supply of rentals exceeds the demand. In Sofia, for example, properties close to the newly-built metro stations are more attractive than the old apartments in the centre.

Since 2008 the rental prices have declined by a third and are not expected to go up, experts predict. This is due to the fact that alongside the old apartments in the centre and other residential areas, newly-built apartments, bought during the recession namely because of their investment potential, are also offered on the market.

And in recent months, buyers and renters express their preference towards new buildings close to transport links, areas with low crime rate and local amenities, such as schools and kindergartens.

News

60 thousand tourists for two months in Veliko Tarnovo

Recent festivals (the open-air jazz festival, the international folklore and the opera festival in the Tsarevets Castle) have attracted a significant number of tourists to the Veliko Tarnovo and the area. According to statistics of the local tourist information centre, some 60 thousand tourists have visited the Old Bulgarian Capital. The peak of the visits is expected in August, predicts the head of the tourist agency.

The number of tourist has increased compared to last year, due to the variety of cultural and historical events Veliko Turnovo is organising, as the town prepares its candidacy for the cultural centre of Europe for 2019.

The new inflow of tourists have also been beneficial to the revival of the ols spa town of Voneshta Voda, which now has several hotels, guests houses and spa centres open and offering wonderful spa treatments.

Over the past six years, the bed capacity have been consistently increasing and is currently about 5000. Recent events in Bourgas have not affected the Israeli visits to the old capital and all planned visits are running smoothly.

There is a notable continuous growth of 7 – 10 percent of pilgrimage tourism, which is becoming popular due to the number or ancient and Orthodox churches of cultural and historical significance in the area. Some of the most famous are the “40 Martyrs” Church in Veliko Tarnovo and the miraculous icon of Virgin Mary in Arbanassi.

These have definitely had positive effects on the local property business as well. There is a notable surge in Bulgaria real estate sellers and buyers and we expect the number to peak in the month of August.

News, Property News

Food chains most active in the commercial property market in Bulgaria

Cafes, restaurants and food chains are the type of businesses that have been moving the Bulgarian commercial property market in the last six months. The expansion of grocery stores and restaurants is also directed to commercial streets and at shopping malls, says in a Bulgarian retail market report for the first half of the year.

Banks and mobile network providers are also active on the market, but their activity is not due to their expansion, but rather to the optimization of costs and relocation, the report said.
There have not been any surprises in the market for commercial properties in Bulgaria for the first half of the year. Due to high levels of unemployment and the free space in modern shopping centres, the market continues to be rental-oriented, experts indicate.
Although rental rates have stabilized in recent months, the high competition in the market is expressed in different bonuses for tenants, such as gratis periods when they don’t have to pay rent.
In the first half, the average rental price for retail space in Sofia have fallen by 12% to about 28 Euros per square meter and by 16% to 12-16 Euros per square meter in other Bulgarian cities.
The price drop is mainly caused by the fact that many traders were able to renegotiate the rents for the areas used, due to increasing competition in the market, says the report.
Currently, there are 21 modern shopping centers  in Bulgaria and five retail parks with a total lettable area of 680k sqm. There are 9 malls under construction, and for Sofia only this lettable commercial space is expected to grow with another 180k sqm by the end of this year.
Next year in Sofia, the market will grow with additional 93k sqm of retail space in shopping malls. So for  every 1 000 people in the capital there will be more than 300 sqm of modern retail space. The country average for retail space per 1 000 people of the  population will be a little less than 100 sqm, if all construction projects are completed on time.

For commercial properties for sale in Bulgaria, mainly in the Veliko Tarnovo area, please feel free to have a look at our catalogue.