BG Developments Ltd.

Bulgaria is an ancient country with an ancient people. In 341 BC it was invaded by the Macedonians and then the Romans; united under by the Bulgars; conquered again by the Byzantines who were followed by the Ottoman Empire who ruled there into the 20th century. Then in 1943, during the 2nd World War, it was seized by Communists who established a dictatorship. However as with many communist regimes in Eastern Europe it was rejected by the people. In 1989 the Bulgarian communist leader was removed from power and Bulgaria held multiparty elections and privatized its economy. Today it has a stable economy which has one of the best education systems in Europe and a highly qualified workforce.

In 1996 the economy collapsed due to lack of international economic support however, since 1997 the country has been recovering well, with GDP growing at a 4-5% rate, and increasing FDI and macroeconomic stability. The government’s fundamental economic policy is to accelerate privatisation and pursue structural reforms. Many roads have recently been reconstructed and massive development is planned for the main airports at Sofia, Bourgas and Varna.

Bulgaria has enjoyed substantial growth from a growing domestic market and international tourism over the past 10 years. Beach resorts have become increasingly popular with the British, Scandinavians, Germans and Russians, while ski-resorts are particularly popular with the British. According to statistics most buyers are from the UK.

Bulgaria is a member of the United Nations since 1955 and it joined the European Union on 1st January 2007. Over the last couple of years, property prices in Bulgaria have already experienced a significant rise with coastal regions and areas around Sunny Beach in particular rising well above the average.

“As a newly accepted member of NATO and the EU it is expected that Bulgarian property prices will rise 40-60% this year.” REMI (Real Estate Market Index)

The rise in prices could lead to a fully paid off property in less than 10 years.

Bulgaria is the first country in Central and Eastern Europe to establish a national real property index. It is considered a serious indicator of the investment activity and development. The REMI index is published quarterly by NRPA and is based on information submitted by its 176 member companies.