Bulgarian Properties

Israeli real estate developer Electra Group has started building on its first Bulgarian Properties project – a gated residential community in Varna, to be named Botanic VIP Residence, the company’s sales manager Petar Petrov told Dnevnik daily on March 30.

The complex, in direct proximity to Varna botanical gardens, will cover 1.2 ha of land and will comprise seven buildings, with a total of 216 apartments. According to Israeli media, Electra acquired the piece with the ready project in 2006 at the price of 4.56 million euro.

The expected gain after selling the apartments is expected to reach 80 million euro. Three of the apartment blocks are scheduled for termination by the end of the year. Off-plan prices start at 1 350-1 500 euro a sq m.

Electra’s pipeline enlist another three projects in the Varna / Bulgaria area - an office building and a mixed-use scheme in the city and a 53 ha residential community in the vicinity of area village Kalimantsi, Dnevnik wrote.

The upturn in the Bulgarian economic climate, coupled with the preferential conditions and guarantees for foreign investors, has generated excellent business opportunities and investment growth potential. The imminent acceptance of Bulgaria in the European Economic Community, with full integration planned between 2006 and 2008, is attracting more and more foreign investors to Bulgaria, providing unprecedented economic growth potential.

In July 2000, Bulgarian Property Law was changed to remove the restrictions on foreign investment in Bulgarianproperties and land. In common with other European countries, the only remaining requirement is to register the investor or investing company in Bulgaria before any transactions can take place and capital invested.

Bulgarian Properties Real Estate agency provides a personal service for each of its clients, whether a large corporate organisation or an individual investor. Each management package is tailored to meet the individual needs of the client across the client’s entire Bulgarian investment portfolio.

The client may select from the extensive range of services that the Bulgarian Properties Real Estate management plan can provide. These management services may include but can be expanded upon for individual clients:

- Collection of all rents due on properties, leased on behalf of the client, including the transfer of accumulated funds to the client’s overseas account.
- Arranging for payment of all local, national taxes, property and third party insurance’s and domestic services.
- Cleaning, maintenance and repair of the property as required
- For holiday homes, managing all leasing, cleaning and laundry services.