VIP Consult Newsletter, 2008/ February



I.    RECENT IN-HOUSE NEWS

     1. AEA MEMBERSHIP
                             ...
3. CUTTING EDGE                         -   Full Snagging Checklist
                                            Service
Vi...
1.2. Retail Warehouse & Mall projects

No matter the great variety of           Varna and Plovdiv. Major retail
new shoppi...
2.RESIDENTIAL

Prices for residential real estate        city centre apartments. Varna
in the 28 biggest cities and       ...
Although Sunny Beach                     neighbouring towns and
continues to account for more            villages. In St. ...
Under the new enacted law,             Companies have three years to
companies bearing the same             re-register.
n...
For more information on exhibitions & trade fairs in Bulgaria please
visit the following online exhibitions catalogues:

 ...
Vip Consult Newsletter Feb[1].2008
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Vip Consult Newsletter Feb[1].2008

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Vip Consult Newsletter Feb[1].2008

  1. 1. VIP Consult Newsletter, 2008/ February I. RECENT IN-HOUSE NEWS 1. AEA MEMBERSHIP constantly looking for expanding We are proud to announce our our cooperation with other membership in AEA, the exclusive foreign law firms. European Association of Lawyers(http://www.aeuropa.com) Our experience shows that we The European Association of collaborate in the most efficient Lawyers (AEA), is an way with offices similar to ours in international network of offices size, practice area and manner, covering most of the world’s but we are open to discuss all countries. The network has its proposals for possible origin within the European Union cooperation. and with time, has been expanding to the remaining countries in the world, beginning with the countries that not yet belong to the EU,and followed by the majority of countries of America, Asia and Africa. The AEA presents the largest net of the world’s lawyers, as there is no other net of offices that cover so many countries and locations. 2. INTERNATIONAL COOPERATION Since most of our clients are foreign physical and legal persons and the protection of their interests involve observance of the Bulgarian and their native country legal frameworks we are 2
  2. 2. 3. CUTTING EDGE - Full Snagging Checklist Service Vip Consult carries on a policy - Renewable Energy of service expansion. In Consultancy response to our clients needs - Insurances Through and requirements we already Selected Companies provide: - Mortgage Services - Online services II. BULGARIAN REAL ESTATE MARKET OVERVIEW Bulgaria has been ranked third were revealed by Deyan in the world in terms of Kavrukov, a head of Bluehouse property price growth in 2007. equity fund and a former Average sale real estate prices partner in Equest, in an rose by 36 per cent last year, interview with Bulgarian whereas rentals posted a more National Television. For more modest mark-up of 6 to 7 per information please visit the cent nationwide, reaching 10 Bulgarian Statistical Portal / per cent in Sofia. These figures http://stat.bg/index.html/ 1.COMMERCIAL PROPERTIES 1.1Offices & Business Parks Office space prices will keep on parks are in the making for growing for at least two years other large Bulgarian cities, pushed by the lack of including Stara Zagora, Plovdiv completed large-scale projects. and Bourgas. Currently, the available office supply is very limited and the market does not expect significant deliveries in the months to come. For that reason the concept of the modern business parks has developed in Sofia and Varna during the last 2 years.More projects for building business 3
  3. 3. 1.2. Retail Warehouse & Mall projects No matter the great variety of Varna and Plovdiv. Major retail new shopping mall projects in chains continue their expansion Bulgaria, total inventory in the throughout the country. Hiigh country remains one of the streets are traditionally the lowest in Europe. Retail most desirable retail location. continues to be the most dynamic commercial real estate sector in Bulgaria. The first half of 2007 was marked by the initiation of many new shopping centres and retail warehouse developments. International developers such as ECE, Riofisa and GTC have entered the market with significant projects in Sofia, 1.3. Logistics & Industrial Industrial real estate is shaping large-scale projects, with two up as an attractive segment in industrial and logistics parks the eyes of developers. Large already in the pipeline (in Sofia players from Central Europe and Varna) and more planned and beyond are considering the (in Sofia, Plovdiv and Rouse). market opportunities. Several Тhe lack of big plots and their projects are either planned for high price in the city centres future development or have has imposed their remote been initiated in the second nal location and some of the of 2007. Bulgaria’s industrial projects are already planned in real estate segment has started 10-20 km distance away from focusing on large, consolidated the towns. projects, developed according to contemporary standards. The market has started developing towards more consolidated, 4
  4. 4. 2.RESIDENTIAL Prices for residential real estate city centre apartments. Varna in the 28 biggest cities and retained its lead in the price towns in Bulgaria grew by an ranking and commanded the average 28,9 % in 2007 over highest residential property the previous year, data of the prices - BGN 852/m2, a 19% country's National Statistics increase over the previous year. Institute(NSI). The property market of the The average price paid for second-biggest town of Plovdiv residential properties across is the third-biggest price riser, Bulgaria stood at EUR 737/m2 recording an increase of 14% in in 2007 compared to EUR residential prices year-on-year, 624/m2 in 2006, shows data of followed by the costal port of Address real estate company. Bourgas (11%) and the The most popular investment northern town of Veliko for investors has so far been Tarnovo (9%). 3.HOLIDAY HOMES The resort apartments market in Bulgaria continues to grow with increasing pace. In the mountain resorts supply increased by 52% during the first half of 2007, after almost 10,000 new apartment units were put on the market. The growth was most significant in the Bansko area (including Razlog), which accounts for 78% of the new supply. Supply in coastal resorts also increased substantially and recorded a 39% growth, or 13,500 apartment units, in the first half of 2007. 5
  5. 5. Although Sunny Beach neighbouring towns and continues to account for more villages. In St. Vlas and in than one third of the supply in Sozopol holiday homes supply this segment, other resorts saw increased by 52% and 62% accelerated development as respectively. On the North well. Overbuilding in Bansko Coastal area, Kavarna and and Sunny beach resorts has Balchik have developed as directed the supply in the leading holiday-homes centres. 4. LAND INVESTMENT The price of the land is still low wide limits depending on the in Bulgaria, especially for plots region, the size of the land and located in rural areas. Last year its type/ agricultural land or the land on the Black Sea coast, building plot/. Many foreign around the beach and ski investors prefer investments in resorts, around the big cities agricultural land because of its and towns has increased its lower price and the legal price. In some areas of Bulgaria framework permitting its we have 100 % increase only conversion to building plot or for 1 year. The price range in industrial plot. III. LEGAL SYSTEM REFORMS New Commercial Register As of 02.01.2008 a Trade for company name reservation Register starts operating on the as well as the Application for territory of the whole country. inscribing the company in the The company registration Trade Register. The Law procedure has been entirely requires the manager of the amended as per the newly company either to sign and passed Trade Register Law. submit the above two As per the Trade Register Law Applications in person in front an authorized person is not of the officer or to certify them allowed to sign the Application in front of a Notary Public. 6
  6. 6. Under the new enacted law, Companies have three years to companies bearing the same re-register. name have two months to make a change. Afterwards the The new registration system Registry Agency must change will reduce the time needed to the names of all such obtain various permits and companies by adding to them licences. the name of the town where each of them was first registed. IV. EXHIBITIONS / SEMINARS / EVENTS • THREE KEYS - HOME, OFFICE, VILA Varna - Palace of sport and culture, International Specialized Exhibition for building and furnishing - 06.03.2008 - 10.03.2008 • BBW (BULGARIA BUILDING WEEK), Sofia - Inter expo and congress center, 11.03.2008 - 15.03.2008 • STROIKO 2000, Sofia - in the National Palace of Culture, 26.3.2008 – 1.4.2008 • INTERNATIONAL EXHIBITION FOR ENERGY EFFICIENCY AND RENEWABLE ENERGY SOURCES, Sofia - in the National Palace of Culture, Exhibition on Energy Efficiency /EE/ and Renewable Energy Sources /RES/ - , 07.04.2008 - 10.04.2008 • HOME EXPO, Sofia - Festivalna Hall, International building and construction exhibition, 11.04.2008 - 20.04.2008 • BALPEX, Sofia - Inter expo and congress center, Balkan property exhibition 18.04.2008 - 20.04.2008 7
  7. 7. For more information on exhibitions & trade fairs in Bulgaria please visit the following online exhibitions catalogues: • http://www.fair.bg • http://www.bulgarr eklama.com • http://www.viaexpo .com • http://www.ndk.bg • http://www.stroiko2 000.com/ V. SOURCES OF INFORMATION Ministry of Justice - http://www.registryagency.bg/en/ National Statistical Institute - www.nsi.bg Capital Weekly - http://www.capital.bg/ Dnevnik Daily - http://www.dnevnik.bg/ BTA bulletin - http://www.bta.bg/site/bg/index.shtml VI. OUR ACTIVITIES We can assist you in all matters regarding: • REAL ESTATE LAW • COMMERCIAL LAW • INHERITANCE LAW • LABOUR LAW • LAW OF OBLIGATION • BUSINESS CONSULTING SERVICES • INVESTMENT ASSISTANCE FOR MORE DETAILED INFORMATION, PLEASE VISIT US AT : WWW.VIP-CONSULT.NET 8

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