Bulgarian dreams gives property investors a mountain to climb

Dubai, 09 August 2006 - Bulgaria, comprising three distinct regional micro-property markets - the mountains, the city and the Black Sea Coast - has experienced a significant shift between its regions' dominance in terms of real estate sales. Bulgarian Dreams, one of the largest agents of Bulgarian real estate reports that it is one of the hottest property markets in the world, where Gulf investors are increasingly investing their money. By mid 2006, the mountain regions accounted for up to 50 per cent of the country's real estate sales replacing the Black Sea Coast as market leader, which accumulates just 30 per cent.

Bulgarian Dreams further stresses that despite being reported as a whole, each of Bulgaria's micro markets are growing and developing at different rates and are affected by a range of varying factors. Consequently they are appealing to a variety of purchasers in the Gulf. The rise of the mountain market to its current poll position has materialised over the last two years and Robert Jenkin, Director of Bulgarian Dreams, highlights that the major factor that has brought about this change is the Country's bid to host the 2014 Winter Olympics.

"The mountain resorts in Bansko, as part of the bid process, have received and are set to continue to receive, large levels of investment in order to bring them in line with major European ski destinations and up to Olympic standard. Even if the country is unsuccessful in getting the Olympics, its bid will have helped build some high-end winter resorts that are already extremely popular and providing an alternative to the more established resorts situated with in the Alps."

Both private and public investment has resulted in major improvements to infrastructure and consequently property prices have risen by a staggering 13per cent since 2004. Average prices currently stand at AED 7400 per square meter compared with AED 5700 in just two years ago."

Prior to Bulgaria's Olympic ambitions the fastest growing region was the Black Sea Coast. However, despite the mountain boom, areas such as Balchik are still seeing significant property price increases due to a number of determining factors.

The introduction of direct flights to Varna International Airport from Europe is stimulating further growth in the area, opening up the region. The Company projects a growth in property prices in the Balchik area of 18per cent by 2007.

Another major factor impacting on the region is the growth of a number of world-class golf courses being constructed, including some designed by famous names such as Gary Player, Jack Nicklaus and Ian Woosnam. This growing tourist pastime is set to have a major impact on the numbers of visitors to the area and in turn property prices.

According to figures from the Bulgarian Tourist Board, in 2005 the number of visitors entering Bulgaria increased by 14.4 per cent to 4.6 million and the majority were heading to the Black Sea Coast for holidays.

Bulgarian Dreams is currently marketing a range of properties in all three of these markets. Located in Balchik, in a secluded frontline location, Waterside Quay is a scheme situated in the much sought after White Lagoon. An exclusive development of just fifty apartments, it boasts its own marina and sweeping sea views from every property.

The properties at Waterside Quay are truly unique and offer the very best in luxury living. Ranging from studio apartments to two bedroom penthouse duplexes, the development has something to offer everyone, whatever their budget.

Alternatively, The Orchard in Bansko, comprising 500 studio, one and two bedroom apartments, is complete with a communal ice rink within the landscaped grounds and an exceptional luxury spa, the best Bulgaria has seen.

A joint venture with the world-renown property development company, Manhattan Loft Corporation, The Orchard will be Bulgaria's most exclusive and chic new development to date. Designed by Barbara Holzer of Holzer Kobler Architeckturen, and Mincho Nenchev, Head Professor of Architecture at Sofia University, the development will take Bulgarian residential architecture to new heights.

In Sofia, Bulgarian Dreams is currently marketing Museum House, which offers a rare opportunity to purchase property in the central district of Sofia at a very competitive price. The scheme is located within a 10-minute walk of Alexander Nevski Cathedral and the Bulgarian Parliament and benefits from secure parking.

Prices at Windows To Paradise are starting from 40,000 for a studio apartment and 50,000 for a one-bedroom property, for a two-bedroom property prices are from 82,302. Prices at Waterside Quay start from 44,000 for a studio apartment rising to 171,250 for a two-bedroom penthouse duplex. Prices at The Orchard start from 45,000 for a studio apartment, 72,000 for a one bedroom apartment and 90,000 for a two-bedroom apartment.

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About Bulgarian Dreams
Bulgaria Dreams is the winner of the Bentley International Property Award for the Best Bulgarian Real Estate Agency 2004 and 2005. The company can also provide advice on financing and rental management.

It is a specialist real estate company with unparalleled knowledge of the unexplored and untapped Bulgarian property market. Its portfolio ranges from individual villas and apartments to five star resorts.

Issued on behalf of Bulgarian Dreams by Four Communications, Dubai

For further information contact
Lovetto Nazareth or David Baker
Tel +971 4 3625130/1.
e-mail: Lovetto.nazareth@fourcommuncations.com
david.baker@fourcommuincations.com