www.sofiacasa.com Property In Bulgaria

Sofia Casa Ltd. Special Christmas offer!

2014-12-12T18:51:00.001+02:00

Sofia Casa is proud to present our Christmas flyer campaign in central Sofia with a special Christmas gift for the first 25 clients who sign up their Bulgarian property for our professional property services! (*)

We are proud to offer this promotion in association with The Red Rock Irish Pub,Ul.Razslatitsa No'5 (Just behind 'Bania Madara' off 'Praga Blvd.' a short walk from '5 Conrners'!):

Happy Christmas to all from the Sofia Casa team!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 896 670 507
Tel:+359 (0) 2 953 01 16

(*) Offer valid only to clients who receive physical copy of flyer via post box, terms and conditions apply

Group Think Saves The day! (Bulgarian Property Market)

2014-08-20T10:34:00.002+03:00

Group think, sheep like herding, lemmings off cliffs, behavioral economics ...whatever you want to call it, we were all affected by the global banking crisis. After the initial shock new phrases entered our common lexicon such as:

'too big to fail, sub-prime, bad banks, toxic assets, moral hazard, law of unintended consequences, derivatives, 'QE', etc...

and they didn’t mean the Queen Elizabeth (though I am sure she lost a few quid too)!

Later followed by talk of fragile ‘’green shoots’’ but none of the analysts dared pin their colours to the mast of full recovery. Whilst all this media ‘’chatter’’ was going on there was still 92% employment in the UK (compare that to Spain and other Southern/Eastern European countries!), yet all concurred that times were hard and belts were tightening in preparation for austerity ….no doubt there was great uncertainty and I am not trying to diminish the hardship. However the psychological component is often overlooked or at very least not given sufficient weight.

"Be Different And Standing Out" by jesadaphorn

Group Think Saves The day! The global power of herd economics mooohaaaa!

Nothing has yet changed dramatically in terms of most people’s bank accounts, (outside the London bubble that is!), over the last 24 months. The difference is that a tacit collective permission has now been granted to speak in more optimistic terms. We are in thrall to the metronomic ebb and flow of the news media cycle, as it swings in slow-mo (back to) the ''make positive noises'' end of the spectrum. This change in the mood music engenders confidence, belt loosening and a virtuous circle as liquidity then starts to flow through the gangrenous capillaries of the economy. It is as much about a collective mindset as hard facts and figures.

Before we know it we will be back to a boom! They are already talking of overheating in the UK property market, it seems we never learn! We are hardwired by evolutionary psychology, it is part of our DNA and a legacy of our history in tribal hunter gather units, where bonding and communal galvanization meant the difference between life and death in a harsh Winter, drought or when threatened by
a neighboring tribe.

Watching from the distant shores of SE Europe it has been interesting to time the lag between media reports of recovery in the West and its arrival on our shores. We can report that recovery has started and it seems that predominantly local investors have come out of hibernation. Forget that the government has just resigned, after a period of turbulent protest and that scandal permeates the corridors of power or that there are serious bank wobbles at ''KTB'' (Corporative Trade Bank). The market has suddenly turned back on. Like a Groundhog sniffing out the Spring, the collective instinct is alive to this and people are now prepared to spend on property once more. In fact recent bank wobbles have had unforseen benefits for the Sofia property market. Local investors, according to some reports have pulled upto 500 M BGN out of the banks and are seeking a safe haven in bricks and mortar.

Even before this some 8 months ago we started to notice an increase in residential rental values, I guess in part as people could not afford mortgages & banks were not lending. Rental prices need to show signs of recovery to underpin sustainable increases in re-sale values. Rental prices have increased by between 15%-35%. A case in point with localised pockets such as Poligona District near ‘The Mall’, Tzari Gradsko Shose, showing strong increases due to IT and call centre clustering feeding demand from the young professional segment.

One has to caveat all this good news with a reminder that this ‘’recovery’’ is from a very low base level where rents had seen upto 50% decline since their pre-2008 peak.

With regard to residential sales the impact of the Bulgarian bank wobbles has been to drive up prices in the property market. Sales prices for the most desirable, lettable units in prime locations have increased by upto 25% in some cases. Such dramatic increases may be the outliers but buyers do seem to have returned to the market. We are in daily contact with the property market and can't help but express surprise at such a spike in demand after such a protracted period of dormancy.

A few blips on the horizon remain with the Russian crisis rumbling, the effects of sanctions and the South Stream pipeline, wrangles over nuclear power plants and pending elections set for October.

That said as long as recovery stays on track in the West it should filter through to Bulgaria albeit with a time lag over the next 18 months or so. With an amazingly low 10% corporate tax, buckets of EU funding, cheap newly built office space, relatively low wages and a highly educated work force all Bulgaria needs is for a few more firms to take the plunge and we could see an FDI driven recovery.

Indeed this is already happening quietly in the IT and e-business sectors heavily concentrated in Sofia capital. For it to spread to the provinces fingers will need to be removed from pies and infrastructure grants and awareness raised across the European business community to drive direct inward investment.

Of course the elephant in the room (pig at the trough!), is if the local politicians can stay out of it, or at least enough to let venture capital do what it does best, so that the psychological recovery in confidence is a reflection of a real sustainable growth & development in the Bulgarian economy at large!

"Elephant Mascot Boxer Boxing Side Cartoon" by vectorolie)

First signs of green shoots? (Bulgarian property market update)

2014-04-10T12:11:00.002+03:00

The rental market in Sofia for residential property is showing signs of recovery which is always the precursor to any recovery in sales market value. Rental values have taken a massive hit over the past 5-6 years with yields, in many cases, dropping to nearly half their pre-2008 peak.

Fully furnished flats in prime locations are now showing upto a 20%-25% increase in rental value from their lowest ebb. Yields in peripheral locations are also up by around 10%-15% from their nadir, albeit at a less than centrally located equivalents, due to supply and demand.

The composition of the purchaser demographic has altered dramatically over the last 5 years. In Sofia there has been a notable absence of overseas buyers (barring the odd Russian investor). There has however always been a dynamic re-sale market for property at motivated prices.

Interest rates remain high and banks are still keeping a tight reign on private lending. This starves the market of liquidity as there has been no QE in BG! The result is a stagnation in sales prices. That said now is the time to buy for cash-buyers as prices have stabilised. For the savvy investor there is the opportunity acquire assets that will deliver solid rental yields which are a prerequisite for any sensible long term investment in real estate.

In both commercial and residential sectors there are however signs that developers have restructured their loans and assumed their losses. As we see some mothballed sites now returning to activity and moving towards completion. There are also nascent signs of new investment with Turkish Developers emerging as players on the local market here in Sofia. Overall one has the prevailing sense that Bulgaria is waiting for the green shoots of recovery in the West to propagate seeds of future growth in the wider SEE region. The good news is that there are firm signs of recovery emerging in the USA and UK especially.

Typically however local property professionals all too often seem to be looking back and trying to understand what went wrong, trying to pick up the pieces and dispose of existing stock, rather than look forward and innovate. The elephant in the room for future growth and value generation in the sector will be inevitably be sustainability and green building. EU regulations and EPC's will impact the liquidity and disposal value of assets. Not only, but especially when it comes to the ability to attract multinationals to HQ in Bulgaria as their CSR mission statement demands that they take energy efficiency seriously.

With a few notable exceptions, the political instability, street protests against the Oreshavski cabinet and ongoing stagnation due to institutional corruption and lack of transparency has not encouraged the stability and confidence big business needs to make large-scale inward investment in Bulgaria.

That said it is not all doom and gloom as Bulgaria has the right ecology to hothouse IT Start-ups. There is a huge potential for Bulgaria as places such as the now famous ''Silicone roundabout'' (Shoreditch, London, UK) become victims of their own success they price themselves out of the market. As a result Bulgaria has emerged as an increasingly

attractive alternative investment location for this sector. Bulgaria has the programming talent in depth at relatively competitive salaries, affordable office space & super-fast internet. This has put Bulgaria on the radar for enterprising IT firms who are typically looking to rent small offices in the centre between 80-200 m2 at rents from 300 Euros - 2,200 Euros (pcm).

After the economic crisis buyers from the British isles were replaced by Russian investors seeking a second home. As a result the Bulgarian property market is exposed to political fall out from the Ukrainian crisis & Putin's return to Cold War rhetoric. The current situation does not bode well long term for the leisure property segments (primarily the Eastern coastal littoral & Ski resorts). However paradoxically, short term, with a deflating ruble and a sanction hit economy, this may result in increased capital flight from Russia It is uncertain how the crisis will impact Russians' rights to own property in the EU (of which Bulgaria is a member since 2007) and what measure to tighten controls will be enforced by the EU. Putin's energy politics also loom heavy on the horizon and could impact negatively on Bulgaria with its dependence on Russian gas.

EU funds and subsidies for cohesion are still frustratingly slow to trickle down to the wider Bulgarian economy. The powers that be in Bulgaria all want their cut. As a result funding gets held up in a tug of war between the EU technocrats, their political masters in Brussels and the local oligarchs. Rather than as intended to deliver tangible long term benefits to the man in the street.

In conclusion despite the risks and issues outlined above, the economy will pick up, though steadily and without a return to the heady days of the property boom. Western & 'BRIC' firms will gradually increase FDI in Bulgaria due to the macro economic stability, EU membership and the fantastic 10% corporate tax rate! In addition there is a highly motivated and qualified workforce who would rather stay in their home country than emigrate in search of better economic conditions, not to mention great cuisine, natural beauty and the strategic geographical location that make Bulgaria a superb base for regional investors.

For a better experience of the Sofia property market, contact Sofia Casa:
HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16
Passion For Property!

Photo attribution in order of appearence:
Graph Of Home Sale by renjith krishnan www.freedigitalphotos.net
Hand Holding Eco House Icon by ponsulak www.freedigitalphotos.net
New Business by renjith krishnan www.freedigitalphotos.net
Made In Eu Stamp On Boxes Shows European Products by Stuart Miles www.freedigitalphotos.net

Bulgarian Real Estate Agencies Report 20% Increase in Property Sales

2013-09-03T11:00:00.000+03:00

Real estate agencies are reporting a 20% increase in sales compared to the summer of 2012. According to reports of the Bulgarian National Television (BNT), as cited by econ.bg, there has been a strong upsurge in interest in the luxury property market.
However, property purchases financed through mortgage loans have decreased.
In the season of summer holidays, sales of property located in the southern part of Sofia and at the foot of the Vitosha mountain are traditionally active.
In the summer of 2013, the next most popular location is Sofia's Nadezhda residential district, where three new subway stations were built. Bulgarians mostly opt for two-bedroom apartments. Prices currently vary between EUR 500 – 1000 per square meter. The average price in downtown Sofia is around EUR 700 per square meter.
Top areas for buying property in the summer of 2013 are Varna, Burgas, Plovdiv, Stara Zagora, and Blagoevgrad. Foreigners mostly buy property on the Black Sea coast.

Source Novinite

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
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Dynamic Space (Commercial Property) for commercial property solutions:
www.dynamicspacebg.com

Summer Finally Beached The Protests ...or did it?! (Sofia, Bulgaria #ДАНСwithme )

2013-08-22T21:34:00.001+03:00

As the song goes 'Video killed the radio star' and Summer beached (literally!) the protests ..or did it?

The sweltering heat and languid Summer days in Sofia have waned into late August.

It is sometimes hard to stay focused on work when you know that so many lucky souls are busy letting their hair down or just chillaxing on the Black Sea, Greece or Turkey. Reminds me of doing retakes at school and looking out at all the other kids running around in the playground enjoying those eternal Summers of our childhood! Sofianites are fiercely protective of their vacations, they are almost a sacred ritual, a hallowed exodus to the coast to top up the fake tans and upload sunny memories to the ubiquitous Facebook, to help them survive the long dark cold Balkan Winter ahead!

As a result the protests have waned in their fervor and the politicians for the most part just ignore the outcry and carry on regardless. What will be interesting is the crunch time in mid-September when all the vacationers return to the political reality that is the Bulgarian dystopia. The thought of exorbitant Winter heating bills hitting their pockets, crazy electricity price hikes and the imperious hauteur with which their politicians ride roughshod like 'The Untouchables', over country and constitution alike, will start to hit home. This is why I'm predicting that as the Arab Spring turns to Winter the Bulgaria will experience an Autumn of Discontent. With protestors returning with renewed vigor, catching the politicians napping, lulled by a lazy Summer into a false sense of security.

Watch this space there will be plenty more to follow especially if the good weather continues into September, perfect protesting weather! It will be an interesting time for a people so deserving of better than the so called political elites they are burdened with.

The risk for the protestors is that if their grass roots civil society does not generate organised political structure then a noisy cathartic carnival will dissipate into the status quo ante with about as much political change as the guitar chords in a song by that famous UK rock group! If the government is toppled, as per previous blog, perhaps the best thing for Bulgaria, in my humble opinion would be a technocratic caretaker government for a year to give new parties, cleaner hands and fresher faces time to throw their hats into the political arena.

Whatever happens it is surely well past time for a change!

A Peaceful Revolution in Bulgaria? (Street protests in Sofia, jumping on Eagle's Bridge!)

2013-06-30T22:39:00.001+03:00

Peaceful protests in Sofia Bulgaria!

It seems that with austerity and economic crisis has come a reinvigorated civil society. With the Arab Spring overthrowing a series of Dictators a new sense of empowerment was experienced with people power taking centre stage bypassing sclerotic traditional channels of protest. Social media has exploded onto the scene giving voice to popular discontent which is not represented at the ballot box, other than in low turn out for parliamentary and local elections.

I became a fan of Twitter when it was reported that it was helping to galvanise and disseminate the uprising against Mubarak’s 30 years of dictatorship. We have seen protests from Greece to Spain, Italy, Brazil and now finally Bulgaria.

In Bulgaria it all started with the Winter protests against monopolistic practises and price hikes at Toplofikatziya & CEZ the electricity company which led to the toppling of Boiko Borisov and GERB from power. I suspected at the time that it was all some sinister game and part of Boiko’s PR machine. The spate of tragic self immolations should have told me otherwise as they spoke of a deeper pain running through the soul of Bulgarian society. At the time however there was no massive reaction or street movement yet it seems their sacrifices had set the scene for this Summer of protests in Sofia. A deep chord had been touched within Bulgarian society which is now manifesting itself every evening at 18:30 with mass protests on the streets of Sofia and beyond.

The elections passed with the same old same old aka low turn out and the a bunch of corrupt jokers taking power with dubious stories of printed ballots and a slender mandate. A government of convenience with a meagre majority emerged. The strangest of bedfellows, ethnic Bulgarian Turks and Socialists (many of them former Communists) forming a cabinet with the tacit collusion of the far right ultra nationalist Akaka Party.

A now infamous government still in its infancy was formed known as the Oresharski Cabinet. They didn’t waste time in showing their true colours. With total disregard for legitimacy they took power as if the clock had gone back 20 years and as if the smart phone and ubiquitous inter connectivity did not exist. They acted as if Bulgaria had not entered the EU or the digital age, behaving as if they could pull the wool over the electorate's eyes, with the same impunity as ever, window dressing their true intent with empty slogans and promises of bigger pensions and kindergartens for all.

They appointed Delyan Peevski, a 32 year old man, with alleged mafia contacts, as head of the Bulgarian security service ...talk about poacher turned gamekeeper! It was like putting Al-Capone in charge of the FBI. News then trickled through that they were hastily trying to revoke law to demolish illegally built property and then they appointed Volen Siderov, leader of Ataka, as president of the parliamentary committee on anti corruption (talk about conflict of interest!). A series of political appointees were also rushed into positions of power in local authorities and institutions across the country, regardless of the performance of their predecessors.

What a farce, what a shambles, it was the last straw and the streets erupted to the sound of 10’s of thousands of ordinary Bulgarians banging drums, blowing horns to chants of 'mafia', 'resign', 'red trash' etc... A cult of witty banners lambasting the plutocrats in parliament grew as the movement took hold and you could see young families out on the streets demanding change for the sake of their kids.

This has now gone on for 16 days, though admittedly heavy downpours this weekend have dampened the ardour and it is yet to be seen if the holiday season will scupper the momentum, allowing the Oresharski Cabinet to entrench itself and limp on into the Autumn?

One hopes that the genie of popular protest is out of the bottle there’s no putting it back until ordinary Bulgarians get the democratically accountable public servants they so deserve. After being inspired by a Dutch friend who told me that she had been down to the emblematic 'Orlov Most' (Eagle's Bridge), where a sea of people stretched upto the parliament and beyond, as far as the eye could see, with thousands jumping in unison to chants of ''jump if you are with us''! So on joining the protests one evening, walking and chanting with the noisy throng for a few blocks, I found it a surprisingly emotional experience after 9+ years in Bulgaria, it was moving to see decent hard working patriotic Bulgarians finally taking back their flag and taking to the streets, with peaceful good humour, to demand change!

What is so humbling is that when you ask them what they want their demands are so simple, most say normal democracy like any other European nation, a change to the constitution, change to voting systems to prevent vote rigging and a reinvigorated political landscape for a Bulgaria so weary of their corrupt political elites. A country where opportunity and power are shared and all are equal before the law.

The ideal interim solution might be to set up a technocratic administration, like that recently led by ''super-Mario'' in Italy, whilst new parties and political systems are developed to reduce the sense of popular disenfranchisement. One thing is for sure, its time to sweep aside decades of democratic deficit and political apathy, with ex-communists and their cronies lording it over the nation, callously excluding the man on the street from any share in the nation's wealth.

British entrepreneurs invest in Bulgaria By Tom Esslemont BBC News (James Flint Owner/Manager of Sofia Casa interviewed)

2013-05-16T13:10:00.003+03:00

James Flint, a property developer, came here in 2004.

By the time Bulgaria joined the EU in 2007 he had already established himself in the real estate market in the capital, Sofia.
Now he rents out smart apartments to elite clients.

''There's no aggression or bad feelings towards the British at all”

"There is a great willingness among the population to build up their country," he says.

So is it a good time to come here and do business?

"I shouldn't be saying this, but frankly, yes!"

With all the reports in the British media recently about Bulgarians wanting to seek work and benefits in the UK, how did people respond to him?

"I was treated really well, actually. I don't think the Bulgarians are that interested [in the media reports] to be honest," says Mr Flint.

"I think those who are savvy, literate and speak English have picked up on stories in the media. I think basically there was a sense of mild irritation - but [people are] fairly dismissive."

For more interviews with British Ex-pats in Bulgaria Continue reading the main story ''British entrepreneurs invest in Bulgaria By Tom Esslemont BBC News''.

See link to one of our latest listings in downtown Sofia, a one bed with 50% more living space than the average unit!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
Sofia Casa on Facebook

Dynamic Space (Commercial Property) for commercial property solutions:
www.dynamicspacebg.com

Sofia Casa owner and manager James MJ Flint featured in full page interview for Slovak weekly Business magazine Trend

2013-05-13T19:00:00.002+03:00

Sofia Casa owner and manager James MJ Flint as featured in full page interview for Slovak weekly Business magazine Trend.

Link to Trend article on Sofia Casa in Bulgaria

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
Sofia Casa on Facebook

Dynamic Space (Commercial Property) for business property solutions:
www.dynamicspacebg.com

2 bed penthouse apartment in Monastirski Livadi

2013-04-11T14:47:00.001+03:00

We are proud to offer our latest rental management signing!

A superb and tastefully appointed 2 bed penthouse apartment in Monastirski Livadi. One of the bedrooms is en-suite. It is stylish & has a great layout flowing easily from room to room. The cherry on the cake is the stunning West facing roof-terrace which acts as an afternoon sun-trap and offers great opportunity for relaxing and entertaining with friends and family! There is a SOT security system, lift & underground parking all for 399E (o.n.o)/month. See link:

http://www.housescape.org.uk/cgi-bin/full.pl?&scl1&language=bl&SCPS000390&1

Тристаен напълно обзаведен апартамент в Манастирски ливади - 109 кв.м., eт.4, състои се от коридор с баня и тоалетна, дневна с трапезария и кухненски бокс, едната спалня е със собствена баня с тоалетна и излаз на панорамната тераса, втората спалня с двойно легло. Ново неизползвано обзавеждане - кожена мебел, LCD ТВ, трапезарен кът, кухненскки бокс с пералня, тостер, кана и всичко необходимо, подземно паркомясто.Нова кооперация с отлични общи части. (reference: SCPS000390)

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
Sofia Casa on Facebook

Dynamic Space (Commercial Property) for commercial property solutions:
www.dynamicspacebg.com

Village idiot or pastoral idyll? (Sofia's complicated relationship with rural Bulgaria!)

2013-03-31T16:09:00.000+03:00

In British English, 'Peasant', is more outmoded than derogatory as a term of insult. We associate the village idiot with turnip obsessed Baldrick from comedy classic Black Adder or with Wurzel Gummidge and Aunt Sally.

http://media.photobucket.com/

It has a quaint, amusing, bucolic ring to it, unlike in Bulgaria where the word 'selenger' the slang for villager is still quite the put down!

Sofia is not alone in that its inhabitants look down on all things provincial. This sentiment is found across the world. In the USA New Yorkers scoff at 'Red-necks', 'Hillbillies' & 'Trailor-trash'. In the UK we have the slow witted straw chewing 'Country Bumpkins', dumb 'yokels' and rough 'Pikies'.

In New Zealand it is turned on its head where provincial folk refer disdainfully to Aucklanders as 'JAFAs' (Just Another F****** Aucklander).

Whilst the Parisians are famous for their hauteur and loathed in equal measure by those outside the capital. So much so, that I witnessed threats of petty vandalism by inhabitants of the Massif Central region, when they spotted a car with a Parisian number plate!

Living in Hungary I experienced a gruff, edgy Budapest, nicknaming it 'Chicago on the Danube' (albeit a rather beautiful Chicago!). Budapest 'Utca.'(street) life often characterised by surly interactions bordering on the abusive. Rarely has the rural-urban divide left a stronger impression on me than my first trip to a Hungarian village after a couple of years in Budapest. I was blown away by the kindness and hospitality extended to me, the contrast couldn't have been greater.

The city dweller's relationship with the rural migrant has always been tense and in the UK one could plot the decline of rural references in daily use, against a graph of industrialisation dating back to the 1790's when it all began. Thomas Hardy lamented this progress and its affect on local dialect, accent and vernacular, as the allure of the big-smoke led to an ever spreading homogenisation. In the UK we have had time to come to terms with this process yet in other countries such as Bulgaria the process is more recent. Causing local tensions that must have been present in the UK back in the day, as poor rural migrants flooded in to populate anonymous factories and gerrymandered terraces as cheap labour. Often no doubt at the expense of those who considered themselves superior residents of longer standing compared to the newcomers.

In Sofia provincial folk are oft branded disparagingly as 'villagers' (selengers) with a healthy dose of expletive invective thrown in for good measure. Every taxi driver worth his salt curses the 'selenger' driver when cut up in heavy traffic. Indeed there is such contempt for the sulphur breathing 'selenger' that you would imagine they have cleft hooves, horns & three heads, rather than living mostly hidden in our midst, let alone university educated and heaven forbid, ambitious too! Often the most vociferous 'selenger' haters are closet 'selenger' themselves, compensating for their impostor complex in an attempt to mask their origins.

Why such vitriol? Is it because it allows Sofianites to foster a sense of superiority and separate identity by aligning themselves against the Chalga obsessed, amoral, egotistical, brutish 'untermench' that is the 'Selenger'? The word 'selenger' does not conjure gently humorous images as played so successfully by the UK's 'Two Ronnies' in their TV sketches portraying a couple of wily yokels chatting at the farm gate. In Bulgaria when it comes to 'selenger' there's no connotation of pastoral idyll, rather a sinister association that wakes the Sofianite in a cold sweat at the thought their inner 'selenger' might be coming out to play! Many's the Sofianite with a secret penchant for Bling and Chalga whilst pretending to prefer Cold Play and Chopin, to Anelia and Aziz!

To the Sofianite there are only two types of people, those born and bred in Sofia and the 'selenger'. The latter clog the roads, overload the infrastructure with their weekly Friday exodus to the village (even if that 'village' be a large provincial city such as Burgas,Varna or Plovdiv). Where they stock up on provisions only to stream back into town in their battered cars weighed down with 'banichki', chicken steaks, pickles, 'sujuk' and 'burek' from the family allotment faithfully tended by their Babas. Indeed without Baba Bulgaria would be on its knees! Many would not survive on such low wages without this vital supplement. Notwithstanding the main irony that, with almost total rural dereliction, 'selengers' are actually more likely to be city dwellers. The villager is in fact a new urban phenomenon an army of latter day Dick Whittingtons, flooding in to Sofia seeking fame and fortune since the fall of communism.

So whats going on? At the heart of the rivalry lies an urban versus rural tug of war, a duality in the battle for the Bulgarian soul. There is a tension between closet rural sentimentalism and the need for urbanites to project a sophisticated image. Sentimental idealisation of the rural, juxtaposed against the encroachment of uncouth peasantry with their wage deflating migration. In communist times a visa was required to live/work in Sofia. Geographical movement was controlled in this former police state. This gave Sofia a rarefied and privileged status with a waiting list of rural hopefuls (selengers) seeking the right to visit in the capital. Endowing Sofia with an elite position in relation to provincial and rural Bulgaria. The half million or so that made up the population were the privileged few. So to a degree the roots of this disdain for the 'selenger' are a legacy of communism. Some reports suggesting that Sofia has swollen to four times its original size, with upto 2+ million inhabitants. It is understandable that some resentment has arisen between those born and bred in Sofia and more recent arrivals, leaving the capital bursting at the seams, (heaven forbid even Pernik folk make the daily commute in their thousands to Sofia!).

The provinces are seen as the seat of the great rural unwashed without means of gainful employment, desperate to invade Sofia for a fast buck on their Westward march to prosperity via emigration. 'Selengers' are portrayed as transitory interlopers with no affiliation to their host city, dubious sartorial choices, comical regional accents and non 'Shopski' dialects. The irony is that the 'selengers' typical habitat is now more often an obsolete Soviet panel block in Lulyin or Drujba than an actual village! To Sofianites the 'selenger' is famed for throwing garbage bags from balconies leaving them hang like 'strange fruit' decaying on trees between tower blocks.

The nub of all this negative stereotyping is a paradoxical duality. One only has to zap through cable TV to see reams of folk channels portraying images of a rural ideal

Autumn Fogs Evgeni Dinev/freedigitalphotos.net

with great food, mystical mountains, open hearths and a deep nostalgia for the patriarchal family of yore. Folk songs recounting simpler days of village intrigue, courtship, dowry and marriage. A rural Disneyland where stout rosy folk stand up to Ottoman colonisers. Bulgarian national mythology draws on images of hardy Mountain dwellers set to a backdrop of breathtaking alpine pastures. Yet how does this imagery sit alongside the modern day derision of all that is provincial, wherein the 'selenger' is the epitome of all that is 'wrong' in the national character?

This latest rambling was sparked by a recent TV Ad. Campaign for a natural yogurt. The Ad. captures the heart of this contradiction. The yogurt brand uses its rural provenance as its USP. It is represented by a jolly grandfather tucking in to his yogurt with his granddaughter, whilst holding the pot upto the camera saying something like:

''why bother with clever advertising the name (rural origin) says it all''

sitting outside in the eternal sunshine of his traditional, stone built home.
The brand is of course seeking to tap into a deeper nostalgia for a simpler rural age. An age that may never have existed but which resonates powerfully in the Bulgarian national psyche.

The saddest part of this duality is that, whilst it harks back to a simpler age, the same packaging used in the TV.Ads all too often ends up strewn across the very natural beauty it seeks to celebrate. Too many Bulgarians are routinely responsible for endemic fly-tipping which litters the beautiful Bulgarian landscape.


NoThrowingGarbage,tungphoto,freedigitalphotos.net

One of Bulgaria's greatest assets is its stunning nature and rich rural tradition. Bulgaria needs to capitalise on EU membership and funding to showcase this beauty to the rest of Europe and beyond. However for the regions to have a future, Bulgarians need to become custodians of the national treasure that is their environment. So rather than going all dewy eyed over a traditional folk song on TV, they should refrain from fly-tipping their way back to the village at the weekend.

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
Sofia Casa on Facebook

Dynamic Space (Commercial Property) for business property solutions:
www.dynamicspacebg.com

Absentee landlords beware, doing the Ostrich won't make it better! (Bulgarian property management)

2013-03-26T16:12:00.001+02:00

"Ostrich" by sippakorn www.freedigitalphotos.net

If like many, with the onset of the economic crisis, the last thing on your mind was your Bulgarian investment, let alone engaging a professional property manager at a time of falling rents and negative equity!

However 'caveat emptor' a number of potentially serious and costly issues will have accrued to your asset in the intervening period.

You might want to read this short article rather than continue to do the 'Ostrich'!

If you have left your asset without management or maintenance there are issues that you will need to face sooner rather than later! Not least if you want to remove encumbrances that hinder disposal of your asset. So if your Bulgarian property is poorly managed or unmanaged, you will be familiar with some of the following issues:

CEZ (electricity supplier): Supply cut-off, unpaid bills + interest and possible court case pending. There will be a reconnection charge

Sofiskya Voda: Water provider same as above. With additional nuance that each building is supplied with an amount of water if the mains leak before reaching the block this cost is still passed onto the end-user by the utility. So all users who have not had metered use pick up any unaccounted for balance for water supplied to the property as a whole. This is in my view v.unfair but it is the system. So you would need to install new meters and tags then have a long process to establish that the property has been unoccupied and a back dated average may be applied to offset accumulated charges. So serious investigation and checks required.

Toplofikatziya (Central Heating): sent from a central pumping sub-station, highly inefficient ex-communist infrastructure. Central heating Monopoly will have made a court claim by now for any unpaid bills. If there are heaters in the common areas you will owe a share. Also any unpaid un-metered amounts for heating in use in the block could be ascribed to you in the absence of regular meter readings. If you don't have radiators and only hot pipes passing through your property to the upper floors then you still have to pay for the privilege!!!

Council & Property taxes:

There is a statute of limitations for those who have not paid and paradoxically it can be advisable to wait for this period to expire before registering with the local Borough Council and Municipal Architects offices. However in principle it is possible that you have significant sums outstanding and again the risk of court hearings and even an embargo and repossession of your property by the authorities who are trying to clamp down on this to collect funds during austerity.

Service Charges for common areas:

Can be as little as 4 BGN per month in old blocks but still with the amount of years you have left the property unattended there could be an accrual and sorting this out will engender goodwill from neighbours and block president/treasurer. It is also a legal requirement to be represented at/to attend AGM of residents committee. There are also potentially maintenance charges for any works carried out to common areas, facade or roof and other issues pertaining to the use of the common block such as telephone antenna, or facade/roof advertising rights etc....

Rights of Ownership:

A new statute entered into force requiring owners to register their company and assets owned by it with the online digital register (like Companies House in UK) if you bought with a company and have not done this there are serious ramifications that you will likley need to look into with your property manager and/or legal counsel.

Other items:

Of course general maintenance and survey of current status of the property to bring you up to date. For example the external envelope and tanking on new-builds is often less than adequate especialy with flat roof technology in a climate that can cary 60 degrees between Winter nad Summer. Also many old downtown properties require facade maintenance and often show moisture penetration and damp. Not to mention the property needs heating and airing and occupation to avoid it falling into disrepair.

All reasons to engage a professional property manager rather than avoiding the issue by making false economies that cost you more down the line in legal fees and maybe even worse!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa
Sofia Casa on Facebook

Dynamic Space (Commercial Property) for commercial property solutions:
www.dynamicspacebg.com

Bulgarian politics (more pungent than a ''Shkembe-Chorba'' (tripe soup) with ''chesen'' (garlic) & paprika!)

2013-02-21T06:03:00.004+02:00

Political hangover soup anyone?

So ''Bate Boiko'' (''Brother Boiko'' as Borisov leader of 'GERB', erstwhile PM of Bulgaria), has announced his resignation.

But is it a case of skillful political maneuvering or genuine despair at the 'drops of blood' the police spilled when breaking up the recent protests over electricity prices?

Or more a case of populist Boiko, ever adept at PR positioning himself on the high ground, above the fray, in the hope of returning with a stronger mandate at the urns; or just a man piqued, who says:

''see how you manage without me now you fools!''

Either way behind the pious sound bytes one suspects a classic 'Boiko-vellian' power play is afoot!

Observing all this from a slightly removed position I feel Bulgaria now finds itself between the devil and the deep blue sea. As whilst rumors abound regarding the former PM's alleged involvement in organised crime; the Socialist alternative, in my recollection, was even worse. At least Boiko delivered some kind of relative macro-economic stability, whilst the socialists were self serving hypocrites displaying breathtaking levels of arrogance and blatant corruption when last in office.

I recall a meeting at an Embassy residence with one of the socialist Ministers in waiting, just before they were elected to power. A journalist at the back asked:

''so what are you going to do for the youth of Bulgaria''

to which the then shadow Minister responded with a chuckle:

''I don't really care, my son is studying abroad in Vienna so it does not concern me''

An attitude that seems to sum up so much of what is wrong in Bulgaria, where nobody takes personal responsibility, nor realises that one has to give something back to make society work for all.

The protests over the last few days have been vociferous but hardly massively attended with 5,000 turning out here and 10,000 there. They can't be said to compare to the Poll tax riots back in Thatcher's day, the looting and wanton destruction of recent London riots, nor the intensity of orchestrated street violence in Athens!

I am not seeking to diminish the grievances of the long suffering Bulgarians who certainly have a lot to protest about. Bulgaria is the poorest EU member state with decades of stagnation (barring a brief property boom), soaring cost of living and low wages. Watching the profits privatised and losses socialised a case born out by 'CEZ' the utility monopoly at the centre of the protests. With a bankrupt health service, corrupt governance, weak judiciary, democratic deficit, rising fuel prices and pensions that cant keep pace with spiraling costs. It is a wonder that bloody revolution rather than a few rowdy protests has not swept across the nation!

It is remarkable that protests took so long coming and that when they did they were not more widespread and more violent. What little I witnessed was that a few 'Ultras' chanting ''Sla-vi-a! Sla-vi-a!'' (local football team) hijacked the occasion to indulge in common vandalism. The police for sure were probably less than enlightened or restrained, which is not to be condoned, however when confronted with outright hooliganism maybe not without some justification in the interest of public safety and order. It also surprises the casual observer that such relatively small protests could topple a government and shift the political landscape so swiftly.

All of which leads one to suspect that no small measure of political posturing is afoot. Maybe the resignation of the government is an opportunistic strategy led by a wily Borisov seeking a return to power as the savior of a nation. Exploiting the turmoil of his resignation to gain a stronger mandate, rather than serve in a weak and divided coalition. After all coalition government never sat well with the leadership style of this ''capo di tutti il capi'' and former presidential bodyguard.

Yet despite this backdrop of short term uncertainty I would still invite foreign companies to take advantage of opportunities for outsourcing in Sofia. We boast a highly educated workforce, low wages, cheap Class A office space and a 10% corporate tax regime. Making Sofia one of the best kept secrets in the EU. It would take only a relatively few international firms and a small amount of FDI to turn things around for young Bulgarians who deserve a future here rather than being forced to emigrate in search of hope and opportunity. Bulgarians have toiled under the burden of a toxic ruling elite for far too long and the benefits of EU membership seem few and far between and slow to materialse.

One thing is for sure the next few month's of political debate in Bulgaria promise to be spicier & more pungent than the famous local hangover cure of ''Shkembe-Chorba'' (tripe soup) with ''chesen'' (garlic) and paprika!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

Sofia Casa on Facebook

For commercial property solutions:
www.dynamicspacebg.com

Media Stereotypes Pander to the ''Little Englander''

2013-01-28T12:49:00.001+02:00

"Flag Of European Union" by domdeen

Politics is the same wherever you go! If capital is to be gained by reinforcing media stereotypes, pandering to the ''Little Englander'', little Frenchie, Bulgarian, Serb or whomsoever it may be, politicians (generally) do not hesitate.

At times, in the UK, it feels that there is no room left for reasonable debate, in a polarised British media led by the most vocal populists & purveyors of facile demagoguery.

Recent UK media reports hit the headiness with spurious forecasts that 300,000 economic migrants from Romania and Bulgaria will flood the UK when the doors open end 2013/2014. However such views are based on dubious statistics regarding Polish inward migration in recent years. The Polish came in when there was a boom in the economy and everyone knows (...especially savvy Bulgarians/Romanians), that with the crisis there is no capacity to absorb such an influx. Nobody in their right mind emigrates to sit on the dole, despite claims from the 'Little Englander' press. If they do, let them try as the urban myth of generous handouts seems to prevail amongst those who have obviously never had to suffer the ignominy of signing on.

Such assertions tend to insult the reader's intelligence and are rarely substantiated. Why then are media pundits allowed to make unchallenged anecdotal claims prophesising a tide of so called 'benefit tourists'? Has anyone espousing such views lived on the dole in a damp and dingy bed-sit with barely enough to cover the food bills?

What tends to be overlooked is that there are a lot of capable dynamic, qualified people in the CEE/SEE Region. The USA was built on immigration ''bring me your huddled masses''! God knows our top heavy demographic bulge is more of an imminent risk to prosperity than any influx of willing workers, whom studies show provide a net gain to the UK economy.

For this reason it is more important that the labour market and economic migration is managed in an intelligent manner, with proper regulation so that legal migrants are welcomed in a constructive manner, rather than shunned. They are coming to work and to help build a better and more dynamic Britain.

With the EU's open market for labour and goods comes great advantage, but often also wage reducing competition especially at the low skilled end of the labour market. Of course there are always winners and losers and it is time EU states play a more honest role in shaping public discourse regarding the costs and net benefits of one of the key issues of our time. Rather than trying to have their protectionist cake and eat it in a globalised economy,

One factor all too easily overlooked amid the furor, is that if such a tide of immigrants were to flee to the rainy Shangrila of The British Isles, where would that leave their countries of origin? There would be a huge crisis for the EU to mop up. Any hope of a motor to drive domestic growth in the Balkans would be stripped out by such a brain drain and geographic shift in working age population. In such an alarming scenario Bulgaria and Romania would be relegated to 'Western Union' states. Those stuck back home surviving almost entirely on remittances from their relatives working Mc-jobs in prosperous Northern Europe. That said this is not a new phenomenon it is has oft been thus with 'Gastarbeiters' driving German industrial growth as Portuguese, Turkish, Greek, Southern Italian and Spanish migrants sought work in German factories back in the late 60's, 70's and early 80's.

The fact that the UK red-tops, (Express and Daily Mail especially) , refer to ''immigrants' is in itself a pejorative and misleading term. In reality in the common market these are not immigrants, they remain Bulgarians, Poles Romanians or Latvians, they are not seeking British nationality. They are migrants moving freely, if properly managed paying their taxes and contributing to the host economy, as is their right in an EU without borders.

In short it is a little wearisome to see the Weltanschauung of the 'little Englander' being given exclusive access to the soap box that is mainstream media in the UK. It also does nothing to help the UK's image abroad, nor the future competitivity of the economy, which depends on having sufficient supply of labour to drive the growth we need to support the economic burden of the grey time bomb.

One cause for relief was to hear a phone-in on a BBC Radio Four talk show, where listeners voicing narrow 'UKIP' views were outnumbered 3 to 1 by the rational majority, who are sadly all too often not moved to speak out.

We look back on UK history, with its stand against fascism in WWII and see Britain as a bastion for common sense, fairness and tolerance. Let us hope that this innate sensibility comes to the fore, before it is drowned out by the shrill hysteria of a xenophobic press pandering to the gutter. Politicians should beware playing a short game, using this as leverage for cheap electioneering, when they also claim a place for the UK as a global force for human dignity.

However with economic crisis and austerity as the bywords of our age, it is not surprising that nationalism is on the rise across Europe. It is an alarming by-product of hard times and has always been thus. We only have to look back at recent history to take heed and make sure that a tolerant and rational debate is carried out with a firm grasp of the facts in a spirit of mutual respect rather than giving into press driven knee-jerk reaction.

One educated young Bulgarian woman sums up the debate most eloquently in an open letter to UKIP's leader Mr.Farage

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

Sofia Casa on Facebook

Superb 140 m2, 2 bed short term apartment near to Popa Square, Sofia top centre, 60 Euros per night!

2013-01-18T13:39:00.000+02:00

Superb 140 m2, 2 bed apartment near to Popa Square in the heart of Sofia.

Available for rent daily from only 60 Euros, weekly at 320 Euros, one month 950 Euros fully serviced. For long term rental 6+ months 850 Euros pcm (negotiable!).

The terrace is killer! It is a 30m2 outdoor room where you can breakfast and enjoy the view and additional space year round!

Stunning property in prime location!

Patriarh Evtimii Boulevard And Dante Street - Centre

2 Beds 1 Bath

Prime location

Air-conditioning

BBQ

Central Heating

Fitted Kitchen

Internet

Massive terrace

Wooden parquet floors

Good communications

Public Transport

Fully Furnished

850 € per month

Slide show Email a friend Request viewing Request callback

Full Description

Two bedroom apartment for rent in top centre -corner of Patriarh Evtimii Boulevard and Dante Street, 140 m2 on the whole 3 rd floor of the building. Lounge with fireplace, dining room with terrace to Dante Street. Two bedrooms with common enormous terrace of 30 m2 with barbeque, dining table and chairs, TV. Completely furnished and equipped kitchen / dishwasher/.Bathroom with a bath. Every room has air-condition, cable TV, stereo, WiFi, Price for one night stay - 60 euro / minimum two nights of stay/, one week stay - 320 euro, one month - 980 euro, price for normal one year period - 850 euro.

Тристаен апартамент, 140 кв.м., абсолютно обзаведен, състоящ се от- хол, две спални, кухня, баня и тоалетна/отделно/, две тераси, трети над партерен цял етаж. Хола, е с действаща камина, мека мебел, трапезария с тераса към улица Данте и П.Евтимий. Две спални с излаз на голяма тераса-30 кв.м., със зидано и действащо барбекю, трапезна маса, столове и ТВ. Във всяко помещение има климатик, ТВ/кабелна/, стерео, WiFi. Кухнята е снабдена с всичката необходима посуда, печка с фурна, хладилник, пералня, миялна машина. Банята е с вана. Жилището е тихо и спокойно, но същевременно в топ-центъра. Цена на нощувка- 60 Евро / минимум две нощувки /, седмица- 320 Евро, месец-980 Евро, годишен наем с договор- 850 Евро. (reference: SCPM000345)

Lounge

Big terrace with barbeque

Kitchen

Bedroom

Bathroom

Disclaimer

These particulars are intended to give a fair description of the property but their accuracy cannot be guaranteed, and they do not constitute an offer of contract. Intending purchasers must rely on their own inspection of the property. None of the above appliances/services have been tested by ourselves. We recommend purchasers arrange for a qualified person to check all appliances/services before legal commitment.

Contact Details

To view this property or request more details, contact

Sofia Casa Ltd.
Ul.Vladayska 42,
Etaj.2, Apt.4,
SOFIA
Bulgaria
1606

Tel : +359(0) 896 670 507

Email : info@sofiacasa.cm

Web : www.sofiacasa.com

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New Glass Fronted Buildings Cheek by Jowl with Socialist Architecture

2013-01-15T22:19:00.001+02:00

The rush for building permits and building plots in prime locations during the boom has left its mark on Sofia. In countries with more strictly enforced building and planning regulations one does not often find the same random juxtaposition of old and new.

It can be quite a jolt to witness the contrast between old and new as you walk around Sofia’s wonky streets. It is not unusual to find a brand new glass fronted building such as the offices for the EU in Bulgaria, plonked on a corner cheek by jowl with decrepit socialist era architecture. Just as an aside interestingly the aforementioned EU building (Sofia's own mini 'Gherkin'! Following the modern trend where high rise buildings become the embodiment of a marketing 'logo') remains unoccupied, who knows why maybe some dispute or irregularity in the planning, whilst the crumbling residential building it abuts onto is fully occupied.

With a relatively small historical centre for a capital city it is easy to argue that anything is an improvement compared to the blight of Soviet era architecture. One understands why many Bulgarians embrace all things new in a society held back by totalitarianism for so long.

The sad thing is to see listed buildings falling to rack and ruin. The reasonable explanation is that owners can not afford the upkeep whilst the more cynical suspect that they are deliberately left to fall into disrepair. As once condemned they can be pulled down to make way for the construction of profitable new flats & offices. As ever finance dictates form as a deviation from the accepted architectural axiom.

It is however ironic that only when the post boom dust settles do investigations into murky land deals and irregular construction start to hit the headlines. You’d be excused for thinking that whilst the money flowed those in power and positions of responsibility were ready to turn a blind eye. One suspects that not a little political score settling and power broking is at the root of many recent scandals. Short of pulling down the allegedly irregular buildings, it is seems little more than crying over spilt milk when the horse has bolted and the metaphor gets truly flogged to death!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

Billa Wars! (Supermarkets & Malls go toe to toe in Sofia Bulgaria's capital!)

2012-12-09T23:05:00.000+02:00

Welcome to Paradise! (Paradise Mall soon!)

Billa Wars! (Supermarkets & Malls go 'toe to toe' in Sofia Bulgaria's capital!)

On Saturday with bleak weather and a need for new clothing that I could postpone no longer I decided to take a trip to the new Bulgaria Mall on Blvd.Bulgaria. Little did I realise half of Sofia had the same thought as there were mile long tailbacks with cars packed bumper to bumper en route!

(the volume of traffic generated by the Mall raises questions Re: the effect it will have on traffic & the need for modern, comfortable clean public transport alternatives)

For once I was glad to be in a taxi despite the ubiquitous Chalga, the screech and crackle of the CB radio, the smell of sweat and a cigarette puffing driver, the Yellow Passport came in very handy we managed to jump the to the front of the traffic, down the middle lane! However once we arrived at the Mall it became apparent that the queues were caused by cars filing slowly into the bowels of the building. It reminded me of trips on the ferry to France as a kid with Abba, Boney-M and Rod Stewart blaring on loop! We put up with the long waits through customs, moving at a snail's pace to park in the hold, as our heads were full of the promise of sunshine & images of the French countryside and the inevitable 'plat du jour' at some delightful local restaurant. It struck me, as Winter bit and the grey skies swirled over the white capped Mt.Vitosha, that there were similarities between our wait for a ferry to Calais and the queues to park under the Mall. Bulgarians were likewise queuing up to go on a 'voyage' to a capitalist Western dream with its unobtainable lifestyle, the brands and marketing giving a momentary sense of escape. Swapping the drabness of the outside world for a pristine well lit modern climate controlled environment, where the lifestyle fantasy can be indulged to the Max! It seems sometimes joining Europe or the Euro, are less important than having the trappings of a developed Western society, with the prestige of an IKEA or a new Mall, giving locals the illusion of casting off the communist past to join the club of European consumer societies! As with the famed queues for the first McDonalds in Moscow, such signs of 'progress' have an undeniable and symbolic resonance with the yearning populous.

As we sneaked up to the front, passing the snaking line of polluting metal, we saw what I had thought was a massive covered walkway, connecting Billa (Large supermarket brand) to the Mall with lifts to the underground car-parking. However the Project Manager at the Mall, had laughed and told me, its not a bridge its a purpose built visual barrier! Billa have erected this 6 m high and 30 m long silver box on stilts to try and hide the Mall from Blvd.Bulgaria, blocking out the Carrefour (French Supermarket brand) logo emblazoned on its facade. So concerned are Billa that they have dressed the facade of an entire building under construction opposite the Mall from top to bottom in safety netting printed with giant Billa logo & advertising! Yet such is the crush for the Mall that Billa may benefit from the overspill as some drivers use their car-park or shun grinding queues to get into parking for Carrefour. Billa have also launched a ramped up loyalty card system, with more points & renovated the interior, with improved international lines such as fresh French 'jambon' at the Deli meat counter! ...I have to take my hat off to the progress here, as despite high prices relative to income in a small nation needing a more competitive open economy, I felt the shock of choice rarely felt here, with almost the same intake of breath as on infrequent trips to the UK where you are bombarded by 100 brands of cereal and 50 flavours of yoghurt! Indeed I watched one older shopper looking totally bamboozled . In his day there were surely little more than 2 x types of yoghurt, one type of loaf, 2 x types of milk, a couple of sausages on display and bananas at Christmas if you were lucky ...I could almost hear him say ''boy life was simpler back then and we were all equal'' etc... I hear the 'nostalgia-mongers' say this, but point out that they also had to watch their backs in case their neighbours snitched on them to the secret police. Even the location of the Bulgaria Mall is at a cross roads between past and present as for many wealthy Nomenclature and Oligarchs, who benefited most from the ''changes'' live in Boiana, making it their nearest Mall, whilst the vast majority of citizens struggle to get by on 300-500 Euros per month. This discrepancy highlights the lack of a realistic middle class 'spend' to underpin such rampant 'Mallitus'! Great inequality still exists between the very rich and the rest, with power, money and influence still in the hands of the few. The birth of the middle class suffered a set back during the downturn & was victim of the institutional corruption, which led to the EU (quite rightly) stalling desperately needed cohesion funds and subsidies. The only problem with this is that it allows some more extreme parties to foster disillusionment with the Europeanisation process. The EU an easy scapegoat that can be blamed for the lack of promised rewards from giving up sovereignty to Brussels!

Once inside the Mall I was struck by the great design, with a huge open plaza and glass roof running the length of the building (some serious work keeping it clean for the FM guys!). It is bigger and taller inside than it looks from the exterior, with multiple levels and precarious gantries crossing the vertiginous open spans of the atrium. In fact I had an uneasy feeling as a kid walking across began to jump up and down, trying to make it sway and indeed achieving the desired effect (for him not me!) on the upper gantry!

As usual very few users of the Mall, carried shopping bags, most coming in from the bitter cold to gawp and window shop, rather than splash their cash on designer goods! It took me back to 15 years ago when I lived in La Coruna (NW Spain) observing a late middle aged couple seeing an escalator for the first time! They marveled at the mechanical wonder, stepping with trepidation onto the magical moving stairway, clutching their rosaries and the hand rail for dear life. It was no doubt similar here a few years back, however Sofianites are now well versed in the use of escalators, with a glutt of ''Mallitus'' spreading across the capital! The unveiling of The Bulgarian Mall will soon to be followed by two more behemoths who will join the hunt for the 'Lesser Spotted Disposable BGN Leva!' (...prone to hibernation since 2008 & the Global economic crisis!).

At least, if the sparkle of delight in lady shoppers eyes is anything to go by, the Debenhams Department Store is going to be a hit. It was packed with women rooting feverishly through rails of in-hosue boutique designs all gathered under one roof. This more stylish British offering is better suited to local women's tastes, as they are generally stylish and fashion conscious, than the staid offerings of M&S.

After purchasing some jeans that fit (Wow! ...minor miracle in BG!) at Debenhams, I went to celebrate at the Food Hall ...I had skipped lunch & was starving. On arrival on the top floor I was met by more queues than cars outside and fewer seats than paying customers in the Mall ..whoops! The food on offer was pretty sloppy too, with Bulgarian/American take-aways & a kebab franchise called 'Rugby'! ...aptly named by the scrum to get served and the portion reminiscent of what a drunken player leaves on a pavement late at night outside a local disco! A Spaghetti Company Restaurant will open shortly providing shelter from the maddening crowds.

This Mall only opened on 1st of December so it is still drawing in the punters keen to see this modern marvel as if had been uprooted from Germany and beamed by the Starship Enterprise to this suburb of Sofia! Indeed the biting Winter winds and snows make entering a well lit climate controlled environment an attractive proposition. However once the novelty wears off and Paradise Mall and the Southern Mall open it will surely be harder to retain anchor tenants at rates of return sufficient to warrant the enormous capital outlay? Never have so many Malls been built by so many for so few!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

A room with a view ...of concrete!

2012-12-01T22:22:00.000+02:00

A room with a view! Sadly all to often in Sofia, this saying lifted from the celebrated Edwardian novel by EM Forster, is far removed from the sweeping hills of Tuscany!

When it comes to overbuilding the term ''room with a view'' best describes a view into the living room of an apartment just a few feet across from yours! The joke in Sofia real estate world is that some parts of town have been so overdeveloped that you can reach across to take a slice of toast from your neighbour's breakfast table!

www.freedigitalphotos.net,

"Heart Toast" by cjansuebsri

Preservation of good views seems to be given very low priority when a quick buck is to be made from an off-plan build and flip! Just as infrastructure, (as mentioned elsewhere in this blog), lags behind the pace of construction development. It seems that urban planners on local councils give out building permits like hot-cakes with scant consideration for blighted views, the impact on real estate value, oversupply and density. Whenever I think of this I am reminded of the scandalous annexing of swathes of South Park (public property!), by private investors next to/behind the American Embassy. Murky deals led to dubious build permits being granted to allow Developers to throw up row on row of up-scale condos, many standing vacant due to oversupply & fantasy rental prices set by delusional owners! Sometimes you can see resolute pensioners holding onto their old villa in a Southern suburb, whilst huge blocks go up all around it blocking out the view for all but the privileged few on the upper floors!

I was going out for a jog the other day, looking at the cityscape as the Winter sunshine set behind the mountain ''...hey wait a minute where's my mountain gone!'' ...now you see it now you don't replaced by the eyesore of an unfinished Hotel on Vitosha Blvd., direction Ivan Vazov District/S.Park. Before this shell and core concrete monstrosity was erected you were struck with wonder at the sight of Vitosha Mountain, dominating the horizon like a some brooding (hopefully dormant!) volcano. Its green slopes and seasonal changes, lifted you out of the shabby socialist architecture and crumbling downtown edifices, when gazing South at its majesty. It reminds us 'Sofianites' of our transient fragility with brief lives set against its omnipresent permanence.

"Chicken Eggs In A Plastic Carton" Jomphong

www.freedigitalphotos.net

At street level this view has now been replaced with a hulking concrete shell on a go slow build, where tourists and executives will (someday!) be accommodated like battery hens on numerous floors! Who knows? We wait and see maybe they will cover the facade with mirror glass to allow us to see the mountain once more reflected in the curtain wall?

Don't get me wrong I'm all for development and FDI, God knows this beautiful, if rather downtrodden land in the South East corner of Europe badly needs it, but a little more consideration to the built environment and the aesthetic impact on the view might not go amiss!

For a better experience of the Sofia property market, contact Sofia Casa:

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

Time for Green Shoots to Spring Through Cracks in Pavements of Sofia! (Sofia Architecture Week)

2012-11-26T02:10:00.004+02:00

I was strolling back from South Park towards the NDK (Palace of Culture) when I saw huge banners on the lower levels of the South facing elevation, promoting the 'Culture of Architecture' in Sofia Architecture Week (SAW).

"Stone Pavement And Grass" by smokedsalmon/www.freedigitalphotos.net

It felt refreshing and exiting after the blight of the boom years, with lowest common denominator construction thrown up in haste, off-plan, to flip to foreign investors on a gravy train to the terminus of 'urban chaos'! Little thought given to end-users, the urban landscape, nor indeed infrastructure and local amenities that make community and good places to live ...let alone raise a family!

So one hopes that from small beginnings a new consciousness within the Balkans can CEE can emerge with Architects leading the way to more sustainable passive construction that respects heritage innovation and energy conservation! ...at least a conversation has started across the region and now is the time for green shoots to spring through the cracked pavements of Sofia's mean city streets!

Click to visit our website!

Sofia Architecture Week Program

For a better experience of the property market in Sofia contact James Flint, Director, Sofia Casa Ltd.

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
Dynamic Space (Commercial Property)
@insidebulgaria
@sofiacasa

Dynamic Space (Commercial Property) New website coming soon!

2012-11-26T00:57:00.003+02:00

New website coming soon:

Check out Dynamic Space our exiting new commercial property service in Sofia, Bulgaria:
www.dynamicspacebg.com


Transparent, tailored business property services!

For International perspective and peace of mind, with local expertise and market insight contact Dynamic Space for your Commercial Property solutions in Bulgaria:

HP: +359 (0) 897 684 208
Tel: +359 (0) 2 953 01 16
Fax: +359 (0) 2 953 01 16

http://dynamicspacebulgaria.blogspot.com/

Top Overseas Destinations For UK Buyers

2012-11-15T12:00:00.002+02:00

France, Spain Again Top Destinations for UK House Hunters

"Beach Hut" by Simon Howden

British investors seem to be back to their old habits, looking little further than a farmhouse in France or an apartment on the Costa de Sol and are no longer tempted by countries such as Bulgaria and Turkey.
France tops the list of the top destinations for British home buyers, with 23% of potential buyers looking to own a property across the Channel, according to the HiFX Property Hotspots report.
"France remains a safe bet for Brits. It goes without saying that the sun and lifestyle are a big pull but buyers can now get better value for their money and take advantage of the weakening euro," Mark Bodega, director at HiFX, commented.
Just behind France in the popularity stakes is Spain. According to the survey, 19% of potential overseas property buyers want to buy in the sun.

"Spain is still popular with Brits who are hoping to take advantage of lower property prices. In years gone by bargain-hunters would focus inland, particularly looking for rundown properties that needed some work," Mark Bodega added.
"As inland prices have fallen the most since the property crash this is still true, however, prices have fallen on the coast dramatically as well giving bargain hunters plenty of choice."

The third most popular destination for people looking to buy abroad is across the Atlantic, with seven per cent saying they are turning their attentions to the US - another property slump hit location.
Italy, Cyprus, Portugal and Switzerland make the rest of the top seven list for destinations to buy overseas.
Bulgaria, which used to be a top destination for a second place in the sun for Brits, has been seeing lately the Russians steadily replacing the Brits and Irish as the buyers on the market.

While the trend is not new, and started after the global economic crisis, the Brits are now again increasingly active on the Bulgarian market of vacation properties but this time by selling.

Source of article

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Passion For Property!
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Sofia Rental Property Report October 2012

2012-10-29T18:27:00.000+02:00

"Down 3D" by Idea go. FreeDigitalPhotos.net

Since 2008 in general rental values have fallen by between 35%-50% for an overview of current market prices see below.

Residential:

1 bed segment buoyed up by overseas students (Turk/Greek). Central location rents and modern apartments in Southern suburbs such as Iztok/Lozenets/Ivan Vazov rent for between 200-300 Euros pcm.

2 bed apartments rent from 275-515 Euros. This segment has been hit worst by the crisis with 2 bed prices almost conflating with good 1 x bed properties. This is due to boom in over construction and withdrawal of overseas middle management by multinationals and reduction in their housing allowances.

3/3+ bed properties remain sought after and are scarce hence rents in this segment held up during downturn relatively better than the 1 and 2 bed segment. Rents for 3/3+ bed properties range from around 600 E -1,800 E pcm. Subject to size, location, finish and luxury of FF&E/on-site amenities.

Gated communities with on site sports and leisure facilities are popular with less rental voids than commoditized off-plan properties built during boom years as buy-to-lets.

All properties referred to above should come fully furnished barring some of the 180m2 plus properties in the large 2 bed and 3/(3+) bed segments where some senior executives still have relocation packages that include containerized shipments of furnishing, as negotiated condition of foreign posting.

Houses as opposed to apartments, are generally found in Southern suburbs on foothills of Mt.Vitosha: Boiana, Simenonovo, Draglaevtsi (Bistrisa), Kniajevo. Also Pancharevo also offers a good alternative for HNW individiuals near reservoir, airport, Borovets and Anglo-American school. Prices start from around 850 E and go upto Max 3,500 E pcm.

Office Space:
For new Grade (Bulgarian) A office space, look on Blvd.Bulgaria and on Blvd.Tszari Gradsko Shose. Rents vary from 6-12 Euros / m2 and have 0.5-2 Euros/month in maintenance fees. In the centre there is a shortage of new office space and a lot of apartments are converted for office use with prices ranging between 250-1200 Euros pcm for 60m2-250m2.

For a better experience of the property market in Sofia contact James Flint, Director, Sofia Casa Ltd.

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

Bulgaria's Top Court Sides With Oligarchs Against EU!

2012-10-18T18:50:00.003+03:00

Bulgaria's top court has ruled against key parts of a controversial, but praised by the EU and US bill, authorizing confiscation of illegal assets, which the country's parliament adopted in May.

Under the law Bulgarian authorities will have the right to launch probes and seize unexplained wealth, worth more than BGN 250,000 which has been acquired over the last fifteen years.

The Constitutional Court however attacked that provision and suggested instead a period of ten years.

The magistrates also ruled against the obligation of all state and local institutions, as well as the citizens to alert the special criminal asset forfeiture commission about suspected cases of unexplained wealth.

The law sets out a regime for non-conviction based asset forfeiture – the commission in charge will be entitled to launch proceedings if it can make reasonable assumption that the property is illegally acquired.

The law envisages that the procedure will be launched if the person is indicted with terrorism, participation in an organized criminal group, kidnapping, enticement to prostitution, human trafficking, theft, robbery, embezzlement, unprofitable deal drugs, tax evasion, as well as hiding precious goods, which is usually punished with probation or just a fine.

The opposition slammed the law, saying that they create conditions for persecution and repression of political opponents, while making untouchable the white color criminals who piled up their wealth through privatization deals and administrative crimes.

Interestingly these were not the parts, which the Constitutional Court attacked.

The majority in Bulgaria's parliament surprisingly failed to pass through the keenly expected bill in July last year, triggering fierce criticism in the EU and US, as well as suspicions of a set-up.

The draft law, initiated by Bulgaria's former Justice Minister and current Vice President Margarita Popova, was widely touted by the ruling party as a powerful tool in crime and corruption combat.

Foreign diplomats in Sofia have warned that watering down the bill for confiscation of illegally obtained assets may result in partial amnesty.

Source

For a better experience of the property market in Sofia contact James Flint, Director, Sofia Casa Ltd.

HP: +359 (0) 897 684 208
Tel:+359 (0) 2 953 01 16
Fax:+359 (0) 2 953 01 16

Passion For Property!
@insidebulgaria
@sofiacasa

'The Young One's' Impact Sofia Rental Market (Student Rental market)

2012-10-05T00:57:00.000+03:00

Its not quite 'The Young One's' but a recent article does highlight an interesting seasonal feature of the property market in Sofia market. There may be no student grants loans, stipends, scholarships or bursaries in Bulgaria but there is the bank of Mum and Dad! Turks & Greeks in particular drawn to down town apartments in the 250-350 Euro price range whilst well heeled Bulgarians drift towards Ovcha Kupel and the NBU (New Bulgarian University). In addition to the return of students to Sofia the Indian Summer is giving the property market extra legs into October when it can all be over until after the New Year if by 20th Sept if weather changes for the worse! As for the student masses look to Studenski Grad and the article below for some interesting insights!

Apartment rents in Bulgaria's Sofia have seen a 15% hike at the end of the summer as a result of the demand driven up by college students, according to realtors.
The southern and southeastern Sofia quarters of Studentski Grad (which houses Sofia's university dorms anyway), Dianabad, and Musagenitsa are the most popular with college students.
The students usually prefer two-room apartments rented for about EUR 200 per month, realtors say.
At the same time, however, the new, second line of the Sofia Metro has also increased the demand for apartments in less popular quarters such as Nadezhda and Lyulin.
Real estate agencies say that September usually sees a stark increase in the demand for rental apartments in Sofia, which leads some landlords to decide to up the asking rent prices.
The realtors have contrasted the prices of rental apartments with the rents in the Studentski Grad dormitories which average about EUR 25 but come with the inconvenience of having one or two roommates in a single room.
However, the largest universities in Sofia have limited housing opportunities which is why not every student can secure a spot in a university dormitory.

Article courtesy of: www.novinite.com

Crystal ball...or free fall? Sofia property market bottoms out in 2012!

2012-04-11T23:50:00.004+03:00

Crystal ball, or free fall?

Bulgarian property prices are largely expected to be unchanged in 2012 as real estate markets around the country remain at a standstill, Agents say.

Average prices in the capital city Sofia were around EUR 735 per square meter during the first quarter of the year, from EUR 730 in the last quarter of 2011, according to one large real estate agency.

The agency says this is a sign of the market stabilization even though the decline in residential property prices in Bulgaria is still visible. The extent of the decline is shown by figures which reveal that at the beginning of last year prices were 11% higher than now – about EUR 830 per square meter.

Agents expect that the number of transactions in 2012 would remain at similar levels as has been seen over the last year.

The agency does not expect a significant decline in prices and transactions during the traditionally strong spring season, although the country's economic environment remains highly uncertain.

Agents say that prices in major cities were relatively stable, but because of the decline in demand, prices had fallen.

The type of properties most like to sell are present are two and three bedroom apartments, with price the key factor.

Article courtesy of Novinite

Business Park at Sofia Airport Center Opens September 2012 (Tishman)

2012-04-11T23:37:00.001+03:00

Bulgaria is getting it together!

The main office building of the business park Sofia Airport Center will be opened first week of September, the Bulgarian office of Tishman International announced Monday.
The Class A offices will have overall space of 17 500 sq.meters built up area and is using the latest technologies and high international standards in construction, safety, comfort and environment.
In a further announcement by the company on Monday, Tishman Bulgarian Real Property, GmbH, a member of Tishman International Companies, a leading international commercial real estate development and management company, has acquired GE Real Estate's share in the mixed-use Sofia Airport Center (SAC) located in Sofia, Bulgaria, which was a joint development of the two companies.
Under a new strategy, GE Real Estate is going back to its roots as a major real estate lender in the US with a view to expanding those activities to Europe.
"GE Real Estate is repositioning its owned commercial real estate portfolio to allow the company to focus on its root strengths," said Frank Roseen, GE Managing Director, Central and Eastern Europe. "We are divesting certain assets to enlarge our focus on markets such as the UK and Asia, and we will increase the assets that we manage for third parties," he added.
Tishman has pioneered technological innovation at SAC, and attracted a roster of prestigious international tenants, including Honeywell EOOD, the Bulgarian arm of the leading multinational corporation Honeywell; Colgate-Palmolive Adria D.O.O., a global leader in cleaning products; and the global logistics firm Logwin (Logwin Solutions Bulgaria EOOD) to the Sofia Airport Center's modern office, logistics and warehouse space in its Logistics Center, conveniently located adjacent to Sofia International Airport.
"We have had a long and successful relationship with GE in the U.S. and are proud that they were a partner with us in SAC, our international business park," said Chairman of Tishman International Alan D. Levy.
Tishman International is known for innovation, and the company's work in Bulgaria has been a model for the country's ongoing modernization and economic expansion. "We take pride in the accomplishments we have achieved to date in Europe and in the United States. Following our consistent strategy of investing in Eastern Europe, Tishman will continue to advance along the same successful model, adding value as we continue to develop SAC," he added.
The company's achievements in Sofia include the design and construction of the Sofia Airport Center to modern western standards of sustainability, earning recognition as the first LEED-certified commercial office building in Bulgaria.
The logistics center, comprised of three office and logistics warehouse buildings of approximately 28 000 sq. m., is nearly 100% leased and was recently honored as the Best Industrial Buildings and Logistic Centers in the Building of the Year National Contest, says Julian R. Edwards, Tishman's Managing Director of Europe.
SAC's central plaza is designed around a clear water lake. This area, with modulated terrain with large sunny irrigated lawns and clusters of trees and flowers, provides a pleasant natural relaxation spot for tenants and visitors. When completed, Sofia Airport Center will be a mixed-use project containing nearly 170 000 sq. m. of logistics office and logistics warehouse space including Class A offices with underground parking in the office park portion, points out Olga Stoichkova, SAC's Leasing Manager.
Tishman International co-sponsors a number of international real estate conferences, where its executives promote green design and sustainable architecture, one of the company's core values. Tishman's international investments include properties in the UK, Czech Republic, Slovakia and Romania, as well as the U.S.
Tishman International Companies is currently active in the United States, United Kingdom and Central & Eastern Europe including Bulgaria, Hungary, Czech Republic, Slovakia and Romania. The firm specializes, in the acquisition, development, management and financing of commercial real estate. Tishman has been a consultant and joint venture partner to some of the world's leading institutions and private investors and has recently been appointed by a UK Fund to provide asset and development management services for a portfolio of 12 properties located in Romania, Hungary, and Slovakia.

Article courtesy of Novinite