Developments
Why Bulgaria?
Parc undertook extensive research in Bulgaria in
2004/05. This exciting ‘emerging’ region presents perhaps the best investment returns of all the Eastern European markets:
- Politically stable, a full member of NATO with recent EU entry in January 2007.
- Local currency (Lev) fixed to the Euro since 1997. Euro adoption projected for 08/09.
- Fastest developing tourist destination in Europe with 37% average annual growth (Bulgaria is the fastest growing holiday destination in the world according to tour operators such as Thompson and First Choice).
- Dramatically improving infrastructure.
- Property prices currently up to five times cheaper than in other European countries - prices are expected to soar over the next few years – particularly in the ski resorts and the office and retail sectors in Sofia.
- Since EU accession the mortgage market is maturing quickly, rates are becoming more competitive and stage payment finance is now possible
- About 30% lower expenses for everyday living than in Spain and other European countries.
- GDP growth expected to be highest in Eastern Europe (Institute of International Finance ) at 6% for 05/06.
- Stable and predictable business and political environment with lowest operational costs and tax rates in a Europe.
- Between 2.5 to 3 hours flight from most UK airports. Low-cost airlines will be entering the market soon under the Open-Skies agreement and the number of direct flights is increasing.
- Fantastic ‘continental’ climate.
- Currently under-developed with a lot of natural beauty now protected under strict Bulgarian environmental law and UNESCO status.
- Shortage of ‘Western’ quality new accommodation.
- Highly-skilled, multilingual workforce with Europe 's most competitive wages.
- Industrial goods traded duty free between Bulgaria and the EU, EFTA, CEFTA and Turkey.
Full investment proposal for