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Sat, Feb 04 2012
Conference looks at foreign ownership
The Constitution must be amended to allow foreigners to own land in Bulgaria and improve the domestic investment climate, said Foreign Investment Agency chairman Nikolai Marinov last week.
Marinov's comments came at the opening of the seventh annual conference of the Central European Real Estate Associations Network (CEREAN), which was held in Sofia on Thursday and Friday.
The conference was attended by 190 Bulgarian and foreign real estate agents. A trade exhibition of companies operating in this sector, the first one to be held in Bulgaria, was organized on the sidelines of the forum.
"This annual CEREAN meeting is held at a moment when the Bulgarian government is focusing its efforts on the creation of a favourable business environment with the potential to attract both external and internal investors," Prime Minister Simeon Saxe-Coburg wrote to the forum. "This event is important for the country, in that it will help incorporate the Bulgarian real estate market into the European market and facilitate the Cabinet's efforts with regards to strategic priorities, namely the creation of financial and legal conditions to attract foreign capital," he said.
Data provided by CEREAN President Valeri Leviev at the forum, showed stagnation on Bulgaria's housing property market due to the low purchasing power of the population. "The country needs a special law on home-purchase loans," Leviev said.
Housing property is offered at between $300 and $800 per sq.m. in the centre of Sofia and $200 to $500 in the suburbs of the capital, Leviev said. In other parts of the country apartments can be purchased for $70 $100 per sq.m.
There is a growing demand for rented upscale housing at $4-$10 per sq.m. a month. Monthly rents for luxury offices in Sofia and other big cities in Bulgaria have gone up to $20 to $28 per sq.m., and ordinary offices are available in the outskirts for $5 to $10 per sq.m. Leviev also reported a lack of large storage areas of the order of 15-20 ha and a steady demand for commercial sites, for which monthly rents may be as high as $50 per sq.m.
Real estate in Bulgaria will be re-registered under the Cadastre Act within two years. The new act will ensure that all property in Bulgaria is properly registered. "This will be beneficial for the domestic market, provide guarantees for foreign investments and reduce risks for Bulgarian buyers," said Leviev.
Marinov's comments came at the opening of the seventh annual conference of the Central European Real Estate Associations Network (CEREAN), which was held in Sofia on Thursday and Friday.
The conference was attended by 190 Bulgarian and foreign real estate agents. A trade exhibition of companies operating in this sector, the first one to be held in Bulgaria, was organized on the sidelines of the forum.
"This annual CEREAN meeting is held at a moment when the Bulgarian government is focusing its efforts on the creation of a favourable business environment with the potential to attract both external and internal investors," Prime Minister Simeon Saxe-Coburg wrote to the forum. "This event is important for the country, in that it will help incorporate the Bulgarian real estate market into the European market and facilitate the Cabinet's efforts with regards to strategic priorities, namely the creation of financial and legal conditions to attract foreign capital," he said.
Data provided by CEREAN President Valeri Leviev at the forum, showed stagnation on Bulgaria's housing property market due to the low purchasing power of the population. "The country needs a special law on home-purchase loans," Leviev said.
Housing property is offered at between $300 and $800 per sq.m. in the centre of Sofia and $200 to $500 in the suburbs of the capital, Leviev said. In other parts of the country apartments can be purchased for $70 $100 per sq.m.
There is a growing demand for rented upscale housing at $4-$10 per sq.m. a month. Monthly rents for luxury offices in Sofia and other big cities in Bulgaria have gone up to $20 to $28 per sq.m., and ordinary offices are available in the outskirts for $5 to $10 per sq.m. Leviev also reported a lack of large storage areas of the order of 15-20 ha and a steady demand for commercial sites, for which monthly rents may be as high as $50 per sq.m.
Real estate in Bulgaria will be re-registered under the Cadastre Act within two years. The new act will ensure that all property in Bulgaria is properly registered. "This will be beneficial for the domestic market, provide guarantees for foreign investments and reduce risks for Bulgarian buyers," said Leviev.
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Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
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