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International Investment In Bulgaria Still Strong
By Tim Wright, Wed Dec 7th
The strong growth in the Bulgarian economy is continuing andthis is emphasised by the confidence in the market shown bycompanies such as GE for example.
*GE Commercial Finance Real Estate recently announced it willbe acquiring a 50% stake of the Mall of Sofia. The Mall is anenormous trade, business and entertainment centre currentlyunder construction in the heart of the capital city.
The acquisition is costing approximately EUR 37M and was made bya consortium of GE Commercial Finance Real Estate and QuinlanPrivate.
This investment can only encourage the current growing trend inthe Bulgarian property market and indicates GE's intentions toexpand to the countries in Central and Eastern Europe.
*Copenhagen Airports has announced it will increase theirplanned investments in Bulgaria's Varna and Burgas airports fromEUR 106M to EUR 140M by the end of 2008. The added investment isbeen used to bring the airport and its facilities up to date andto deal with the constantly increasing passenger traffic.
A corporate analysis on the airports of Varna and Burgas showsthat unless urgent reforms are implemented at both facilities,the airports may see a decrease in expected traffic as soon asnext season.
Tour operators are likely to redirect tourists to alternativedestinations due to insufficient quality of services and thiswould have a knock-on effect for hotels with poor bed occupancyand a possible slowdown in the overall economic development ofthe region. Bulgaria's top three airports at Sofia, Varna andBurgas have seen a 20% increase in passenger traffic.
*New European low cost air-carrier Wizz Air has completed itsfirst flight with destination Sofia. Tickets for the flightstarted selling in Bulgaria three months before, and 155passengers were on board for the new beginning.
Wizz Air is now flying the Sofia-Budapest Route four times aweek, and is looking to expand the number of flights out ofother Bulgarian airports and increase the destination sitesthroughout Europe, focusing on the markets of Central andEastern Europe. The airline took off at the end of May from thesouthern Polish city of Katowice, initially flying to Budapest,London's Luton airport, Rome, Milan, Venice and Berlin.
In closing, the above investments in the real estate sector,infrastructure and travel reflect the growing confidence in thefuture of Bulgaria as a major player in the region and move thecountry closer to expected EU integration in 2007
About the author:Tim Wright is an international property investor and regulararticle contributor. He is the author of "Bulgarian Property -The Overseas Buyers' Kit" available athttp://www.bulgarianpropertybuyer.co.uk
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