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July 2007, 06/07/2007

Dear Valued Stara Planina Properties Client,

As we are in the middle of the hot summer this newsletter is about coastal projects and fiestas. We hope you find it informative.

Premium Coastal Developments

Buying a property abroad is a big step for everybody. It is normally a result of at least a month's hard work researching different areas. Quite often there is a bit of a risk involved especially if you are considering an off- plan development. Therefore choosing the right one you have to take into consideration all sorts of factors like:

  • Are the developers reputable? Do they have any completed projects? That on one hand will give you an idea of their professional experience and on the other hand will let you see the quality of construction and finishing.
  • Documentation regarding the project - have they been granted permission to build, if not at least check if they have title deeds for the land, at what stage is the design process?
  • Do they offer property management or letting services? And at what costs?
  • What is the location - distances to the beach and amenities and most important - and the facilities within the complex?

No doubt it is best if the construction has already been started and you can visit the site.

On the Southern Black Sea coast examples of sound investment projects under construction or already finished are Garden of Eden and Royal Garden. They definitely meet their clients' expectations and more. The workmanship is finished to a high standard, quality materials have been used, and the views over the sea are unimpeded and beautiful. It is difficult to match the location, architecture or standard of facilities that these two complexes have to offer.

Garden of Eden is a frontline development with direct access to the beach and laid out in the style of a Thracian village with extensive landscaping. Much attention has been given to the aesthetics of the development and a wide range of facilities will be offered. Garden of Eden Art House is the latest addition to this award-winning and hugely successful complex. All 107 apartments will have a view over the beautiful turquoise waters of the Black Sea. With the five star facilities of Garden of Eden at one's disposal, together with professional on-site management, Art House is ideal for investment or for that "place in the sun".

Royal Garden is already finished and owners and guests are really excited about the high standards of the whole complex. Situated in the very centre of the most modern Bulgarian summer resort Sunny Beach, only 50 meters from the beach, with an unique garden (2 acres), it has everything it takes to make you feel at home. The garden of Royal Garden combines everything that the 5-star hotel guests and apartment owners need for their complete relaxation.

The latest project of this developer is Royal Sun, comprising 5 housing complexes. It benefits from perfect location; contracts with the biggest European tour operators; professional property management; unique garden, over 2 acres, with 3 outdoor swimming pools, including children's pool; hotel facilities - restaurant, bar, spa and health centre, beauty studio; all-year security and maintenance; security supplied parking spaces; high level of technology and communication; 24-hour service reception desk.

Those who prefer the Northern resorts and are keen golfers should definitely consider one of the following developments: Golden Amos, Kranevo Paradise Gardens and Kaliakria Golf&Sea Apartments.

Golden Amos is located in the St Konstantin and Elena Resort, 9 km North from Varna and 15 km from the Varna International Airport. The complex comprises two 6-storeyed buildings with roof terraces. It is in close proximity to the many restaurants and night clubs in the St Konstantin and Elena and the Golden Sands famous for its variety of entertainment and night-life activities. It is a fine modern apartment complex with fascinating architecture.

Kranevo Paradise Gardens is situated between Albena and Golden Sands resorts. The project is within walking distance to all amenities and the sandy beaches of Kranevo and just 15 km to a new golf course. It consists of eight three-storeyed blocks of two bed apartments with penthouses and twenty-one two bed townhouses with luxury two bed penthouses on the top floor. All units have at least one bedroom which is en-suite. The common area is well organised with management facility for the green areas and all tenants will enjoy a large communal swimming pool with additional pool-bar. The project also features a luxurious and comfortable restaurant that seats 200 people, and offers both international and local cuisines.

Kaliakria Golf&Sea Apartments is in the heart of the Bulgarian Golf Riviera with 3 golf courses under construction and boasting probably the best sea and golf views in the area, the apartments at Kaliakria Resort overlook the greens and fairways of a new championship golf course and the sea: a magnificent panorama of Kavarna bay, stretching from Cape Kaliakra to the resorts of Albena and Golden Sands. Kaliakria is a gated community development built in 3 phases, with retail and leisure court, lush landscaped gardens and five swimming pools.

If you find any of the above projects appealing to you do not hesitate to contact us for further details before you make up your mind.

Allianz Bulgaria Offers a Higher Profitability Alternative to Savings Accounts

Allianz Bulgaria Voluntary Pension Fund (ABVPF) is part of the largest European financial group with branches in 70 countries.

Following enquiries from foreigners living in Bulgaria ABVPF started to offer its services to them in a form which will provide higher return from their savings than the deposits set with the local banks.

The most important advantages of a voluntary pension fund are higher profitability compared to the bank deposits, safety as pension fund assets are invested in low-risk instruments only, tax exempt for the yields, fast liquidity as funds can be withdrawn within a day and flexibility in the types of payments the beneficiary wishes to receive.

The average 7-year yield from the ABVPF was 9.47% for the 2000-2006 years and the 5-year yield for 2002- 2006 was 8.77%.

According to the Alianz specialists most of their foreign clients were interested to invest their savings in the fund and to receive a monthly payment to support themselves whilst living in Bulgaria.

This and other opportunities to benefit from the savings can be discussed with ABVPF representatives. Please contact us if you are interested to receive contact details of people to explain more details for the services.

Bulbank Merges Two Other Banks Creating UniCredit Bulbank

The merger of Bulbank, HVB Bank Biochim and Hebros Bank announced in 2006 was finalized on 02.07.2007 when all the branches of the three banks started to operate under the name UniCredit Bulbank. The merge created the leading Bulgarian bank with total assets of EUR 3 billion, 326 branches and over 1 million customers. The new bank is a part of the largest banking network in Central and Eastern Europe. UniCredit Group is a strong European banking network which serves more than 28 million customers via 7,000 offices in 20 countries. By joining forces, the new Group will significantly strengthen its position in Central and Eastern Europe, increasing the number of outlets to some 2,800 and the number of clients to around 16 million.

As a result of the merge the IBAN numbers of all bank accounts of Bulbank clients were changed since 02.07.2007.

A Supreme Administrative Court Decision Provokes Ecologists' Protests and Public Concerns

Protesting ecologists blocked Sofia main boulevards on 2 July demonstrating against a Supreme Administrative Court decision taking away the reserve status of Strandzha Nature Park. The ecologists suggested that there was corruption in the state administration which lead to the exclusion of the protected territory.

There have been debates for years concerning the status of the Strandzha Park in the South-East Bulgaria due to construction of vacation villages which started in protected areas outside the urban territories. The court decision followed a protest from the Tsarevo Municipality which wanted agriculture plots located close to urban areas to be taken out of the park's territory and thus construction limitations to be removed for these plots. According to the Mayor of Tsarevo the status of Strandzha impedes investment plans in the municipality.

Following the protests the Minister of the Environment and Water Resources announced that the Ministry will use all legal options to protect Strandzha Park in its present condition.

Bulgaria's Biggest Resort on the Northern Black Sea Coast Celebrates 50 Years Anniversary

The Golden Sands resort completes its 50th year and the anniversary will be marked with a number of events during the summer of 2007. There will be a folklore festival, latino fiesta and rock concerts.

15 million tourists have visited the resort over the last 50 years and 500,000 people have worked in the resort.

Bulgaria's Equivalent of Glastonbury Bathed in Sun - Again!

The unusual hot weather was not the only news in the coastal town of Kavarna in June. The traditional rock festival again welcomed legendary rock bands and thousands of fans from all over Bulgaria and abroad.

The last weekend was marked by the performance of the Motorhead and Manowar in two consecutive evenings. The most memorable moment for all fans was when Manowar performed a rock version of the Bulgarian national anthem. The festivities ended with the sun rising in the morning of the emblematic July 1st at the Kavarna beach.

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