Obelisk International launches Jagoda Villas, its new project in Varna, Bulgaria

Obelisk International announces its latest project in Bulgaria, Jagoda Villas: 66 villas enjoying proximity to the Black Sea Coast as well as the city of Varna.

Jagoda Villas is comprised of 66 detached villas, all with a first floor balcony and ground floor terrace area, and each comes with a private parking space and pool. All villas are the same size, with three bedrooms and two bathrooms. The development has restricted access ensuring its residents privacy within its grounds, which are planted with landscaped gardens throughout.

Jagoda Villas is situated on the outskirts of the city of Varna, just fifteen minutes from the city by car, and four minutes from the sea. The development is close to a range of facilities, allowing residents convenient access to nearby golf courses, bars, spas and restaurants.

Having recently celebrated achieving its membership of the European Union on 1st January 2007, Bulgaria’s already burgeoning tourism industry is anticipating further growth. Visitor numbers to Bulgaria are increasing year-on-year, and are expected to exceed 20 million by 2010. The Black Sea Coast, where Jagoda Villas is situated, is the most popular tourist destination in Bulgaria.

Veronica Castro, Market Analyst at Obelisk International, cites Bulgaria as the fastest growing holiday destination in the world, and comments: “With tourist numbers growing and an increasing number of airlines offering services to the Black Sea Coast, we anticipate that the demand for property in this area will continue to rise”. With its combination of city and beach attractions, the region of Varna has a range of attractions to ensure year-round popularity with tourists and residents alike.

For more information on investment hotspots and to find out about Obelisk International's exciting new projects, contact Kevin Prior, Sales Director, Obelisk International. +34 952 820 319 or kprior@obeliskinternational.com

About Obelisk International.

Obelisk International is a real estate investment company providing global investment opportunities that offer security, tangibility and impressive financial performance. Their service to investors is based upon three main principles: price, profit and performance.

CONTACT

Press Contact: Santiago Sanchez-Lozano, Marketing Director, Obelisk International, +34 952 820 319 or santiago@obeliskinternational.com - http://www.obeliskinternational.com/

House Price Growth in the UK Slowing

Prices in December rose by an annual 6.8 per cent, representing the first decline in annual growth since October 2005, according to the Financial Times house price index. The data indicates that the market was slowing before the most recent rise in interest rates. Inflation is expected to slow further this year, and a decline in the number of transactions is forecast.

New data from the Financial Times house price index showed that house price inflation has decreased for the first time in 15 months, on an annual basis. The data indicates that the market was slowing before the most recent rise in interest rates.

Prices in December rose by an annual 6.8 per cent, down from 7.4 per cent in November, and representing the first decline in annual growth since October 2005.

With another rise in rates forecast for this year, the market in 2007 is expected to slow further, and homeowners are increasingly trying to fix the rates on their mortgages. The Council of Mortgage Lenders expects that a decline in the number of transactions is likely, affecting first-time buyers and investors in particular.

Investors in the buy-to-let market, who have increased in number over the last few years, will see the gap between mortgage costs and their rental yields increase; if interest rates stay the same or even rise further, such investors are likely to suffer as a result.

The Financial Times house price index measures every property sold in England and Wales, and it is hoped that the index will end the confusion that has previously surrounded house price changes.

If you wish to see the original article from the Financial Times click here

Increasing Numbers of Property Buyers Looking Overseas

As the number of British owners of overseas property rises, figures show that the emerging markets are continuing to catch up with the established destinations in popularity. The increasing difficulty of getting on the property ladder in the UK leads even first-time buyers to start their search abroad.

Estimates of the number of Britons owning overseas property vary significantly, from as few as 300,000 (Lombard Street Research) to 3.5 million (Halifax), but it is agreed across the board that the number has trebled over the last decade and is expected to double over the next few years. Spain and France are the unsurprising market leaders, but reports consistently show that the emerging markets are catching up as buyers hope to maximise their return on investment. Already, an estimated 15,000 British people own property in Turkey, and a further 10,000 in Bulgaria.

Research conducted by YouGov has found that first-time buyers, being priced out of the British market, are also increasingly looking overseas. The survey found that 47 per cent of the under 30 age group expect their first house purchase to be abroad.

The Institute of Public Policy Research puts the number of people living overseas permanently at one million, with a further 500,000 planning to move in the next five years, and 500,000 more dividing their time between living in Britain and abroad. With such a growing market for overseas property, the importance of choosing the right destination is being impressed on potential buyers.

If you wish to see the original article from the Telegraph click here

Bulgaria’s Corporate Tax Rate Cut

Bulgaria's corporate tax rate has been cut by five points to 10 per cent, effective from the beginning of this month. Bulgaria’s parliament unanimously voted for the cut in October 2006, and it is hoped that the change will have the effect of boosting the country’s business climate and tackling tax evasion.

Bulgaria's corporate tax rate was cut on 1st January 2007, when it joined the European Union. Bulgaria’s parliament decided on the move, which cut corporate tax by five points to 10 per cent, in October 2006 by a unanimous vote. It is hoped that this will give a boost to the country’s business climate, as the change will put Bulgaria’s corporate tax at one of the lowest levels throughout the EU.

Bulgaria’s Deputy Finance Minister Georgi Kadiev put to lawmakers that the new corporate tax rate would reduce budget proceeds in 2007 by an estimated 290 million Leva, or €148 million. However, he claimed the change would reduce tax evasion by tackling the grey economy, as companies would be less inclined to disguise their full income.

Kadiev added that as Bulgaria’s economy was progressing well, the estimated reduction in budget proceeds could be a lot lower than 290 million Leva in practice.

If you wish to see the original article from the International Herald Tribune click here

Bulgaria Tipped as One of the Best Places to Invest in 2007

Bulgaria has been named as one of the best countries in which to invest this year, in a recent report by FC Exchange. Its findings were based on a number of indicators including its economy, the strength of its currency and the supply and demand already present in its market. The report shows Bulgaria as a strong contender in the overseas real estate market, catching up the present market leaders.

Bulgaria has been named as one of the best countries in which to invest this year, according to a report by UK-based commercial currency brokerage FC Exchange. In its report, the company employed several indicators to choose the best destinations for investment, including the countries’ individual economies, the strength of their currencies, and the levels of supply and demand already in each market, which in turn affects prices and availability.

Bulgaria’s investment potential for the coming year is attributed to several factors: the low prices compared to other European markets which are attracting buyers; and extensive World Bank funding which has gone into significant improvements to the country’s infrastructure and investment in its tourism industry.

Potential investors are advised to look out for tell-tale signs of an up-and-coming investment area; promising indicators include the presence of small, independent businesses such as restaurants, cafes, shops and estate agents, that typically signify the arrival of well-off locals to the area.

If you wish to see the original article from The Sofia Echo click here

Obelisk International names Bulgaria as one of the most bullish real estate investment locations for 2007

Bulgarian property is expected to achieve attractive investment returns in 2007, following the country’s accession to the EU and due to factors such as an expanding tourist market and the population’s growing affluence, according to analysts at Obelisk International.

Following its accession to the EU on January 1, 2007, Bulgaria will see a positive impact on its property market, both residential and commercial. EU entry is expected to produce impressive foreign investment with companies from all over Europe setting up operations in Bulgaria, as well as increasing trade with European countries. The retail sector is set to experience rapid growth with construction underway for warehousing, business centres, logistics and hypermarkets in the capital city, Sofia and across Bulgaria.

Obelisk International has highlighted the country as capable of providing real estate investors with sustained profitability as well as diversity for their portfolio.

The demand for land from commercial enterprises and retailers will be matched by demand from residential developers who are wanting to cash in on the opportunities created by a growingly affluent population who are demanding more accommodation of a higher quality.

EU regulations will ensure that both quality and safety issues are high on the agenda of Bulgarian construction companies. The cost of upgrading materials and standards, as well as an increase to labour costs and amenities such as electricity are likely to add 5 per cent to the price of construction in 2007 alone (source: National Construction Federation).

Property experts predict that the competitive demand between commercial and residential sectors will push land prices up and inflate prices of Bulgarian properties.

In addition to the local demand for property, there is also the burgeoning market of international expatriates and retirees. The rental market in Bulgaria is also due to be fed by the increased number of tour operators serving the country.
Such factors auger well for the future of the Bulgarian real estate market, although some market analysts estimate that the boom set to start in earnest in 2007 may start to level off from around 2010. Investors are looking to gain the greatest profits by entering the market before demand is met by supply. Veronica Castro, Market Analyst at Obelisk International, comments, “The new EU status will benefit both existing and future investors in Bulgarian real estate, and growth is expected to continue to increase for several years to come”.


For more information on investment hotspots and to find out about Obelisk International's exciting new projects, contact Kevin Prior, Sales Director, Obelisk International. +34 952 820 319 or kprior@obeliskinternational.com

About Obelisk International.

Obelisk International is a real estate investment company providing global investment opportunities that offer security, tangibility and impressive financial performance. Their service to investors is based upon three main principles: price, profit and performance.

CONTACT

Press Contact: Santiago Sanchez-Lozano, Marketing Director, Obelisk International, +34 952 820 319 or santiago@obeliskinternational.com - http://www.obeliskinternational.com/