Attractiveness Survey 2008
Thursday, 12 June 2008
Ernst and Young have just done an ‘ATTRACTIVENESS SURVEY 2008' covering all South East Europe countries, polled through 216 international corporate executives.
Bulgaria came third in overall general economic attractiveness and ranked highly in all-round perception on corporate taxation, labour costs and flexibility of labour legislation.
The Bulgarian Government National Statistics Institute stated that 60% of the 5.2 billion €uros of foreign investment into the Bulgaria economy in the whole of 2007 came from Real Estate and Tourism.
To uphold this investment tax structures have changed to 10% both on personal and corporate income.
There was a marked rise in the number of ex pat Bulgarians returning to the country adding 2billion dollars to the economy annually contributing to a national growth in residential house prices in 2007 of 28.9%, reflecting in average prices of 1,091 BG Leva per sq.m.
Bulgaria adopting the €uro in 2010, increased flights from the buying markets in Europe along with newly redesigned and constructed airports, improvement of infrastructure and improved building quality under EU regulations, all point to maintaining the 15% per annum growth in the real estate market for the foreseeable future.
The Bulgaria Real Estate market is truly international with a diversified mix of purchasing nationalities including British, Irish, Russian, Scandinavian, French, Spanish, Italian and an increasing number of Polish, Latvian and local Bulgarians.
The vibrant Bulgaria market has spawned a multiplicity of mortgage packages, simplified credit facilities, After Sales services and furnishing products.
Ernst and Young survey also highlighted the exceptional media coverage worldwide of the Bulgarian Economy and Finance, stating that 65% of all Bulgarian media coverage in the major publications of USA, China, India, France, Germany and UK covered this subject.
Growth predictions all seem to point towards the areas developed by Best of Bulgaria over the last four years, in the Varna beach areas, the new golf resorts and Formula 1 racetrack site in the Balchik areas and the Borovets ski resorts.
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