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Bahrain - another exotic destination property
13.04.2016
Property totaling 2.63 bn. USD were sold in 2015 in Bahrain. One of the reasons for the dynamics of the sector's growth in construction, explain analysts the company Weetas. At the beginning of 2015 and the annual growth in construction was 7%. A number of investors and developers began to invest their funds in real estate in Bahrain over the past two years.
Looking at the market in the longer term, in places registered a growth of 400% in property prices over the last 10 years. The country is attractive to foreigners because of low prices. The average cost per square meter of living space is 2070 USD. While that of the United Arab Emirates for example, is 5070 USD. Also the cost of acquisition of property and life itself are cheaper, report analysts.
The most common property fraud
12.04.2016
When you buying a real estate, it is important for the buyer to pay attention to several issues that gained speed in recent times.
The most common fraud remains the sale of real estate from a seller who is not the owner of the property sold and presented forged or false documents of ownership. "That is why the buyer should check and verify the ownership of a property who wishes to purchase, subject of the transaction. There is a trend in the growth of this type of fraud, "said notary Stilian Tyutyundzhiev.
In a deal with the property, which property records dating since 1998, the problem is not as big as the introduction of electronic access to Registry Company (which is public), the interested party can check the history of the property, the presence of weights / rights of third parties, etc. directly from your computer, can verify the authenticity of the previous act and the history of the property in the corresponding notary issued the previous acts. For the period from 1991 to 1998 recorded deeds may be consulted by electronic register at the registry office, the location of the property.
The problem comes with the old deeds and copies of such before 1991 before the notary presents the seemingly perfectly valid title deeds and copies. Electronic access to the land registry covers the period of real estate transactions from 1998 to now. "Therefore, if the customer wants to buy a yard in the town. Sofia, which documents dated before 1998 or before 1991, as of 1973, should require the notary, who has chosen the transaction to check-done statement to verify / compare presented his "old" deed with copies bound in volumes stored in the registry office, the location of the property. Also consult and index kept by the registry office, where the immovable property from which to ascertain whether the transferor is really involved in the transaction from which they derive their rights. Thus it can certainly ascertain whether the trader has presented proof of ownership is real and not fake. If any discrepancy with the ostensible submitted by the owner with proof of ownership-bound copy in the Registry Office, transaction, the purchaser must abandon the deal, "explains notary Tyutyundzhiev.
In Sofia are dozens turnover deserted courtyards which are made fake title deeds and they circulate in turnover. The buyer should require thorough inspection of the entire history of the property where the seller legitimize an old deed.
Chinese Company to Build Car Factory in Bulgaria's Lovech
29.12.2008
The Chinese company Great Wall presented their idea to build in partnership with Bulgaria a car factory near the city of Lovech.

The project was announced during a meeting on Tuesday between the Bulgarian Prime Minister Sergey Stanishev and two of Great Wall's Vice Presents, the Cabinet's press center reported.

The investment is estimated at EUR 80 M, while the new factory would open nearly 1,500 new job opportunities for the city's residents.

The project is scheduled to start in the beginning of 2009 with the perspective of Lovech to become a major center for the entire line of Great wall automobiles.

The Bulgarian PM declared support for the project and underlined that the Bulgarian Cabinet had future investments in the country's economy as a top priority.

Stanishev stated that various car makers had expressed interest in manufacturing cars in Bulgaria despite the sector's worldwide difficulties due to the global financial crisis.

The Premier pointed out that Bulgaria had as major advantages the country's good business climate, tax legislation, qualified work force.

The Great Wall representatives confirmed their firm intention to realize the project, adding that they were looking ahead in the future and did not plan to freeze their investments, despite the looming crisis.

The Chinese investors spoke about their company as a socially responsible business with excellent work conditions, sound environmental policies and programs for employment of disadvantaged individuals.

Great Wall Motor Company Limited is the first privately-owned auto company of China listed in the Hong Kong Stock Market. Its products cover Passenger Car, SUV, MPV and Pickup. Great Wall Company owns more than 20 subsidiaries with over 18,000 employees. At present, it has the production capability of 400,000 units of whole vehicles, and the independent matching ability of the core parts, such as engines, front and rear axles, and others.

In April, 2006, Great Wall Motor was awarded "Export Recommended Brand" by Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME).

Since 2004, Great Wall Motor has been listed among "the Top 10 Listed Privately-Owned Enterprises", "the Top 500 Chinese Enterprises", "the Top 500 Chinese Mechanical Firms", "the Top 500 Chinese Manufacturing Firms", "the Top 500 Chinese Industrial Enterprise", "the Top 30 Chinese Automotive Industry in Terms of Sales Turnover", and "the Champion of the Top 100 Privately-Owned Enterprises of Hebei Province".
Bulgaria Govt Boosts Development Bank Capital as Anti-Crisis Measure
29.12.2008
ulgaria's cabinet voted Wednesday to increase the capital of the Bulgarian Development Bank by BGN 330 M as a measure to counter the effects of the global financial crisis on the real sector.

The government takes such a step for the second time in less than two month after it increased the capital of the Bulgarian Development Bank by BGN 100 M on November 4, 2008.

The Bulgarian Development Bank (BDB) is a top priority financial instrument of the government as it is creating various schemes to support entrepreneurship especially with respect to the export potential and competitiveness of the Bulgarian economy.

Wednesday's financial injection of the BDB will enable it to grant credits to commercial banks, which in turn would be able to provide loans to small and medium-sized enterprises with more favorable conditions.

The BDB finances its activity by emitting bonds, through EU funds, and though credits from local, and international financial institutions. It was set up in April 2008 as a successor to the former "Encouraging Bank" in order to help for Bulgaria's economic development.

The increases of the capital of the BDB are not limited by its statutes. The decision to increase its capital are made by the general assembly of its shareholders but the Bulgarian state always holds no fewer than 51% of its shares, which are non-transferable.

The BDB statutes stipulate that its shares could be obtained by the European Investment Bank, the Development Bank of the Council of Europe, the European Investment Fund, and development banks of other EU member states.
Prof. Hanke: Bulgaria is Less Affected by Recession
08.11.2008
Bulgaria is to stay less affected by the global financial crisis than other countries due to the currency board and the flat tax system it adopted, Steve Hanke, a Professor of Applied Economics at the Johns Hopkins University said during the 10th Southeast Europe Economic Forum.

However, Prof. Hanke, who is said to be the father of the Bulgarian currency board system, pointed out that the Bulgarian Achilles' heel is corruption.

Hanke also said that the current crisis in the US should not be compared to the Great Depression and added that Bush's war on terrorism has restricted individual freedom, which further spurred economic crisis.

Now we have a new president and his answer will be massive redistribution of income and greater intervention of the government at all levels of the economic system, Hanke concluded.
Bulgaria MP's Reject Reduction of Minimum Amount for Business Registration
06.11.2008
The Bulgarian Parliament on Thursday did not adopt the ten times reduction of the minimum capital requested to establish a limited responsibility company in the country.

The project for changes in the Trade Law provided for the minimum capital to go down from BGN 5,000 to BGN 500, which the Members of the Parliament (MP's) rejected at second read. They did, however, approve the article providing changes in the way the amount is deposited - the first installment would now equal 30% of the capital, instead of the current 70%.

The idea to reduce the minimum capital was introduced by the opposition MP Marin Dimitrov, who believes that the move would encourage entrepreneurship in Bulgaria. It became clear even before the vote, during the discussions, that the MP's would not approve the change.

www.novinite.com
Bulgaria's National Assembly voted at first reading Friday on extending bank deposit insurance to the local-currency equivalent of EUR 50,000 from BGN 40,000 at present.
03.11.2008
Bulgaria's National Assembly voted at first reading Friday on extending bank deposit insurance to the local-currency equivalent of EUR 50,000 from BGN 40,000 at present.
The MPs approved bills of Rumen Ovcharov, Milen Velchev and Yordan Tsonev of the ruling coalition and of independent Maria Kapon.
Kapon proposed a guarantee of the local-currency equivalent of EUR 50,000 mirroring the measure put forward at the latest meeting of the EU's finance ministers to protect deposits of up to EUR 50,000.
The members of the ruling coalition called for a BGN 100,000 insurance.
Under the adopted legislative changes, the government will also guarantee debt instruments issued by the local commercial banks.
The deposit insurance fund will borrow from the state budget if short of cash and guarantee interbank loans for a year, under the proposal.
The Bulgarian government is ready to guarantee interbank loans and buy back government securities to help banks overcome the credit crunch and the smaller liquidity, Prime Minister Sergei Stanishev told Reuters news agency.
Stanishev pledged the government would bail out any bank suffering liquidity problems, and said the fiscal reserve would surge to BGN 13 billion at the year's end.
(Dnevnik)
Sofia Airport Upgrades Category, Delayed and Canceled Flights to Diminish
30.10.2008
Sofia airport has been granted a 3A category, meaning that airplanes could land with a visibility a slow as 200 meters.

The news was announced by Bulgaria's Transport Minister Petar Mutafchiev Sunday. Mutafchiev participated in the presentation of the military "Albatross F2" plane in the village of Chernogorovo.The plane is a replica of the plane used by the Bulgarian Army during the Balkan War. On October 16, 1912, "Albatross F2" realized one of the first flights in the world when an aircraft was used for military action. The replica has been made by the non-profit organization "Avio relics."

After its renovation the airport in Sofia had a category 1 permitting lending of airplanes with visibility of 550 meters or more. The Transport Ministry then had established a goal of upgrading the airport's category and providing better landing conditions, according to Mutafchiev.

The Minister reminded that the location of the airport posed many obstacles for the category upgrade because the foggy conditions at Sofia's airport are much more frequent than at other airports in the country. Despite that, the Sofia airport became the first airport in Bulgaria to have a category 3A, which means that the number of canceled or delayed flights would be significantly reduced.

The next step, according to Mutafchiev, is the acquisition of a category 3B, which so far has been granted to only 10 airports in Europe. In order to obtain a category 3B, the road to Sofia airport must be changed as well.
Bulgaria Bank System with Best Capitalization in EU
30.10.2008
The Bulgarian bank system has the best capitalization in the entire European Union (EU), according Ivan Iskrov, Manager of the Bulgarian National Bank (BNB).

Iskrov made the statement on Thursday before members of the Greek Business Council during a discussion about the effects of the global financial crisis in Bulgaria.

According to data from BNB until September of 2008, the credit institutions, operating in the country, have registered profits of BGN 1,1 B, which is 30% more compared to the same period of 2007. It is projected that the profits would reach a total of BGN 1,5 B by the end of the year.

Iskrov further stated that there was no need to recapitalize banks in Bulgaria similarly to the recapitalization taking place in Western Europe, because they were over capitalized. The problems created by the global financial crisis are not affecting the bank system in the country, but the real business, Iskrov explained.

The BNB manager also pointed out that in the conditions of a long-lasting crisis, Bulgaria can expect deflation, increase of unemployment, low rate of salaries' increase, adding that Bulgaria was going to overcome these issues because the country possessed the best instrument - its membership in the International Monetary Fund.
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