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Bulgaria: News Brief

News highlights from Bulgaria. Doom and gloom on property market? Perhaps the Bulgarian property market has changed for the better. The unprecedented phenomenal rise in property prices over the last five years has been unjustified, with many being too greedy. Where does the market stand now? Both property sales and prices have gone down but at the end of the day, this is a market correction and what is happening in the Bulgarian real estae market could certainly have been much worse.

The last eight months has now seen a rise in the sales of upmarket and quality properties, a reduction in the price of properties in the first time buyer segment and vendors pricing their property realistically. These trends are good signs and will smooth the curve, creating a more balanced and stable housing market.

Bulgaria boat show

Wednesday, 27th May, next week will see the opening of the Bulgaria Boat Show 2009. The event will be held in Varna, the Black Sea capital and will have on display the latest James Bond film yacht, the Sunseeker Superhawk 43. More than 50 new yachts will be there in an exhibition area of 4,000 sq.m, some boats on water, others on land. Other goods will also feature at the show, including motorbikes, cars and diving equipment.

Crop yields

Reuters reported that farmers in Bulgaria are worried about the wheat and barley yields this year after a dry spring. Dry conditinos in the last two months mean a likely cut in harvests in the country. Bulgaria is not the only eastern European country to be affected, others include Poland, Hungary, Serbia and Slovakia. The Bulgarian National Grain Producers Union believes that yields will fall below average for Bulgaria as lack of rain affects the crops.

Bulgaria remains attractive for outsourcing

A.T Kearny, consultancy company, reported that low company costs and improvement in the quality of the labour force in Bulgaria, make it attractive for outsourcing. A report from the organisation for the most attractive locations for outsourcing, places Bulgaria in 13th position amongst 50 countries. The consultants believe that Bulgaria has a good opportunity to take advantage of its position in the region and attract more companies.