About Bulgaria

Introduction

Bulgaria is a country of immense variety, both geographically and culturally. As a destination, the country has only received widespread recognition within the last couple of years. Many locations have yet to be discovered by international tourists and buyers.

The economy is growing at 6% per year and unemployment is falling fast. Bulgaria is due to join the EU in Early 2007. Inward investment continues to grow, with international organizations such as the OECD predicting strong economic prosperity for the foreseeable future.

International interest in the property market was initially concentrated in the coastal beach resorts of the Black Sea. As the market developed and matured an ever increasing variety of property has become available catering to the differing interests and needs of international buyers. Prospective buyers can now choose between mountain ski resorts, historic villages, luxury apartments in the capital or coastal villas.

Key facts and figures

Demographic

• Population: 7.8m
• Life expectancy: 72 years
• Ethnic groups: 83.9% Bulgarian, 9.4% Turks, 4.7% Roma
• Religions: 82.6% Orthodox Christian, 12.2% Muslim, 1.7% Roman Catholic
• Literacy: 98.6%

Economic

• GDP: 6.0% (est. 2005)
• GDP per capita: $7600 (est. 2003 using PPP)
• Population below poverty line: 13.4% (est. 2002). Note: UK= 17% (est. 2002)
• Unemployment: 12% (2005)
• Local currency: Bulgarian Lev (fixed exchange rate with Euro)

Political

• Government type: Parliamentary Democracy
• Capital: Sofia
• Legal system: Civil and criminal law based on Roman law

Geography

• Location: Southeastern Europe, bordering the Black Sea, between Romania, Greece and Turkey
• Area: 110,910 sq km
• Coastline: 354km
• Terrain: Mostly mountains with lowlands in north and southeast
• Elevation extremes: Low- Black Sea 0m High- Musala 2925m

Language

Bulgarian is spoken by all the population. It uses the Cyrillic alphabet as opposed to the Roman alphabet commonly used in Western Europe. The written Bulgarian language therefore loosely resembles the more commonly known Russian language although there are significant differences to the two languages.

EU membership requires that all public signs are displayed in the Roman alphabet as well as the local Cyrillic. Foreigners travelling extensively in Bulgaria may experience some problems navigating and interpreting signs prior to 2007. This problem does not apply to tourist resorts.

Visitors will find the English language is widely spoken by the local population. In tourist areas almost all people speak fluent English. Menues and forms are translated due to the number of visitors to these areas.

Due to its history and similarity, Russian is widely understood and spoken by Bulgarians, particularly amongst the older generation. Other languages that are common include French, Greek, Serbian and Turkish.

Currency

The official currency of Bulgaria is the Lev. The Lev exchange is now fixed against the Euro as part of the EU membership process. After EU membership in 2007, Bulgaria is expected to adopt the Euro currency and the Bulgarian Lev is expected to be phased out completely, this process is expected to take place in 2009 or 2010.

Nearly all significant property is bought and sold in Euros.

Activities and Attractions

As Bulgaria continues to attract more and more visitors, the list of activities available continues to grow. We have therefore listed some of the more popular types of pursuits for visitors to Bulgaria.

Mountain Sports

Bulgaria has no less than four different mountain ranges, the Stara Planina, the Rhodope, the Rila and the Pirin mountains. After receiving major investment from the EU Bulgaria now boasts three international quality ski resorts, Pamporovo, Borovets and Bansko. These resorts offer pistes up to 2715m above sea level.

In summer the mountains continue to attract a large number of visitors with some of the best hiking in Europe available. Mountain bikers and horse riders are also beginning to discover the attractions of Bulgaria.

The area around Sopot in the Stara Planina also boasts some of the best hanggliding and paragliding conditions in Europe.

Beach Resorts

With a coastline of 354km along the Black Sea, Bulgaria attracts many hundreds of thousands of holiday makers every summer. The commercial season runs from May through to October every year.

The coastline boasts a number of world class beaches offering deep, fine golden sand. The area of the Black Sea around Bulgaria also has sea temperatures in the summer months that are actually higher than the Mediterranean. With little or no tide and very small waves, swimming in the Black Sea is very safe for both young and old.

Heath Spas

In the coastal regions many areas offer special mud treatments from the coastal lakes. These have become famous for their healing and youth giving qualities attracting many tourists all year around.

In the mountain regions, Bulgaria has literally hundreds of natural mineral water springs. A great many of these are thermal with temperatures up to 60 degrees and with a wide variety of mineralisations. Towns such as Bania (near Bansko) and Velingrad offer traditional spas (some dating back to Roman times) where bathing and other health treatments are available. As with most activities in Bulgaria, these health spas cost around 20-30% of the price of similar locations in Western Europe.

Cultural Attractions

Bulgaria has a rich history. Many visitors find time to journey to many of the cultural sites dotted throughout Bulgaria. Some of the most important archaeological sites in Europe are located within Bulgaria's borders with new discoveries still being made. Combined with the rich religious heritage of the region, there is no shortage of sites to visit. In recognition of the importance and unique nature of many of these locations, some have now been given UNESCO World Heritage status.

Unlike many other parts of the world, Bulgaria has retained a great number of traditional folk and religious celebrations. Almost every week in Bulgaria there is a celebration taking place in one of its many regions. From the orthodox Easter to the Valley of the Roses celebrations, visitors should find the time to explore at least some of these events.