Until the middle of the last century Bulgaria was a predominantly agricultural country. Under communism development of heavy industry became a priority and all industrial enterprises were nationalised. But the fall of communism in 1990 witnessed the beginning of a gradual transition from Soviet-style central planning and Bulgaria is now a fully functioning market economy governed by a parliamentary democracy. The national currency is the Bulgarian Lev (BGN), plural Leva, which is pegged to the Euro at a fixed rate of EURO 1:BGN 1.95. The Euro is expected to replace the Lev as official currency around 2010.

Bulgaria joined NATO in 2004 and is on track for European Union membership in 2007. As full integration in Europe draws closer people have begun to realise that here is a country with so much to offer yet only three hours’ flying time from the UK with daily direct flights from London and all major European cities.

This has led to a huge upsurge of interest in the local property market, both commercial and residential, and in recognition of this the British Bulgarian Chamber of Commerce has welcomed into membership a considerable number of companies, based both here in the UK and in Bulgaria, who offer various types of expertise in the real estate sector. They include property developers, estate agents, law firms, financial advisers and logistics companies.

To date we have held two seminars on buying property in Bulgaria with contributions by real estate agents, legal experts and the Bulgarian Embassy in London. Bulgaria is certainly experiencing a property boom and, although prices are rising, they remain significantly lower than those in most other comparable European destinations. The Black Sea coast remains a popular choice for those seeking to buy a house or apartment in the sun, either as a holiday home or as a rental property for the summer season. Becoming equally popular nowadays are Bulgaria’s mountain regions, which offer all-year-round tourism - skiing in the winter months and hiking in the summer. But beyond these obvious targets for investment other, lesser known areas are beginning to attract an increasing number of people who are simply looking for rural retreats in unspoilt countryside.

The British Bulgarian Chamber of Commerce (BBCC) wishes to ensure that anyone considering such an investment is properly advised. We were set up in 1993 to support business and investment between the United Kingdom and Bulgaria and our aim remains to offer practical assistance on a regular basis.We maintain an active information network by means of our web site and by organising events such as business missions, seminars and social meetings with guest speakers who have special expertise and knowledge of the market. We can also provide contacts for a range of business services such as translation, legalisation, transportation, legal services, business consultancy, market research and many others. The BBCC board is composed of members from Britain and Bulgaria who have extensive personal contacts in government and business circles in both countries.We work in close association with the Bulgarian Embassy in London, the British Embassy in Sofia, UK Trade & Investment and with local chambers of commerce.

Biography

Christine Booth is Executive Director of the British Bulgarian Chamber of Commerce (BBCC, www.bbcc.bg) and has run the Chamber on a part-time basis since January 2001. For the major part of her previous career she worked for the East European Trade Council (EETC) where she was responsible for promoting British business with all markets within the region and traveled extensively throughout Central and Eastern Europe and the former Soviet Union.

In addition to managing BBCC’s affairs, Christine runs her own business, CB Business Ltd.