Foreign Interest Surges in Bulgarian Property Market, Especially in Resorts
Real estate agents have reported a surge in property purchases by foreigners in Bulgaria's resorts and major cities like Sofia, Plovdiv, Varna, and Burgas
The state has negotiated 12% more as value, public procurement this year compared to the past.
The central and local authorities are obliged to spend their money transparently and for this purpose they publish their orders on a daily basis in the register of the same name.
According to the statistics of the Public Procurement Agency last year, the state has accelerated the spending of money to BGN 21.3 million per day. For comparison, in 2017, the amount was BGN 18.6 million and in 2016 was BGN 16.4 million. One of the main reasons for the increase in the spending was that the absorption of the EU funds started under the current programming period.
The total value of the public procurement contracts concluded exceeds BGN 7.8 million.
And this year, construction orders are at a lower value than the money that goes for supplies of different materials. For the construction the amount allocated is BGN 2 billion and 580 million.
However, the construction cost is expected to increase next year due to the more capital expenditures for the municipalities, as well as the expected increase in the absorption of EU projects in the area of water supply and sewerage and the construction of roads.
Typically, the companies with the highest number of public procurement contracts per year are the Electricity System Operator and the Maritsa East 2 TPP. For the first time, however, Sofia Municipality was replaced by the Municipality of Varna in the ranking.
The number of orders does not match the amounts that are being spent. One of the largest orders announced this year was released in the last hours of 2018 and worth BGN 2.2 billion. The competition is for the construction of a gas pipe, and the contracting authority - the state-owned Bulgartransgaz.
Judging by the state budget next year - the money spent will be more. The state has set a record number of spending with four priorities - income growth, education, defense and social policy. Wages in the budget sector will increase by 10 per cent, education by 20 per cent, and for defense and social policy also an increase in funds is foreseen. All of these amounts have to go through public procurement law to be spent.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU