Finance

The most expensive construction market is Hong Kong. The top 10 includes five European countries, reports Investor.bg.

Bulgaria is among the ten cheapest states for construction in the world, according to consultancy firm EC Harris. Bulgaria ranks 6th in cheapest construction destination and 42nd for construction costs.

The cheapest destination for building is India, followed by Indonesia, Vietnam, Morocco and Malaysia. A position behind Bulgaria is Bosnia and Herzegovina, and Romania is the tenth cheapest destination for construction in the world.

Hong Kong, on the other hand, has the most expensive construction market in the world. Among the top 10 most expensive construction destinations are also five European countries – Switzerland ranks second, Denmark third, Sweden fourth, France 8th and Belgium 10th.

Macau is rated by the company on the 5th place, Australia – 6th, Japan – 7th and Singapore – 9th.

Although the economies of developing countries are slowing,and the recovery in developed countries is lagging behind, experts predict growth in the construction industry worldwide. They also say that by 2025 the volume of construction output will grow by 70% to 15 trillion dollars.

Growth is also expected to be concentrated in the developing economies, which by 2025 will contribute with 63% to the global construction output. For comparison – in 2012 their share was 52%.

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The Mayors of Veliko Tarnovo and Alexandria, Daniel and Victor Panov Dragusin, have signed an agreement for joint application for cross-border project between Romania and Bulgaria. It is called “Building eco urban zones in the Lower Danube Euro-region – models for sustainable urban development” and would cover the time period 2014-2020.

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From early September the chief architects of the two towns will be consulting about the preparation of projects to create riverside recreation areas, said Daniel Panov.

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The Veliko Tarnovo project is based on an early development plan, designed by the local architect Matey Savov. Projects should be ready by 2014 and and be implemented in 2015.

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The Veliko Tarnovo project so far is planned to be 2.5 km long, running along the Yantra. It would from the tunnels next to the Tsarevets Castle. The project envisions cycling trails and walkways, decorated with greenery. The  Yantra coast will be reinforced with gabions and supporting walls. Two panoramic elevators will lead from the town to the street, shared Daniel Panov.

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a postcard of hotel Tsar Boris III

In a previous blog post, I mentioned that this monumental building was purchase by Edmund Beck, the US millionaire that also restored the Hadji Nikoli Inn to former glory.

The businessman purchase the crumbling Veliko Tarnovo property on Opalchenska Street via his company, “Bulbeck” about two months ago.

The millionaire invested approximately $3 million to restore the Hadji Nikoli Inn. The restoration of the hotel is expected to cost more. It will be a 4-star hotel and owner is keeping its historic name.

Currently architect Nikolay Georgiev has undertaken safety and security measures of the former hotel, which is in poor condition. A team of architects will most likely be assigned to restore the building.

Several projects are to be considered, whose approval will likely take about a year, since the building is of cultural importance in Veliko Tarnovo.

Hotel Tsar Boris III now

Summer Kitchen

Ever wonder why our descriptions of Bulgarian property almost always include the space called summer kitchen? Here is why.

During the long hot Bulgarian summers a summer kitchen is worth its weight in gold when considering buying a house in Bulgaria.

Summer kitchens are multi-purpose living and recreation areas during the Bulgarian summer. Following a cold winter, Bulgarians enjoy time outdoors during the summer months. Summer kitchens are usually an extension of homes and are often covered to protect inhabitants from the heat of the sun.

People living in villages use the summer kitchen to cook, dine, rest/sleep, watch television and socialise with friends. Typically, summer kitchens are well equipped with a sink, kitchen area with table, cooker/wood burning oven/ BBQ, fridge and seating.

Most Bulgarians will make the most of an outdoor area even if it’s simply a balcony of an apartment, most of the cooking will be done on an electric grill or BBQ, to reduce both the heat and food smells of indoors.