Decline in Real Estate
Bulgaria has seen a consistent decline in property sales for a year and a half, according to Land Registry data. In total, 2023 witnessed an 11.2% fall in deals, amounting to 215,507 transactions. Despite this, 2023 still ranks as the third most active year in the past five years.
The year started with a 9% decrease in the first quarter, worsening to 15% in the second quarter. The third quarter experienced the lowest number of deals in the last 12 years, with a record 13% drop.
Greenpeace Report: Health Gains from Bulgaria's Coal Exit
A study by the Center for Research on Energy and Clean Air (CREA) for Greenpeace Bulgaria suggests that a rapid shift away from coal could save 3,600 lives in the Balkans and reduce Bulgaria's healthcare costs by at least 10 billion euros. This study is the first to predict the health impact of coal power, including deaths, illnesses, and associated economic costs.
Greenpeace's report, covering 2023 to 2038, links pollution from coal power to 333 local annual deaths. It analyzes health costs from diseases caused by pollution, including premature deaths, hospitalizations, respiratory conditions, premature births, cognitive impairments, and lost workdays. About 40% of Bulgaria's electricity is currently generated from low-quality lignite coal, Greenpeace notes. This type of coal, high in dust and sulfur, releases harmful particles into the air when burned, contributing to air pollution. The report points out that most power plants, including the state-run Maritsa-East 2, fail to meet emission standards.
Bulgaria Extradites Cyber Fraud Suspect to Germany
The Varna Court of Appeal has approved the execution of a European Arrest Warrant, agreeing to extradite a Bulgarian citizen facing cyber fraud charges in Germany.
The arrest warrant was issued by a court in Bamberg, Germany, where the 29-year-old Bulgarian is accused of being part of an organized criminal group involved in fraud and computer crimes. Prosecutors allege that he operated from a call center in Bulgaria, where employees used false identities to deceive clients in Western Europe. Through misleading statements and promises of high returns, they convinced victims to invest substantial amounts in financial operations. These funds, totaling over 432,800 euros, were then siphoned to the criminal group's accounts.
Decline in Real Estate
Bulgaria has seen a consistent decline in property sales for a year and a half, according to Land Registry data. In total, 2023 witnessed an 11.2% fall in deals, amounting to 215,507 transactions. Despite this, 2023 still ranks as the third most active year in the past five years.
