Lisboa named as one of the ten cities in the world to visit

Lonely Planet, the tourism guide first published in 1972 has published their ¨Best in Travel 2009¨ tourism guide, naming Lisboa as one of the ten cities in the world to visit next year.

Lisboa is described as a city which ¨combines old world charm with fun¨.  In the article written by Stuart Butler the reader is invited to discover the city from the Folk Saints festivities, daily cultural events, through the lively cafe banter and numerous restaurants.

The Lonely Planet guide recommends other destinations including Warsaw, Beirut, Chicago, Glasgow, Sao Paulo, Antwerp, Mexico City, Zurich and Shanghai.

The magazine is published in English, French, Italian, Spanish, German, Japanese, Mandarin and Korean.

Romania and Bulgaria to see increased tourism in 2009

According to the BBC, Romania is one of the regions which could attract British holidaymakers seeking to avoid traditional destinations in favour of cheaper breaks.

Bulgaria is also expected to reap the benefits of the new wave of ´far-near´ destinations.

Sarah Miller, Editor of Conde Nast Traveller added that destinations which are ¨places that are close by, either they are beyond the Iron Curtain or they didnt crop up on your radar¨.

Further good news for property investors considering Romania or Bulgaria is a recent report by DTZ Echinox predicting increased rental in Romania during 2009.

MRI Construction reach yet another milestone

As of December 2008, MRI Construction have now officially completed their 5th international property development.

Silver Mountain Resort, in the highly popular Bansko/Razlog area of Bulgaria has now received ACT 15.

This means MRI Construction have now delivered, on time, all development projects undertaken, worldwide.

Other developments in the area which have been completed by MRI Construction include Aspen Golf, Aspen Suites, Aspen Heights and Aspen Valley.  Indeed, during its first festive period rental release, Aspen Golf has received very high ratings from independent websites, with scores from holiday-makers including 10 out of 10 for service, quality, staff friendliness, facilities and location.

During this time of international economic crisis, MRI Construction have successfully brought to the market, sold and built almost 2,000 apartments.

Further good news for our investors is the continuing investment in the area surrounding Bansko.  Investment is ongoing for the increased ski areas of Kulinoto and Dobrinishte which are also in the Razlog Valley area which will eventually link to the Bansko resort.

Also helping to bring the area up in popularity and creating an ¨all-season resort¨ are the new golf courses planned for the area, including Kulinoto Ski & Golf and the 4 Championship courses of Rila Golf & Spa Resort, White Mountain Golf Club, Razlog Golf Club and Razlog Valley Golf & Spa.

Indeed, it was announced recently that Bansko will hold its first Mens World Cup Downhill races in March 2011, yet another coup for this highly rated resort.

In attendance at the opening of the ski season this year was Gianfranco Kasper, President of the International Ski Federation.  Kasper stated ¨you have really wonderful conditions here in Bansko.  I´ll come back next season to watch the start for the World Cup.

In a definite stamp of approval, World famous skier, Norwegian Kjetil Andre Aamodt added:  ¨I havent seen a wonderful opening like this anywhere in the world, not even in St. Moritz.  Bansko resembles Colorado which is my favourite resort, but now I´ll change my mind and start skiing here¨.

For a taste of what the Bansko Ski Resort currently offers, please click on the following link to discover a range of virtual rides with 5 times world champion Marc Girardelli.  http://www.banskoski.com/?page=more-about-bansko&sub=virtual-ride

For further information on this, or other developments available from MRI Construction, please contact:

 

Thomas McDermott

thomas.mcdermott@mrioverseasproperty.com

Romanian economic forecasts for 2009

Estimates made by analysts, bankers and managers for the ¨Economy in 2009¨ yearbook published by Business Standard show the following economic indicators for 2009:

Average salary of 518 Euro;  an average exchange rate of 3.83 RON to 1 Euro;  5% unemployment;  5.1% rate of inflation; and economic growth of 3.78%.

Foreign Direct Investments are expected to reach 5.5 billion euro during 2009.

Sectors of the economy which are expected to see the highest continued growth include Mutual Funds, insurance, delivery services, retail, consulting, PR and distribution.

Romanian banks do not require government support

Patrick Gelin, General Manager of lender BRD-Societe Generale has stated that Romanian banks shall not require the type of support and financial bailout as witnessed in the West during the current global credit crunch.

¨Romanian banks had a rather good year in 2008, with higher results compared to 2007.  Plus, the Romanian banking system is healthy, as banks have no direct exposure to the US market¨.

Major retail groups see continued growth in Romania

Metro and Rewe, 2 of the major retail companies operating within Romania have exceeed 1 billion Euro in turnover for 2008.  Also breaking this barrier for the first time shall be Carrefour and Kaufland.

Metro, operating through the Metro Cash and Carry was the first major retailer to enter the market and is one of the country´s largest companies, comparable to the Petrom oil company which is owned by OMV;  car manufacturer Automobile Dacia which is controlled by Renault and steel manufacturer ArcelorMittal.

Rewe are the 2nd largest retailer and posted a 27% increase in turnover for 2008.

In spite of the economic downturn witnessed globally, the credit crisis is not expected to impact the Romanian market with the major retailers claiming that turnover should increase this year by 10-15%.

Romanian industry ranked 1st in European Union

The volume of new orders in the Romanian industry sector has registered an annual 18.4% increase during 2008, in comparison to the figures released by Eurostat (European Institute of Statistics) showing an average drop of 17.9% in the EU.

Lucian Anghel, Chief Economist of Banca Comerciala Romana has stated that Foreign Direct Investments continue to be strong for Romania.

This now places Romania 1st in terms of growth within the EU.

Former New York Mayor, Rudolph Giuliani states Romania is less exposed to the Global Crisis

On a recent visit to Romania, former New York Mayor Rudi Giuliani stated that he believes Romania can overcome the current economic crisis as it has fewer toxic loans.

Giuliani received worldwide recognition for his handling of the aftermath of the September 11 attacks on the World Trade Center in New York was invited to attend the 10 Pentru Romania (10 For Romania) award gala.

¨You will have a coalition government, which can be a good thing, because everyone will have to compromise on more extreme positions and agree on practical issues ahead.  This could be the best timing¨, Giuliani stated.

Average nett salary rises 22.4% in Romania

During October 2008, the average nett salary in Romania rose by 22.4% on the same period last year.  In the figures released by the INS (National Institute of Statistics), the biggest rises in nett salary were registered in the air transport sector.

The average wage now stands at 1,327 RON, which at todays exchange rate is the equivalent of 340 euro or 297 pounds sterling.

Global recession will push investors towards Romania

America, Spain, Turkey, Taiwan, Italy and Belgium are expected to see the lowest growth rates in GDP in 2009.  In a report by the American Bank, Merrill Lynch, it is stated that global investors will turn to the markets most likely to see growth over the coming years.

Romania has been recommended as one of the leading economies which shall continue to see growth, with a forecast of 3.9% and 4.5% in GDP over the next 2 years.  Also expected to see growth over the coming years are Qatar, China, India, Peru, Nigeria, Panama, Egypt, Indonesia and Slovakia.