According to Property Wire, the crisis has hit hard the Bulgarian real estate market:
The global economic downturn and poor management of investments have undermined the Bulgarian real estate market in the first half of 2009 with the office segment being the most severely hit, according to a new survey.
The commercial sector has been badly affected by ample supply and flagging demand, says the survey by Foros real estate agency.
Around 20 to 30% of offices across the country are empty. Rental and sale prices have decreased by 12.27% and 7.26% respectively since January.
The residential property market is also suffering. Jones Lang LaSalle has estimated the decline at 12% in Sofia in the last year while real estate agency Address puts it at 16 to 38% in the last six months alone.
Analysts from Foros are predicting sporadic investment activity in the second half of the year. Development projects will be delayed and a recovery is not expected until the economy improves.
However, some analysts see the green shoots of recovery in consumers’ revived interest and restored confidence, as well as in decelerated price downtrends.
Although there is dismay among environmentalists that what they regard as development that impact on areas of importance are still being given planning permission.
They are campaigning against a €2.2 million residential property development near the town of Kavarna in north east Bulgaria. They claim that the July Morning holiday village being developed by Bulgarian Land Development will have a serious impact on a site of natural beauty.
It is part of plans for a much bigger €40 million development that will have 351 homes, a spa centre, restaurants, golf and football pitches and five swimming pools.
Work begins on the €2.2 million first stage next month and it will have 55 apartments. ‘This development will destroy nature. It will also harm the coastline,’ said one group spokesman.
Meanwhile and Irish company, Blackwater Homes, which is currently promoting a 354 apartment complex in the Black Sea coast in Bulgaria, including a spa and a hotel, has filed for bankruptcy protection.
There’s still an year to go before the IOC announces the winner (July 7, 2007, at IOC session in Guatemala City). Bulgaria’s bid for the Winter Olympics of 2014 is Sofia (along with Borovetz and Bansko ski resorts). Sofia’s bid was the first to hit the table in 2004.
There is a numbe of projects that are focused on building artifical “villages” in traditional Bulgarian style around some of the springs. 
Bulgaria’s traditional wine-making goes back to Orpheus time but 50 years of communism have all but destroyed this once thriving industry. 
Here’s a snippet from The Prague Tribune:
Two new Bulgarian golf courses will be constructed: one near Bansko, one near Balchik (on the Black Sea). This is part of the efforts to establish Bansko as an all-seasons resort.