The Company Anticipated That In 2011, Istanbul Will Be The Town With The Biggest Growth In Tourism Expenditures — Up 30.1% Compared To The Year Before.

Istanbul was named as one of the world’s top performing tourist destinations in 2011, based on mastercard‘s new Worldwide Index of Worldwide Destination Towns, revealed on Wed.. The company envisioned that in 2011, Istanbul will be the town with the biggest expansion in tourism expenditures — up 30.1% compared with the year before.

The Greek administration agreed on Monday (June 6th) to sell its ten percent percentage in Hellenic Telecomms (OTE) to Germany’s Deutsche Telekom for 400m Euro dollars. After the deal, Greece will hold ten percent and one voting share in OTE, while Deutsche Telekom will control 40 percent and one vote. The leftover fifty percent are in the hands of world and Greek prescribed investors.

The Albanian lek hit an all-time low Monday (June 6th), changing hands at 142.55 lek per euro. Compared with the start of 2011, the price of the EU Dollar has increased by 4 leks.

The official minimum wage in Bulgaria will be raised from around 120 Euro dollars to 135 EU Dollars, PM Boyko Borisov announced on Sun. (June 5th). He said the govt will start procedures to implement the hike, which should take one or two weeks.

web giant Google will open an office in Zagreb by the end of June, Croatian Times reported on Wed. (June first). The office will serve the company’s operations and supply local support to advertisers in Croatia, Serbia and Slovenia. Also, Croatia has a lot of lovely summer destinations for visit. Many who come here, desire buy some Croatia real estate. One of the few places left in Europe where purchasing a home or house close to the sea is still reasonable, Croatia enjoys acceptance with property buyers from across the world who appreciate the opportunity to own a home in a gorgeous, largely unspoiled country and also by the attractive potential investments returns.

It must have been a daunting prospect for the first foreign owners who started purchasing property in Croatia in the latter 1990s : selling property was a novel experience for many Croats and there would’ve been no help about what to do or where to go. However now things have changed considerably and there is a good deal of information available on the web about how to buy and the way to navigate the bureaucracy.

One feature of the bureaucracy which is still proving troublesome however is the need for foreigners to get govt. permission to own a property which can take anything from 18 months to three years to get, although it is rarely denied. This situation will continue for EU voters till 2009 when this law is about to be ditched as part of the EU accession arrangements. Until then consumers have a second option of setting up a Croatian limited company which permits the purchaser to have immediate ownership. There are several firms who will perform this service including counsels, accountants and some estate agencies. The following table describes the benefits and drawbacks of the company route vs the non-public route.

An oddity of the Croatian property market is that when people would like to sell, they don’t often give their property to one estate agent to market on an exclusive basis. Much more likely the vendor will be offering it to 2 or 3 agencies to sell, although its not unusual for the property to be offered to fifteen or twenty agencies! And anyway, the property frequently finishes up in the hands of multiple agencies as the agencies who agree to try and market the property regularly pass it onto other agencies to maximize the amount of folks who will hear about the property. The agents share the commission when the house is sold, so this arrangement is in the vendors interest while it customarily implies that he doesn’t have any idea who is advertising his property, and more confusingly at what price it is being offered.

To be fair to the agents, the vendor regularly adds to the misunderstanding by telling the agents to “add your commission on top”. For some agents this implies add two percent, but sadly for others it suggests adding 20% or even more! Just to contribute to the confusion, there are some sneaky agencies who pilfer the photographs and text from another agency’s website and upload it onto their own site offering it at a very low price (which the seller would never accept) to attract buyers into the agency. It isn’t difficult to spot these rogue agencies because they know less than nothing about the property and if they do take you to see the property, they will not be able to show you within!

The USAID’s Competitiveness Project Invention Centre has launched a new model to finance business startups in Macedonia. The first business Angel Network is comprised of supposed “angel” investors — businessmen and others pleased to invest money, information, abilities and social capital in fresh and cutting edge business concepts with high potential. The network in Macedonia already has 10 members, who are reviewing about twelve business offers.

Athens hosted a Hellenic-Chinese Business Forum on Monday (June 6th), drawing senior officials from over sixty leading Chinese companies attempting to find business ventures in Greece. Greece was represented by 187 companies. Areas of mutual interest include electric and mechanical equipment production, shipbuilding, energy, environmental technologies, telecommunications, real-estate and tourism.

Many Albanians working in Greece are making a choice to return home among grave prospects and huge job cuts in the crisis-hit neighbor. Recent information of the Chamber of Industry and Commerce in Gjirokastra proved that in the past two months, 40 small businesses have opened in the town. According to experts, these companies were opened by returning expats, who are now investing their savings in Albania.

Kosovo’s Ministry of Economic Development articulated on Fri. (June 3rd) that two companies will be competing for the privatisation of Kosovo’s Post and Telecommunication Company (PTK). These are Croatia’s Hrvatski Telekom, which is the property of Germany’s Deutsche Telekom, and Telekom Austria. Albania’s Albtelecom, Egypt’s Oraskom and Yemen’s Saba phone also filed documents in the tender for the state’s seventy five percent stake, but didn’t qualify, writes tagza.com.

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