According to NSI data, there are about 4.4 million homes in Bulgaria to date. In the third quarter of the year alone, another 1,392 blocks of flats and houses with a total of 6,478 homes were put into operation. In the period July-September, construction permits were issued for 2,292 buildings with 13,541 homes in them (1,475,933 sq m of gross built-up area). The number of planned new homes is 46.9% higher than a year earlier. Construction is most intensive in large cities. In the third quarter of 2025, the leader in buildings put into operation is Sofia (capital) - 233 with a total of 2,081 homes. Plovdiv follows with 206 buildings with 846 homes and Sofia region with 141 buildings with 175 homes in them. Two- and three-room apartments are being built en masse. This type accounts for 75% of all finished homes. Properties with six or more rooms have a modest share - 3 percent. The average home has an area of ​​69.9 square meters, but there are huge differences across the country. In Sofia, the homes are the most spacious - the average area is 139.9 square meters, and in the districts of Smolyan and Targovishte they do not even reach 60 square meters. After Sofia, a Danube region - Silistra - ranks second, the average area of ​​new homes is 121.7 square meters. In the third quarter of 2025, 1,797 residential buildings with 6,443 homes were started, which represents a growth of 15.7% on an annual basis.

The positive trend in passenger transport and the work performed by urban electric transport in Bulgaria continues in the third quarter of the year, preliminary data from the National Statistical Institute (NSI) show. During the period July - September 2025, urban electric transport enterprises transported a total of 83.506 million passengers, or 4.5% more than in the third quarter of 2024. At the same time, the work performed increased by 9.1% and reached 492.4 million passenger kilometers. This transport maintains its upward momentum, after in the period April-June it transported a total of 85.947 million passengers, an increase of 4.3% on an annual basis. The work performed increased by 10.3% to 525.1 million passenger kilometers. The transported goods by land and water transport increased by 18.6% in the third quarter of 2025 compared to the corresponding quarter of 2024. The work performed increased by 9.2%. The transported passengers by passenger transport (land, water and urban electric transport) increased by 14%. A decrease of 10.7% was recorded in the work performed. The transported goods by land transport in the third quarter of 2025 were nearly 36.188 million tons, or 21.2% more than in the same quarter of 2024. Domestic transport increased by 26.1%, and international transport by 7.8%. The work performed was over 8.479 billion ton-kilometers, which is 9.8% more than in the same period of the previous year. The transported goods by river and sea transport are 531.8 thousand tons less compared to the third quarter of 2024, as a result of the smaller amount of transported goods by river transport. In terms of the work performed, measured in tonne-kilometers, the decrease is 5.2% compared to the same period of the previous year. The number of passengers transported by land transport is over 115.333 million, or 22.2% more compared to the third quarter of 2024. In bus transport, the increase is 23.6%, while in rail transport a decrease is observed - by 0.6%. The work performed is 2.214 billion passenger-kilometers, a decrease of 14.3% compared to the corresponding quarter of 2024 as a result of the reduced distance traveled by bus transport. In passenger water transport, a decrease in transported passengers by 69.5 thousand was observed compared to the same period in 2024, due to the lower number of transported passengers by both river and sea transport. The work performed increased by 11.9% as a result of the increased average transport distance.

Plot of 111 decares with a newly built 4.9 MWp photovoltaic plant (56 decares) and an adjacent free plot (55 decares) with development potential at a key location in the city of Blagoevgrad

The only gambling company with the right to organize lottery games after the latest changes to the Gambling Act of 2020 - the state-owned Bulgarian Sports Totalizator - should be given a concession for a period of at least 15 years. This is recorded as a proposal for changes between the two readings of the draft state budget for next year. The proposal was signed by deputies from GERB - Kostadin Angelov, DPS - Yordan Tsonev and BSP - Dragomir Stoynev. According to the stated motives and arguments, the idea is for the selected company to take over "the entire activity of organizing the gambling games of the state company". It will be selected according to the motives "in a transparent and competitive manner" and a procedure for determining a concessionaire, organized by the Ministry of Youth and Sports. It is the Minister of Youth and Sports who must conclude the relevant concession agreement and monitor its implementation.

The Road Infrastructure Agency (API) announced the upcoming signing of a five-year contract with a consortium of companies from the Austrian Kapsch group for nearly 127.6 million leva excluding VAT, or over 25 million leva per year. Without a tender and without competition, as private companies will continue to carry out basic activities on the toll system, which by law the state must operate alone. This is the same Kapsch consortium that built the system for electronic vignettes and tolls under a contract from the beginning of 2018. With the new contract, the funds paid for it will amount to 474 million leva including VAT. The system itself is included in the Council of Ministers' list of strategic objects of importance for national security. The paradox is that it is both part of national security and not the property of the country, the institutions cannot change it and do not actually own it. Kapsch won an open procedure for the design and construction of the system in 2017, with its contract concluded in January 2018. In the summer of 2020, when the same government was still in power, RIA concluded a second contract, again under a negotiated procedure without prior notice. This contract was declared illegal by the Court of Auditors. According to the Roads Act, "The Road Infrastructure Agency operates and maintains the Electronic Toll Collection System under paragraph 1, which consists of an electronic system for issued electronic vignettes and an electronic system for toll collection." However, in practice, RIA cannot operate it unless Kapsch leads the process. Revenues for the last full year (2024) are BGN 870 million, but this is not the amount the state receives. After paying 180 million leva for the construction of the system and another 140 million leva for the last five years for "proactive monitoring", now another nearly 154 million leva with VAT will be paid for the next five years. In addition, the National Toll Administration also costs money - at the beginning of 2022, the regional ministry announced that it is about 84 million leva per year. A large part of the market share of the sale of vignettes and toll fees is in private companies that partner with Kapsch, and collect a 7% commission. For 2024 alone, the commissions are over 50 million leva. Otherwise, since February, a total of 70 employees have been appointed to the National Toll Administration under employment and service legal relations.

The Anti-Corruption Fund (ACF) has sent an official request to Prime Minister Rosen Zhelyazkov following yet another change of ownership of key enterprises in Bulgaria’s energy sector. In June and October of this year, four UK-registered companies, which own a number of energy companies, including Bobov Dol TPP, Brickel TPP and district heating companies in Burgas, Pleven and Ruse, changed owners. Over 150 companies registered in Bulgaria were identified as part of an informal grouping called Orion Energy Holding, with at least seventy of the Bulgarian companies owned by British and Cypriot companies. On July 4, STOCKETT LIMITED, owner of Bobov Dol TPP, MK Energy Consortium, Chukurovo Mine and TBD-FREIGHT TRANSPORT, previously owned and represented by Erlene May Rodriguez from Belize, is now owned and represented by Antriana Christodoulou from Cyprus. On July 8th, BOVARD LTD, owner of Toplofikatsiya Burgas, owned and represented until then by Nancy Bennet is now owned and represented by Styliana Tryfonos, again from Cyprus. On July 10th, CATALAND LTD, owner of Toplofikatsiya Pleven, Toplofikatsiya Ruse, and D KONSEY, owned and represented until then by Sarah Amy Grice is now owned and represented by Fanos Kasapis, again from Cyprus. On July 11th, BAKKAR LIMITED, owner of TPP “Brikel” in Galabovo, owned and represented until then by Roy Dennis Tolfts is now owned and represented by Michalis Fanouriou from Cyprus. On October 13th, the owner and manager of DOWAN LIMITED, owner of the companies “Eco Analysis” and “Carbon Invest”, was also changed. The company, owned and represented until then by Tamara Lilian Ibanez is now owned and represented by Niki Sofokleous from Cyprus.

The long-time executive director of the Electricity System Operator (ESO), Angelin Tsachev, is leaving his post, following a decision to dismiss him taken by the company's supervisory board, for which the approval of the Energy Regulatory Commission (EWRC) is now expected. Tsachev is being replaced by Kiril Georgiev, the current chairman of the supervisory board of the gas operator Bulgartransgaz. Angelin Tsachev has been managing the state-owned system operator since February 2018. Georgiev is a long-time chairman of the supervisory board of Bulgartransgaz (BTG) - the company that manages the gas transmission network and implements the project for the extension of the Turkish Stream through Bulgaria worth almost 3 billion leva, and is now working on the so-called Vertical Gas Corridor for the transmission of gas from Greece, through Bulgaria and Romania, to Moldova and Ukraine. The electricity system operator is the backbone of national security in energy. This is one of the most strategic companies because ESO does not just transmit electricity through the grid, but balances the system by deciding which power plants to operate and which to limit when consumption drops or solar production becomes too high. The company decides where, when and what new capacity to connect to the grid. Hundreds of millions of European funds are about to be absorbed for the modernization and digitalization of the electricity transmission grid under the Modernization Fund and RePowerEU. The company itself is one of the few state-owned companies with very good finances: the company reports a slight increase in its profit to 265 million leva for 2024, compared to 250 million a year earlier. And as of the first nine months of 2025, the positive financial result is 187 million leva.

Kiril Klenovski, who won the tender for the state-owned Mi-8 through his company "Water Stone", is the new beneficial owner of "Civil Airport Gorna Oryahovitsa 2016" AD - the company, concessionaire of the state-owned airport. The company "Kristalna Voda", which is associated with the businessman Rumen Gaitanski - Valka, is exiting the concession and its assets and liabilities are being taken over by Klenovski - a businessman with interests in the arms industry and luxury real estate in Sofia. An extraordinary general meeting of shareholders has been scheduled for December 15. The first item in it is a decision to "form reserves by restructuring the loan obligations of the shareholder "Project Company Gorna Oryahovitsa Airport" EOOD for the period from the acquisition of its status as a shareholder until October 31, 2025. The amount of the reserves is to be increased by 2.5 million to 22.5 million leva," the invitation states. In the absence of a quorum, a second date for the meeting was set - December 30. Kiril Klenovski's son - Jordan, replaced the previous executive director of the concessionaire company, Anastasia Ioveva. The headquarters of the management were also moved - from "Georgi Izmirliev" Square 4 in the Railway City to "Narodno Sabranie" Square 11 in the capital. A plan is currently being developed to remove the passenger terminal from derogation (partial repeal of a certain law). There is a ready project for its renovation and it is expected that by 1.6 the airport will start accepting civil flights. At any moment, the concessionaire must submit the necessary documents for issuing a construction permit to extend the runway by 600 m. New hangars will be built for aircraft repair. New security personnel will be hired. Since 2016, Gorna Oryahovitsa Airport has been concessioned for 35 years. The concessionaire is the company "Civil Airport Gorna Oryahovitsa 2016", in which the state has 5%, and the rest are owned by "Kristalna Voda" - a company close to Rumen Gaitanski - Valka. According to the reports, the concessionaire has invested 12.9 million leva in infrastructure so far, compared to 22.4 million leva set in the contract, but for the entire period. The 3-kilometer runway for take-off and landing, as set in the contract, has not yet been extended. The declared investments for a new air navigation light system and aviation security facilities have not been made. In maintaining the operational suitability of the airport, including personnel, investments are over 18 million leva, she also noted at the airport's centennial anniversary. The company's financial report for 2024, however, indicates a realized loss of over 3.3 million BGN. The largest share in operating expenses is occupied by salaries and insurance for employees, which are almost 1.05 million BGN. They are followed by expenses for external services in the amount of 832 thousand BGN. At the same time, the realized revenues are negligible - 12,000 BGN, of which only 4 thousand come from airport fees and 6 thousand - from ground activities. However, the concession fee for the state of 101,332 BGN excluding VAT has been paid for the reporting year. For 8 years since the beginning of the concession, the airport has reported 1.543 million BGN in revenues excluding VAT, but at the same time over 19.4 million BGN excluding VAT expenses by the end of the reporting year. For 2024 alone, they exceed 2.46 million BGN.

Kazakhstan's national oil and gas company KazMunayGas (KMG) plans to sell up to 50% of its European assets, united in the holding company KMG International (KMGI). The planned transaction, which is expected to be implemented in the period 2026-2027, will be held through a 2-stage open tender, confirmed by the Agency for Protection and Development of Competition in Kazakhstan. KMG International is a wholly owned subsidiary of KazMunayGas and unites 28 operating companies with activities in 11 major markets in Europe and the Black Sea and Mediterranean regions. The group operates refineries, petrochemical facilities, terminals, logistics centers and a large retail network under the Rompetrol brand. KMG is also permanently present on the Bulgarian market through its subsidiary "Rompetrol Bulgaria", which has been operating in our country since 2002. The company manages a network of nearly 60 gas stations in the country and offers fuels produced at the Petromidia refinery. The decision to sell was also influenced by the financial difficulties accumulated in recent years in some of the European operations - a result of higher tax rates, regulatory changes and macroeconomic uncertainty. According to the Kazakh authorities, the additional tax burden on KMGI since 2023 has exceeded $215 million, which significantly increases costs and makes it difficult to maintain competitiveness in some markets. Against this background, KazMunayGas is looking for a more flexible ownership structure that would allow for risk diversification and stability in a dynamic environment.

Interpred Partner has officially opened a new assembly line at the production facility in Gotse Delchev, which has created between 30 and 40 jobs, and the total number of employees in the company reaches about a hundred people. Interpred Partner AD is among the largest manufacturers of sanitary and hygiene products in our country. The company has invested in modern technologies in the last five years, including two Perini lines, automated packaging machines and robots. Annual production in 2025 will exceed 8,000 tons, and plans for 2026 provide for 11,000 tons of production, intended, in addition to the domestic market, for Greece, Romania, Moldova, France, the Netherlands, the Republic of North Macedonia, Albania, Georgia, Armenia. Among the company's partners are large international retail chains that choose the Bulgarian manufacturer because of the required quality standards.

The profit of Sofia Commerce-Pawnshops AD - the largest pawnshop chain in our country, for the first six months will not be distributed. It will increase the company's capital (payment of a dividend in shares). The decision was voted on by the regular annual general meeting of shareholders, which approved the six-month financial report. Thus, its capital will increase from BGN 8,937,384 to BGN 17,874,768. This will be done by issuing 8,937,384 new ordinary, dematerialized, registered shares with voting rights, each with a nominal value of BGN 1 and a total nominal value of BGN 8,937,384. The increase is made with retained earnings according to the six-month report of Sofia Commerce-Pawnshops as of June 30, the total amount of which is BGN 10,641,000. The newly issued shares are distributed among the shareholders in proportion to their participation in the capital until its increase at a ratio of 1:2 (issuance and distribution to each of the shareholders of the company of 1 new share for each of their shares). The right to participate in the distribution of the new shares by which the capital is increased will be held by the persons who acquired shares no later than the 14th day after the day of the general meeting. The shareholders elected "Yug Market" EAD as an investment intermediary to service the capital increase.

In 2020, the EU created a framework for screening foreign direct investment (FDI) as a way to defend European interests in a hostile geopolitical environment. According to it, the risks are serious in cases affecting strategic autonomy and assets (for example, nuclear power plants or ports), sensitive sectors (for example, involving defense-critical materials such as semiconductors or dual-use microchips) or the transfer of sensitive technologies to a third country whose strategic plans do not coincide with the EU's interests. What is new from 2025 is that the EC is also tightening control over outbound investments in three technological areas considered to have a high potential risk - semiconductors, artificial intelligence and quantum technologies. According to the commission, the risk in this case is that the outbound investment could lead to a leak of technology or know-how, which could allow the technology to be used for military or intelligence purposes against the EU or against international peace and security. Foreign investors falling within the scope of the law are required to submit an application for screening to the Interdepartmental Screening Council through the Bulgarian Investment Agency (BIA). The council in question, currently chaired by Deputy Prime Minister Tomislav Donchev, issues a permit, a conditional permit or a refusal to the investor. "Conditional permit" means that the investor is subject to certain conditions, such as limiting the purchase to 20% of the company's capital, retaining special rights in favor of the state (in cases of privatization). The council includes a total of 17 members - representatives of a number of ministries, but also of SANS, DAR, CPC, FSC, CRC, KEVR. However, representatives of the four commissions do not have the right to vote. Investments in five main areas are subject to screening – 1. critical infrastructure (physical or virtual), for example in energy, transport, water, healthcare, communications, media, data processing or storage, aviation, defense, electoral or financial infrastructure, sensitive facilities, as well as land and real estate that are crucial for the use of such infrastructure, and 2. critical technologies and dual-use items, for example artificial intelligence, robotics, semiconductors, cybersecurity, aerospace and defense technologies, energy storage technologies, quantum and nuclear technologies, as well as nanotechnologies and biotechnology; 3. supply of critical resources - for example energy, raw materials, food security; 4. access to sensitive information, including personal data; 5. freedom and pluralism of the media. The scope of the inspection includes investments for the acquisition of at least 10% of the capital of an enterprise operating in Bulgaria or for the purchase of a share exceeding the threshold of 2 million euros; for the purchase of at least 10% of the capital of an operating company in our country in the field of high technologies or a new investment worth over 2 million euros. As an exception, smaller investments may also be subject to screening. Beyond this, however, the inspection is mandatory for all foreign investments in the oil sector, as well as all transactions with an investor from Russia and Belarus. In addition, at any time, SANS or DAR (State Intelligence Agency) may issue a motivated request for screening by the Interdepartmental Council, regardless of the criteria for the field of activity and the investment threshold, as long as both agencies have data that the transaction in question may have an impact on security and public order. The Interdepartmental Council shall rule within 45 days of receiving the company's application. An extension of up to 30 days is permissible, and the absence of a decision is considered tacit consent. If the investment is likely to affect programmes of the European Union or other Member States, the opinion of the EC or the comments of the other parties are taken into account. The decisions of the Inter-Ministerial Council can be appealed to the courts. The screening assesses whether the foreign investor is directly or indirectly controlled by the government, public authorities or armed forces of a third country; whether it has already been involved in activities affecting security or public order in a Member State; and whether there is a serious risk that it will be involved in illegal or criminal activities. Member States notify Brussels of each investment. The Commission may issue an opinion and other countries may comment on the investment, but the final decision is taken by the country that initiated the screening. In 2024, countries submitted 477 FDI notifications to the Commission. 58% of them were worth less than €500 million, and 30% of the deals were worth €500 million or more. The EU is the region with the most severe collapse in foreign direct investment (FDI) in the world in 2024 - by as much as 58%, according to the data in the UN report "Investment around the world 2025</a>" (World Investment Report 2025). Against this background, investments in North America grow by 23%, and in Africa - by 75%. At the same time, developing Asia also records a slight decline, but it is minimal compared to the European one - by 3%. These data differ from the European Commission statistics, as they exclude the distortion that comes from financial flows passing through several specific European economies (Ireland, Luxembourg, the Netherlands, Switzerland, etc.), the report makes clear. Bulgaria also saw a sharp drop in new foreign direct investment in 2024, from €3.3 billion in 2023 to just €1.5 billion in 2024, a drop of nearly 46%. The decline is mainly due to lower volumes of reinvested earnings, but also less equity capital, which is the actual investment. The largest net positive flows of direct investment in the country for January-December 2024 were from Austria (EUR 426.7 million), Greece (EUR 295.1 million) and Italy (EUR 245.9 million), and the largest net negative flows were to Luxembourg (EUR 436.7 million) and the USA (EUR 378.9 million), according to BNB data. However, in the first nine months of 2025, the situation is more optimistic. From January to September 2025, Bulgaria recorded nearly 21% growth in FDI - from EUR 2.1 billion to over EUR 2.5 billion on an annual basis. The increase comes almost entirely from reinvestment of profits. The amount of FDI in Bulgaria, according to the latest data from the Bulgarian National Bank, is over 58 billion euros, which is slightly over 50% of the country's projected GDP for 2025. According to EC data, the collapse in investment inflows (i.e. new investments, ed.) was not as dramatic as described in the UN report. Investments were down by 23% in 2023 and by 8.4% in 2024, with the Commission citing the war in Ukraine and the escalation of global trade tensions as the most significant reason. International greenfield investments usually involve the creation of a new company or the construction of facilities abroad, while international mergers and acquisitions transfer ownership of existing business assets to a foreign investor. Mergers and acquisitions are included in the statistics if they involve the acquisition of a stake of more than 10% of the capital of an enterprise in the EU-27. Which countries are the biggest investors in the European economy?</strong> These are categorically the US and the UK – significantly ahead of China, which occupies the third position. A significant investor in the European economy are offshore zones – almost equal to China's share, which means that Europe allows quite a few investments with unclear ownership. The main offshore financial centers by number of deals in the EU in 2024 are (in alphabetical order): Bermuda, the British Virgin Islands, the Cayman Islands, Liechtenstein and Monaco. In 2024, the US was the main foreign investor in the EU, accounting for 30% of all acquisitions (597 deals) and 37% of greenfield investments (626 projects). UK investors accounted for 23% (451 deals) of all acquisitions in 2024 and 24% (412 deals) of greenfield projects in the EU-27. Manufacturing was the sector with the most deals in the EU for foreign equity acquisitions in 2024 (27% of foreign mergers and acquisitions). IT, telecoms and media came in second (24%). As for greenfield investments, retail represented almost a third (31%) of foreign projects in 2024. Research and development was the second largest sector in 2024 with a share of 15%. Hospitality was the only sector among the five largest categories to see an increase in the number of projects (1.2%). As for Member States receiving FDI, Germany was the preferred destination for mergers and acquisitions (21%), while Spain received the most greenfield investments (24%). By the end of 2024, 24 EU Member States had legislation in place to screen foreign direct investments. Only Greece, Cyprus and Croatia were in the process of doing so. In 2024, Member States with national screening mechanisms in place processed a total of 3,136 authorisation requests and cases initiated by the authorities themselves (ex officio cases), compared to 1,808 in 2023 and 1,444 in 2022. Of these, 41% were subject to formal screening, while around 59% were considered inadmissible or did not require formal screening. Of these investments that were screened in 2024, 86% were authorised without conditions. According to the EC, this shows that the screening of FDI in the EU has not led to a more restrictive investment climate. 9% of decisions included approval with conditions or mitigating measures. In about 1% of cases, national authorities ultimately blocked the investments, and in another 4%, companies themselves gave up and withdrew their applications before the authorities took a formal decision.

The United States has asked the European Union to make its technology sector regulation “more balanced” in exchange for reducing tariffs on U.S. steel and aluminum imports, Reuters reported. The Trump administration has consistently criticized EU rules that curb the power of tech giants and require major online platforms to crack down on harmful content, saying they unfairly target U.S. technology companies. The European Commission has repeatedly said it is the EU’s sovereign right to regulate and has indicated it could take action against companies outside the United States. Under the agreement in late July, the United States imposed 15 percent tariffs on most EU goods, while the European Union agreed to remove many of its tariffs on U.S. imports. With approval needed from the European Parliament and EU governments, that could not happen until March or April, which EU diplomats said has irritated Washington. Meanwhile, the EU has outlined agreed points on which it wants to see progress, including steel and aluminum. The United States has imposed a 50% tariff on metals and has applied it to the metal content of 407 products, including motorcycles and refrigerators, since mid-August. More such products could be added next month. EU diplomats say such US action, along with the prospect of new tariffs on trucks, critical minerals, aircraft and wind turbines, threaten to undermine the July deal. The bloc also wants a wider range of products covered only by low tariffs (or no tariffs). The wish list includes: wine and spirits, olives, pasta, medical devices and biotechnology. The EU is ready to discuss with the US areas of possible regulatory cooperation, the bloc’s purchases of American energy products (which reached $200 billion this year), as well as joint efforts on economic security, especially in response to China’s restrictions on exports of rare earth elements and chips.

Bitcoin mining in China is recovering despite a four-year ban, Reuters reports. Beijing banned cryptocurrency trading and mining in 2021, citing risks to financial stability and the need to save energy. China's share of global bitcoin mining then fell to zero as miners (companies with specialized equipment for mining cryptocurrency - editor's note) shut down local operations and moved abroad, especially to North America and Central Asian countries with cheap electricity. According to the Hashrate index, which tracks bitcoin mining activity, China will once again reach a 14% share of global mining by the end of October 2025. Analyst firm CryptoQuant estimates that the country has 15 to 20 percent of the world's bitcoin mining capacity. In provinces such as Xinjiang and Sichuan, mining is experiencing a revival, thanks to cheap electricity and huge investments by local authorities in technological infrastructure. Xinjiang is not as well connected to the networks of other provinces, and so surpluses are being formed, which entrepreneurs turn into crypto. Although the official ban remains in force, there are indicators of a possible softening of Chinese policy. For example, in Hong Kong, stablecoin legislation has been in effect since August 2025, and in China, there is discussion of allowing stablecoins pegged to the yuan, in order to strengthen the international position of the currency. These factors, combined with the policy of US President Donald Trump in favor of cryptocurrencies and increased distrust of the US dollar, create favorable conditions for the return of Bitcoin mining in China. The company producing mining equipment Canaan Inc. confirms the trend with a growth in its revenue from China from 2.8% in 2022 to over 30% in 2024, and in the second quarter of 2025, their sales there exceeded 50%.