Varna is the third largest city in Bulgaria, with an area of 205 sq. km and the largest city and seaside resort on the Bulgarian Black Sea Coast.Varna is also the 85th largest city in European Union. The population of Varna has gradually grown since 2001 and today it reaches 950,000. Since 2001 investments in Varna have exceeded €3.5 bn, while unemployment is now well below 4%.
Situated on the Northern shore of the Black Sea and rich in natural resources, Varna is one of the famous resorts Europewide. It also happens to be on the crossroads between Western Europe and the Middle East.Commonly referred to as the seaside (or summer) capital of Bulgaria, Varna is a major tourist destination, a university centre and headquarters of the Bulgarian Navy and merchant marine. It is the second most important economic centre of Bulgaria after Sofia. It is also the country’s foremost trade link with Russia and one of the major hubs for the Black Sea region.
The local economy is service-based, with 61% of net revenue generated in trade and tourism, 16% in manufacturing, 14% in transportation and communications and 6% in construction.
The city is the easternmost destination of Pan-European transport corridor 8. Major industries in Varna are transportation, distribution, shipbuilding, ship repair and other marine industries.
Tourism is of foremost importance, with the suburban beachfront resorts of Golden Sands, Holiday Club Riviera, Sunny Day, Albena and others. The resorts have a total capacity of over 130,000 beds (2014). They attract millions of visitors each year (3 million in 2013). Varna is also Bulgaria’s unique international cruise destination with over 50 cruise ships having visited the city in 2014 just until August and 25,000 cruise ships passengers expected to visit the city by the end of the year.The Bulgarian seaside capital is also known for being a major international convention and spa centre.
FDI Magazine (a Financial Times publication) has proclaimed Varna to be the ‘South-eastern European City of the Future’, citing its strategic location, fast-growing economy, rich cultural heritage and higher education. Rating agency Standard & Poor’s long-term issue credit rating for Varna has remained BBB-, declaring the city’s outlook “stable” and praising its “improved operating performance”. According to Knight Frank’s most recent research Bulgarian property market has stabilized with the prices remaining steady over the course of the last six months.
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