Bulgarian Residential Or Commercial Property Market Insight

The remarkable interest in Bulgarian residential or commercial property shown by shrewd buyers during the last two years has actually been intensified by an unexpected surge in golf course development.
At the present time there are just three golf courses in the entire of Bulgaria: one at Elin Pelin, near the capital, Sofia, and two owned by Air Sofia. These lie at Ihtiman, opened in 2000, 40km from Sofia, and at Sliven, opened in 2004, 90km from the Black Sea.
A number of more golf courses are proposed since of the significantly rapid rise in foreign interest in Bulgaria just recently. One of these will be found at Razgrad, in the north-east, about 90km from the Black Sea. More are scheduled to open in the next couple of years: two at Kavarna and one at Primorsko, near Sozopol.
Mountain and ski areas will be represented by a golf course in the ski town of Bansko this year, and a very large golf complex between Kostenets and Borovets, the country’s primary ski resort. This is arranged for 2007, the year of Bulgaria’s entry into the European Union, and will be found at Dolna Banya, already near Bulgaria’s first golf course at Ihtiman.
BulgariaProperties.net Ltd has actually purchased nearly 6 acres of prime advancement land adjacent to the proposed golf course at Dolna Banya. The plans are to construct about 220 apartments around a detailed sports complex, with access to the golf course by a short walkway. The amenities on site are to include tennis, volley ball, squash, badminton, lawn bowls, boules (boccia), shooting, archery, croquet, mountain cycling, and fishing close by. Indoor facilities will include a 140-seat main dining establishment and cabaret phase, a huge main bar (perhaps the biggest in Bulgaria), a sports bar with projection TELEVISION, snooker, swimming pool, table football, table tennis, a Chinese dining establishment, Indian restaurant, junk food lunchroom, pizzeria, gym, sauna, massage parlour, clinic, chemist, sports shop and minimarket.
Steve Avery, a Director of BulgariaProperties.net Ltd, said, “It may sound like a cliché, but we really remained in the best place at the right time! After 2 years in this company, I simply could not think my luck to find such a gem. Anyone involved in this task ought to make a serious return on their investment.”
On Borovets and Bansko typically, Steve had this to say: “Apart from having ski lifts and ski runs, these two towns are quite various from each other, and appeal to various groups of individuals. Residential home and holiday houses are for that reason easily available in Bansko, however not in Borovets, where the closest you can get is generally in one of the surrounding villages.
‘ As for residential or commercial property values, Bansko went mad for a period of 3 months at the end of 2003, with land costs doubling, and then relaxed. Many bad goatherders suddenly found that they were rich. Nothing wrong with that, I say. Ever since values have been pretty steady there until now, when they’re beginning to creep up again. The factor for this is that the sudden rise in foreign tourists to Bansko has left the supply of vacation accommodation woefully short of the demand. And this pattern shows no sign of abating. To try to deal with it, there have actually sprung up numerous hotels and apartment tasks, but it seems not likely that even these will have the ability to please the need for accommodation for a number of years yet. As an outcome, the prices for such apartment or condos vary from 1,000 Euros per sq. m. for a ground-floor system dealing with far from the mountains, to 1,350 Euros per sq. m. for a top-floor example with a mountain view. Yet, people buy them. I think, because a 1 bed room 60sq. m. apartment for ₤ 41,000 is still a far much better deal than you ‘d get in Spain. I’ve heard developers claim that 90% of their houses are sold within 3 weeks! I just hope that we have such luck when ours are launched in April!
‘ In this respect Borovets, once again, is various. It’s Bulgaria’s very first and best-known ski resort, it stagnated for years … up until now. The ‘Super Borovets’ task, moneyed by EU, governmental, local and foreign organisation sources, is scheduled to run from 2005 to 2009, and will revitalise the whole area around the town to a radius of 10-12km. This has actually currently begun to impact home values in the surrounding areas. To give an example, in March 2004 we bought, hidden, a half-acre plot in a village 15km from Borovets. When I visited it, I discovered that it wasn’t ideal for building homes; so, I put it on the market in August. By November it was sold at an 80% revenue– after all expenses were deducted!
‘ I am personally of the opinion that the ‘Bansko impact’ might strike around Borovets anytime. That’s the reason why BulgariaProperties.net Ltd is developing 4 tasks here, and only 2 in Bansko. We can sell these apartment or condos about 15% more affordable– at the minute, anyway. Borovets must undoubtedly offer a better return on investment, no matter the type of home bought: land, a shack, whatever. You will not discover brand-new homes easily. As far as we understand, BulgariaProperties.net Ltd is the only designer building them. I don’t, however, anticipate this monopoly to last for long.
‘ Bulgaria’s 3rd ski area is at Pamporovo, which, like Borovets, is purely a resort. Financing is beginning to come in, however full advancement, if it occurs at all, is likely to follow several years behind Borovets. Its distance from Sofia (a day’s drive) makes it less attractive to visitors from north and west Europe. It is, nevertheless, popular with Greeks, since of its distance to the frontier. One of Bulgaria’s significant freeway routes to Greece will pass extremely close to Pamporovo, and this must boost its popularity, in addition to making the

Since of the increasingly quick rise in foreign interest in Bulgaria recently, a number of more golf courses are proposed. BulgariaProperties.net Ltd has acquired nearly 6 acres of prime development land adjacent to the proposed golf course at Dolna Banya. The strategies are to construct about 220 houses around a comprehensive sports complex, with access to the golf course by a brief path. It’s Bulgaria’s best-known and very first ski resort, it stagnated for years … up until now.’ Bulgaria’s third ski area is at Pamporovo, which, like Borovets, is purely a resort.