Skip to main content
 

The property market in ski resorts in Bulgaria wakes up after a 10-year "hibernation"

Almost two-thirds of the buyers of apartments in Bansko are foreigners, experts say

This year marks the beginning of a new stage in holiday deals in ski resorts.

After 10 years of decline in the regions of Bansko, Pamporovo and Borovets, there is a growth in the number of transactions, which varies between 5 and 30%, the agencies said.

In the past 9 months, the transactions registered in the municipality of Samokov have increased by 5%, in Smolyan municipality - by 18% and in the municipality of Razlog - by nearly 30%. There is interest in properties in Razlog itself, but the supply is very limited.

Ski resorts are beginning to be recognized as places for year-round tourism, which also determines the increased interest in buying and long-term rental of property there.

Currently, a good property can be bought in Bansko for about 25,000 euros, brokers say. The average price per sq m in the resort town is 360 euro, and it is for properties in the complexes with good management. However, lower-quality properties, without year-round maintenance, can be found at a much lower price.

Most deals in Bansko are made with free funds and not with mortgage loans.

In the nearby town of Bansko Blagoevgrad property prices reach between 500 and 600 euros per sq.m.

In Pamporovo the properties are also sold at a price of around EUR 360 per sq.m. and in Borovets traditionally maintain a higher price - about 600 euros. There is no supply in the resort near the capital, which determines the constant high price.

Bansko is the only ski resort dominated by foreign buyers - over 60%, while in Pamporovo and Borovets properties are mostly Bulgarians. They are mostly middle-aged, Bulgarians working abroad as well as Bulgarian pensioners who are oriented to live in a mountain resort.

New customers on the property market in Bansko for the past year and a half are the "digital nomads" who are settling in the new shared workspace Coworking Bansko for entrepreneurs and freelancers from Bulgaria and abroad. Some of them rent property long-term, others want to buy.

Agencies have reported that "digital nomads" are low-budget customers but are attracted by low taxes, high-speed internet, beautiful scenery and balneological opportunities.