Bulgarian and Irish investors intend to construct six villa settlements in Banite municipality, near the town of Smolyan in the Rhodope Mountains.
Banite mayor Raicho Danailov said that the investors will provide more than 100 million leva for the project.
Three of the settlements will be constructed near the village of Bosilkovo, on an area of 600 000 sq m.
Two Bulgarian-Irish companies already purchased nearly 500 000 sq of land, Bulgarian news agency BTA reported.
Danailov said that Banite’s spa centre also attracted investor interest. A Belgian investor planned to construct tourism attractions in the village, he said.
Three other new hotels will be constructed in the village in 2007 and will have nearly 200 beds.
Banite region is famous for its healing mineral waters.