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New Vacation Property Projects Launched In Bulgaria

More than four million sq m of vacation property are being constructed or planned in Bulgaria's resorts.

In Blagoevgrad region, where the resorts of Banko, Razlog and Dobrinishte are situated, construction of more than a million sq m of vacation property was planned or launched, Yavlena real estate agency data show.

The areas to be constructed were two times more than the figures for 2005, 24 Chassa daily said.

Bourgas and Varna regions, where Bulgaria's biggest coastal resorts are situated, also saw an increase in the vacation areas to be built upon. The area totaled 200 000 to 300 000 sq m, 24 Chassa said.

Property under construction exceeded many times the supply of finished real estate in 2006.

The number of property deals in the southern coastal areas increased by only one per cent, as compared to figures for 2005, and reached nearly 11 000 in 2006, 24 Chassa said. At the north coast the number of property deals decreased by three per cent to 13 000.

Mountain resorts registered 4000 property deals in 2006. The increase is by 30 per cent in comparison to the number of deals in 2005. In Bansko, Razlog and Dobrinishte the increase reached 40 per cent.

Prices in the resorts started at 400 to 500 euro per sq m and could reach up to 2000 euro per sq m, depending on location, construction quality and additional extras, 24 Chassa said. Prices in 2006 remained almost the same as in  2005.

Apartments in complexes near beaches or ski lifts, furnished and having extras like spa and pools, were the most expensive vacation properties.

Mladen Mitov from Yavlena said that the property market in 2007 will be 'calm and reasonable.' Price hikes will be connected to income increase and would reach 15 to 20 per cent.