Bulgarian Property
Property Services
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14.04.2009
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Bulgaria Buy to Let in Urban Living
Bulgaria's capital, Sofia, was one of the first places that private investors flocked to after the democratic changes in Bulgaria - and it has remained one of the best bets for a quick turnaround on or a healthy buy-to-let Bulgaria income. This continued to be the case throughout 2007. Both the buy-to-let Bulgaria and sales markets continue to show growth in the capital. In its report published in the second half of 2007, Colliers International found that the biggest increases in the city took place in the Iztok district (29 percent), with average prices around 1450 euros per square metre. Doktorska Gradina (Doctor's Garden) followed close behind, followed by Ivan Vazov, Lozenets, Manastirski Livadi, Buxton and Vitosha. With Colliers predicting substantial price hikes in the suburbs - and better access thanks to the development of the metro system, 2008 is bound to see a number of foreign investors heading towards the city limits and colonising the surrounding villages.
Meanwhile in the east of Bulgaria, the northern Black Sea port city of Varna continued to develop apace - in both business and residential terms. The development of the Varna Grand Mall, and the news that French retail giant Carrefour will be heading there, maintained interest in the city.
Bulgaria Buy to Let in Sun and Sand Resorts
The relatively under-developed beaches and impressive cliffs to the north of Varna has attracted a raft of property investors in the last few years, with areas around the town of Kavarna and Albena earmarked for serious development - as sailing, golfing or spa holiday and hotel complexes - or already boasting stretches of private villas. In September, Bulgarian Land Development announced the pre-sale stage of its "July Morning" development complex in Kavarna, which plans to add a yacht marina to the well-established town's list of attractions.
Golf and marina developments were also big news on the southern coastline; the St Vlas yacht marina opened in June, while plans for the new 1 billion euro Black Sea Golf & Country Club in Kableshkovo (in the Pomorie region) were unveiled in October.
In 2007, Colliers International revealed that the absorption rates of holiday apartments in Bulgaria remained highest on the Black Sea coast, with Elenite topping the list with 85 percent. It was followed by St Vlas, Aheloy and Pomerie, respectively. To the north of Varna, plans for new complexes were unveiled in the balneological resort of St Constantine & Elena, while to the south Shkorpilovtsi added a holiday village to its portfolio. The southern resorts of Byala and Sozopol were focal points for investors throughout the year, with 'all-in' complexes (featuring leisure and other entertainment facilities) being chief points of interest.
In August Bulgaria Propertywise magazine reported that the average price for unregulated land around the resort of Tsarevo, located at the southernmost tip of the Black Sea coast - around 100 km, or 62 miles, from the Turkish border - went from 38 to 65 euros per square metre. This information was based on offers processed by properly website www.britishdevelopments.com since February 2007.
Bulgaria Buy to Let in Spa Resorts
Bulgaria's ready supply of hot springs means that the development of health resorts and spa-based complexes has always been on the backburner. In the latter part of 2007, the spa town of Sandanski - located in the southwest of Bulgaria, some 20 km, or 12 miles, from the Greek border - heralded the Park Hotel Pirin complex, boasting apartments, a hotel and spa facilities. Sandanski, which is revered for its climate and is an established health-based spa market, received a fair amount of attention from complex developers in 2007 and that is set to continue into next year. Andrew MacDowell of the Oxford Business Group reportedly told Overseas Property and Investment News that along with Hisarya and Velingrad, Sandanski is one of the top three spa centres set for serious development.
Bulgaria Buy to Let - Winter Wonderbuys
Bansko is the most developed of Bulgaria's ski resorts and it continued to lead contemporaries Pamporovo and Borovets in the price stakes throughout 2007. According to Colliers International, prices in the Pirin mountain town ranged between 640-2650 euros per square metre this year. Sister resort Borovets, located around 70 km (43 miles) southeast of the capital, Sofia, received a timely boost towards the end of the year when the Super-Borovets project restarted. The scheme, which had been put on hold for two years, should reassure any doubters and put Borovets firmly back in the spotlight.
Reference: Bulgaria Air Magazine
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