Southern Black Sea resorts offer an abundance of completed apartments while buyers in the North still have to choose from construction sites.
People who plan their summer holidays in Bulgaria in advance should get down to business if they want to find more lucrative offers. The same does not apply to those willing to spend their holidays on the seaside at a home of their own. But they also need to take into account the terms to complete the deals and the time needed for furnishing, finishing apartments or property repairs.
The Black Sea coast already provides a large selection, most of properties under construction but also an increasing number of completed apartments in big resorts like Sunny Beach and Saint Vlas, including Bulgarian beachfront and sea apartments with pools almost joining the sea. A 147-sq m three-room (two-bedroom) apartment of this type in Sunny Beach costs EUR 294,000, equal to EUR 2,000 euro per sq m. Although most apartments could be found for less, those located almost on the beach with sea views, are rare and tend to be more expensive. Among the advantages of the above mentioned apartment is that it is entirely completed and has living-room with built-in kitchen, air-conditioning and spacious terrace. This building also boasts a swimming pool, a restaurant and a lobby bar.
However, one could surprisingly find much cheaper completed apartments. For example a building close to the polyclinic of the resort offers a 62-sq m finished apartment, which costs EUR 52,800, i.e. EUR 850 per sq. m. The building itself has a swimming pool and car park and offers Bulgarian property management. But average prices of new-builds on the beach front are within the range of EUR 1,400-1,600 per sq m. The apartments are usually furnished and situated in complexes with additional extras like furnishing, swimming-pools, fitness centers and spas, restaurants, bars etc. A four-star complex offers a 2-room (one-bed) unit of 77 sq m, completed and furnished, for EUR 116,903 (about EUR 1,520 per sq m). But a single-room 65 sq m one on the top floor already costs EUR 1,800 per sq m. Since the start of intensive holiday home development, the resort of St Vlas has been trying to compete with rivals by providing prime apartments, quality services and, from some time ago, a yacht marina. That is why it is not a surprise that the small town holds the records for registered asking prices at least in the region of the Southern Black Sea coast. A beachfront 2-bedroom apartment with southern views of the bay, the town of Nesebar, Sunny Beach resort and the marina is for sale for EUR 236,000. The price per square meter of this property, which is promoted to have luxury furnishing and ground parking, is about EUR 2,713. Anyway, one would find lower cost options like a small 2-bedroom apartment some 150 m from the beach. It is situated on the third floor of a building and has a swimming pool and a parking lot. The 76 sq m of residential space cost EUR 69,000.
The increased supply of completed residential units is a sign that large-scale development along the southern Black Sea coast has peaked. However, there are few completed Bulgarian sea apartments in the North where new destinations are yet to develop. Nevertheless, the property prices there are comparable to those in the South, while large-scale resorts are mostly marketed to foreign buyers.
One of the main cores of development is the region of Kavarna and the villages of Topola and Bozhurets in particular where the Thracian cliffs golf course is under construction. New apartments in the area of Bulgaria with views of the sea and the golf course are usually priced between EUR 1,200 and EUR 1,700.
One development offers an apartment of almost 90 sq m (common areas included) for EUR 127,200, or 1,413 euro per sq m. Judging by the project's list of offers most of the units have been sold out, especially those based on top floors. A one-bedroom, ground-level unit in another project with the impressive 93 sq m of space has been priced at EUR 144,351 or EUR 1,550 per sq m.
In the town of Balchik, where opportunities for new development are scarce, asking prices start from EUR 900-1,000 per sq m. A scheme with completion deadline September 2009 located in the center of Balchik and close to the beach has a 60-sq m one-bedroom apartment on offer for 64,000.
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