2007 February - NEWS AND ARTICLES ABOUT PROPERTY IN BULGARIA
The official statistics for 2006 reads that some 30000 British citizens have bought real estates in Bulgaria. The Englishmen prefer village houses at the ...
A number of foreigners had already purchased property in Bulgaria some years ago only to sell it and make profit, DPA said.Others bought
houses with gardens planning to settle in the country. According to Iliev, all apartments in the Paradise View complex near Sozopol have been reserved. According to one of the leading Bulgarian agencies, the prices have increased by approximately 15% during the year, before the admission of Bulgaria to the European Union. All this regeneration has been attracting more and more tourists and to cater to this demand there has been an explosion of new properties in and around the resort. At its top ski resort, prospective property investors check in to the Hotel Kempinski, one of the world’s top brand names. At the beginning of the month, Bulgarian Land Development (BLD), a London-listed Bulgarian property developer, said it will invest in five residential projects in Bulgaria, worth a total of 235 million euro. Attractions such as these have ensured its popularity among tourists over the past couple of years in particular. Bansko, for instance, has seen the creation of a new motorway linking it to the airport, a golf course built alongside the town and a new ski lift system within the resort. Bulgaria was outranked only by Spain and France. Buyers have reserved 75 of the
flats and signed preliminary contracts for
the purchase of 53 flats, evidence of the interest shown by British clients. Construction on the Harmony Hills complex is expected to kick off in February and to be completed in 15 months. Developments in the beginning of 2007 confirmed these predictions, Focus news agency reported.Some Bulgarian cities registered steady growth in 2006 but the overall price increase remained within expectations, Stoev said. DPA reported that the real hit on Bulgaria’s property market was mall opening. Entire English villages, where all the houses are purchased by Britons, appeared in the mountains. Existing properties in such areas have seen significant price increases.Tourists visit Bansko because of the 65km of skiing on offer, as well as its picturesque setting and medieval village. He says: “Slowly you’ll see its properties and amenities going up-market. Holiday homes worth from 400 to 2000 euro per sq m were ‘very attractive’ for foreign purchasers, DPA said.Some apartments located near the beach or ski lifts reached prices unseen before Bulgaria’s EU accession on January 1 2007. However, the continent has passed through “another strong year” with respect to few countries, including Great Britain, which have marked a significant increase in the speed of price growth. If they decide to leave a country this means that they distrust the political regime (Hong Kong, South Africa). In such untrodden locations, prices for real estate were much lower, especially given the rising prices and interest rates in Great Britain, the magazine said. It’s a well proved fact that countries where there are many British settlers, like Cyprus, Kenya and Spain, for example, enjoy political and economic stability. Major price hikes failed coming true, he said.Similar developments are expected in 2007. Nearby, one of Britain’s most up-market estate agents, Savills, is selling apartments for more than £320,000 each. Only some cities can register significant hikes, Stoev said.Plovdiv features among the cities that are to see major growth. Ski resorts in Bulgaria, such as Bansko, Borovets and Pamporovo, have become some of Europe’s fastest growing resorts for winter holiday sports. The 257 apartments are on sale through another top-end British estate agent, Knight Frank, for up to almost £200,000.Is this Italy? The developments are in the Black Sea resorts Albena and Sozopol, the winter resorts Pamporovo and Bansko, and Sofia, BLD managing director Hristo Iliev said.The Harmony Hills apartment complex near Albena will include 202 apartments. The Englishmen prefer village houses at the seashore or in the mountains. The places where the Britons settle undergo a real revival.The Britons are quite conservative and don’t like risks and surprises. The prices went up by nearly 30 per cent just in the year before the country’s EU entry. The resulting growth in the buy-to-let sector has been boosting the property market of ski resorts like Bankso and encouraging more newly built properties in such areas. The rooms are Wi-Fi equipped, and there’s a cigar lounge, vitamin bar and spa. The situation was different for the average Bulgarian, who was unable to purchase property without taking credit, DPA said.The number of property deals reached 280 000 in 2006, marking an increase of 15 per cent as compared to the figures for 2005. This growth was the fastest in the last three months of the year when the values of the average apartments in the big Bulgarian towns increased by 17% on the annual basis up to BGN 904 per square meter. Turkey, Cyprus, Greece and Portugal were also among the top 10. Well-established locations started to lose their market share at the expense of new destinations like Bulgaria, Dubai and Cape Verde.
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