Properties in Bulgaria - Bulgarian Black Sea - Real estate, Market, Investments

     In last two years level of investments on Bulgarian Black Sea has been registering continuous and constant growth. Possibilities of Bulgaria to offer profitable investment or holiday on Black sea permanently increases. Tourism has solid base in Bulgaria, especially on Black sea. This area is popular because of its natural datum - beautiful beaches, unique forest areas, and thermal resources which are premise for existence and future development of new resorts with balneological medical bases working all the year round. Tourists that visit Bulgaria are offered colourful excursions to typical villages in the interior of the country giving possibility to see Bulgarian folklore traditions at the place of performing, to illustrate arts and crafts. With the development of this business, investment interest increases. Statistics show 15.86% increase of tourist flow in comparison with previous year, in period which is characterized with comparative decrease in other popular world resorts. Experts of World Trade Organization (WTO) prognosticate that until 2020 Bulgaria will attract 12 million tourists annually.
     We have chosen some basic modes of real estates which we consider as interesting opportunities for investments.

     Building plots for construction of familial hotels, villas, country houses, and holiday settlements.

     Most demanded plots are in front line in the immediate vicinity of the sea - with easy access from the city and all communications. They provoke great interest because of the real opportunity for development of different business projects. Price of plots in resort destinations like Sunny Beach, Golden Sands, Saint Constantine and Helen, Nesebar, and Sozopol, increased and reached 150 € per square meter. This tend of increasing will undoubtedly continue, because of permanent interest. Expected selling price of plots in resort complexes with border beach territory until 2007 will be about 400 € per square meter.
     Number of land territories bordering beach offered for sale is exclusively numerous, most of them have status 'agricultural land' or 'forested territory'. Realization of building activity on these estates requires conduction of change in their status, which continues from 3 to 6 months. While on first sight it looks complicated - realizable aim, it is conducted successfully according to statutory procedures, with competent team of specialists.
     Demand of plots for building of business and residential buildings in ideal centre of the city of Varna exceeds many times supply. On that reason in last three months their prices start from 500 to 700 € per square meter, with tendency for increase corresponding with possibilities for building up.
     The fact is that investment is not only possible in new building. Renovation of many beautiful old buildings being architectural wealth in central city areas is other accent of our market. Buying of buildings, their innovation and renovation, targeting creation of prestigious office - representations is considered as useful practice supported by market stability itself.

     Residential estates

     On dynamic market of real estates on Bulgarian Black Sea new built luxurious city apartments are most attractive. Most demanded are homes with living-floor-space 60-180 sq.m. fully-furnished, with two or three bedrooms situated in new city centre, having nice view towards the sea. For these mode estates, finalized deals are in range from 50000 to 140000 €. Rental price of these homes is from 600 to 1200 €.
     Houses and villas near cities in areas with good transport links to cities Varna and Burgas are realized in price interval from 20000 to 190000 €.
     In order to demonstrate realizable return in acquisition of similar ownership, we give the following example:
     Apartment acquitted with mediation of our firm with three bedrooms at price of 34000 € after investment of 18000 €, for giving it appearance determined by the market, was sold at price of 82000 €. Realized period of reinvestment is 11 months.
     Interest towards this kind of offers is significant and phrase "apartment for investments' is key for our clients who aim realization of maximum profit from their investments. This sphere is considered as surest with guaranteed correlation of parameters: prices -risk -return. Decisive fact for our clients is maximum rental potential, which is achieved with adequate marketing in property management.
     Basic zones of investments will be centers of relaxation, sport, golf, holiday settlements, and hotel complexes.
     Inquiries to our clients who have realized deals with real estates show that over 60 % of them continue to seek possibilities for investment and reinvestment.
     Strategy for establishment of legislation that spares investment is determinative factor for future impetuous development of this business, and improving level of human resources and standards of living. Investors are supported by traditional Bulgarian hospitality and loyal position toward business activity of foreign persons. Decision of most problems depends on professional leaders and professional hospitality. Buying of real estates in Bulgaria is not complex process, if it is understood thoroughly. This requires knowledge and understanding in depth of specific processes in realization of investment projects - priority in integral work and policy of Bulgarian Property Ltd.
     The Bulgarian Black Sea coastal area is the most popular tourist area in Bulgaria. Most of the holiday makers visiting our country go there. Therefore most of the foreigners purchasing real estate properties in Bulgaria are choosing to buy their summer houses here. Certain areas around or inside the most popular beach resorts Sunny Beach, Golden Sands, Albena, Nessebar, Sozopol, Varna, Bourgas, the smaller resorts like Kiten, Sinemorets, Shabla, etc. may attract beach holiday makers who would rent a house here for 1 to 4 weeks during the summer months - beg. May, end. Sep. However the rental market of holiday houses is not developed yet, so first years may be not so successful. Better strategy will be to buy a house with a sea view or very close to the beach (1 km at most). Having a summer house at the sea coast of Bulgaria will allow the owners to use it for certain time of the year and the rest of the time they can rent it to tourists. If you purchase Black Sea real estate property using our services we will provide 1 year of free advertising in our website. This advertisement would normally cost 700 -1200 € annually.

Bulgarian Real estate Overview - North Bulgarian Black Sea

     Passed period of 1-1.5 years showed some interesting tendencies in development of property market in Varna and the region. After 1996 when market collapsed resulting bankruptcy of financial pyramids and some building ones, this process of regression continued until 1999-2000 y. In next 2-3 years tendency of improving market climate appeared, and increase in demand of different according to their type and purpose real estates developed. And from the middle of 2003 most significant growth both in prices and number of sales is realized.
     Still in the beginning we shall remark that principally real estate market is very 'sensitive'. What we have in mind - every change in economic climate: size of taxation, rates of exchange, world and local crises, and so on play important role in development and tendencies on this market. This is determined by uncontestable fact that selling and buying of property is important and basically high-priced deal for budget of every family or company. On this reason in some momentum circumstances supply and demand blow over in extreme limits.
     Some were the basic reasons for extensive development of our property market in the observed period:

1. Continuous macroeconomic and financial stability in the Republic. Continuous macroeconomic calm enabled positively firms and private persons to plan their budgets on longer-term basis, and to realize deals applying correct and long-term planning.
2. Expectations for acceptance of Bulgaria in NATO (already realized) and the European Union.
3. Started secondary supply of privatized properties /hotels, factories, shops, places of entertainment - has strong influence over market. These deals have positive influence, because offering of large-scale properties started on the market, which were in small amounts or were not present at all until this moment.
4. We shall pay attention to internal migration. Varna becomes center of attraction for people from whole Northeast Bulgaria - Razgrad, Targovishte, Dobrich, Silistra, Shumen, even Russe. Varna is traditionally Academic centre of Northeast Bulgaria and more graduated students remain to work and live in the city.
5. After the acceptance of Law for mortgage bonds two years ago, most banks emitted such bonds and generated long-term money resource. On this reason about 15 banks already offer different conditions for long-term mortgage crediting. With every passed day deals conducted with mortgage credits increases.
6. Demand by foreign citizens. In last two years demand for buying property by foreign citizens registers significant growth. Basically interests are from British citizens. Demand is directed in wide range from rural properties, apartments, villas, plots, and even to hotels. Interesting and important fact which we shall remark is that requirement and expectations of clients become larger and larger, both towards characteristics of property and the way and materials used in construction.
7. Newest potential group of buyers are Bulgarians living and working abroad. Their requirements and criteria are one and the same with those of foreign citizens, because of easy explainable reasons.

     We shall notice that values 5-6 years ago have reached their lowest level for the last ten years. So, sudden, fast and big increase was result of 5-6 year stagnation on this market.
     In the observed period interest towards investment in immovable property on North Black sea (from Obzor to Romanian boundary) also increased. Basic locations which provoke investment interests were: r .c (resort complex) Golden sands Varna (Galata) Kamchia, Biala, Shkorpilovtsi, Kranevo, Shabla, Kralets and so on. Listing these regions and areas around them, it becomes apparent that actually there were no regions near Black sea, not provoking, interest for acquisition of ownership. Large massifs of agricultural land bordering and near the beach were bought up, and the only aim, of investors was to take actions for building up or to resell property with realization of profit on later stage. Prices of plots near sea shore reached values of 40-50 euro/sq .m. for agricultural land and 200-300 euro for regulated plots in building borders. These values were impossible to achieve if the possibilities for building up did not exist. The activeness of investors led to mass buildings of hotels and villa properties in some areas of the Black sea in period of 1-1.5 year. Differing from the South, North does not register activeness in building of housing estates of closed type.
     Projects familiar to us from Sunny Beach, Sozopol, Primorsko, Pomorie do not become reality in the same dimension on the North beach shore. Here we must remark that actually in the North, large massifs were bought up on the whole length of North Black sea from Biala to Shabla. The picture does not look different from investors' point of view, and namely their plans to build up these properties. At this moment we already present some future projects, both for building of hotels and villa settlements (apartments and houses). It is for sure that in the next year similar projects are planned to create.
     Two English and Irish newspapers published several articles for Bulgarian Black Sea. "Guardian" advised British to buy properties in Bulgaria. At the same time Irish "Sunday Business Post" described advantages of Bulgarian sea coast. "Sea water unusually clean for Europe - is very clean and greater part of coast consists of long beach areas. More unusual in European context is that shore is not destroyed by the expansion of tour business. Reason for this is that Bulgaria is democracy for not more than ten years. Country was part of the East Block of communistic countries and its coast was not so easy accessible for foreign tourists. But another Irish newspaper "Belfast Telegraph" already touches the negative tendency near Bulgarian Black Sea. "Bulgaria shall be careful and not to commercialize too much its' resorts and in such way destroying this which attracts people to visit it, namely its nature and well- preserved beaches and towns." This is written in the newspaper in larger material devoted to Bulgaria." In Bulgaria many new hotels and complexes with apartments are built, which bring the necessity money and work, but the necessary attention shall be paid, targeting to prevent transformation of these new buildings in concrete ugliness which spoils many European sea coasts', author of the article Jerry FidGerald warns.
     Actually prepared Law for Bulgarian Black Sea even with its banning clauses will be absolutely positive and necessary for long-term positive development of Bulgarian Black sea property market.
     In period of few months properties in prestigious sections of Varna retain price levels equal or even higher than those in Sofia. Prices of homes and plots in the ideal centre of the city round community Greek quarter (Grutskata mahala) and "Red Square" (Cherveniat ploshtat) reached one of the highest levels for the whole country. At the moment average price of two and three room apartments for sale in Green quarter (Grytskata mahala) for example is about 1027 euro/sq. m. which is 130-140 euro higher than price of the same homes in capital quarter Lozenets. Marine capital is one of most dynamic markets of immovable property in the country. Last year the city has registered growth of 29% of concluded deals in comparison to former 2003. Basing on data of Agency for Entries in first three months of this year total number of deals with real estates in Varna is 6977 (including donations and transferring).
     Over 1/3 of them are only sale-trades amounting 2747 for the same period of last year in marine capital are registered 2420 sale - trades in total 5674 property deals. Most demanded are apartments from 50 to 70 sq. m. in all sections. Greatest number of deals is in ideal centre, so called Greek Quarter (Grutska mahala), in sections near summer cinema: "Trakia", Regional hospital, and h.e.(housing estate) "Levski". Insufficient supply in central regions appropriate for business areas and housing construction, concentrates interest towards buying and renovation of old buildings on raised values.
     Although accurate statistics for deals with foreign citizens does not exist, this fact is much stronger here than in the other big cities. The interest moves price levels in upper direction and it has clarifying effect over transactions with real estates, because as a whole, foreign persons are not disposed to declare unreal low prices when conducting deals
     This on its side results rising of prices which National Statistics Institute registers, because in formation of their verifications, departments are interested in officially announced data for sale-trades.
     It is expected that tendency of supply in attractive regions will continue. Stabilization of price levels in sale-trade will inevitably increase interest towards renting of homes.
     According to building enterprisers in middle- termed plan up to 10% annual growth in prices of normal city apartments can be expected. Prices of vacation apartments are expected to increase with slower pace, as a result of big supply of similar areas in the last year.
     According to expert prognoses market registers comparative stabilization. Extreme rising of prices is not likely to happen, but there will not be decrease in price levels, especially of well-performed objects.
     Here like in Sofia building enterprisers register that deficit of good terrains for housing construction already becomes serious problem. At the moment average offering prices in Varna vary around 546 euro/sq. m, but in some areas of ideal centre, over 1020 euro/sq. m. are wanted.
     In next one-two years market is likely to stabilize and building will not be so intensive. Meanwhile the expected interest toward real estates will remain the same and prices will constantly rise. In this way prices on Bulgarian Black Sea will equalize with those in Spain, because now they are two times lower.

Bulgarian Real estate Overview - South Bulgarian Black Sea

     It is comprehended that Southern Bulgarian Black Sea starts from Obzor, but massive building and investment in recent years are directed southerner from Saint Vlas (Sveti Vlas) to Sinemorets. In the small, several years ago, village Saint Vlas (Sveti Vlas) were made investments for several scores millions levs. This became possible after new detailed arrangement plan of street regulation of Saint Vlas-South came into operation, entering in procedure in 2000. Only in the year 2003 in Saint Vlas are realized sales amounting 20 million levs.
     Dense building up of properties on the beach area led to connection of Saint Vlas and Sunny beach. This is the idea of all black sea mayors in the south, where it is possible, unification of cities in order to create resort, long over 100 km in the same way as Halkidiki in Greece. Up to now this is achieved only in the region from Saint Vlas to Ravda.
     After small complexes of Saint Vlas, the huge complexes of Sunny beach follow. For the last 4-5 years, here are made investments amounting over 600 million euro. Now there are 144 hotels.
     There is increased interest by foreign companies towards buying of hotels and properties on the sea. The only legal obstacle in realization of this deals is the requirement the companies to be registered in our country or to have Bulgarian participation. But this can be conducted and is done. The possibility, although strongly restricted, for building of hotels and tour objects in zone East of Sunny Beach still exists. With the decision of Council of ministers is given permission the sleeping base to increase from 25000 to 35000 beds. Building plan of zone West is going to be actualized and by this action sleeping base is going to increase over now permitted 12500 beds. It is sure that in next three years building potential of Sunny Beach will not be exhausted. Plots between middle road and road Varna - Bourgas were also bought up and their building up is ahead. There are still free areas in direction towards Turnovo. Now only in Sunny Beach 2500 apartments are offered for sale. The market hits in Sunny Beach during last two years are cooperation buildings with controlled access and familial houses. Square meter in them is between 500 and 1200 euro and above.
     In comparison with terrains and smaller objects, secondary market for sale of hotels and villa settlements is passive.
     In the next year building in Sunny Beach will be predominantly in zone West which is near kilometer away from the sea. All hotels built until the moment in zone East are very beautiful and give the resort European appearance. Their only disadvantage is that they are very big and too close one another. According to cadastral plan which now envisages building of low and medium - floored hotels, villa and holiday settlements, and sport complexes, the density of building is planned to be 20%. The population of Nessebar is with the same density. There in recent years building of expensive hotels was also activated. At the same time departmental holiday bases of enterprises remained, and they are preferred because of low prices. There is still place in Nessebar for big attractions and entertainment objects which big investors want to realize targeting attraction of more tourists. For example Festa Holding which is big investor in the city will invest 6 million euro for construction of dolphin pool in Nessebar. Dolphin pool will be on area of 20000 sq. m. with three separate pools. It is also planned, around this water attraction, amphitheatre with 2000 sitting places to be built. Visitors will be able at any time of the year to look at pools with seals and penguins. Park will be involved in world programs for protection of marine mammals. Last year firm opened one of biggest hotels in Nessebar - Festa Holding Iberostar. Nessebar already connects with Ravda, where this year new four star Nessebar Beach hotel of Academica Sea Palace complex was opened. Investment project is realized on two stages. Second phase is construction of five star hotel in southern direction from the already built one. Hotel complex is situated on area of 10 decares in Ravda on the place of former sport camp Academica. The new concept of investors is that tourists shall enjoy themselves. In Pomorie there are almost no properties for sale, because the city has no more space for enlargement. At the moment salty lake is covered in, and its building up is ahead. Prices are from 420 to 780 euro per square meter. Agricultural land in the region is appropriate for building up and is with price from 14 to 25 euro per square meter.
     In regional center Bourgas constructed housing estates with high standards for living do not exist. Such tries are made in complexes Lazur, Slaveikov and Izgrev where not built up terrains are still available. New building in the city has increased with 40 % in the last few years. Limited supply of properties caused constant increase of prices in Bourgas, with the same tendency on the whole South Black sea. Another reason for high prices dues to the fact that in central city part, building is realized on the place of old houses with many owners. Every one of them wants percentage in new constructing cooperation building, and free homes shall be sold on very expensive price. Wherever in Bourgas building activity is realized, homes are sold "off plan". Prices for square meter are from 380 to 600 euro. The problem is that offered homes are with square surface about 40 sq. m. or over 100 sq. m. with mass demand being for homes of 60-65 sq. m. Tendencies existing in other cities, foreign citizens to buy properties and to emigrate in our country, is weakly expressed in Bourgas. About 25 % of deals are realized with foreign citizens and they are predominantly Bulgarians living abroad. They prefer apartments with larger quarter space. Now the actual tendency is emigrants to come back in our country, but they prefer properties outside the city. Sections Sarafovo and Kraimorie are appropriate for this aim situated North and South of Bourgas. There are sold mainly agricultural lands which are going to get into regulation. The smallest area which can be bought is 3 decares, but having in mind that 20 % of it will be taken away by the community when the area is put into regulation for construction of infrastructure. Prices of agricultural lands in Sarafovo are between 15 and 25 euro depending on their vicinity to the sea. There near 70 % of lands are already bought up.
     Almost 40 % of agricultural lands in south section Kraimorie are already bough up. Plan for regulation of the quarter is on work phase. It envisages detached housing zone where to realize building of familial houses. This gives possibility for formation of luxurious housing groups with adjoining infrastructure, town development and security. Certainly the greatest interest of buyers is towards terrains near sea .On first line terrains are sold on prices from 32 to 50 euro per square meter, on second line price is about 20 euro and on third 15 and 10 euro. Prognosticated price of homes in these two sections is between 300 and 400 euro per square meter. We go southerner - Chernoimorets becomes zone interesting, and searched by investors. Construction of purifying station is ahead. Plots in regulation which are attractive for building of small hotels are almost finished and prices reached 50-60 per sq. m. Attractive agricultural land is still offered on prices from 25 to 40 euro per sq . m. About 90 % of land belonging to Chernomorets situated in southern direction from the village and bordering vast beach zone round Gradina quarter is bought up and its use is changed. Recently town council of Sozopol community approved 30 % density of low-floored building in area Akladi. The aim is this inlet to become elite vacation place.
     The interest towards Sozopol is traditional. It combines historical and archeological sights, ancient architecture, beautiful inlet, and good opportunities for relaxation. General arrangement plan of Sozopol is worked out in 1997 year. It determines zones for new building, vacation settlements and the necessary protection of unique cultural and natural objects. Investments are concentrated in the south part of the town. For example zone of beach Harmani is attractive. Here free terrains for building are available near vast sandy area of one of most beautiful Bulgarian inlets. Terrains on first line are actively built up. Vacation settlement is already constructed - Lozite. On the market three settlements are offered for sale situated in the south part of Sozopol. The apartments there are with living floor space between 40 and 450 sq.m. and are with prices between 600 and 800 euro per sq.m. Actually Sozopol expands towards vineyards near ring-road, because in the town there are no more free building terrains. Last year community of Sozopol put into regulation lands situated south of the town. As a result on the whole peninsula which jets into the sea between the town and camping site Kavatsite building activity is conducted.
     Almost all vineyards and gardens of Sozopolian citizens in this area which are in greater part private ownership are sold up. Lands near sea are also sold up and villas appeared on the rocks over the water. If you can still find free property, its price is between 85 and 130 euro per square meter and for agricultural lands is between 25 - 80 euro. Construction of clarifying station is planned in area Saint Marina. Another problem is that beautiful rocky shore which was with free access for tourists now is being built and fenced, and there you will not be able to rest if you do not possess property.
     For camping sites south of Sozopol and Diunni we will talk later, when we pay more attention to construction of holiday settlements. Our next stop is Primorsko. Probably you have heard that there chartered sport airport is building now. This investment is connected with the construction of golf playground, which is realized by French enterprisers. On the project playground will be constructed on river valley of river Ropotamo, 5 kilometers away from the city. The terrain is municipal ownership and has surface of 800 decares. The idea is to be realized building of hotel near playground, which to provide sleeping accommodations for the foreign citizens who have come to go in for sport. The plan is hotel base to have capacity of 1000 beds, mini golf school and chain of places of entertainment and shops will be established near playground. The value of investment is 10 million euro. In general arrangement plan of Primorsko is also paid special attention to preservation of protected territories. North of the town reserve Perla is situated and further north reserve Ropotamo is situated, and also buffer zone and recreational forest. These terrains can not be built up, but here is also planned establishment of special forest parks. Because of region's special features, except building near coastal area, here will also be developed rural tourism. For this aim uncultivated lands of near villages will be used, those which are in the vicinity of river or forest. Appropriate zones exist around reserve Perla in areas Chinger, Marius and Uzuhdzata. There the prognosticated capacity of sleeping base is 21 thousands beds. On the territory of International Youth Center, according to new arrangement plan, new resort zone of over 90 hectares is offered, from which over 30 hectares are new regulation. Here base with near 8 thousand beds will be established. Construction of complex Sun sands city is ahead, situated on 50 meters from beach area. It will have 174 apartments and four star hotel for 390 guests. Lands in Primorsko keep very high price - from 30 to 150 euro for land in regulation and from 15 to 90 euro for agricultural lands. They are much lower in neighbouring villages. In Kiten square meter is up to 85 euro and fields are offered on price up to 25 euro. In villages Kiten, Pismenovo, Iasna Poliana, Veselie, Novo Panicherovo new villa zones are planned with total surface of 70 hectares. Prognosticated capacity of new sleeping base, result, of new building and reconstructions in Primorsko, according to the plan is 43000 beds. Specialists consider that this number is near optimum recreational capacity of coastal line. It shall be observed in order to prevent problem of overcrowding.
     Tsarevo similarly to Primorsko stakes on sea tourism, as well as on alternative tourism -eco, cultural, rural, agricultural, villa, which determines way and density of building up in the region. These communities are preferred by foreign citizens and by many Bulgarian settlements: Lozenets, Varvara, Ahtopol, Sinemorets and Rezovo. This interest determines investments in construction, which register significant increase in recent years. Hotel Berlavista Beach Club which is club hotel complex for familial tourism with 400 beds, works from this summer in Sinemorets. The investment in it is 12 million levs. At the moment projects for the next year are made. Here the community has determined requirements aiming to prevent urbanization. One of them is that construction shall not exceed 40 % and green areas shall be ensured. Differing from Ravda, here the municipal community accepted instruction for preservation of five meters zone of free access for the citizens. Unfortunately for the ordinary citizens of Tsarevo community, the new town developing plan envisages construction of high-categorized sleeping base. The plan envisages enlargement of Ahtopol in north and south direction with 160 decares totally and of Sinemorets with 124 decares. On this terrains low and medium floored hotels and "family" hotels will be built with the necessary structure and greening. Development of villa zone is planned in village Varvara and Rezovo. For better development of region and for attraction of foreign investments, in Rezovo is planned establishment of new frontier control entering point At the moment prices in Tsarevo are much lower than those in Primorsko. One square meter in regulation is between 20 and 35 euro and out of regulation between 10 and 26 euro. Most expensive are the prices of lands offered in Sinemorets, where 1 square meter is over 50 euro. Properties out of regulation are half-priced. Only for the first half of this year community of Tsarevo has issued 120 building permissions. 30 % growth of investment in building is registered in comparison with the previous year. Private investments in the branch are 5 million levs. The community has also invested 1 million. Future of tourism in our country, which is directly connected with the property market and investment in Southeast region, is obviously in building of villa and vacation settlements. Villa settlements will be situated in rural regions for the development of alternative tourism. On this reason prices of rural properties in 30 km. radius of the sea increased several times. Interest of English, Norwegian and Irish citizens is directed to houses in calm villages, which are situated near the shore, having good infrastructure and nature. Articles in foreign newspapers advertise Bulgarian nature, clean air, good cuisine and our cultural values, our national wealth, and not on last place of course low prices of properties. All this causes bum in buying rural properties, and terrains for construction of villa settlements on South Bulgarian Black Sea.
     At the moment along the length of Bulgarian sea shore, 10 settlements exist and another 15 objects are performed. Almost 100 % of them are concentrated on the South Black sea. In one year time about 10 new projects are expected to start. This number is announced by the investors. Some of largest projects envisage construction of vacation settlements with all-out surface 100 thousand square meters. In new settlements near Nessebar, Diamond, Elite 2 and Elite 3, Mesembria Fort Beach, Sun Sands City and other, number of apartments for sale reached 30 thousand. Statistics shows that for all of them real buyers exist. Actually they are bought up when they are on project stage. Prices of homes in similar vacation settlements are from 600 to 1200 euro per square meter. Interest towards these vacation settlements is mainly by the side of English, Russian, Irish, German, Dutch and Norwegian citizens. South of Sunny Beach in Ravda, construction of new complex Ravda Sun City is ahead. Norwegian investors participate in the company and they are ready to make invesment for over 1 million euro for building of 11 two-familial villas in the complex. The same firm plans construction of 5-6 similar settlements in other regions of the country. Norwegians prefer towns preserved as ethnographical museum.
     Vacation settlements will be also constructed near Sozopol. On the place of camping site Gradina construction of vacation settlement is planned Old bungalows will be replaced by modern tour base corresponding to modern requirements for habitation, serving and comfort. The conditions laid out to owners is that capacity shall remain the same as those in the camping site, shall preserve the existing vegetation, shall perform park arrangement actions and shall enlarge beach area. The plan envisages construction of vacation settlement with capacity of 1500 beds. Total area is 31 hectares and it also includes protected sand dunes. Firm Akladi Ltd. is in most advanced stage and its project includes v.s. (vacation settlement) with capacity of 80 apartments, security and all the necessary decisions for guaranteed comfort of future buyers. Construction of several hotels which will be announced very soon is ahead. Another territory suitable for resort zone near Sozopol are camping sites Kavatsi and Smokinia. There bungalows will be replaced and building will be taken out of the beach area. Total area is 25 hectares and new settlement will offer between 1000 and 3000 beds. The new building envisages green areas situated on 45% of the total surface, and sport facilities ands pools. People with caravans traditionally rest on this places, on this reason is planned space for them, and also space for tents Further downwards near Diuni second similar complex is planned. Some restrictions are necessary in the general town-arrangement plan limiting the expansion, because of the presence of natural values and also in such a way the over urbanization will be prevented. In connection with this round road will be constructed, passing in the west of reserve Alepu, which have on its territory protected dunes and plants. Building of new vacation settlements is planned near Tsarevo. There buffer zone will be established. Building of new vacation settlements is planned round Tsarevo. They will be on territories of camping sites Iug, Koral, Nestinarka and Loziata. It will be probably finished in 2006. In addition arrangement plan of the town envisages also creation of camping site with 260 beds, in the place named Ribarnitsata. At the moment development of plan for camping site Arapia near priest's beach (Popskia) is in progress. There is also interest towards camping site Oasis. In Lozenets, Czech firm Vantours also plans building of villa settlement. At the moment terrains near Tsrevo are offered on prices from 25 to 60 euro per sq.m.
     Maybe, here we shall say some words about impending acceptance of Law for Black sea coast. Law gives the very necessary definition of terms coastal beach area, marine beach and also determines range of public government ownership on the black sea coast. The exact procedure for determination of borders of marine beaches and public government ownership are also pointed in the law. With the law two zones of territorial - arrangement protection are determined. Zone A includes the coastal beach area and public government ownership on the shore, and contiguous territories behind them, which can reach 100 meters. In zone A, when the territory borders with the marine beach, change in use of agricultural lands and forests is absolutely forbidden, building and fencing is also forbidden, which hinder free access to beach area. In this zone only placement of movable objects for health cares and of light facilities connected with sport-entertaining purpose of the beach is permitted.
     Zone B includes zone with wideness of 2 km. from the coast line. In it establishment of deposits and other facilities for waste matters is forbidden. In zone B restrictive parameter of insurance are pointed out. Particular building permissions in zone B will be given by the major architects of communities, on which territories terrains are situated. This is not the final variant of the law for Black sea coast. Proposals for changes in the project law are still accepted, before its entering in plenary hall. What conclusion, we can make out of all the things, which we have mention until now. Prices of properties on south Bulgarian Black Sea will continue to increase. This due to the fact that foreign investors make big investments in high-categorized base, for which foreign citizens are ready to pay high, for us, but not for them prices. If we compare real estates in Great Britain, we will see that two-floored house with pool, barbecue and garage costs 200-300 thousand euro. In our country people receive the same thing for 80-120 thousand euro and in addition calmness, clean air, nice food and warm sea. People who do not wish to make such investment in our country prefer more and more the way - second home, in which they buy apartment in vacation settlement which they can use for almost half an year. But Europeans require luxury which can not be provided in old resort bases. That is why new ones shall be built. The requirements for the apartments are observation of technologies in building performance, thermo isolated facades, quality joinery works, hydro and thermal isolation of buildings, quality installations. Requirements to arrangement and size of apartments are different but most buyers prefer those which have two bathrooms and two bedrooms. The attention shall be stressed on density of building, green areas, nearness of shops, sport centers, possibilities for security and access to beach area. For the European citizens situation is clear, they will come to our country and will increase prices of properties. For the Bulgarians remains possibility to take advantage of new building in the cities which quality in the last years is improved significantly. Bulgarians already have he same requirements towards building like Europeans. The European type in arrangement of standard homes already enters in Bulgaria, two or three bathrooms, two bedrooms, hall and dining room at one place. 60 % of buyers look for this type of homes. With the introduction of common obligatory requirements, valid for all construction firms, the outer appearance of cooperation buildings improved significantly. New building differs significantly from those realized 10 years ago. And the difference is not only in colours of cooperation buildings. Now green areas are planned and also development of the region is determined.
     Possibilities for bank crediting of housing construction, increased buying potential of Bulgarian citizen. Now buyers are ready to pay much for better quality. As a result demand of apartments built between 1992 and 2000 decreased and demand of new building from the last one-two years increased. On this reason new cooperation buildings are sold "off plan". Expectations are that until the end of the year market of real estates on the Black sea will calm down a little. But prices will not fall down. Price of 1 square meter living space in Bourgas will remain unchanged from 380 to almost 700 euro, which from the summer of 2005 will constantly go up. Expectations are that until summer of 2007 annual increase will be from 20 to 50%.
     For buyers who invest in "buy to let" Bulgarian Black Sea properties we from Bulgarian Property Ltd. recommend purchases in Sunny Beach, Nessebar, Golden Sands and Albena. Being extremely popular in UK, Western Europe, Russia and Bulgaria Sunny Beach attracts many holiday makers who would be happy to pay much money to rent a fully fitted apartment for a week or two. The Nessebar apartments are also a best buy, as the rental market there during the summer is very well developed too, with big demand and good rental income. The neighbour resort of Sveti Vlas benefits from being very close to Sunny Beach (just 4 km), but you can not expect the same income from properties located in Sveti Vlas. If anyone else is trying to tell you that there are other popular beach resorts in Bulgaria where you can purchase property and get high rental income, don't believe it! The other big resorts where solvent holiday makers are coming are Golden Sands and Albena but big choice of apartments for sale there is not available. All other smaller towns and resorts are popular to some extend, but they rarely attract rich customers. Owning a rental real estate property in Varna and Bourgas is a very wise choice. You will have guests/tenants throughout the most time of the year.
     If you buy a rental property using the services of Bulgarian Property Ltd you will get 1 year of free advertising in our website.