Bulgarian ski resorts attract property investors

Assetz News, 2006-02-03

     Property investment in Bulgaria has an edge over a number of its European rivals in that with a thriving ski industry, it is able to attract uninterrupted interest throughout the year.
     Sofia currently offers some of the best options for investors, with house prices increasing dramatically in line with the capital city's rise to prominence in the European community. It is generally thought that EU accession will form the final piece of the jigsaw and that it will allow Sofia to compete with other European capitals as a commercial centre and tourist haven.
     Already offering good prospects because of high purchasing prices, Sofia has also proved popular in the buy-to-let sector with opportunities for extremely competitive rental income. With rental returns of up to 12 per cent, however, property in Bulgaria's ski resorts has been attracting a huge amount of attention in recent years and this is set to continue as the country's reputation for winter sports is advanced.
     The Times has pointed out that low property prices and inexpensive ski passes mean an investment in a resort such as Bansko can be extremely lucrative, with thousands of ski and snowboard enthusiasts choosing Bulgaria ahead of more familiar countries such as France, Austria and Switzerland.
     Realtors said each of the properties that would be swapped is worth at least 10 mln euro in cash. The going rate for downtown plots zoned for high-rise construction starts from 1,000 euro/sq m.
     The ski season in the Bulgarian mountain ranges can last from mid-December to early April meaning that investors can be guaranteed returns on property for a good third of the year. With many choosing to exploit rising house prices, investors are also making considerable gains by selling on properties while others are waiting for an anticipated boom in the aftermath of EU accession in 2007 or 2008.
     With construction regulations currently affecting property investment in the Black Sea region, ski resorts have certainly proved a popular option with UK investors and the prospect of the Winter Olympics coming to Bulgaria in 2014 has only added to popular awareness of Bulgaria as a leading country for winter sports.
     Opportunities for commercial property investment have also become more available as the likes of Bansko and Borovets become increasingly popular as tourist resorts, while off-plan and residential property investments continue to offer potentially lucrative yields.

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