Bulgarian Spa projects boost property prices

Sofia Echo, 2007-05-07

     The construction of a skyscraper in Bulgaria's coastal city of Bourgas will start in October 2007, Bourgas beach concessionaire company representative Vaklin Stoinovski said. Stoinovski took part in a forum on the problems of skyscraper construction held in London, Darik Radio reported.
     Investors have been working on spa tourism projects for a long time, Kapital daily reported.
     There are spa centre and hotel construction projects in, among other places, the well-known destinations Sandanski, Kyustendil and Apriltsi. These regions boast favourable natural resources and, unlike other traditional resorts, are not burdened by overbuilding.
     Major spa projects have already influenced the property market, in certain regions further boosting property price increases.
     The regions of Bansko and Razlog have emerged as the most popular among investors.According to real estate agency eight vacation complex projects with a total built-up area of 50 000 sq m are underway in the village of Banya. The village is near Bansko and has 70 mineral springs. As a result, average land prices in the region went up, reaching 40 to 100 euro a sq m, Address said.
     A major spa project in Kyustendil will result in a hotel and apartment complex of 32 055 sq m area. The centre will target wealthy clients. National Statistical Institute (NSI) data said that residential property prices in Kyustendil increased by 11 per cent in the first quarter of 2007.

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