Image revamp for Bulgarian property investment

Assetz News, 2006-04-10

     It appears that attempts to ready Bulgaria for EU accession are gaining momentum, with tourism and property investment at the forefront of much that is being done.
     With the ski season coming to an end, attention is now turning to the stunning Black Sea regions and the authorities in Bulgaria have been busy working on measures to maximise the potential of the already popular resorts.
     Already, a National Tourism Board has been created, which will meet in May to discuss ways of uniting large investors, non-governmental organisations and businesses that provide for tourism, reports the Sofia Echo.
     Many of the plans will directly impact upon property investment in Bulgaria, with analysts frequently observing that a successful tourist industry is the first step towards a property boom.
     "The future National Tourism Board will formulate and seek solutions to essential problems related to regional development, infrastructure, beach and airport concessions, promoting new tourist products, developing new markets, building a network of Bulgarian tourist offices abroad under public-private partnership schemes, and a bigger budget for advertising Bulgarian tourism abroad," said the initiators of the new board. The Sofia Echo has also reported on the most popular property investment spots in Bulgaria, as seasoned investors begin to familiarise themselves with the best options for good returns.
     The statistics show that 25 per cent of property investors in Bulgaria prefer to purchase land close to major cities, with most of these investing in commercial property ventures such as office buildings or trade centres.
     A similar percentage of investors prefer agricultural terrains, however, which is perhaps testament to the diversity of property investment opportunities available in the country at the moment.
     The survey also drew attention to the advantages of investing around Sofia as well as the Black Sea, while around eleven per cent favoured ski resorts such as Bansko, Borovets, and Pamporovo.
     In addition to these options, Bulgaria is also gaining a reputation for golf properties, with the Sofia Echo reporting that there will be 40 courses in the country in 15 years' time. Bulgaria is often compared to Spain in the 1980s and its burgeoning status as a golf haven is only likely to strengthen these comparisons.
     It was recently reported that Nick Faldo, winner of the Masters on three occasions, was investing in property in Bulgaria, while Gary Player, Ian Woosnam and Jack Nicklaus are all thought to be taking a central role in the design of several courses in the country. With the ski resorts improving each year and the Black Sea regions continuing to draw tourists and investors alike, the added lure of properties around golf courses would seemingly add yet another dimension to Bulgaria's growing property appeal.

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