Investors hunt for plots in smaller mountain villages

propertywisebulgaria.com, 2007-11-03

     According to the latest Oxford Business Group report, presented on October 30, Bulgarian mountain resorts attracted the most foreigner attention of any Bulgarian resorts in 2006. The Black Sea resorts such as Albena, Sunny Beach, and Golden Sands were less attractive as holiday properties since these places are considered to be profitable only in the summer.
     The last few years have seen a tremendous growth in Bansko. Projects have been springing up on an almost daily basis, irretrievably affecting the landscape. Some real estate experts predict that Bansko is a done deal, i.e. it will never be the charming and attractive resort it once was.
     However, this does not deter owners from offering their land. Currently, there are about 400 plots on sale in the area, their prices varying from 40 to 210 euro a sq m, IMOT.BG reported. Owners of lands located in proximity to the ski lift or the town centre did not quote a firm price, but rather stipulated it as "negotiable," with a view to subsequent haggling to get the highest bid. Now plots located in not-so-popular regions are also posted under similar quotation.
     Lands situated within a kilometer or two of Bansko are at the bottom price range (50 to 100 euro a sq m). Ovinache and Kotechkoto regions ask more than 200 euro/sq m. They are considered to be the most expensive in the area.
     Pamporovo ranks second in terms of land sales. There are about 300 plots on the market, according to IMOT.BG statistics. Prices are two times lower than the ones in Bansko, starting at 15 euro a sq m. A great part of the offered land is in the process of getting detailed zoning plans - they sell at 50 euro.
     It was only a few years ago that regions like Banya, Borovets Govedartsi, Samokov, Stoikite, and Chepelare did not enjoy much popularity. The last 18 months saw an interesting tendency - investors have shifted their attention from larger to smaller villages. Presently, there are about 70 to 100 offers posted under this category, asking from 20 to 70 euro. What is very typical for the above-mentioned regions is that not only do they offer plots in the villages themselves, but also they offer arable lands.
     Analysts tend to think that prices in these settlements will rise gradually. The appreciation rate will depend preeminently on the construction rate at which complexes are erected and not on the general pace of property prices hike.

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