New property investment trends in Bulgaria

The Sofia Echo, 2006-04-27

     Real estate market tendencies show a considerable increase in the sales of hotels under construction.

     According to a "24 Hours Daily" report the largest part of such offers is concentrated in Bansko, Pamporovo and the seaside resorts. Until present investors showed interest in the purchase of completed hotels, especially by the seaside, or separate flats in apartment complexes.
     Market research shows tendencies are changing and the demand for buildings under construction is growing. The main asset of such facilities is that they are multi-functional. This allows investors to change usage during the construction work. A building planned as an apartment complex may be transformed into a first-class hotel, "24 Hours Daily" reported.
     Agents said this is neither a plus, nor a minus, but simply a new opportunity for investors.
     Other market tendencies include projects executed by more than one investor. Owners of a plot transfer building rights to a partner company in exchange for claims over several floors of the building.
     According to imot.bg data, an unfinished building in Bansko sells for up to 3.1 million euro, depending on the construction stage. Some of the common features of such construction sites include proximity to ski lifts or entertainment spots and availability of pool and coffee bar areas.

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