Property Prices Up in Bulgaria's Resorts, Despite Impressive Supply

Sofia echo, 2007-01-03

     Vacation property in Bulgaria appears to be inexpensive for foreign buyers and for wealthier Bulgarians, which leads to further price increases. Despite the construction boom and intense property offering prices remain high, 24 Chassa daily reported.
     Property in Bansko winter resort and Sunny Beach coastal resort registered highest price increase percentage. Imot.bg reported that investors have to spend now 20 per cent more on property in the two regions as compared to values for January 2006.
     Bansko is the winter resort that offers most property for sale. A number of investors have also turned to Pamporovo. Investors were mostly interested in two-bedroom apartments. Nearly 200 such apartments are offered for sale in Bansko. Prices have reached 919 euro per sq m. The price of luxurious property exceeds 1000 euro per sq m.
     Sunny Beach is the leading summer resort when it comes to increase in property prices. Supply there is also high, compared to the offers in other coastal resorts.
     Property agents said that the vacation property market in 2007 would not witness major developments, as a number of investors are expected to get involved with the construction of spa centres.

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