Bulgaria is considered to be one of the most rapidly advancing nations in Europe today and is renowned for foreign prime property investment in its coastal, mountain and more recently city locations. With the average prime property price having risen by an incredible 31% per annum over the past three years, it is easy to see why investment in Bulgaria is so popular. With excellent property prices and high capital growth projections, combined with Bulgaria’s natural advantages such as sun, sand, sea, skiing, beautiful landscapes and booming economy, prime Bulgarian properties investors continue to see this Eastern European location as one of the world’s top emerging markets. Over the period of one week, two British print media published articles saying that Bulgaria’s property sector was among the most attractive in Europe. On February 7, the Guardian reported that Bulgaria, together with Poland, Estonia and Denmark, was among the European Union countries with a steady increase in prime property prices in 2006. The Guardian quoted a survey done by the Royal Institution of Chartered Surveyors, which analyzed price growth in 26 European countries.
There are and will be significant developments of prime Bulgarian properties in recent years in both mountain and coastal resort areas in Bulgaria. The holiday Bulgarian properties market experienced significant development in the past year in these areas. Demand for holiday prime Bulgarian properties in the country has taken off in recent years. The upcoming EU accession, the growth of the tourism industry, and the comparatively low prices are among the main factors driving demand. Private individuals from Western Europe, mainly the UK and Ireland, and wealthy Russians, account for most of the demand. The overall absorption rate of holiday prime Bulgarian properties developments as of June 2006 was estimated at 60 per cent in the mountain resorts and at 56 per cent for the coastal region. Bansko and St. Vlas led demand in the mountain and coastal regions respectively, with absorption rates of 70 per cent and above. The supply of holiday homes in Bulgarian mountain regions is concentrated mainly in Bansko, Borovets and Pamporovo. Supply of homes in the mountain regions amounted to more than 12 000 units as of June 2006, which represented a 152 per cent increase from June 2005. The supply of holiday prime Bulgarian properties on the Bulgarian Black Sea coast is still mainly associated with developments located in the larger resorts of Sunny Beach, St Vlas, Sozopol and Varna. However, new supply is slowly moving to medium-size and smaller resorts. Coastal developments vary in size, some offering as many as 900 units. The holiday prime Bulgarian properties supply has increased by more than 6000 units in the past year. As of June 2006, prime Bulgarian properties in coastal resorts amount to more than 22 500 units in various stages of development, from off-plan projects, to those scheduled to break ground, to already existing prime properties. The increase in supply represents 37 per cent growth from June 2005. Prices of holiday prime Bulgarian properties are stable and vary according to several criteria, the major ones being location, quality of the resort, range of facilities, and the stage of completion. Prices of prime Bulgarian properties are higher in already established and popular holiday locations like Sunny Beach, Golden Sands, and St Vlas on the coast. In the mountain regions, Bansko commands slightly higher price levels than Pamporovo and Borovets. Sales prices also vary according to the level of completion. When offered off-plan, prices of all types of prime Bulgarian properties are between 20 and 40 per cent lower than when the project is completed. When offered during stages of rough construction, units are sold at prices 15 to 25 per cent lower than for the finished product. The investors are interested not only in Black Sea development as we know it, but also started to pay attention to another 2006 newcomer to the market – prime Bulgarian properties for the golf course. By the end of 2006, there were more than 10 golf course projects in various stages of construction. Investments amount to 700 million leva, according to government data. The largest share of these funds will go to the development of prime Bulgarian properties for golf courses on the Black Sea coast. The prime Bulgarian properties for golf complexes being built at the seaside are next to or within the 20 km zone where old village houses and plots sold rapidly in the past four or five years. Investors continue buying houses in this area a. The successful completion of the golf-complex projects in this area might boom the market in properties there, and bring investors who bought and buying now prime Bulgarian properties there with the intention of resale.
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