The business traveler segment of Bulgaria tourism market has suffered a slowdown in Q1 2012. Many of the business hotels in Sofia have reported poor trading so far in 2012. The drop in bookings is attributed to 2 main factors; firstly the continued global economic problems and secondly the extremely cold weather in Sofia for the first 2 months of the year.
By contracts the local ski resorts have benefitted from the extreme weather and are enjoying one of the best seasons in several years. As well as an increase in foreign tourists there has been a boost from more Bulgarian skiers and snow boarders. Read more…
The latest research from Bulgarian Properties real estate agency shows that 2011 was a slow year for ski property sales. Sales in the Bansko are were particular slow and prices for apartment in Bansko have dropped over 20% in 2011 alone. There is still a large number of available properties on the Bansko market and this is going to depress both sales and rental for some time into the future.
The average sales price for apartments in Bansko during 2011 was 35,500 euros whereas in 2010 the average sales price was 44,000 euros representing a drop of almost 20% over the 12 month period. The average price per m2 was 500 euro/m2 in 2011 down from 650 euro/m2 in 2010. The majority of sales in the Bansko area came from buyers looking to purchase very cheap ski properties. The sales volumes also decreased relative to the previous year. Read more…
The latest survey from overseas property specialist TheMoveChannel has highlighted property in Bulgaria as still in the top 10 property locations for overseas investors.
The information was extracted from the overseas property enquiries received by the website during 2011. Almost 3% of enquiries related to Bulgarian property meaning property in Bulgaria was the 8th most popular choice for British buyers.
The website director Dan Johnson also mentioned that Bulgaria property sales have been increasing throughout 2011, with low prices for winter ski property attracting most investors. In his opinion it is easy to understand the increased demand as prices are now at their lowest level in many years and offer an attractive location to place funds in the current uncertain banking environment.
He expects that the trend will continue in 2012 with the focus remaining on cheap ski property in the winter resorts.
Bulgarian real estate agents are involved this week in one of the largest international property exhibitions in Moscow. They are presenting the latest Bulgarian properties to Russian investors interested in investing in Bulgaria.
With the ski season quickly approaching there is a focus on ski properties in Bulgaria. Agents are hoping to repeat the success they have had in attracting Russians to invest in the Bulgarian Black Sea coastal regions.
Attractive property prices are hoped to increase the number of Russian investors in the country’s ski resorts. Read more…
Several Russian property investment funds have been reviewing Bulgarian properties on the Black Sea coast and in the spa areas of Bulgaria.
According to FIABCI the Russian real estate federation that focuses on Bulgarian properties, there is growing interest by Russian investors in Bulgarian tourist property. Already many private Russian investors have purchased Bulgarian properties along the Black Sea coast and in the mountain ski resorts. These new investment funds plan to purchase Bulgaria real estate plots near Spa areas so that their can then build vacation properties to meet the growing demand from Russian investors.
Some of the funds are even considering purchasing whole complexes and then reselling these properties on the Russian market
The ski property project, known as Super Borovets, which is located in the beautiful Rila mountains, had its official opening ceremony last Monday after several years of delays. The large property investment project includes the areas of Samokov and Beli Iskar and also several locations near the Bugarian ski resort of Borovets. The Bulgarian PM Sergey Stanishev, former king Simeon Saxe-Coburg and the Omani prime minister Qaboos bin Said all attended the opening event. The Omani government is one if the main investors in the project.
Part of the Bulgarian property investment known as the Super Borovets project will be the construction of a new motorway to link Sofia with the Borovets ski resort in less than 40 minutes. The new Rila Highway will create a link between Sofia and Samokov and drastically reduce the travel time between the capital city and Bulgaria’s most popular ski resort. The news about the new motorway was announce by Simeon Peshov from Glabolgarstroy and Georgi Krumov one of the directors in the Equest Property Investment Fund which is leading the investment in the Super Borovets project. The motorway will be over 80km long and will link the Trakia, Hemus and Struma motorways going through the towns of Samokov and Vakarel.
The first level of the investment project will be based outside Samokov and includes a gondola lift to take skiers to the Markudjik ski pistes. The idea is that skiers from Sofia can use the new motorway to quickly arrive in Samokov, park their cars at the base of the gondola and be on the top of the ski resort in just 30 minutes. Overall the project expects an investment of over 500 million euros to produce one of the most modern ski resorts in Europe.
Borosport AD, the operating company for Borovets ski resort has announced that it will invest 70 million BGN over the next 3 years in developing new ski pistes, ski lifts and installing new snow cannons. The investment is large enough to allow the company to received a First Class Investor certificate. The certificate will help to speed up the issuing of permit and funding to progress the work at the ski resort. The total length of the Borovets ski pistes will be increased to 120 km over the 3 years. Borosport will utilize the higher skiing locations at an altitude between 1,600m and 2,500m where there is no snow shortage. Some of the older lifts will also be replaced with newer models which are more comfortable for skiers. The new ski lifts will be located in the Markudjik ski zone. As part of the investment Boropsort hope to increase the popularity of the resort as a year round location. Borovets property is the location for a selection of property investment projects over the next few years. The largest project of all is the Super Borovets project that will add a number of new ski apartments and ski chalets to the resorts accommodation and also increase the length of the pistes. The list of investors in the Borovets area include investment fund Equest Balkan, local businessman Hristo Kovachki and Bulgarian company Chimimport.
A second project similar to the big project “Super Borovets” it is planned by the businessman Hristo Kovachki. It will be located around the areas of Mala Tsarkva, Govedartsi and Maliovitsa which are not fair from the existing Borovets ski resort. The conceptual design plan for the area is currently being worked on and is expected to be ready by May this year. The joint venture Nadar 2006 was created last year to invest in the project. 50% of the investment is owned by Samokov municipality and the other 50% is owned by El-El Impex a company owned by Mr Kovachki.
The concept is to build 5 new tourism centres, which will cater for 8-10,000 tourists. The new resort will consist of three main zones, with 50-70 km of new ski slopes. The total investment is significantly larger than the amount invested in the Boriko area of Samokov which was over 12 million euros. Read more…
Several investment projects have been announced for the Samokov/Borovets ski region. The project known as Super Borovets, Mr. Hristo Kovachi and also the TIM group are all planning projects in the area. When compared to Bansko which has had some serious development over the last 2-3 years, Samokov and Borovets are calm, relaxed and seriously underdeveloped. In Bansko you is bombarded by daily announcements of new projects, new spas, new golf courses and complexs that begin to stretch the imagination. The Bansko area is littered with building materials and half constructed complexes. In Borovets it is pretty much mountains and forest with the odd hotel or development dotted around the place.
While still underdeveloped, this is positive for the Borovets area as it remains natural and unspoilt compared to the disastrous overdevelopment that has occurred in Bansko.
Still several new projects are planned for the Boroevts area. Super Borovets kicked off this month. The major shareholders in Super Borovets are the Equest Investment Fund and the Samokov municipality. The local council expect that the project will transform the area into one of the top alpine resorts in Europe.
Hristo Kovachki is also planning several developments in the area and is expected to link with the TIM group of companies to develop a rival ski resort to the Super Borovets developers.
A major investment is expected in the area by Mr Kovacki as over the next 3 years. He plans to construct a luxury hotel, news ski pistes and a sport and leisure centre in the area.