The Bulgarian ski resort of Borovets is listed in 6th position in the Sunday Tribunes Top 10 property investments for 2008. Dubai ranks first on the list as one of the world’s fastest growing cities. Also included are: Ibiza, Poznan, Toulouse, Geneva, Orlando, London, Hurghada and Silver Coast. Bulgaria property has been one of the hottest property markets in Europe for the last couple of years. But in the haste to snap up a bargain, the Bulgarian property market in some parts of the country has become a little too crowded and overdeveloped. Read more…
Bulgarian Property & Real Estate News
Go Ahead for 3-Tier Super Borovets Project
The mega-project, called Super Borovets, in the Rila mountain, was given the final go-ahead with a ground-breaking ceremony on Monday after years of controversies. The enormous complex will encompass the towns of Samokov and Beli Iskar and will expand one of Bulgaria’s most popular skiing resorts. The ground-breaking ceremony was attended by Prime Minister Sergey Stanishev, former king and former Prime Minister Simeon Saxe-Coburg, as well as Oman’s Sultan and Prime Minister Qaboos bin Said al-Said, who is one of the main investors in the ski property project. Read more…
New highway will allow Sofia Citizens to Reach Rila Mountain in 30 Minutes
The Super Borovets project starts with the construction of a new gondola lift to the region of Markudjik at a cost of fifteen million euros. In three years’ time Sofia citizens will need only 35 minutes to reach the ski runs in the winter resort of Borovets, because this is the deadline for the construction of the Rila Highway, which will connect Sofia with the town of Samokov. “The Ministry of Regional Development and Public Works has already commissioned experts to work out the project for the highway,” said Glavbolgarstroy CEO Simeon Peshov. Read more…
Start made on expansion of Borovets ski resort
The much-anticipated expansion of Bulgarian ski resort Borovets, dubbed the Super Borovets project, is set to finally get underway on Monday with the ground-breaking ceremony for a lift connecting the town of Samokov with the Markudjik ski runs.The Super Borovets concept has been tweaked to avoid the mass-marketing of the resort as a destination of second homes and ski runs, said Georgi Krumov, managing partner at key investor Equest and executive director of Rila-Samokov 2004 AD, the project company that owns 2 mln sq m of land in the Borovets mountain area. Read more…
Borovets resort expansion kicks off with construction of new gondola
The much awaited expansion of the Bulgarian ski resort of Borovets, named the Super Borovets project, is set to finally get underway in early October this year with the construction of a lift connecting the city of Samokov with the Markudjik ski runs.The news was produced by Tuesday’s meeting of the board of Rila-Samokov 2004 AD, the project company that owns 2 mln sq m of land in Bulgaria’s Borovets mountain area for further development into residential second homes and associated infrastructure. Read more…
Equest Balkan acquires stake in Super Borovets
Equest Investments Balkans Ltd (‘EIB’ or the ‘Company’), the specialist investment company focused on retail and financial services, infrastructure and property development in South Eastern Europe, today announces the acquisition of a strategic 33.5% indirect equity holding in Rila Samokov 2004 AD (“Rila Samokov”), the company which is the land owner and principal developer of a large scale development project in the Borovets mountain resort area in Bulgaria. Following this announcement, the Company now has investments in 9 companies in South Eastern Europe. Read more…
The Sultan of Oman buys into Super Borovets
The state fund of Oman has acquired a 33.5% stake in the Super Borovets property project. His Majesty Sultan Qaboos bin Said of Oman will participate in the development of a luxurious winter resort called Super Borovets in the Bulgarian Rila mountains. The State Fund of Oman has bought a 33.5-percent-stake in the project from the Rila Borovets 2004 venture. The British investment fund Equest acquired 33.5-percent stake in the Super Borovets project. Read more…
Second Big Complex Planned Near Borovets ski resort
A second project similar to the big project “Super Borovets” it is under development by the businessman Hristo Kovachki. It will be situated in Mala Tsarkva, Govedartsi and Maljovitsa. General construction plan of the area is now being prepared, and is about to be completed by the end of May. Joint company “Nadar 2006” was created last year for the purpose of the new project. 50% of the shares are owned by Samokov municipal and the remaining shares belong to “El-El Impex”, whose sole owner is Hristo Kovachky. Read more…
Hyper Borovets
New ski projects are launched in Samokov region, while “Super Borovets” awaits its start. Hristo Kovachki is the new big investor in the region. Companies close to TIM Ltd also intend to invest in the region. Samokov and Borovets are quieter, in comparison to Bansko, where new ski, golf and spa projects for hundreds of million BGN are presented every single day. There are no huge billboards, advertising the next luxurious apartment complexes and signs “Great Deals: Land Plots for Sale”. There are no long lines of tracks and piles of construction materials cannot be seen in Samokov. In fact the region looks calmer, compared to Bansko, regarding the investment activity. All this is very positive for Borovets as it means it has not suffered from the chaotic and massive overdevelopment which has ruined Bansko. However Borovets has its own plans to develop the area and things around the “Super Borovets” started moving last month.
Equest enters Super Borovets project on 15 mln euro investment pledge
Investment fund Equest will become a shareholder in the company scheduled to expand Borovets ski resort with an initial investment of 15 mln euro.The company will swap the cash infusion for a 51% of the stake in the project controlled by Bulgarian construction company Glavbolgarstroy, said Equest managing partner Georgi Krumov and Glavbolgarstroy president Simeon Peshov. The construction company last week acquired the stake in the project held by the family of Bulgarian banker Emil Kyulev. Read more…