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Unperturbed by the warm summer weather, Bulgarian property development companies are getting ready for what is expected to be a strong winter selling season. Bulgarian property company Prima Invest has begun construction of a 15 million euro ski resort in Rila Mountain, which will take up to 4 years to complete. The Kartala ski resort project will target not only local Bulgarian skiers but also tourists from western Europe and nearby countries like Greece, Serbia and Macedonia.
Construction of new ski resorts in Bulgaria, driven by the ever increasing tourist number is set to be a major source of growth for the economy in the next few years. At present only 15% of the country’s tourism revenue comes from mountain resorts but the target is to grow this to atleast 30% over the next 5 years.
The Kartala ski resort is expected to have 45km of ski runs and 15km of ski lifts and will be construction in phases. The first phase has an expected cost of around 3 million euros and should be completed by the end of this year. This stage involves building a 4.5 km ski lift and several new ski runs. Stages 2 and 3 involve the construction of around 3000 hotel beds and several additional ski pistes.
The Kartala resort is located in the mountains above the Bulgarian town of Blagoevgrad. Construction of the new resort will be funded y a combination of Prima Invest and Bulgarian American Bank.
Chepelare is another of the ski resort in Bulgaria that is also planning expansion and development. Located in the Rhodpi mountains the ski resort has secured funding to upgrade the ski lift in the area and also to improve the local roads and pavements.
The beautiful mountains and snowy pistes continue to attract investors from across Europe. The most popular resorts remain as Borovets and Bansko with Borovets having a slight advantage of being closer to Sofia and hence easier for tourists to get to the airport.
Investment advisors suggest that now is the time to invest in the Bulgarian property market, so that you can secure a bargain in advance of Bulgaria joining the EU. The Bulgarian ski resorts such as Borovets are attracting many Brits due to the excellent buy to let opportunities and the high quality skiing facilities located in the Rila mountain resort. There is also plenty of room for more development in these ski regions, with Borovets just announcing that it will install further snow making facilities to extend the ski season.