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Bulgarian Property & Real Estate News

Greek company to invest 72mln euro in Samokov

Greece’s Gek Group, active in construction, Bulgaria real estate and energy, will invest 72 mln euro in a multi-venue sports and amusement complex in the town of Samokov, located 50 km from Sofia and 10 km from Borovets ski resort at an altitude of 950 m. InvestBulgaria Agency, the local investment promotion authority, has granted a First Class Investor certificate to the Greek company. Read more…

Equest Balkan acquires stake in Super Borovets

Equest Balkan (EIB), the Bulgarian property investment company targeting retail and financial services, infrastructure and property development in South East Europe, today announced the purchase of a 33.5% indirect equity holding in Rila Samokov 2004 AD, which is the company that owns the land and development rights for a large property development project in the Borovets ski resort in Bulgaria.

EIB has signed contracts to acquire a 33.5% interest in Rila Samokov, which owns almost 2,000,000 m2 of land for development in Borovets. EIB is paying 25.9 million euros for the property investment, made up of a payment for the equity shares and also a capital injection into Rila Samokov.

EIB owns 50% of Borovets Invest NV, which in turn owns 67% of Rila Samokov. EIB’s partner in Borovets Invest NV is an international institution. The other shareholders in Rila Samokov are the Municipality of Samokov (with 25% shareholding) and one of Bulgaria’s top construction companies Glavbolgarstroy (with 8% shareholding). Read more…

Investment of 70m leva in Borovets ski resort

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.

More development planned for Borovets ski resort

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…

Big plans for Borovets ski resort

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.

Bulgarian real estate still popular with UK and Irish investors

 

Bulgaria continues to be one of the favourite countries for UK real estate and property investors. Altough there has been some recent negative comments regarding corruption in Bulgaria, British real estate buyers are continuing to invest in Bulgaria.  Last year almost 30% of Bulgarian real estate deals have been concluded by foreigners, with UK buyer reaching 30% of the total. American buyers are involved in just over 5% of the Bulgaria real estate deals with the Germans and Italians next in line. Read more…

Tips for buying ski property in Bulgarian ski resorts

The Bulgaria property market has popped up in the news again over the last few days, with the Bulgarian properties in ski resort being main focus for the commentary.

Commenting in Britain’s Telegraph newspaper, Nicola Venning also discussed ski property in Spain’s Sierra Nevada region which is one of the most southerly ski resorts in Europe. Ski property in Spain is not what you normally think about with coastal beach property investments being much more popular in Spain. Similar to Spain, Bulgarian ski resorts are in strong demand at the moment. An increase in the number of flights from UK and Ireland has led to a surge in investment along the Black Sea coast and also in the mountain ski resorts. More direct flights are appearing all the time with the latest expected to be between Dublin and Sofia and also Dublin and Burgas.

Ms. Venning has pointed out that Bansko is an ideal ski resort for property investment, as it has recently installed new ski lift as part of a multi-million development plan which has seen the pistes increase to 65km long. Bulgaria has a lead for other ski locations in that a ski property can be purchased for little more that 20,000 euros. This combined with EU membership and a possible bid for the 2014 Winter Olympics mean that prices as sure to rise very quickly.

Bulgaria’s Tourism Agency has offered strong support for the Sofia 2014 bid. Sofia Mayor Boiko Borissov has signed an agreement called for cooperation between the city agencies and the tourism agency to maximize the success of the Olympic bid. The bid offer a selection of venues for the competition with events being spread between Sofia and the ski resorts of Borovets and Bansko. The overall cost of hosting the games is estimated and 1.2 B euros. The other cities competing in the first round are Salzburg, Sochi, Borjomi, Almaty, PyeongChang and Jaca.

Competing for the winter Olympics has helped to boost demand for Bulgaria ski property.

Equest takes investment in Super Borovets project

Investment fund Equest Balkan will acquire a stake on the development company behind expanding Borovets ski resort. The starting investment with be around 15 million euros and will result in the 51% shareholding. The company is acquiring the stake from Bulgarian construction company Glavbolgarstroi who just last year purchased the holding from the estate of the former banker Emil Kulev Read more…

Bulgarian Real Estate Investment fund Equest considering majority stake in Borovets project

Bulgarian real estate investment fund Equest Balkan is in talks with construction company Glavbolgarstroi to take a take in the company setup to expand and develop Borovets ski resort. Equest is currently debating at board level how to proceed and it is expect to sign a contract with Glavbolgarstroi which will confirm Equest as the majority shareholder in the Super Borovets project Georgi Krumov the director of Equest stated that they required a majority shareholding in order to be able raise the necessary financing for the Bulgarian real estate project. The result depends on a decision from Samokov municipality to confirm the transfer of Emil Kulevs land into the Rila-Samokov 2004 holding company. Read more…

Bulgaria Ski Resorts – skiing on a budget

The ski season is finally back. The snow has arrived and the slopes are heaving with skiers and snowboarders. For those looking for something new this year they might well try out skiing in Bulgaria. Over the last 2-3 years Bulgaria ski resorts are fast becoming a popular alternative to the more traditional French and Austrian locations. Both tourists and investors are being attractive these quickly growing ski resorts.

The country offers and range of resorts to suit all level. Each has its own style and charm and attract different types of visitors. Read more…

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