Demand for Bulgarian Real Estate Moves Up a Gear
Following its accession into the EU at the beginning of the year, Bulgaria is seeing the development of a new generation of resorts and a shift in its reputation as an investment destination. This is attributed to the enthusiasm about Bulgaria’s potential, felt globally since its EU accession.
Signs of Bulgaria’s move towards more upmarket resorts include a Hotel Kempinski which has opened at one of the country’s top ski resorts, where rooms are fitted with Wi-Fi and guests have access to a vitamin bar, spa and cigar lounge. The prices of nearby apartments are in excess of £320,000 each. In one of Bulgaria’s popular Black Sea holiday spots, a spa resort has been developed by the high-end interior design firm Yoo, in which apartments are on the market for approaching £200,000 each.
As Bulgaria’s real estate market has become increasingly established and transparent, it is considered to be in a position to take on a more sophisticated product, and accordingly to attract the right sort of market for that.
Although in the past, issues existed regarding such matters as land ownership, which prevented many companies from entering into the real estate arena before now, reforms made ahead of its EU accession mean that Bulgaria represents a safe bet for developers as well as their clients. Accordingly, agents are reporting significant increases in levels of sales in the region of a 400% increase from 2005 to 2006.
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Signs of Bulgaria’s move towards more upmarket resorts include a Hotel Kempinski which has opened at one of the country’s top ski resorts, where rooms are fitted with Wi-Fi and guests have access to a vitamin bar, spa and cigar lounge. The prices of nearby apartments are in excess of £320,000 each. In one of Bulgaria’s popular Black Sea holiday spots, a spa resort has been developed by the high-end interior design firm Yoo, in which apartments are on the market for approaching £200,000 each.
As Bulgaria’s real estate market has become increasingly established and transparent, it is considered to be in a position to take on a more sophisticated product, and accordingly to attract the right sort of market for that.
Although in the past, issues existed regarding such matters as land ownership, which prevented many companies from entering into the real estate arena before now, reforms made ahead of its EU accession mean that Bulgaria represents a safe bet for developers as well as their clients. Accordingly, agents are reporting significant increases in levels of sales in the region of a 400% increase from 2005 to 2006.
If you wish to see the original article please click here
posted by Obelisk International at 4:50 pm
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