Surge in Interest for Bulgaria Winter Resort Luxury Properties
There have been some positive signs in the market for luxury property in Bulgaria’s winter resorts according to the National Real Estate Association (NREA).
The NREA noted that it has seen a “significant” increase in interest from both foreign and local investors over the past month and stated that it expects to see an increase in deals with luxury properties by the end of the year.
Local real estate experts informed that the main reason for the interest is that there have been huge falls in prices of these luxury properties over the past year with some of them up to 50% cheaper than in 2008. Prices of Bulgarian winter resort properties have generally fallen back down to 2005 levels.
Bansko has recorded the largest reduction, about 50%. Since the beginning of the global financial crisis prices in Pamporovo and Borovets, have also been hit but have only fallen between 10-20%.
It is currently possible to find apartments in Bansko for prices from 300 EUR/sq.m up to 1200 EUR/sq. m. The most sought after properties are, however, with prices from 450 to 600 EUR/sq. m. Luxury complexes have prices of 700 to 900 EUR/sq. m.
The NREA concluded that prices continue to fall, but at a much slower rate, as the choice of quality properties is limited at present.