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Bulgarian property market has gone through a big transmission during the four years of its development. In 2008 the following investment areas are proving with the most potential and maximum return on investment.
1. Varna (the seaside capital of Bulgaria ) - Buy to Let market. The city is offering great investment opportunities. The demand for rental and quality properties is higher than the supply in contrary with the capital Sofia . The prices are more affordable then the capital and recently it has been rated the most popular and family friendly city to live in and work amongst the local people. Serviced with low cost airlines and international airport Varna is the next big thing in Bulgaria for the buy to let market.
2. Stara Zagora -land development deals and rural properties . Located in the centre of Bulgaria acts as a central transport hub . With the mildest climate in Bulgaria , beautiful scenery and cheap properties this location is excellent for investments in land and cheap rural properties. Capital growth in the area 20 % and will grow more to offer great return in investment in short term.
3. Borovets – Ski , golf , Spa and investment . With the 400 million euro project Super Borovets to transform the resort into the biggest on the Balkans and only 1 hour away from the capital Sofia Borovets is the preferred destination for a weekend brake for the locals , ideal holiday destination and a future gold mine .
Selected properties in both locations are offered by the independent property consultants for Sunday Times and Place in the Sun : Sash property solutions www.sash-solutions.com , 0121 286 8058
Whenever my buddy Johnny Karloff looks into something written about Borovets he is flying off the handle. “Look at this. What is with them to write the same bull over and over again? "Borovets is the oldest Bulgarian ski resort", right.., so what? When you go skiing do you want a 1948 vintage chair lift hanging from a rusted cable? "Borovets is located in pristine pine woods and the air is healthy and pollution free.” Johnny goes on mocking some hotel flyer. “It better be, with all the cigarette smoke and alcohol in your system, you don’t want to inhale tail pipe exhaust walking back to your apartment at 2 a.m., do you?”
Unlike Bansko, Borovets is not an ancient village exhibiting its new ski resort and property investment ambitions. Several new developments and ski condos are going up as we speak but everything is more spread out and subdued. And there are the old bourgeois villas from the time when it was called Chamkoria, the time when Simeon’s dad Boris and his grand daddy Ferdinand were ruling a place called the Kingdom of Bulgaria. Sometimes difficult to spot, these mountain chalets, hidden between the huge pine trees, feature cozy private apartments, sunny porches decorated with nicely sculpted porticos.
And then unmistakably for the trained eye, voilà… the palaces of the nowadays Bulgaria’s rich. Minimalist simplicity is not their thing. Some of their owners didn’t live enough to raise children and grand children among the balustraded terraces tastefully adorned with golden lions and gargoyles. Mortality rate tends to run high among the palace owners, shot on purpose or by accident. Bad luck? The Borovets tourist guides are clueless on the subject.
Borovets is a short one-hour drive away from Sofia airport on a two-line well maintained road following the Iskar river for the most part. Then you enter the vast potato landscape of the Samokov plain. There is little to see in Samokov with the exception of the old Bairakli mosque. It’s a jewel built in the 15th century during the Ottoman times and reconstructed in the 19th century by local craftsmen. The exterior and interiors are lavishly decorated in the architectural tradition of that time with a spiral minaret pointing into the sky.
Looking around that marvelous structure one can not help but feel regret for the past glory of the town. It seems the wild Ottoman era marked an apogee and from there on it was all downhill for the local builders: ugly defaced five-storey concrete buildings, peeling paint, cubical nightmare of unhuman proportions.
Drive 10km up in the Rila mountains and there is Borovets. Above the tree line or deep into the pine woods, winter or summer, on foot or on skis, the scenery is majestic. There is a gondola lift that takes you almost to the top and a speedy quad chair to the lower pistes.
The 20 minute gondola ride is well worth even for non skiers. The view from the Yastrebets peak where you get off is truly breathtaking. This is the departure for several ski runs called the Markudjik, offering various levels of difficulty. The experts can try the Yastrebets run that takes them back to the resort but on the western part where they can use an other new and fast quad chair.
Back in October of 2007 an investment fund from the UK announced a partnership with the Samokov municipality to resurrect the Super Borovets project after the death of one of its first proponents the banker Kyulev (shot dead in Sofia). The Super Borovets development is actually an ambitious plan to change dramatically the face of the old Chamkoria. 80km of new ski runs and as many as three new cable cars will serve skiers and mountain lovers.
The real estate market is on the rise and Borovets, with its quick access to Sofia airport, will give Bansko a run for its money. Still developers will have to focus on improving off season services in order to boost occupancy rates.
Borovets may as well become the Sofia favorite week-end playground when the Jack Nicklaus-designed golf course is completed and the spa and wellness centers around the mineral hot springs of Dolna Bania and Pchelin get a decent facelift.
In southwest Bulgaria, at the foot of the Pirin Mountains is a historic town that has its roots as far back as the 10th century. Bansko, full of history and culture, is now being discovered as a resort destination with its location in the mountains. One of the most popular and well-developed ski areas in the country is here, and the snow is said to be the best in Eastern Europe. In addition to its destination as a winter resort, the area makes for excellent outdoors adventures in the summer and fall. It is truly a year-round resort for those who are looking for a home with outdoor activities.
Bansko is known for its skiing, and it has good snow from December to April, and often into May. The Bansko ski area is particularly good for beginners and intermediates. The slopes of Todorin Vruh are the best spot for novices, with gentle slopes and long runs from the chair lift. There is also access to some good off-piste skiing and snowboarding.
Intermediate skiers can take the triple chair lift to the top of the peak and try one of the downhill runs. Snow conditions in Bansko are excellent and there are seldom queues even in the height of the season. A multi-million Euro project has recently added several new lifts, including an eight-person gondola. The Ulen Ski and Snowboard School offers lessons for all levels, particularly for children who are cared for at the Ulen Junior Ski Club.
The area is also known for its thermal springs, so those who need some apres skiing and hiking relaxation there are some nice spas and pools to soothe the tired muscles in. Also, up in the highest reaches of the Pirin Mountains is the Pirin National Park, which encompasses rugged alpine peaks that rise above 8,202ft (2,500m). There are more than a hundred glacial lakes spread out below the mountain peaks, and the magnificent landscape is made up of old forests, waterfalls, caves and areas that are home to edelweiss and the Pirin poppy.
If you are interested in property in the Bansko area, there is plenty for investors. From land upon which to build, to existing houses and apartments to off-plan property, there is something for every investor in this mountain resort. With its location in the southwest of Bulgaria far from the major cities, there is plenty of land available, from large tracts to small building plots ready for construction.
For those who are interested in off plan or modern apartments and homes, there is a wide array of options. One new property that is under construction and planned for a later 2008 opening, just in time for ski season, is the Kiora Residences. This residential apartment building is located just a few minutes walk from the ski lifts and has great views and plenty of amenities for owners and renters. One-bedroom and studio apartments are available for less than €50,000, with larger units a bit more.
Another year round resort property is the Universe Ski, Golf and Casino Resort, scheduled for opening in mid 2009. This deluxe property will be located next to the Pirin Golf Course designed by Ian Woosnam. It is also near skiing and hiking, plus it will have lots to offer for nightlife with a casino and restaurant on the premises. Studio apartments begin at less than €45,000, and there are one and two bedroom apartments available.
There are plenty of pre-existing houses, villas and apartments that are also available for move in right away. Many of these are in new developments with modern construction and facilities, while there are also some older properties that offer the charms of a country villa. For outdoor activities and nature lovers, Bansko has something for just about everyone. For those who want to visit, there are a number of popular resort hotels and spas that can accommodate you, whether you have a family or come alone.
Sofia has the nearest major airport (SOF), and is served by many carriers. It is approximately 160 kilometers to the north, and is just about a 3 hour drive by car or coach. There is regular bus service from Sofia to Bansko and surrounding towns, and also major car rental agencies in the capital city at the airport.
