Melia Hotels International announced this month that it will open a sixth hotel in Nessebar, Bulgaria, as the country experiences both a property and popularity surge.
Meliaââ¬â¢s four star hotel, located in the countryââ¬â¢s popular tourist area, is called the Sol Marina Palace and will provide 128 rooms to visitors. The property will join the companyââ¬â¢s existing range of resorts in the area from summer 2012.
Bulgariaââ¬â¢s property boom
Meliaââ¬â¢s announcement is echoed by the National Statistics Instituteââ¬â¢s findings that property construction in Bulgaria rose by 13% in 2011.
Although the number of new houses has dropped by 26% in recent months, the increase year-on-year indicates a growth in the countryââ¬â¢s property market. As construction continues across the country, interest from overseas investors has surged. Sales of Bulgarian real estate are now rising, as buyers look for bargains following an average price drop of 6.4% during the yearââ¬â¢s second quarter.
Boost in buyer interest
According to TheMoveChannel.com, August saw Bulgaria become the seventh most popular real estate market in the world. The international property portal has reported an increase in investor interest, particularly in Nessebar, Bulgaria, with the country attracting 3.3% of Julyââ¬â¢s queries.
