http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/real-estate/ski-resorts-in-bulgaria.html http://www.articletrader.com/finance/real-estate/ski-resorts-in-bulgaria.html Sun, 10 Dec 2006 00:00:00 -0600
Bansko has a good property market, with residential properties and land for sale. Investors from Russia, Italy and England are showing significant interest in the resort. This has sent up the price of land. Prices have gone up with more than 30 % comparing to last year, and still going up. Over the last 3 years the price of land went up from 10 Euro/sq.m to over 120 Euro/sq.m and the interest of the investors continues to be high. The land in Bansko now costs between 30 and 160 euro per square meter depending on the location and status of the land. For now the most desirable land plots are those located around the lower end of the gondola lift around 80 euro/sq m.
The prices of the vacation residences in the town start from 700 Euro/sq.m and reach
1 200 Euro/sq.m. With average price of about 1,000 euro per square meter.

What style of apartments are on offer.
A boom of the construction of blocks of flats has been registered this summer. Construction of blocks of flats with smaller apartments of 50-70 square meters is the best seller. From my experience smaller flats sell quickly and easily. Most of the constructions follow the European standards and are competitive with the ones in Spain, France. Luxury completed property developments, are built to the highest standard with high quality building materials. Most of them are offered fully furnished with all facilities to be enjoyed by the residents. Other benefits are all year maintenance and security. Internally the apartments are created to fit the demands of a modern holiday home. There are more than 40 complexes built in the last 2 years and mostly follow this pattern.


What rental demand do these properties have? From who?

Ski resorts offer the best rental returns due to their year-round tourism capacity. The coastline, including resorts such as Sunny Beach, freezes throughout winter and most of the local amenities close, but the ski resorts remain very much alive.
After the development of the market and the large-scale new construction in the tourist regions the purchases are looked upon as an investment. The Britons buy mostly flats. They have limit of 50-70 000 Euro. These are common people who invest their savings and hope to “catch the wave” buying cheap property, rent it for couple and years and eventually sell it after couple of years with good return. More and more developers, offering properties for sell added and rental contract as well with 10 % -15% of rental income of the price of the apartments and all year maintenance for the convenience of the clients.
I would advice everyone paying cash to invest in this place with great rental potential.

What rental returns can investors expect to receive.

Ski resorts boasting year-round rentals and yields of up to 12%, slightly more than those available in the coastal resorts, offer the best option for investors. Prime skiing locations such as Bansko and Borovets have strong long-term investment prospects, with the likelihood of securing guaranteed rental schemes with leading holiday companies who already operate in the area. They are interested in big and luxurious complexes, well maintained and offering all facilities for client’s convenience. The main tour operator selling Bulgaria ski holidays in England is promoting mostly Bansko this year. During last 3 years Bansko was attracting many local people and foreign skiers and snowboarders on budget, with main resort advantage being the much lower prices comparing to Borovets and Pamporovo. The moment when Bansko will become the biggest ski resort in Bulgaria is very near. Without any doubt this is happening and property buyers who want to use these speculative opportunities will soon be rewarded.


How many residential developments have taken place over the last couple of years?

Millions of Euros were invested in the new skiing infrastructure of Bansko. Thousands of trees were removed and new slopes were made. Brand new and modern Gondola lift was built, starting from Bansko itself. The development of the property market in Bansko began together with the building of the ski faselities. New luxury hotels were built over the last years and other are under construction. At least 40 luxurious new complexes are being built in the town at the moment.. Till the end of 2006 accommodation capacity will be about 10,000 beds. Bansko now offers over 6,000 beds. There are also hundreds of small family hotels and private pensions offering accommodation.


Do you forecast any future rise in property prices? If so why?


Yes and I have a few reasons for this;
Following the country's transition to a European style economy, the growth of the property market has been significant and impressive. During the last five years Bulgaria has a very positive change in its rapidly emerging property sector, most notably in the larger towns, and of course on the Black Sea coastline. Infrastructure and transport links are rapidly improving also. The massive improvement in standards and the quality of the many new developments is impressive.
Properties are still one of the cheapest in here, but prices are constantly rising. The prices of real estate in Bulgaria jumped 48 per cent last year, a world record and the highest rise in prices registered in any country. Low interest rates were the main driving force behind the boom. But there are several other factors, including the intensifying flow of capital, aggressive bank-lending and a frantic search by investors, large and small, to find better returns than those offered by stocks and bonds.
The increase in foreign investment is set to continue also because of Bulgaria’s expected EU membership perspective and the constantly expanding tourist industry. This makes the real estate market in Bulgaria one of the strongest and most profitable property investment markets currently and the growth is set to last. And when Bulgaria joins the EU, property prices will take off, rewarding early buyers.
The low cost of living combined with world-class ski and summer facilities means Bulgaria is now providing healthy competition to the French, Austrian and Spanish markets. And the opportunities presented by the new Eastern European markets have drawn two types of buyers: those looking for city-centre buy-to-let properties and those attracted by holiday properties with letting potential. And naturally Bulgaria offers both of the opportunities. The factor common to all is a desire to find better returns than are currently available in the UK stock market or in the British buy-to-let market, where average yields (annual rent expressed as a percentage of a property’s value) have fallen to about 5 per cent. Younger investors now see Eastern Europe as a chance to make a quick profit and thus provide a way of getting on to the British property ladder .They are using the formula: cheap property + growing economy = great investment returns.
Not all buyers are driven solely by rental returns. Investors looking for the next boom area in Bulgaria should consider exploring some of the less well known and more rural areas of the country. Village houses in rural locations are also being bought with a view to modernizing and making a capital gain on their resale.
Worth mentioning is the fact that The Law on Foreign Investments provides additional protection to foreign investors. The first added protection granted to foreign investors is that the expropriation may only occur for exceptionally important state needs, which cannot be otherwise met. Immovable property owned by foreign persons may not be expropriated for municipal needs.
As another protection for foreign investors the Law requires compensation in the form of another immovable property in the same location, and only given the foreign investor's consent, in another location, or by cash if the foreign investor prefers so. Compensation equals the immovable property's market price on the day of expropriation.



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Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/bulgaria-accession-in-the-eu.html http://www.articletrader.com/finance/real-estate/bulgaria-accession-in-the-eu.html Fri, 03 Nov 2006 00:00:00 -0600 Nowadays Bulgaria is considered as the fastest growing tourism market in Europe. Summer tourists are attracted to the beautiful white beaches along the Black Sea coast and Bulgaria’s long hot summers. And winter tourists are drawn to Bulgaria’s stunning mountains and fast developing winter spots resorts.
Incredibly, Bulgaria is now the third most popular holiday destination after Spain and France for British holidaymakers. This is something that foreign buyers of property in Bulgaria appreciate the most. Together with the constantly rising prices, buying property in Bulgaria is one of the best investments that one can make these days with prices likely to increase with EU membership, as well as been a great retirement home.
The Bulgarian property market is among the cheapest in Europe, but is catching up. Last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted. The increase in foreign investment is set to continue because of Bulgaria’s expected EU membership perspective and the constantly expanding tourist industry. All these factors add up to show exactly why the real estate market in Bulgaria is one of the strongest and most profitable property investment markets currently and why the growth is set to last.
Bulgaria has one of the most liberal foreign investment laws in the region. We would like to draw your attention to the land purchasing process. According to the Bulgarian Act on Foreign Investment; currently foreigners can buy buildings but not land. Therefore the most common method for foreigners is to set up a Ltd. company which then owns the land. Foreign investors are not put off by the fact that they are not legally permitted to own land in their own name - they simply establish a Bulgarian company and purchase through that. As the legal owner of the Bulgarian company which owns the property the foreign purchaser becomes the legal owner of the property! It is simply a legal way around the current law on property ownership rights. The law does not limit the extent or amount of foreign participation in companies. Foreign individuals and companies can open unlimited number of accounts in any Bulgarian banks, in any hard currency or the local Bulgarian Levs.
Today Bulgaria not only offers one of Europe’s most attractive and unspoilt holiday destinations it is also host to what will be one of the most dynamic and as of yet relatively untapped property and real estate markets. Anyone hoping to retire overseas on a budget should look to Bulgaria. Buying overseas can be an exciting and profitable experience by taking your time to understand the buying process you will ensure that your property purchase in Bulgaria is a happy and enjoyable experience.


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Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/why-bulgaria.html http://www.articletrader.com/finance/real-estate/why-bulgaria.html Fri, 03 Nov 2006 00:00:00 -0600
Located in South Eastern Europe, Bulgaria is bordered by Greece and Turkey to the South, Romania to the North and Macedonia and Serbia to the West. Its Eastern Border is formed by the beautiful Black Sea Coast. A country of outstanding natural beauty the environment remains unspoilt and is incredibly varied. A relatively small country, a few hours drive will take you from the snow covered central Pirin mountain Ranges to the long sandy beaches of the Black Sea coast.

Forming the heart of several of ancient histories greatest civilizations Bulgaria's rich culture is reflected in a vast number of architectural treasures. Only Greece and Italy have a greater number of historical monuments. Throughout the country you will find ancient Greek sites, Roman amphitheatres and Byzantine churches. The country is home to 160 monasteries, 36 cultural centres and 40,000 listed archaeological monuments. Seven sites have achieved a coveted place on the UNESCO world heritage list.

What is the cost of living in Bulgaria?
Bulgaria is said to have one of the lowest costs of living in Europe. A wonderful meal for 2 including wine will rarely exceed around £7.00 GBP. The cost of a 10 minute journey in a taxi will only be about £1.00 GBP. Cigarettes cost just 40p per packet and a day out in a museum or the theatre will cost just a couple of pounds. A quality beer will cost 25p!

Quality of life
First time visitors to Bulgaria are surprised by its diversity and its stunning natural beauty. For years a real effort has been made to preserve the country's rich and unspoilt flora and fauna. As a result, Bulgaria is ecologically one of the purest countries in Europe, with exceptionally clear air and water resources. There are 7 national parks, more than 3000 protected natural sites and 17 bio-spherical reserves (the greatest recorded number in Europe). There are also 419 protected animal species and 63 protected types of plant.

Not only is the quality of life in Bulgaria good, but the cost of living is one of the lowest in Europe. A meal for two, made from locally grown and organically pure products and including a bottle of nice wine will rarely cost you more than six or so pounds. A quality beer will cost 40 pence!

The Black Sea Coast of Bulgaria (Map)
The 380 kilometres of beaches are amongst some of Europe's cleanest and safest. Many of them have been awarded prestigious “Blue Flag” status. The region enjoys average summer temperatures of between 25-30 degrees. The season extends from April to October. Coupled with the renowned low cost of living it is easy to see why the Black Sea coast provides and an ideal summer destination – and is surprisingly easy to access from an ever increasing number of European Airports.

Even though the Black Sea coast is an established tourist area, with resorts such as Sunny Beach attracting tourists since the late 1950's, it has recently become one of the fastest growing summer tourist destinations in Europe. So fast growing in fact that last year demands for tourist beds outstripped supply by 20%!

Bulgaria is said to be the fastest growing holiday destination for 2004 and at least 200,000 Britons were likely to visit the summer resorts this year - nearly double last year's total. Next year three new major UK tour operators will also be offering summer holidays in Bulgaria.

The Bulgarian winter resorts (Map)
Modern Borovets is one of the largest and increasingly popular winter resorts in the Balkan region. It is situated on scenic northern slopes of the Mousala Ridge in the east of the panoramic Rila Mountains. The resort lies huddled in thick pine forests some 1390 meters above sea level. The area has a long history – attracting people to ski here since as early as 1896 – taking advantage of the many pistes which rise to a staggering 2,600m!

The resort is a perfect place to enjoy excellent facilities off pist as well as on the snow. Many restaurants are clustered around the well appointed and superbly equipped major hotels, making dining a real pleasure with an endless array of contemporary and traditional eating places available. Borovets is the perfect place to relax and provides many other recreational opportunities throughout the year. The climate is considered to be healthy, enjoying beautifully clean air, mild winter temperatures and of course mountains of snow! Usually the slopes at Borovets are covered in snow from mid December through to April.

Borovets is also easy accessible- 12 minutes of first class road connects it with Samokov, the most sizeable town in the area. Sofia is just 45 minutes away. There is a regular bus transport into Samokov every 30 minutes and excellent links from there to the capital.

Bansko is considered by many to be Bulgaria's number one ski resort. It has the most modern ski facilities in the country and is a well-established destination for winter sport enthusiasts from all around the world. The town of Bansko is located 925 m. above sea level, and its ski slopes vary in altitude from 2000 m - 2600 m above sea level. It is some one hour from Sofia, but only 10 minutes from the bustling town of Razlog. Bansko has developed into a favorite ski & snowboard destination, but also boasts unique architecture, has many historically significant sites nearby, as well as beautiful scenery and countryside for miles around.

During the recent years a multi-million Euro investment in a brand new state of the art skiing area has been made by Yulen, the company that is the licensed to provide the facilities within the Bansko skiing resort area. Furthermore, Bansko enjoys plentiful snow and therefore the season stretches from early December through to May! The longest season of any Bulgarian resort! During the last couple of years the resort has seen a massive investment in new prestigious hotels and recreational facilities .A brand new extension to the resort area also includes holiday apartments adjacent to the central hub of the Gondola and ski lift system.



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Source: http://www.articletrader.com ]]>