News

Prices spike, investment continues

The Black Sea port and resort city, Bourgas, was third with a 4.1 per cent incease.
The prices of flats in Smolyan (Southern Bulgaria) increased the most, by 33.5 per cent, followed by Vratsa (North-Western Bulgaria), 24.6 per cent and Kyustendil (South-Western Bulgaria) at 17.4 per cent.
Bulgarian housing prices rose by 47.5 per cent last year to an average of 540 leva per sq m, but real estate brokers say price growth should slow in the next two years. In their view, the Bulgarian real estate market is stabilising.

The high demand is also beneficial for banks and property credit. Since the start of 2005 most banks have started offering preferential interest rates. These rates are applicable for one year after obtaining credit, before they begin to increase.
Several local and foreign investors announced new plans in July, proving the attractiveness of the local property market.

Bulgaria has three major ski resorts, Bansko, Borovets and Pamporovo. The country will seek to modernise its Vitosha ski area, which overlooks Sofia, in line with its application to host the 2014 Winter Olympic Games.

Ivan Vatahov