News

 Investors in Bulgaria’s coastal regions are failing to find buyers for their newly-built hotels. Nearly 30 new hotels were offered for sale over the past year, 24 Chassa daily reported. Only 250 hotels were on sale in southern coastal regions. The hotels are being sold in all stages of construction. The average price is 856 euro per sq m.

   New ski projects are launched in Samokov region, while “Super Borovets” awaits its start. Hristo Kovachki is the new big investor in the region. Companies close to TIM Ltd also intend to invest in the region.

  Samokov and Borovets are quieter, in comparison to Bansko, where new ski, golf and spa projects for hundreds of million BGN are presented every single day. There are no huge billboards, advertising the next luxurious apartment complex and signs “Great Deals: Land Plots for Sale”. There are no long lines of tracks and piles of construction materials cannot be seen in Samokov. In fact the region looks calmer, compared to Bansko, regarding the investment activity.

  However this is soon about to be changed, as things around the “Super Borovets” started moving last month. The majority part of “Rila- Samokov 2004” will most probably be bought by the British investment fund “Equest”. The movements around “Super Borovets” project, made other investors force their projects in the region.

  Samokov Municipal got serious funding by deals with land plots and is now preparing for reconstruction and construction of new infrastructure. Hristo Kovachki is one of the biggest investors in the region (with several projects for ski zones). Several other companies are also eyeing the site, among which are companies from the TIM group, (mainly for summer tourism).

The commercial property market in Bulgaria is expected to grow by 300 per cent in the next three to five years, Colliers Bulgaria real estate agency head Atanas Garov said. Garov took part in a conference linked to the upcoming Balkan Property exhibition (BalPex), investor.bg reported.

 Bulgarian State Agency for Tourism says that the number of tourists visiting spa resorts will increase by 75 per cent in the next three or four years. Investors have been working on spa tourism projects for a long time, Kapital daily reported. There are spa centre and hotel construction projects in, among other places, the well-known destinations Sandanski, Kyustendil and Apriltsi.

  The Bulgarian golf courses, together with the golf villa complexes and the vacation villages, built next to the golf properties have recently been in the very spotlight of all property investors in Bulgaria.

  At this point the region of Bansko and Razlog is the leading destination for the largest number of golf projects in Bulgaria. So far there are 7 golf projects planned for this particular mountain area. Some of the projects have already been put in implementation, while the others are still developing. Six of the golf courses are planned to be constructed in the municipality of Razlog, the seventh is in Bansko ski resort.

  "Pirin Golf Holidays Club”, the first vacation complex in Bulgaria is in process of construction now, on a total area of 1400 decares in Betolovoto site. Investor and executor of the project is the Bulgarian company “Balkanstroy”, owned by Kaloyanovi brothers and Yordan Kanazirev. The golf course is designed by Ian Woosman and its construction is almost completed. The terrain of the golf course is spread on 900 decares and has 18 holes. Near the golf course residential buildings and hotel complex with 700 apartments will be built. The complex should be finished by next year, but will partly start operating this summer. 130 Million BGN will be invested in the project.

  The residential site will offer five-star accommodation with a modern spa centre, swimming pools, tennis courts, volleyball playgrounds and horseback riding fields.

  The second project of Balkanstroy is “Pirin Golf and Country Club”, and is also estimated to cost 130 million BGN. It will be situated in the Tsarnako-Betlovoto site. The company received a first-class investment certificate for this project. The construction works on the complex are to begin soon. The project will be spread on 1000 decares, 780 decares of it will be taken by the golf course. Residential buildings, hotel part and sports & recreation centre will be situated close by. It is planned to be completed after 3 or 4 years.

  The third project of BalkanStroy developed in cooperation with Razlog Municipality – Kulinoto Ski & Golf in the Kulinoto site will offer both golf and ski facilities and sport opportunities. The planned investment will be 240 million BGN. Except for the golf course, the company will also construct a ski centre with 59 km of ski slopes and 20 km long lift system. Hotels and residential buildings with capacity of around 3000 beds will be situated nearby. For the last years the sites nearby Razlog attracted many domestic and foreign investors. The price of square meter of land reached 100 EUR. Several huge vacation complexes are currently being developed and more than 1000 decares in the regions, close to the golf courses are already sold.

   It was a sunny mid April Saturday morning when we headed to Troyan. The spring has already arrived in Bulgaria and trees and flowers were proudly showing their blossom garment.

  The blue sky and the shimmering sun beams were cheerfully playing on the front window of the car.

  There we were – me and my company full of energy, eager to dive in the beauty of the awakened nature. That is why we choose Troyan- one of the most beautiful and hospital Bulgarian towns right in the heart of the Balkan Mountain range.

  The trip went fast as Troyan is just 180 kilometres away from Sofia and half the way goes along the highway. We barely could share a word during the whole journey, as the nature was so fascinating, that left us stunned and speechless.

  The marvelous green grass, those trees thick with leaves and the beautiful spring flowers that variegated the whole land, brought a sweet scent in the air, which literary enchants every traveller. It definitely makes you feel free, alive and above all proud to be residents of this unique country Bulgaria.

  Analogue of the big project “Super Borovets” is under development by the businessman Hristo Kovachky. It will be situated in Mala Tsurkva, Govedartsy and Maljovitsa. General construction plan of the area is now being prepared, and is about to be completed by the end of May.

  Joint company “Nadar 2006” was created last year for the purpose of the new project. 50% of the shares are owned by Samokov municipal and the remaining shares belong to “El-El Impex”, whose sole owner is Hristo Kovachky.

  The plan is to create 5 tourism centres, which will be able to service 8-10 thousand tourists, explained from “Nadar 2006”.

  The so-called resort-and-tourist location will comprise three zones, where 50-70 km of ski slopes will be constructed.

  After the plan is accepted, the total amount of the investment will also become clear. The investment will be times bigger than that for the project in “Boriko” location. 23 million BGN were planned for “Boriko” project.

  The municipality owns 25% of the company which will develop the “Boriko” location. The municipality will preserve this share irrespective of the amount of the investment. The construction of a winter stadium, and a two-seats lift with capacity to transport 1000 visitors per hour. There will be 3 ski slopes for beginners as well as an artificial snow installation. The project will also bring about the improvement of the entire infrastructure.
  Two ski slopes, named Sitnyakovo 5 and Sitnyakovo 6 will be constructed in the Martinovi baraki site. The slopes are due to become ready by the end of the year.

 Prices of apartments in Sofia slightly increased in April, data of Foros real estate agency showed. The average price increase in Sofia for new construction, panel buildings and brick-made buildings for April is 4.42 per cent. Lozenets residential district experienced an increase of 10.77 per cent. Prices there reached 1080 euro per sq m.

The price increase of residential property in Bulgaria after the country’s EU accession is sufficiently higher than expected, research ordered by investor.bg showed.

The price hike concerns both old and new construction in Sofia and in other bigger cities and towns.

Investor interest in business property in Bulgaria grows. Most investors plan developments like retail centres, real estate agents said. Bulgaria faces numerous problems related to retail and office space, investor.bg reported.