Foreign property investor interest in Bulgaria property will rise by 40 per cent for 2008, according to the forecasts of Bulgarian real estate consultants.An increased level of proficiency and boosted quality of customer service will guarantee Bulgaria property its ranking among the top three preferred destinations for real estate investment throughout Europe, officials from the Moscow subsidiary of international real estate consultants BG Estates Worldwide declared following the 17th international property exhibition, DomExpo, held in the Russian capital. Read more…
Bulgarian Property & Real Estate News
Opening ceremony held for Super Borovets Project
The ski property project, known as Super Borovets, which is located in the beautiful Rila mountains, had its official opening ceremony last Monday after several years of delays. The large property investment project includes the areas of Samokov and Beli Iskar and also several locations near the Bugarian ski resort of Borovets. The Bulgarian PM Sergey Stanishev, former king Simeon Saxe-Coburg and the Omani prime minister Qaboos bin Said all attended the opening event. The Omani government is one if the main investors in the project.
Bulgarian investment project to include new motorway link with Sofia
Part of the Bulgarian property investment known as the Super Borovets project will be the construction of a new motorway to link Sofia with the Borovets ski resort in less than 40 minutes. The new Rila Highway will create a link between Sofia and Samokov and drastically reduce the travel time between the capital city and Bulgaria’s most popular ski resort. The news about the new motorway was announce by Simeon Peshov from Glabolgarstroy and Georgi Krumov one of the directors in the Equest Property Investment Fund which is leading the investment in the Super Borovets project. The motorway will be over 80km long and will link the Trakia, Hemus and Struma motorways going through the towns of Samokov and Vakarel.
The first level of the investment project will be based outside Samokov and includes a gondola lift to take skiers to the Markudjik ski pistes. The idea is that skiers from Sofia can use the new motorway to quickly arrive in Samokov, park their cars at the base of the gondola and be on the top of the ski resort in just 30 minutes. Overall the project expects an investment of over 500 million euros to produce one of the most modern ski resorts in Europe.
The expansion of Borovets ski resort begins
The long awaited development of Borovets ski resort is due to begin on Monday with the opening ceremony for the Super Borovets gondola connecting Samokov to the ski pistes at Markujik. The Super Borovets investment project has been modified to avoid the overdevelopment of cheap, low quality accommodation that has plague the other Bulgarian ski resorts of Bansko and Pamporovo.
According to Georgi Krumov (the director of Bulgarian property investment fund Equest Balkan) the plan is to develop Borovets ski resort into an all season resort and target tourists both during winter and summer. The overall development plan for the new Borovets properties will allow a construction density of 20%. When complete the project will include less than 4,500 properties and the target is to avoid overdeveloping the area and destroying the local nature. Read more…
Property Fund buys more Super Borovets property
Local real estate investment trust Super Borovets Property Fund said it has added three plots with a combined area of 20,284 sq m to the land its owns in ski resort Borovets. The deal price is 1.22 mln levs. The property investor now owns a total of 5 ha of land in Borovets. The company said it has no definite plans for the development of the land and said it will wait and see how the expansion of the resort pans out. Read more…
EU accession helps boast Bulgarian Property market
Joining the European Union has helped increase the confidence of Bulgarian property investors. Well know property investment website Buy Association claims that Bulgaria was already one of the most popular property investment locations in eastern Europe, but by joining the European Union it is now much easier for foreign investors to buy Bulgarian property and apartments. The local real estate laws are now comparable with those in Western Europe and this gives greater protection to buyers. Combining this with the increasing availability of mortgage finance means that Bulgarian apartments and investment properties a being snapped up by many investors. The increased popularity of Bulgarian properties and apartments comes from the fact that prices have risen rapidly in more development markets like Portugal and Spain. Coastal properties on the Black Sea, ski property developments and bulgaria apartments are said to be the most in demand at present.