Sofia, November 27, 2005 - Property investors seeking emerging markets with massive potential are focused on Bulgaria and ski resorts such as Bansko, a prospect for the 2014 Winter Olympics.
Bulgaria is currently receiving unprecedented levels of investment into property and infrastructure because the country is aligned for full EU membership in 2007; the ski and sun resorts in Bulgaria have attracted much of this direct investment. The money is being ploughed into the improvement of facilities, the promotion of resorts and to increase visitor numbers and tourism revenue in Bulgaria - and in Bulgaria’s ski resorts this investment is already paying off.
For winter ski holidays Bulgaria is now the number one country for British tourists seeking affordable snow resorts and for summer sun holidays Bulgaria is the number one country for Eastern European holiday makers with Northern European interest also beginning to surge. Investors have already targeted property in Bulgaria’s Black Sea resorts and have reaped financial reward in the form of strong rental yields and impressive property price growth. Now they are looking for the next emerging property market within this emerging country. Because Sofia is a strong candidate city for the 2014 Winter Olympics and because Bansko will be the number one Olympic centre if Sofia’s bid is successful, investors are positioning themselves ahead of the predicted curve by buying off plan ski properties in Bulgaria’s number one ski resort.
With 40 million Euros already invested into improving Bansko, real estate investors are benefiting from the resort’s increased visitor numbers, improved infrastructure and a much more appealing holiday destination overall. Off plan apartments in Bansko located close to the gondola, the town centre and situated in developments with superior communal facilities start from just 39,000 Euros and the increase in demand for rental accommodation during Bansko’s five month winter season and two month summer season should help to ensure investors reap the maximum rental yields possible as well as enjoying strong underlying property price growth.
Properties in certain key developments in Bansko have gained 30% in the last year and with investor and tourist interest in Bansko now at an all time high these gains could well become the norm throughout the resort. It is this potential for long term growth that is attracting property investors to Bulgaria’s ski resorts and it is Bulgaria’s potential for economic growth and development over the long term that will ultimately be the key for the success of any investments made into the country.
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Written by
Zaur Mammadov
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