Buying Property in Bulgaria Remains Hot Prospect

By: Velizara Petrova Real Estate 1 Follower

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Buying investment property in Bulgaria is a relatively recent trend. As more tourists, buyers, developers and expatriates make their way to this Eastern European country, the prospects keep growing. One of the development and buying strategies that is gaining a great deal of interest as of late involves the winter sports potential this country has to offer. The skiing opportunities in Bulgaria are incredibly popular and support for them is increasing in leaps and bounds as developers and the government work to put Bulgaria on the tourist map.

In this article we’ll take a look at Bulgaria’s tourism potential and one particular project that is on the drawing board that might help increase it further and see why buying property in Bulgaria remains a hot prospect.

Whilst Bulgarian property buyers have long been aware of Bansko’s world-class ski opportunities, light is starting to be shed on the potential Dobrinishte has to offer. This tiny town with roughly 3,000 inhabitants is surrounded by three mountains and is the focus of a rather ambitious development project.

Orbel Development AD is in talks with the Dobrinishte community about the prospect of developing a large ski complex in the area, the Sofia Echo reports. The company requires approval from the populace before it moves ahead with plans but if Orbel is successful in its bid, Dobrinishte and Bansko would both benefit from the overall redevelopment of the area to attract winter-loving holidaymakers.

The Orbel development would include more than 13,000m of ski runs and facilities on state-owned land, another 9,000m of development would occur on city-owned land. Infrastructure proposed for the development would meet EU environmental standards and the project has an estimated 200 million leva value and includes joining Bansko and its Pirin mountain outskirts, creating a complete ‘ski zone’.

If approved and completed, skiers will find the entire area will include a ski zone that covers some 2,000 hectacres, it will also boast “tourist tracks,” a lift system expansion, construction of new hotels, development of property in Bulgaria and more. The project is estimated to employ some 1,500 people and raise Dobrinishte’s image as a year-round ski and mountain tourism destination. Estimated completion time is approximately three years…

As all of this goes on, Bulgaria’s popularity as an overall tourism destination is also on the rise. According to the World Travel & Tourism Council the Bulgarian travel industry is expecting to earn about BGN 12,307.4 in 2007 and the growth is anticipated to rise by 4.6% per annual between 2008 and 2017.

This increasing interest in Bulgaria’s mountains is very good news for property investors who want to buy to let and who have been less than impressed with the coastal property prospects in Bulgaria. The draw for holidaymakers in Bulgaria’s ski resorts has been strong already and because it shows very strong signs of continuing in that vein, it’s highly likely that the Bulgarian property prospects for investors will also increase.

From its mountains to its waterfront properties, Bulgaria is attracting a lot of major development attention as of late. Orbel’s project is just another sign that this country isn’t going to slow down any time soon which gives real estate investors in Bulgaria a great deal of medium to long term confidence.


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