22.05.2007

picture: ocean.udel.edu

The fast development of the holiday property market on Bulgaria’s Black Sea coast continues but investments are already shifting to new regions. Large scale resorts such as Slanchev Bryag, Sveti Vlas, as well as the coastal area between Irakli and Obzor are not riding the crest of the investment wave anymore. The small villages, located couth of Sozopol White Lagoon have become very popular over the last year, according to Anton Pankev, executive director of Asta Bridge International Properties, Resorts located north of Burgas still have the highest construction activity but the regions near Bansko and Razlog and the golf complexes along the northern Black Sea Coast, are primed to burst onto the holiday property scene, according to Mladen Mitov, manager at Yavlena agency. One of the main reason is the construction of golf courses and the setting up of spa centres, witch offer year-round occupancy, Mitov said.


Capacity

The building capacity of Slanchev Bryag is already exhausted, real estate brokers said. The high construction activity within the resort may be put down to the prolonged emplementation of large-scale projects, which takes between three and four years.

A total of 1 million sq, m of holiday properties were under construction in the Bourgas region in 2006, data of Yavlena showed. Bansko and Razlog followed with 700,000 sq, m. The Varna region ranked third with 400,000 sq, m of holiday properties under construction. Tsarevo, Primorsko and the villages near Sozopol are expected to contribute considerablyto the construction activity along the southern Black Sea coast. A total of 320 construction permits are issued in Tsarevo in 2006.The figure is expected to top250 in 2007., Petko Arnaudov, major of Tsarevo municipality said. The bulk of permits were issued for construction of family hotels and holiday complexes. The area between the Arapya and Oasis holiday club is expected to be opened in 2007. Costa del croco, one of the largest holiday projects along the southern Black Sea will be completed a year later.

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