28.05.2007

Future

The prices of holiday apartments in the western part of Slanchev Bryag have fallen by 15%, data of Foros real estate agency showed in 2006. Property prices in this part of the resort are currently at record low EUR 600 per sq, m. Prices even went down to EUR 450 per sq, m, according to imoti.bg data. Only furnished flats carry a price tag of EUR 1,200 per sq, m. The price of property overlooking the sea reaches EUR 1,600 per sq, m according to imoti.bg. At the same time, the prices of properties under construction in the holiday resorts located south of Dyuni, Sozopol and Tsarevo range between EUR 1.200 and 1,400 per sq, m. The prices of properties in golf complex along the northern Black Sea coast reach EUR 1,500 per sq, m. The future of this type of properties lies within more reasonable projects and in the prolongation of the holiday season.

Apartment buildings of the holiday house type are already a history as far as the Black Sea coast is concerned, according to Anton Pankev. The new projects rely on additional amenities, such as shops, swimming pools, spa centres and entertainment establishments. Landscaping is another trump card used by investors. They are purchasing 5,000 – 6,000 sq. m plots only to raise buildings with a build-up area of 15-20,000 sq. m plots a couple of years ago, Pankev said. Another problem along the Black Sea coast is the holiday season which continues only four months during the summer. The short season, combined with growing supply and the lack of professional management at some of the complexes result in lower return for the buyers. Many of the holiday complexes in Slanchev Bryag are not occupied for more than 40 days throughout the entire season, according to data of imoti.bg. Property management companies consider it a success, if a holiday property is rented for around 100 days through the year. At the same time golf complexes rely on twice as longer holiday season due to the fact that golf may be played nearly eight months of the year. Spa and conference tourism are other options for securing higher occupancy.