Flexible, affordable and fun, Bulgaria makes good investment sense – and it is still wowing tourists with its year-round possibilities. Johnny Turner sees some unmissable opportunities
Bulgaria has seen the frenzy of its ‘gold rush’ years and now looks set to settle into a more reasonable level of popularity. With its variety of landscape and its year-round appeal, there is much for both tourists and investment purchasers here.
Besides the undeniable appeal of ski-friendly mountains, Black Sea beaches, historic cities and wonderful culture, Brits in search of property abroad like Bulgaria because prices are so affordable. That is certainly the case in phase two of Galliard Homes’ fully serviced
Pirin Spa ski and golf resort development in Bansko, where prices start from as little as €39,995.
Set in the Pirin National Park and referred to as the best new ski resort in Eastern Europe by Italian ski legend Alberto Tomba, Bansko is now a destination of choice for winter sports enthusiasts from a wide range of countries. The ski facilities are equivalent to those in traditional Western European resorts yet at a fraction of the cost, with 65km of pistes and state-of-the-art equipment.
The Pirin Spa Resort will comprise of two adjacent buildings set amid landscaped grounds, with stunning vistas towards Pirin National Park and the surrounding mountain ranges. Completion is scheduled for late 2009.
The resort offers not just top-class skiing but also – amazingly for such a snow-centric climate – year-round golf. A brand new Ian Woosnam signature pro golf course has been designed nearby and keen golfers will be able to continue playing, even when the greens are covered with snow.
A choice of studio, one- and two-bedroom suites are offered. As an added bonus, Galliard is offering either a seven per cent net income guaranteed for two years or a free five-year family ski pass plus furniture pack.
Purchasers can exchange contracts with an initial deposit of only €750 and Galliard will also offer specially reduced-deposit payment terms; in addition, a deposit scheme is available.
Madeleine Flower, sales and marketing director of Galliard Homes, says, ‘There is a huge capacity for investment growth in the Bulgarian property market. The country recently joined the EU, the cost of living is one of the lowest in Europe and the budget airlines are substantially increasing the tourists visiting, thereby increasing the demand for quality accommodation.
‘In addition, the Pirin National Park is UNESCO-protected so there is a limit to the supply of new, quality apartments, further driving up prices.’
For more information contact the sales office on 020 7620 1500 or visit galliardhomes.com. There will also be an exhibition on 26 and 27 January in the Oxford Suite of the London Marriott Hotel, Park Lane from 10am onwards.
Bulgarian Dreams has launch the newest phase at
Windows To Paradise, one of the world’s largest fully carbon-neutral new build developments. The development, located in the popular and emerging area of Balchik, is aimed at the increasingly sophisticated visitor to Bulgaria.
Bulgarian Dreams has worked with The CarbonNeutral Company, who assists major companies around the world, to measure, reduce and offset their CO2 emissions. The company has calculated the scheme’s emissions including those from sources such as material lifestyle emissions, site energy consumption, deliveries, site vehicles and waste disposal. Bulgarian Dreams has offset all the development’s emissions during construction and operation of the site by sponsoring a new hydro power station in Bulgaria, making Windows to Paradise fully carbon-efficient.
Windows to Paradise is located on a stunning hillside, offering a select collection of studios, one- and two-bedroom apartments and penthouses. Most of the properties boast beautiful sea views. The facilities at the development include several outdoor swimming pools, full spa centre with indoor pool, steam bath, sauna, Jacuzzi and children’s pool. Set within landscaped botanical gardens, Windows to Paradise also features a restaurant and fully licensed bar, shops and a supermarket.
This exclusive development will also have three international 18-hole golf courses: a Gary Player course located adjacent to Windows to Paradise and two nearby courses, another by Player and one designed by Ian Woosnam. A stunning new yacht marina is also being built nearby, making the area even more desirable.
Bulgaria is a three-hour flight direct from the UK, with two scheduled airlines currently flying to Varna International Airport once a day. The development is just 35 minutes’ drive from the airport, making it wonderfully convenient.
Prices at this phase start at €38,546.63 (£26,583.88) for a studio apartment, €57,902.13 (£39,932.50) for a one-bedroom apartment and €81,769.50 (£56,392.76) for a two-bedroom apartment. Contact Bulgarian Dreams on 020 7614 1240 or visit bulgariandreams.com
In the lovely Rila Mountains,
The Pirinea Hotel Spa and Residence in Banya is a luxurious new development with 147 apartments and an attached 60-room hotel, created by RilaDev, a consortium whose members all have a long track record of creating award-winning superior resort and residential developments in both the UK and overseas.
Terry Roydon, director of RilaDev, says, ‘Pirinea Hotel Spa and Residence is unlike anything previously built in the area – a hotel and apartment complex with outstanding facilities and services. We believe it will be an ideal holiday resort, as well as an excellent investment opportunity. Located close to the ski resort of Bansko and the new Ian Woosnam golf course in Razlog, it offers tourists supreme year-round holiday accommodation.’
Set in over 10,000 sq metres, this is a low-density development located in Its elevated position means that it has stunning views of the mountains and the town of Bansko below. Designed by award winning architects ASA Bulgaria, it mixes traditional materials such as wood and stone with contemporary interiors to create a truly desirable building.
The 147 studio, one- and two- bedroom apartments offers a sumptuous specification including elegant fitted kitchens and bathrooms with integrated Whirlpool appliances, as well as contemporary floor tiling throughout.
Full-height windows and glazed doors open out to balconies on most apartment, creating a bright and airy feel and allow enjoyment of the fabulous views both inside and outside. State-of-the-art windows ensure that heat is retained and there is also an eco-friendly heating system. Each apartment has wi-fi internet access, cable television and a phone line to contact the concierge and reception. Pirinea also has a secure underground car park and there are beautifully landscaped gardens for residents to enjoy.
Banya is renowned for its spas and mineral waters, and all sports are possible in the area. There are excellent ski slopes in Bansko, while the Ian Woosnam-designed golf course is ten minutes away in Razlog. There is also the option of horse riding and mountain biking in the summer.
Prices start at €42,000 (£28,000) for a studio apartment, €70,000 (£50,000) for a one-bedroom apartment and €110,000 (£75,000) for a two-bedroom apartment. For investors who prefer to leave the tenant-finding to others, RilaDev offers a rental package. For further information, please telephone: 020 7795 4435 or visit the website pirinea.co.uk.
Bulgarian Dreams offers
The Orchard, Bansko’s most exclusive and chic new development. Located just five minutes’ walk from the resort’s main ski lifts, it offers residents the benefit of Bulgaria’s largest and most luxurious spa complex. Comprising 500 studio, one- and two-bedroom apartments and penthouse, The Orchard also has an on-site cinema and communal ice rink.
Prices at The Orchard start at €42,053 (£29,002) for a studio, €73,557 (£50,725) for a one-bedroom apartment and €123,583 (£85,229) for a two-bedroom apartment.
See bulgariandreams.com for further information.
For those who want a city investment, the culture-rich capital city of Sofia offers many opportunities. With an eye toward developing properties that will appeal to local tenants rather than just holidaymakers, Intrepid Investments has begun marketing a new project called
Belgravia. Located in Lozenets, one of Sofia’s business districts, this is a private gated complex of four residential buildings with between 23 and 29 studios and one- and two-bedroom apartments.
The development has three phases of construction, the second of which was started last July. The first phase sold to the local market in just three months. Construction is due for completion in approximately two years, and prices start at £38,229.
Rental yields are pitched in at between five and seven per cent; the average market growth in this area stood at 20 per cent between 2002 and 2006.
Intrepid Investments operates a syndicate club, whose membership is only open to high net worth individuals and sophisticated investors; the joining fee is approximately £500. Qualifying members receive privileged information on Intrepid property investment opportunities. For further information call 0870 161 4511.
The Balkan Jewel in Bansko is a high-specification off-plan development on sale through
Avatar International. It comprises 190 fully-furnished one- and two-bedroom apartments with panoramic views over the stunning Pirin mountain range and the Ian Woosnam designed golf course.
Colliers International, one of the largest property management companies in the world, will supervise all aspects of the operation, management and maintenance of The Balkan Jewel to the standard of a four-star resort. Services will include general maintenance and repairs, professionally organised excursions and, vital for a successful investment, a unique rental scheme in order to maximise return on investment and minimise vacancy periods.
All apartments include parquet flooring and a fully fitted kitchen inclusive of appliances. Facilities include a fitness centre, café, shop, ski storage area and swimming pool. On-site services include 24-hour security, concierge services, cleaning and management of the grounds and facilities.
Bankso is 160 km south of the Bulgarian capital Sofia, about two hours from Sofia Airport. The town has a range of bars, cafés and restaurants offering family-friendly après-ski entertainment.
The Balkan Jewel is due to complete at the end of this year. Prices start at £41,000 for a one-bedroom apartment. For further information contact Avatar International on 0800 035 3537 or visit avatar-bulgaria.com.
Kavarna is creating a new wave of interest for property in Bulgaria, with Kavarna Bay in particular being developed with exclusivity and high quality in mind. Located on the northern tip of the Black Sea coastline, this location not only caters for the sun-sea-sand traveller but also the yachtsman, the golfer and the fishing enthusiast.
Over the last few months Kavarna, as a resort, has begun to transform into one of the most attractive destinations for property investment and development. With only a 30 minute transfer time from Varna international airport and 38km from Romania, this is sure to become a popular playground for the tourist market.
The area will benefit from a proposed €15 million development of Bulgaria’s FIA-approved Formula One racing complex. Also, two Gary Player-designed golf courses are currently under construction, one of which will be in the top five largest in the world. These, once completed, are bound to have a very positive effect on property values and rental yields.
Here Obelisk International offers the Kavarna Bay Resort, an exclusive 697-unit development with studio, one-, two and three-bedroom apartments each offering unparalleled south-facing views of the Black Sea. There are extensive on-site facilities.
The price of an average apartment is €132,917 – this is 26 per cent below market value. Further, up to 60 per cent mortgage is available. For more information on investing in Bulgaria or the Kavarna Bay Resort call Obelisk on 0808 1600670 or visit obeliskinternational.com.
Mortgage maze
Borrowing is different in BulgariaIn Bulgaria, the British buyer is leading a new phenomenon, the overseas buy to let, made possible by the availability of mortgage finance, according to specialist property company the SimpliGroup.
One of the Group’s companies, SimpliBulgaria, is successfully finding buyers for its wellbeing village Geshaview in central Bulgaria, as well as in other areas – and many of the buyers here are looking for buy-to-lets rather than to live there themselves.
Chris Downham, managing director of the SimpliGroup, says, ‘As we have quickly become a nation of property investors, people are no longer happy with just a place in the sun. They now want that place to make them money. This has led to increased sales of holiday homes and investment properties in Bulgaria and other eastern European countries where the market is experiencing capital growth.’
Two years ago, SimpliGroup’s Bulgarian Home Loans company opened up the Bulgarian mortgage market to foreigners and since then has submitted almost 2,000 mortgage applications to a number of Bulgarian banks.
Downham says, ‘Working in emerging European markets is not easy as the banking system isn’t as developed. However, we now have ten banks that will lend to UK residents investing in Bulgaria and this competition is resulting in improved service and more innovative products.’
One recommendation from Bulgarian Home Loans is that buyers should not always wait until effective mortgage finance becomes available before they
purchase, as the provision of such finance itself creates capital appreciation. It could be worth buying in cash in lesser developed finance markets and then releasing this equity via a mortgage when the correct mortgage becomes available.
The availability of finance to foreigners usually goes hand in hand with mortgage improvements for the local population, and in the end it is their buying power that leads to sustainable price growth in overseas locations. But UK buyers must realise that the offerings in emerging markets are not going to be as quick and easy as those in the UK.
The long term vision of the SimpliGroup is to provide finance to all EU citizens, regardless of which EU country they buy in, via a single lending solution.
Find out more about SimpliBulgaria’s development Geshaview by calling 0114 250 6171. Contact Bulgarian Home Loans on 0845 456 7148 or visit bulgarianhomeloans.com.