Overseas - Bulgaria

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 Bulgaria

In 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.

You will not be far from a top-notch golf course with these developments, says Amanda Shiel

Caribbean
Chesterton International has launched two new developments on the islands of St Lucia and Anguilla. Both resorts will include a hotel, beach-front apartments and a full range of recreational facilities when completed in 2010. 
The Raffles St Lucia development comprises a 200-room Raffles Resort, a variety of one-, two- and three-bedroom apartments and 72 plots of land. Further features include the Raffles Amrita spa, five swimming pools, a choice of restaurants and a Jack Nicklaus Golf Club (JNGC).
Situated on the east coast of Anguilla, the Fairmont Anguilla will consist of 360 acres of pristine oceanfront estate, featuring a variety of beaches on no less than two miles of coastline. Properties at the resort will offer spectacular sunset views against the backdrop of nearby St. Maarten.
Features of the development will include the 120-room Fairmont Resort, Willow Stream Spa, dining and recreational facilities, a beach club, a range of one-, two and three-bedroom apartments and the Jack Nicklaus Golf Club and signature Golf Course.
Chesterton and partners IMI, Fairmont Hotels & Resorts and Raffles Hotels & Resorts, are offering a Founders Programme at each development – a package which offers a range of extra benefits for early buyers.
Prices range from US $1,100,000 for a package with a one-bedroom apartment at St Lucia and US $1,600,000 for a package with a one-bedroom apartment at Anguilla. Reservation for the Founder’s Package requires a US $5,000 refundable deposit and is available until the end of 2007.
Contact Chesterton International on 0207 201 2070 or visit chesterton.co.uk.

Cyprus
Parador Properties are currently marketing a variety of developments that are close enough to take advantage of Cyprus’s beautiful golf courses.
The Zephyros Village apartments include a communal swimming pool and children’s playground. Prices start from £91,053 for a two-bedroom apartment.
Limassol Star apartments is situated in a five-star beachfront area, with a large communal swimming pool, special children’s pool, a tennis court and gardens. The site has been carefully designed to offer privacy and peace of mind to all residents.  Prices start from £110,824 for a one-bedroom apartment, with two-bedroom townhouses and three-bedroom villas also available.
The Ha Potami Villas in Secret Valley were made for those looking for fun and sun in peace and quiet, combined with excellent road links to Limassol, Nicosia and Larnaka.  Prices start from £294,941 for a three-bedroom villa and £421,171 for a four-bedroom villa.  
For more information, visit paradorproperties.com or call 0800 781 4198.

Portugal
The Tróia Peninsula, a traditional weekend and holiday destination for Lisbon’s influential inhabitants, is rising into international prominence with the launch of Troiaresort, a new 440 hectare resort development which encompasses the existing Robert Trent Jones 18-hole golf course. 
A range of contemporary residences, including 211 beach apartments, 79 marina apartments and 99 private villa plots, are now available. All of the apartments have water views, while the villas have views of the ocean, the lakes or the golf course. Villa owners have golf rights included.
The resort will be divided into four areas, each offering a different range of facilities and amenities.
The first phase, which comprises three hotels, a marina, casino, conference centre, commercial facilities, restructuring of the golf course and delivery of the marina and beach apartments, will be completed by September 2008.
Prices at Troiaresort range from €290,400 for a one-bedroom marina apartment to €1.3 million for a six-bedroom villa. Visit troiaresort.net or call +351 214 643 322.

USA
Walkabout Golf & Country Club is a multi-faceted resort on Florida’s Space Coast.  Encompassing 1,200 acres of private nature reserve, 18-holes of golf designed by Perry Dye and a choice of high-end properties from townhouses to villas but without high-end price tags, Walkabout Golf & Country Club is the ultimate luxury lifestyle community.
The townhouses and villas have a range of facilities from hiking and jogging trails to cycle tracks, children’s pool, play area and child care facility as well as swimming pool, jacuzzi and wellness centre complete with spa and dedicated trainers and instructors.
Prices start from $398,000 (£198,000).
The Element, a 17.5 acre gated residential community at MetroWest Golf Club, is bordered by the Robert Trent Jones Senior designed golf course, which opened in 1987, and Veranda Park Town Centre.
The development is arranged into residential properties bearing the signatures ‘air’ (one-bedroom, one bathroom), ‘water’ (one-bedroom, one bathroom), ‘earth’ (two-bedroom, two bathroom), ‘metal’ (two-bedroom, two bathroom) and ‘fire’ (three-bedroom, two bathroom).
Properties themselves are ready for immediate occupancy, have a choice of balcony, patio or solarium, golf course and lake views as well as vaulted ceilings, fireplaces and walk-in wardrobes.  Private garaging is also available. The whole community is pet friendly and offers WiFi hotspots.
Prices start from $163,900 (approx £81,500) for a one-bedroom ‘air’ apartment.
For more information on these developments, visit propertydealsflorida.com.

Bulgaria
Located near the village of Tankovo, Tankovo Mews offers a village setting in a courtyard house concept, with a communal swimming pool and public pavilion.  The Kableshkovo golf and entertainment complex is under development 3km away.
The development includes two-bedroom villas with a jacuzzi, four-bedroom villas with heated a swimming pool and three-bedroom villas with plunge pools. Prices start from £94,766.  
Set on the rolling hills just outside of Nessebar, the Nexus project provides a village setting in a courtyard house concept with 24-hour security and pedestrianised inner roads, giving a safe haven for the village. The central plaza with its communal swimming pool and public pavilion allow residents the option to socialise with other village residents or stay within their own private villas.
Property styles include studios, one-bedroom apartments, two-bedroom villas with a jacuzzi, three-bedroom villas with plunge pools and four-bedroom villas with a heated swimming pool. Prices start from £19,669.  
For more information on these developments, visit buyland.co.uk.

Since joining the EU interest in Bulgaria has soared. Amanda Shiel takes at look at what’s on offer in this picturesque country

Case Study

After Vicky McElhinney found a seemingly unbelievable offer of cheap properties in Bulgaria online, she promptly called her best friend Nikki Cartmill. Wanting to investigate further, the pair hopped on a plane to Sofia leaving their bemused husbands at home in Northern Ireland.

Driving through the snow-bound countryside, they headed towards Veliko Turnovo were they started house-hunting. They both found houses in the north central village of Malinovo and although they were not the homes they had initially seen on the website, they were delighted with their purchases. Cartmill opted for a 1930s single-storey, three-room house set back from the road, with two outhouses and a garden. McElhinney’s was a two-storey 1940s house on the village green. Although first attracted by the house prices (both cost €4,100), the ladies soon fell in love with the country. McElhinney comments: ‘We weren't about to buy if we didn't like the country. Luckily it’s magical here, so we did.’
They visited again a couple of months later to complete the legal formalities on their house purchases and decided to carry on with their spending spree. This time Cartmill bought a €14,000 traditional Bulgarian stone-built house in Staro Stefanavo, a holiday spot for Sofia's rich and famous. Not to be outdone, McElhinney went home to Northern Ireland and bought a 200-year-old cottage in the hamlet of Bulgarene, near Lovech, for €3,000 that she found on the internet.Both McElhinney and Cartmill adore their new houses in the Balkans. Cartmill said, ‘We have lovely views wherever you look, friendly neighbours and dirt cheap food and wine.’

Although there are ex-pat communities in nearby villages, the pair try to mix in the immediate community. ‘Language is the biggest difficulty for us,’ says Cartmill. ‘But newcomers are made very welcome.’
Bulgaria is becoming increasingly popular and McElhinney and Cartmill feel the area is great for buying a second home. ‘It's still really cheap,’ comments McElhinney who had such a good experience in Bulgaria that she has written a book called The Big Bulgarian Adventure (written under  pseudonym Sue Seddon).

And do they have plans to buy anymore homes? ‘We’ll leave it at two for now,’ they say.
The Big Bulgarian Adventure is on sale at £9.50; email vicky@mypropertypal.com to order a copy. See mypropertypal.com for further information about Bulgaria

Central Planina

SimpliBulgaria’s Geshaview ruro-treat in Central Planina (near the ancient capital of Veliko Tarnova) is a unique development consisting of 147 luxury five star properties.
Featuring a mix of detached houses, apartments, mews homes and townhouses, Geshaview has stunning views and offers a huge variety of sporting facilities including climbing, riding and sky diving. There will also be a hotel, bars, craft studios, shops, an art gallery, organic restaurants, a natural swimming pool, health centre and spa facility with secluded woodland jacuzzis.  
Local tourist attractions include the Roman ruins, Nikopolis Adistrum;  the Central Balkan National Park and the Dryanova Monastery.  Nearby Gorna airport should soon be accepting international flights, including those from low cost carriers – the current nearest options being either Varna or Sofia.
Geshaview studio apartments start at £32,000 and town houses and mews homes cost from £85,000. Due for completion in 2008.
Contact SimpliBulgaria on  0114 252 5060 or see SimpliBulgaria.com.

Balchik

Windows to Paradise is a select development of studios, one- and two-bedroom apartments and penthouses. Situated on the Black Sea Coast at Balchik, the development is located on a stepped site directly overlooking the sea and sits adjacent to one of the Gary Player courses. The facilities at the scheme include several outdoor swimming pools, full spa centre with indoor pool, steam bath, sauna, Jacuzzi and children’s pool. Set within landscaped botanical gardens, the scheme also features a restaurant and fully licensed bar, shops, a supermarket and a wine cellar.
Prices at phase three start from €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.  For further sales information contact Bulgarian Dreams on 020 7614 1240 or visit bulgariandreams.com.

Tankovo

Located near the village of Tankovo, Tankovo Mews provides a traditional style Bulgarian home with the quality and safety of 21st Century living on the outskirts of the cosmopolitan resort of Sunny Beach and medieval town of Nessebar.
Tankovo Mews provides a village setting in a courtyard house concept, with a communal swimming pool and public pavilion.  The Kableshkovo Golf and entertainment complex - an exclusive development featuring a prestigious 18 hole golf course with swimming pools, a horse-back riding track, tennis courts, a casino, a soccer pitch and polo grounds, is under development 3km away.
Available properties include four-bedroom villas with heated swimming pool priced from £159,516, three-bedroom villas with plunge pool priced from £123,958 and two-bedroom villas with Jacuzzi priced from £94,766.
For more details visit buyland.co.uk.

Nessebar

Set on the rolling hills just outside of Nessebar, Nexus provides a village setting in a courtyard house concept with 24-hour security and pedestrianised inner roads, giving a safe haven for the village. The central plaza with its communal swimming pool and public pavilion allow residents the option to socialise with other village residents or stay within their own private villas.
Available properties include four-bedroom villas with heated swimming pool priced from £145,547, three-bedroom villas with plunge pool priced from £119,381, two-bedroom villas with Jacuzzi priced from £102,246, one-bedroom apartments priced from £26,899 and studio apartments priced from £19,669. For more details, visit buyland.co.uk.

Pensioners live the high-life in Bulgaria

30,000 Britons already own homes in this country, according to the Bulgarian government. And with UK citizens now able to get their pensions paid in Bulgaria, the number of those living or investing in the country is set to rise.
For 66-year-old Alan Lowe and his wife Carol, 58, from Dundee, it was the ideal choice. They moved to Bulgaria in May 2006, to Kozarevo – about 10kms from a main town – and the price of the property was just £19,500.
Carol says, ‘It’s not a quick and easy decision to leave all the comforts of home, family and friends especially when you are a bit older.
‘But, with a mortgage to pay back home, along with the crippling council tax and expensive electricity and gas bills, it was getting difficult and our pension wouldn’t go far in the UK.’
Alan adds, ‘Money had to be the deciding factor and Bulgaria is the country which met our limited pension budget.
“The price of the house included all costs – solicitors, notary, translation of the documents and so on was all included in the price and renovation is going to cost money but it’s affordable.’

Airline announces flights to Sofia

Easyjet will be offering direct, scheduled flights from Gatwick to Sofia, Bulgaria from 6 November 2007. Flights from the major no-frills airline are expected to prompt other low-costs carriers to follow suit encouraging increased travel to the country.
Easyjet will fly three times per week from London Gatwick to Sofia on Tuesdays, Thursdays and Saturdays. The average prices for a return trip in November is just over £50 per person including taxes and charges.

Robert Jenkin, managing director of UK estate agent Bulgarian Dreams, is thrilled by the announcement and comments: ‘The increase in direct flights to Bulgaria is a testament to the country’s ongoing popularity and proven investment – something we have been keen to see implemented since we first began operating in Bulgaria in 2002. Bulgaria offers some of the best value for money in Europe – particularly after joining the EU in January 2007.’

Case Study

Best friends Vicky McElhinney, teacher and writer, and Nikki Cartmill, restauranteur and property developer, are two friends who decided to one day leave Northern Ireland and head towards the Balkan mountains following a rumour of properties which could be bought at €2,000 each in a country they had never been to. Leaving their husbands behind, they set off and ended up buying not one but two houses each in Bulgaria, and went on to write a book about their adventures. Here is their story.

The Beginning

Vicky was bored at work when she found a seemingly unbelievable offer of dirt cheap properties in Bulgaria on the internet. Calling her friend Nikki, the pair hopped on a plane to Sofia, leaving their bemused husbands at home. Heading to Veliko Turnovo, the women started house-hunting. Driving through snow-bound countryside, the women describe the scenery as "straight out of a Grimms' Brothers tales.It was in the north central village of Malinovo that the ladies bought houses. Although not the homes they had first seen on the website, they were delighted with the two properties in the hills above the Yantra river. Each property cost €4,100. Nikki opted for a 1930s single-storey, three-room house set back from the road, with two outhouses and a garden. Vicky's was a two-storey 1940s house on the village green. Shaking hands on the village green, they had made their purchases. Although first attracted by the house prices, the ladies soon fell in love with the country too. Says Vicky, "We weren't about to buy if we didn't like the country. Luckily it is magical, so we did." All it took was another trip to set up limited companies and the properties were theirs.

Second Homes

On their next visit, a couple of months later, the women returned to complete the legal formalities and decided to carry on with their spending spree. Buying another house, this time Nikki bought a €14,000 traditional Bulgarian stone-built house in the archtectural reserve and film-set location of 200-year old Staro Stefanavo, a holiday spot for Sofia's rich and famous. Nikki rang her husband on the golf course to tell him the good news. Not to be outdone, Vicky then went home, surfed the internet and bought a 200-year-old cottage in the hamlet of Bulgarene, near Lovech, for €3,000.Having added a wet-room, septic tank, had new flooring installed and old ceilings restored, both Vicky and Nikki adore their new houses right on the Stara Planina, in the Balkans. They stay there with husbands and various friends and relatives forextended stays. Says Nikki, "We have lovely views wherever you look, friendly neighbours and dirt cheap food and wine. The worst bits are the unbearable humidity in August coupled with water being cut off, flies and having to go back to England."Although there are ex-pat communities in nearby villages, the pair try to mix in the immediate community. Says Nikki, "Language is the biggest difficulty for us. But newcomers are made very welcome. We are, after all, great entertainment value." Vicky has had such a good time, in fact, that she has written a book about her experiences, called The Big Bulgarian Adventure, writing under the pseudonym Sue Seddon. Bulgaria is becoming increasingly popular, with more and more Britons looking to buy property abroad. The girls feel the area is great for buying a second home. "It's still really cheap," says Vicky, "and will go up again when buying land is easier." So will they be looking at any more houses? "We'll stop at the two each for now!" comes the answer.

Property Pals

The pair are now Property Pals and use their experience and now extensive local knowledge to hand hold others through what can be a very frustrating purchasing process. Says Nikki, "We have many local contacts such as reliable, honest and thorough builders and a good, helpful translator. We also have a good knowledge of local suppliers, where to eat and shop, entertainment, sightseeing, spas and ski slopes nearby."
Hugo Raymond, Founder of myPropertyPal.com says, "We are delighted to welcome Vicky and Nikki to MyPropertyPal.com to look after inland Bulgaria. They will indeed complement the strong service facility being provided by PropertyPal Budge in the south, and their combined experience ensures MyPropertyPal.com will offer the best Bulgarian information available on the World Wide Web."
See mypropertypal.com

Now is a great time to invest in up-and-coming Bulgaria. We look at some stylish coastal apartments available through agent Bulgarian Living.

Bulgaria is a country that is truly on the brink of something big. Those in search of property for use as a holiday home or investment would do well to have a look at the value on offer. KHG Limited currently has a number of high-quality properties that will wow today’s buyer.
The country has an enviable socio-economic structure and has been one of the strongest performing of the European region, with more than four per cent growth for each of the last five years. It has a thriving democratic political system, an EU-based legal system, one of the lowest operational cost bases in Europe, and low taxation and inflation.

In addition, Bulgaria’s proposed EU membership in 2007 is widely anticipated to further strengthen the political, legal and economic situation while giving it access to 500 million EU customers.
The country also has a well established and growing tourism industry. Direct flights are increasing with low-cost operators entering the market thanks to a new ‘open skies’ initiative. BA is to start a regular service to Varna in March 2006. This increased access will support the planned growth of six to seven per cent per year for the next decade, as forecast by the World Travel and Tourism Council.
Bulgaria offers excellent topography for tourism, including 225km of beautiful sandy beaches, clean seas and over 1,700 hours of sunshine from May to October. There are over 130 mountain peaks over 2,000 metres, offering excellent walking and skiing – indeed Bulgaria has bid for the Winter Olympics in 2012. Bulgaria has a rich history with many interesting historic and cultural sites. In recent years golf courses have started to appear in the Black Sea resort location. The whole package for sun, ski, golf, culture and nature holidays makes Bulgaria an attractive year-round tourist destination.

Add to this the low cost of living, which means Bulgaria offers very affordable holidays. Ongoing improvements to resorts and infrastructure should further increase its already impressive popularity. Bulgaria was voted in the top ten holiday destinations by Thompson and Thomas Cook and described by First Choice as its ‘star performer’. According to a recent report in the Washington Post Bulgaria is one of the top ten international destinations, alongside the Bahamas!

Bulgaria had over 3.5 million visitors in 2005, a six per cent increase on the previous year. It is also reflected in the €1 billion income Bulgaria received from tourism between January to August 2005 – an increase of over ten per cent on the same period last year.

Buying in Bulgaria is straightforward. The key issue with this is that to own land you must set up a Bulgarian company. This is common practise and very hassle-free and all fees amount to about €600. When buying an apartment a ‘company set-up’ is not required, but to own your share of the freehold a company is needed.

These factors provide a highly favourable environment for property, both in terms of capital growth and rental yield. This is evident in property prices, which have seen increases of over 25 per cent per annum for the last two years – and over 50 per cent per annum within the tourist hotspots.
Those who are interested in finding out more about buying Bulgaria should contact KHG Development Ltd. Their latest development on the beautiful Byala coast offers a starting price of just £27,000. Visit BulgarianLiving.com or call 020 7993 2743.

Overseas buyers should look to Cyprus and Bulgaria this year, says property investment specialist Assetz. With help from its own International Property Investment Tracker, it has identified these countries as the best bets for overseas buyers.
Stuart Law, managing director of Assetz, says, ‘Southern Cyprus is set to become the overseas investment hotspot of 2006, with deposit levels falling to just 15 per cent in many areas for higher income clients and with Swiss Franc mortgages now available with rates of just 3.25 per cent, making borrowing even more affordable.
Bulgaria also looks set to continue its reign as a lucrative long-term investment, with ski resorts delivering year-round rentals and yields of up to 12 per cent – as much as double those in the coastal resorts, says Law. ‘The ski resorts thrive through the summer months, offering activities such as hiking, fishing and mountain biking. The low cost of living (a pint of beer for example, costs 50 pence), new cheap flight routes and world-class ski facilities mean Bulgaria is now providing healthy competition to the French and Austrian ski markets.’ Law points out that Bulgaria is still an emerging market, however, and ‘although investment prospects are strong, the resale market is not guaranteed and investors should exercise caution.’
France and Greece were also singled out as hot overseas investments for 2006.

Spain gets hotter

Buying property in Spain shows is getting more and more popular, according to Hunters Overseas Properties. The agent has seen a ten per cent hike in overseas enquiries over the last month from those looking to buy in Spain, with both relocators and investors eager to purchase in more sunny climes.
Hunters’ statistics have recently been backed up by a London Spanish Tourist office survey which shows that Britons continue to favour the Costa del Sol. Brits are expected to purchase 150,000 Spanish homes within the next three years. In Andalusia alone, British-owned properties amount to some 90,000, and the region saw a 43 per cent increase in British tourists between 2000 and 2004.
Lucy Malec, head of the overseas division at Hunters, says: ‘The rising interest over the last year has been due to the opening up of some areas due to low-cost flights. The recent arrival of Doncaster/Sheffield airport, coupled with improvements and new operators at Leeds, Bradford, Humberside and Teesside means that those in the north of England can now reach their Spanish holiday home in less time than it takes to reach London.’

AZURE DEL MAR – WORLD WIDE LAUNCH IN DUBLIN DECEMBER 2ND
SET TO ATTRACT EUROPEAN JET SET

Located above a 65-metre cliff overlooking Bulgaria’s Black Sea, Azure del Mar is set to become one of the most exciting coastal schemes to be found anywhere Europe. The scheme will include an intricate Venetian-style canal system, filled with fresh seawater pumped vertically up the side of the cliff from the sea below. The development will also include a large infinity pool positioned on top of a glass fronted luxury spa and gymnasium which will be cut into the cliff.  A system of glass enclosed lifts will also be installed to transport residents to the beaches below.  Bulgarian Dreams believes that the scheme’s high specification will attract international jet setters from across Europe, who would traditionally buy holiday homes in established Mediterranean destinations in France, Italy or Spain.

The luxury scheme near Balchik, which has drawn influences from the extravagant Arabian resort of Madinat Jumeirah in Dubai, will represent one of the most significant development sites in Bulgaria. At its heart, Azure del Mar will feature a beautiful canal system of fresh seawater leading to all destinations within the vehicle-free scheme. Residents and guests will be transported throughout the resort via frequent water taxis or along multiple pedestrian walkways and bridges, all of which will branch out from the centrally located and aptly named ‘Grand Canal’.

At the end of the Grand Canal, a fresh water Infinity pool will seemingly spill out into the sea and will be serviced by a trendy poolside bar known as Vertigo. Beneath the pool will be a state-of-the-art gym and spa centre which will feature floor-to-ceiling windows providing the ultimate in unobstructed sea views and will offer a wide range of health and fitness facilities and contemporary spa treatments.

The first phase of Azure del Mar will include 135 highly specified apartments and bespoke villas styled with the romance and opulence of old Arabia in mind. Ten unique luxury villas will be set into  the cliff side, and each villa will feature floor-to-ceiling windows providing three storeys of unobstructed sea views. It is anticipated that the villas will become the most sought after coastline properties in Bulgaria.

Canals and pedestrian walkways enclosing private gardens will surround twenty-six luxury duplex villas, set back from the cliff’s edge. Adjacent to the centrally located canals will be eleven highly designed apartment units, each comprising studio, one and two bedroom apartments and penthouses. Each block of just 34 apartments will be designed around a cloistered courtyard and will enjoy the luxury of waterside living and the benefit of private communal pools.     

Robert Jenkin, Director of Bulgarian Dreams, the UK’s leading agent of Bulgarian real estate marketing the development, says; ”We are very excited to launch Azure del Mar as it will be Bulgaria’s first world-class development and the only one of its kind in Europe. This scheme will be impressive to holidaymakers, second homebuyers and investors alike, as it will be unique and unexpected with its old-world Arabian design. While the scheme will be competitively priced due to its Eastern European location, it will be of a calibre associated with developments in places such as the south of France, Italy and Spain.”

In the centre of the scheme, along the banks of the Grand Canal, a number of excellent bars and restaurants will provide many types of superb cuisine and a lively nightlife. Residents and guests will also be able to access, via glass-enclosed lifts, the beach area and jetty which will offer activities ranging from sunbathing and swimming to sailing and water-skiing during the long, hot coastal summers famous in this area of Bulgaria. Close to Azure del Mar are three international 18-hole golf courses. Two Gary Player-designed courses and one designed by Ian Woosnam will satisfy the most discerning of players. The scheme will also feature a lavish hotel situated at the front of the development, and for those with families, a children’s pool with mini aqua park and a nearby mini golf park will be included.

British Airways currently offers direct flights from London’s Gatwick Airport to Varna International Airport, a comfortable 55-minute drive from Azure del Mar. The three and a half hour flights are available four times a week every Monday, Wednesday, Saturday and Sunday making Azure del Mar very easy to get to all year round. As a result of the popularity of Bulgaria, discount airlines are also reporting future flights to the area making travelling to Azure del Mar far more convenient and economical.

Prices for Azure del Mar will start from €49,500 (£33,000) for a waterside studio, €90,000 (£60,000) for a one bedroom apartment and €135,000 (£90,000) for a two bedroom apartment. Large penthouses and villas will be priced from €232,500 (£155,000). For further information on the properties, please contact Bulgarian Dreams on 0800 011 2750 or alternatively visit: www.bulgariandreams.com

Bansko is the place to go for snow

W hite Fir Valley in Bansko is a five-star apartment development by MSI Developments which, although launched only at the beginning of October, is selling quickly. Of the 199 luxury apartments, fewer than 100 are currently still available.
‘Bansko is the only modern ski resort in Eastern Europe,’ says Tom Holland, director of MSI Developments, ‘and it’s also a year-round resort, so it’s already a popular destination for all Eastern and Western Europeans. With a new gondola opening up more ski runs, the development of Kulino nearby and a new motorway and airport planned, the resort is poised to become a real property hotspot.’

The immediately-popular development features mainly two- and three-bedroom apartments, fully equipped with the latest communications and entertainment systems, and positioned on a prime site to take advantage of the sunshine and spectacular mountain views.
The complex has been designed with the rental market in mind, with generous accommodation, floor-to-ceiling windows and good sized balconies, a concierge service, indoor and outdoor pools, Jacuzzi, Turkish bath and spa, coffee shop, cocktail bar, restaurant, gym, convenience store, children’s playground, babysitting service, crèche and children’s activities.
‘We know the market in Bansko,’ says Holland, ‘which is why we haven’t included any studios in our development. This is a family-oriented resort and we are building apartments to appeal to them.’

As a further benefit to investors, the apartments have a ‘dual lock’ feature which enables conversion of a two-bedroom apartment into a one-bedroom apartment and a studio at the turn of a key. This gives added flexibility for the rental market, further boosting rental potential.
The stylish architecture reflects that of the established European resorts and is designed to maximise the spectacular views surrounding the development. The apartments feature floor-to-ceiling windows and good-sized balconies.
The apartments are of generous size and are offered with a choice of two furniture packages. Kitchens have granite worktops. And when it comes to the latest gadgets for entertainment and work, White Fir Valley is ‘future proofed’ with state-of-the-art iPod-friendly entertainment systems and Wi-Fi throughout, so you can not only have your favourite music all around the apartment but also work from there – if you really must.

Bansko is easily reached in under two hours by fast motorway connection from Sofia International airport. Also, a new airport is due to be completed near Bansko within the next few years and a new motorway, already being built, will further reduce transfer times.
The skiing in Bansko is of high quality and will cater for all levels. The current 65km of runs will be extended up to 200km in coming years with a new gondola and development of the adjacent Kulino area. The ‘black’runs have been designed by Alberto Tomba, while ski champion Marc Giradelli is establishing a €12 million international ski school at the resort.

Prices at White Fir Valley start at €95,695 for a one-bedroom unit, €130,000 for two-bedroom units and three-bedrooms start at €190,000. All apartments have fully fitted kitchens, bathrooms and heating systems.
For more information see whitefirvalley.com.

A great choice of investment properties

With over £20 million of investment, Bansko in Bulgaria is set to take European skiing to a whole new level.

According to leading overseas property agents, Avatar International, there has never been a better time to invest in Bansko, having just been named Europe’s most improved ski resort in the Great Skiing and Snowboarding Guide 2006 awards.

Amar Sodhi, Managing Director of Avatar International comments: “Bansko has undergone extensive regeneration and investment in recent years and is therefore showing all the signs of becoming one of Europe’s ultimate skiing destinations.  In my opinion, it has got everything; the best snow record and longest ski season of all the Bulgarian resorts, as well as its appeal as a summer holiday destination, making it a very promising resort in which to invest.”

Avatar International has recently launched two developments in Bansko, which both offer excellent investment potential.  The first, Sunrise-Mountain Paradise, comprises 154 studio, one and two bedroom apartments and offers stunning views towards the Pirin, Rila and Rhodope Mountains.

Situated just 300m away from the new gondola lift station, Sunrise-Mountain Paradise has a wide range of onsite facilities.  For rest and relaxation, there is a fully equipped spa with massage centre, sauna, jacuzzi, fitness centre and indoor swimming pool. For après-ski, there is a tavern, restaurant, barbecue and a cocktail bar. Other facilities include 24-hour year round security, an underground car park and a selection shops.

Each apartment is fully furnished with everything taken care of, right down to the soap dish and bath towels, saving purchasers a huge amount of time and money whether they are buying as an investment or a holiday home.

Sunrise-Mountain Paradise is due for completion in July 2007. Prices are from €51,279 for a studio apartment and the developer is offering an eight per cent rental guarantee for three years.

Avatar International has also recently launched Edelweiss Inn, a superb new development of 42 studio, one and two bedroom apartments situated at the foot of the scenic Pirin mountains in Gramadeto, the newest and smartest area of Bansko.

Located between two four-star hotels, Edelweiss Inn is just 200 metres away from the new gondola lift station.  Externally, the development is designed in a traditional Bansko style with a mix of attractive stone and wood.  Inside, kitchens and bathrooms are fully fitted and each apartment benefits from its own terrace.

The excellent onsite facilities include a bar, a fitness centre with a solarium, sauna and jacuzzi and underground parking.  Prices at Edelweiss Inn are from €51,000 for a studio apartment and from €57,164 for a one bedroom apartment.  The development is due for completion in March 2006.

The skiing area of Bansko has 11 marked ski runs and four ski tracks with a total length of over 25 km to suit a variety of skill levels and age ranges. The resort offers a combination of state of the art facilities combined with the historical charm of a medieval Baltic town.   

The most direct route to Bansko is via Sofia airport with daily flights throughout the year and a transfer time of two hours.

For further information on Sunrise-Mountain Paradise and Edelweiss Inn, contact Avatar International on telephone: 08707 282 827

Orpheus Valley, a new development in the ski resort, Pamporovo.
 
Orpheus Valley, development / property details:  80 luxury apartments (24 studios, 28 one-bedroom and 28 two bedroom) just 900 metres from the Pamporovo ski runs.  Externally, the development replicates typical Rhodopi ancient architectural style.  All apartments have mountain views.
·    24 hour reception and concierge
·    Swimming pool, three saunas and two steam baths
·    Fitness centre / gym
·    Secure private parking
·    Landscaped communal gardens with outdoor barbecue
Location / resort details: Pamporovo is the most Southern ski resort in Europe. It is situated 1650m above sea level, at the foot of peak Snejanka (1926m) in the picturesque Rhodopes Mountain.
·         Over 20 runs (including a ski run for giant slalom) and three cross-country runs
·         A first class system of chair-lifts and drag lifts
·         Variety of shops, bars, restaurants and nightlife
·         Pamporovo is within 85km of Bulgaria's second-largest city; Plovdiv. It is only 1½ hours by car from Plovdiv airport
Price: From €31,622 (£21,658) for a studio apartment €64,254 (£44,009) for a one bed apartment and €75,532 (£51,734) for a two bed apartment (conversion rates are based on €1.46 to the pound).
Sales contact: Avatar International on telephone: 08707 282 827

Santa Marina, Sozopol:
 
Property: Studios, one and two bedroom apartments.
 
Details: The development is situated in the charming town of Sozopol on Bulgaria's Black Sea coast and will comprise 28 villas containing one and two bedroom apartments, as well as studio apartments.   Due to be completed in May 2006, the development, which will also have its own restaurant, bars and a shop, has been designed to reflect the local architecture of Sozopol.  Santa Marina adopts traditional building techniques to ensure a development which is sympathetic to the surrounding environment. The apartments are built to mimic local architectural styles with stone built ground floors, traditionally important to keep homes around the southern coast of the Black Sea and Mediterranean cool, wooden upper floors and even the sloping red roof tiles local to the area.
 
With over 2,600 years of history, Sozopol has a wealth of buildings and relics from different periods, ranging from Graeco-Roman structures to classical sculptures, which is one of the reasons it is equipped to host the Apollonia International Art Festival at the beginning of September each year, which attracts thousands of visitors both from Bulgaria and from overseas. The beaches are the other main attraction in Sozopol with two long sweeps of sand dominating the coast. 
 
Price: Studios: € 56,500 / £37,000, one bedroom apartments: € 89,200 / £61,950, two bedroom apartments: From € 107,300 / £74,350
 
Sales information: Avatar International 08707 282 827

We take a look at Bulgaria’s place of pampering

Ever heard of Sandanski? Well, anyone interested in vacationing in Bulgaria certainly should. This charming little town has been known for a long time by Bulgarians for its warm, sunny weather and the therapeutic virtues of its air and mineral waters.

Under communism, sanatoriums offered a wide range of treatments for asthma and other respiratory diseases. Since the beginning of the 1990s, Greeks have also discovered Sandanski, which happens to lie just over the border, and have been visiting it in large numbers. Even though it is surrounded by mountains, Sandanski has a certain smoothness in the air, a certain nonchalance in the atmosphere, in short a distinctive Mediterranean flair. On a summer night, it seems like the whole town is busy leisurely strolling on the main pedestrian promenade, enjoying cafes and restaurants, and relaxing by the pervasive, sweet sound of water.

And indeed water seems to be everywhere: from the stream that happily cascades down the beautiful public garden, to the many fountains, pools and spas, it offers a sense of harmony and peacefulness.

Still the city takes its name after a revolutionary, a hero of the fight for Macedonian independence against the Turks on the eve of the 20th century. Yane Sandanski was assassinated in 1915 and was buried close to the Rozhen monastery, where he had found shelter. His tomb lays in the stunning landscape surrounding the monastery – a jewel in itself.

For Sandanski is enshrined in beauty, at the foot of the Pirin mountain, and offers endless opportunities for nature and hiking lovers. In the winter, it is one hour away from the ski resort of Bansko. It is also close to Melnik, undoubtedly one of the most beautiful villages in Bulgaria, also famous for its wineries and for the uniqueness of its natural settings (the ‘pyramids’).

It is no wonder then that former communist dictator Todor Jivkov had one of his residences built in Sandanski. After the fall of communism, the residence was converted into a hotel and christened Sveti Vlas. However, it still hosts a makeshift museum of communism, an unexpected reminder of its former tenant. The hotel overlooks the city from a distance. Its architecture is more interesting as a testimony to the style of the 60s, than actually beautiful. But the vast surrounding park is certainly worth visiting, especially in the spring.

Todor Jivkov had an improbable neighbor in the person of Baba Vanga. Baba Vanga lived in a nearby place called Rupite and received numerous visitors attracted by her reputation as a saint, a healer and a clairvoyant. A church has been built to honor her memory – she died in the middle of the 90s - and hot springs abound freely about. Sandanski, the peaceful little town named after a revolutionary, was thus lying at the crossroads between a dictator and a saint.

There is a certain magic in Sandanski, probably due to the combination of natural beauty, soothing waters and mild climate – it is known to be the sunniest and warmest town in Bulgaria