Bansko heading Bulgaria's Olympic bid

Assetz News, 13th June 2006

With the summer months upon us, it is inevitable that the majority of property investors are currently fixated with the Black Sea resorts in Bulgaria.

Sunny Beach is perhaps the most obvious example and with 1,700 hours of sunshine between May and September this should come as no surprise. The area also boasts an average daily temperature in the region of 27 degrees centigrade and it is definitely the most vibrant holiday resort on Bulgaria's Black Sea coast.

It is an area that is often compared to some of Spain's more famous coasts and with prices still very reasonable it has emerged as a favourite choice among those interested in property investment opportunities.

But investors with a more long-term outlook will undoubtedly be keeping one eye on Bansko, which is going to be the driving force behind Bulgaria's bid to capture the Winter Olympics in 2014.

The area attracts tourists in the summer and the winter and so rental potential is strong throughout the year. The ski season is when Bansko really comes alive, however, with outstanding snow conditions and some of Europe's most promising slopes.

Located just two hours from Sofia Airport, Bansko has been stealing tourists from more familiar resorts in France and there is no evidence of this trend abating as investors continue to plough their money into hotels, chalets and amenities for the tourists flocking there each year.

Property prices have already increased at pace in Bansko in the last few years but the prospect of bringing the Olympics to the country is likely to boost prospects for capital growth still further.

A report in the Sofia Echo has drawn attention to some of Bulgaria's strongest points when it comes to the Olympics bid and all are encouraging irrespective of whether it is ultimately successful.

One observation of particular note is that Bansko and Borovetz are both ski centres that now have international recognition. Both have emerged as popular tourist destinations in the last few years and both have seen strong levels of investment in accommodation and infrastructure.

The report also notes that Bulgaria's government has been modernising the transport infrastructure in the country. Once again, the completion of this project is not dependent on Bulgaria hosting the Olympics, which bodes well for those hoping to invest in a property at this early stage.

With Bulgaria also set to join the European Union next year, there is certainly a lot to look forward to in the country and property investors have inevitably been some of the first to take advantage of this great promise.

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