Golf Couldn’t Save Property Deals along Northern Black Sea Coast

Pari Daily, vol. 86, 13.05.09

In the last few months there is almost no interest in holiday homes in the areas of Kavarna and Balchik along Bulgaria’s northern Black Sea coast, brokers say. The market there has never been very active but the hopes were that the northern part of the coast will develop as a quality property destination and will attract buyers with the new golf courses being built there.

However, the data of Bulgarian Properties show that the prices of holiday properties in the area of Balchik have already decreased to 400-500 EUR/sq.m. and a number of projects have been put off or put on hold. According to Bulgarian Properties Chief Operations Manager Polina Stoykova the reason is the crisis which hit Romania and the withdrawal of the Romanian buyers and tourists which the property business counted on. Generally, they are attracted by the area’s closeness to Romania and by the sights in Balchik – the botanical garden and the palace of the Romanian queen Maria. The interest towards the resort Golden Sands is higher where first-line luxury properties still hold prices of 2000-2500 EUR/sq.m.

The area is attractive for wealthier Russians but they also bargain for the price. For example one of our listings is a property with a price of 260,000 EUR but the client wants a ten-percent discount, Bulgarian Properties comment.

View our offers on/near a golf course


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