02.11.2007 The Market Changes Bulgaria’s Map

City Market, Vol. 38, 02.11.07, p. 8

New settlements may appear, others will vanish due to the demographic collapse. There is reorientation in the demand from low-quality and cheap properties scattered around the countryside to gated communities with gardens and sometimes with private pools, brokers say. This trend is set by the clients who give prominence to the comforts and safety of the complexes. Moreover, these sites are sold key-ready which saves the buyer all the finishing works and the security guards guarantee the peace and quiet of the residents. Almost all such developments offer maintenance of the common parts as well.
Some of the developments are set among nature. The houses there range from 2 to over 100 depending on the area of the plot. However, if they are within the limits of a village or a town the optimal number of houses is from 2 to 5, brokers claim. Each house is sold with a private garden or with enough area that would guarantee the ‘breathing space’ of the residents. Such is the project near the village of Avren. Its first part, the so-called Lake House, has already been sold. In principle, the construction of the houses begins after a buyer shows up and lasts from 6 to 8 months. In the case of Avren the investor is a local entrepreneur and the clients are mostly Britons. The other type of development has 15-20 houses. They are built on large plots of land and resemble small holiday resorts. Such is the case with the project near the village of Lyahovo which is set 4 km from the Albena holiday resort and includes 134 houses. The main disadvantage of this type of development is the phased construction which turns the area into a construction site for quite a long time. This problem is overcome when the complex is offered for sale after being completely built. But such projects are a rarity because the entrepreneur plans to receive money from the already built sites and then continue constructing the others.
Prices of houses in gated communities range between 70,000 and 120,000 EUR for total built-up areas of 90 to 170 square meters, as they are set about 10-15 km from a well-known tourist region. The homes in very attractive areas, as is the Delta Hill development at the foot of the Vitosha Mountain, cost up to 250,000 - 300,000 EUR.
Experts think that if the new holiday resort boom continues the developments may well appear on Bulgaria’s geographic map. On the other hand, some small villages nestled on the mountain slopes may vanish due to the lack of inhabitants.

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