Increase of interest in golf properties in Bulgaria

Is there a segment in the real estate sector, which is not influenced by the crisis? It is stated that the crisis does not affect seriously the luxurious homes. In Bulgaria and abroad, this statement is partly confirmed. But currently in our country the sellers and buyers are waiting, there is no movement of prices in any direction, the number of deals is scanty.
In this situation there is an increase of interest in the golf complexes, real state agents said. This comes at a time when serious signs of decline are appearing overseas in a sector, which has been recently considered as a safe and prestigious one.

Started about a quarter century ago a trend to build luxurious homes around golf courses, designed by world renowned architects and former professional golfers, has come to Bulgaria with a delay. The crisis has cooled and stopped a lot of investment intentions. The completed developments are staying comparatively well on the market. Regarding to the planned projects some time ago – their chances seem increasingly small.

More than 20 projects of golf courses in Bulgaria were declared during the booming of the real estate market. Few of them have been built. The rest has been frozen. Perhaps if there is an interest they could be sold, but for now there is no a progress, Nicola Stoyanov, co-founder of BULGARIAN PROPERTIES, said. Part of the company’s portfolio are luxury properties in Bulgaria.

There are eight operating golf courses in Bulgaria. Two of them are located in Ihtiman and Sliven and they have been built by company Air Sofia. Together with the golf club Saint Sofia in Ravno pole in Sofia region, they do not have significant share on the property market. The remaining five focus on both the prestigious sport and the sales of luxury homes near the golf courses. North of Varna was formed as a kind of "Golf Riviera".

Currently the apartments in golf complexes at the Black sea northern coast are offered for sale at an average of 1,225 Euro per square meter, and villas – at a price of 2,500 Euro per square meter. The properties in BlackSeaRama near Balchik are sold at prices between 1200 Euro and 3000 Euro per a square meter depending of the property type. Another golf course in Balchik - Lighthouse Golf Resort offers significantly lower prices – starting from 850 Euro to 1,750 Euro per square meter.

Thracian Cliffs located in Kavarna offers properties at prices starting from 1,000 Euro to 4,000 Euro per square meter in the most luxurious villas. Mainly Russian and Romanian citizens are interested in these properties. While the Russians have investment intentions, the Romanians are interested in sports. Romanians in general practice golf, but they do not have golf courses in their country. In recent years, although it is happend rare, there are deals with Bulgarians.

Thracian Cliffs, designed by Gary Player, is likely the best golf course in the country. But only a small part, about 20% of its capabilities is developed as properties. The construction can continue, but if there are positive signs on the market.

One of the trends of this year is that the secondary market is developing, Nicola Stoyanov said. The main buyers are Russians who replace British and Irish. Some of them are not even tempted by golf and buy because of the atmosphere of these courses and opportunities for contacts. However, gradually they started interesting in the golf and change the courses and even rent out their properties.

Contrary to the trends on the Black Sea north coast, the clients who are looking for golf properties near the Pirin mountains are mostly investment oriented. That said Ivan Pavlov, who is responsible for sales in Pirin Golf complex. Buyers are again mainly from Russia and former Soviet Union republics. They even have done package deals – they buy at once 5-10 apartments for an investment purpose.

The increased interest does not lead to an increase in the prices. They are retained at the levels from early last year, said Pavlov. The prices of the apartments in Pirin Golf complex starting from 900 Euro to 1100 Euro per square meter, fully furnished and included VAT, depending on the finishing works. The prices of houses are 1300 Euro -1450 Euro per square depending on location and the size of the house. To the present 850 apartments with a hotel part have been built in the complex. Not all properties are completed. Twenty houses are finished and other 45 are under construction. According to the complex approved plans the number of houses can reach 200.

Pirin Golf is actually probably the first complex where golf is becoming a part of the services. Currently there is SPA centre in the development. Among the complex’ plans are an aqua park, new tennis courts, volleyball courts, new medical cabinets for various medical procedures. About one third of the owners of the apartments are renting out their properties. They receive a good income and occupation last year was 75-80%, Ivan Pavlov said. The aim is to attract gradually people for permanent residence.

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