19.02.2007 FOREIGNERS BUY OUT VILLAGES IN THE RHODOPES

Standart News

Buying out deserted Bulgarian villages is the latest hit among foreigners that want to invest in Bulgaria. Estates in the Rhodope Mountains are the most sought after. Investors look for buildings with the typical Rhodopean architecture. Eccentric rich men buy them because of the calmness, remoteness and the romantic atmosphere of the Bulgarian countryside.

The interest of Britons and Scandinavians to local villages has begun to grow since the autumn of 2006. Several deals have been sealed already for a couple of very attractive estates.

Brokers expect a real expansion of the market segment in the spring of 2007. Local businessmen also start to buy complexes of several houses and begin to renovate them preserving, however, the interior and the authentic furnishing. After that they sell the houses at a substantial profit.

Prices of land have reached 160-170 euro per sq. m. in some of the villages in the Rhodopes, say real estate brokers as quoted by the Focus Agency. Houses situated near the Bulgarian ski resort of Pamporovo are the most expensive with prices reaching 1100 euro per sq. m.
However, old-time stone houses can still be found in some of the remote Rhodopean villages at prices varying from 50 - 160 euro per sq. m.
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