The holiday home market in Bulgaria

The holiday home panel was one of the most awaited discussions. BULGARIAN PROPERTIES Executive Director Mihail Chobanov moderated the discussion and managed to help the speakers reach important conclusions.

One of the speakers summarized the state of the whole sector by saying that there is no crisis on the holiday home market but there is crisis with the investment-speculative deals and added that if a certain project is of a high quality it will find its clients.

The main conclusions which the participants reached are as follows:

• The holiday home market must adapt to the new conditions in the sector, to the new participants and their demands.
• The global credit crunch allowed the Bulgarian holiday home market and its participants to rethink what the concept of a holiday home is and what lies behind it.
• The market has changed from a chaotic to a logical market.
• The projects and the participants on the sector will be revised.
• The developers must stress on creating a pleasant environment in the developments and the investors have to believe in this development; there is no universal formula to be applied to all projects.
• The projects must be multifunctional and must be serviced professionally.
• Golf tourism in Bulgaria made a good start but is yet to develop.
• There is a niche for alternative tourism.
• For the holiday home segment to develop the environment must be developed as well as other additional activities like golfing, riding, etc.

At the end of the discussion Mihail Chobanov made a short summary of what the participants had said which he formulated as follows: environment, concept, ecology, quality. The general conclusion was that the holiday home market will continue to develop but with smaller steps.

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