Apartments in Bulgaria’s Biggest Ski Resort – Bansko – 50% Cheaper Compared to 2008

With the ending of the summer season the focus of property buyers is now turning to the ski resorts in Bulgaria. However, it is not only the upcoming winter season that increases the interest in Bulgaria’s winter resorts and in Bansko in particular but also the extremely attractive prices of properties there.

BULGARIAN PROPERTIES’ index of listing prices of apartments in Bulgaria’s biggest ski resort – Bansko – shows that at present prices of apartments there are 50% lower compared to their peak values in 2008. According to the data which BULGARIAN PROPERTIES announced a month ago the situation in Bulgaria’s largest beach resort – Sunny Beach – is similar.

With index value for Bansko of 100 in November 2008 in August 2011 it is already 51.31 which shows an almost 50% decrease in the listing prices compared to their highest value in 2008. The drop in Bansko property prices based on actually concluded deals is similar – 53%.

After the 2010/2011 winter season, which was not so dynamic for property deals, in May 2011 listing prices of apartments for sale in Bansko dropped by about 10% compared to the previous months. After the ending of the season listing prices of offered apartments underwent some changes which led to an increased interest in ski resorts in the summer months and to more deals than during the ski season.

In the first 8 months of 2011 apartments in Bansko were sold at an average price of 760 Euro/sq.m. or at an average of 45,500 Euro. For comparison, based on concluded deals, apartment prices in Bansko were 520 Euro/sq.m. or 31,000 Euro for an apartment. This shows that there is still a difference in the listing prices and the prices at which deals are concluded but it also shows – like with the deals with apartments in Sunny Beach – that in Bansko buyers are also mainly interested in cheaper properties.

The graphs show that the listing prices and the prices at which deals are concluded were similar in 2008, before the credit crunch. In 2009 listing prices in the ski resort dropped by about 12% (with a 40% drop based on concluded deals), an additional drop of 12% in the listing prices was registered in 2010 (with the same prices of concluded deals as in 2009) and in 2011 listing prices registered a further 10% drop compared to the previous year.

The other two big ski resorts in Bulgaria – Borovets and Pamporovo – offer less apartments for sale and in Borovets property prices are considerably higher than in Bansko. In August 2011 apartments in Borovets were offered at an average of 900 Euro/sq.m. and those in Pamporovo – at an average of 740 Euro/sq.m. Prices in Pamporovo are similar to those in Bansko but the supply there is more limited. Listing prices of Borovets apartments fell only by 22% compared to their peak value (in 2009) while prices of Pamporovo apartments fell by 38% in the last 3 years.

When analyzing and comparing property prices in the beach and ski resorts in Bulgaria the data shows that prices of holiday homes in Bulgaria’s largest winter and seaside resorts are about 50% lower compared to their value before the crisis. Although there were some differences in property prices in the ski and beach resorts in the last 3 years (prices in Sunny Beach fell faster than those in Bansko) at present prices of apartments in Sunny Beach and Bansko – the two biggest beach and ski resorts in Bulgaria respectively – are similar. Those looking to buy a holiday home can buy an apartment for about 500 Euro/sq.m. as most properties offered at that price are finished and furnished apartments in functioning developments.

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