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30.04.2009 Tourists Choose Aparthotels This Summer

Zhenya Atanassova, Chernomorski Far, Bourgas, vol. 79, 28.04.09

Despite the negative forecasts of the tour operators the company Property Management BG Ltd. report of significant interest on the part of foreign tourists to the aparthotels along the seaside. The company has agreements with over 300 local and European tour operators. A night in a studio in a luxury holiday development along the Black Sea coast during the summer season costs about 30-40 Euro. Up to now the Irish tourists are the most active group booking properties in aparthotels.

"The stress which the people in the EU are subject to makes a lot of our potential clients choose exactly Bulgaria as an inexpensive destination, Property Management BG comment.

Property Management BG received a commission from the local building company Midia for managing its new holiday development in Aheloy. Midia Resort will open its doors for tourists in August. In the last two years the apartments in the complex are sold mainly to Russians, Czechs, Polish, and Latvians at prices from 1,000 to 1,300 Euro per square meter. The sales were made by the company Bulgarian Properties. A night in the development will cost around 50 Euro due to the complexs top location.
We are expecting tourists from Russia, the Czech Republic and Romania, comment from the company.

According to Bulgarian Properties the annual return on the investment in the apartments varies from 3% to 5% in a time of crisis. Every promise for a return on the investment of over 5% is unrealistic as the real estate sector is one of those hit hardest by the crisis.

"At the moment we cant make any forecasts about how the property market will develop. We have clients from Russia, Poland, Denmark and other European countries, comments Mihail Chobanov, co-founder of Bulgarian Properties.

According to him developers pin great hopes on the forthcoming summer season. Meanwhile, potential clients expect prices 20-40% lower compared to last year. Mihail Chobanov advises developers to offer competitive prices and attractive payment conditions in order to attract more clients and finances to the country. According to him there are no attractive offers for seaside hotels and there is no panic among their owners. Most of the offers are for small family hotels.

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