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Holiday homes in Bulgaria 4 years after the beginning of the crisis in this segment
Holiday homes in beach and ski resorts in Bulgaria were hit by the crisis earliest and probably the hardest. As a result they lost about 50% of their value compared to their peak value in 2008. At present the markets in Sunny Beach and Bansko are similar in terms of supply and prices, but for now Bansko lags behind in terms of interest from Russian buyers, who are the main players on the Bulgarian holiday home market.
With BULGARIAN PROPERTIES index value for Sunny Beach and Bansko of 100 in November 2008, in February 2012 the index values were 56 and 43 respectively.
Bansko, Borovets and Pamporovo
2011 was not a very successful year for holiday homes in the ski resorts. Property prices there fell considerably and since the beginning of 2012 the segment has been more dynamic and there has been more interest in buying properties.
According to BULGARIAN PROPERTIES’ data the average asking price of apartments in Bansko in February 2012 was 550 EUR/sq.m. as prices there start from about 350 EUR/sq.m. This is sure to attract the interest of potential buyers on the background of the high winter season. In 2012 the deals in Bansko are concluded at around 450 EUR/sq.m.
There is also more interest in the winter resort of Borovets where asking prices dropped by 18% in 2011 and now average asking prices of apartments are about 750-850 EUR/sq.m. However, deals are concluded at an average price of 600 EUR/sq.m.
The average asking price in the third largest ski resort on Bulgaria – Pamporovo – is 750 EUR/sq.m.
Sunny Beach
This year, like in the beginning of 2011, the beach property segment is quite dynamic and more deals are concluded there than in the ski resorts. This is due to the strong interest of Russian buyers in the Bulgarian beach resorts. According to BULGARIAN PROPERTIES’ data the average asking price of apartments in Sunny Beach in February 2012 was 667 EUR/sq.m. compared to 853 EUR/sq.m. in February 2011, which is much closer to the price at which deals are actually concluded (about 500 EUR/sq.m.).
Since 2010 the southern Black Sea coast, and the area of Sunny Beach in particular, has taken the lead in terms of number of deals in beach resorts. The deals in Sunny Beach in 2011 increased by about 20% compared to 2010 and prices dropped by about 6%. The average price of the Sunny Beach apartments bought in 2011 is 29,200 Euro compared to 36,500 in 2010. The average price of the concluded deals is 480 EUR/sq.m. compared to 510 EUR/sq.m. a year earlier.
Who buys holiday homes in Bulgaria
According to BULGARIAN PROPERTIES’ data the largest group of foreigners buying holiday homes is that of the Russians, who already make 40% of all foreign buyers in Bulgaria. Their share increased in the last couple of years and at present Russian buyers are the ones influencing the property market in Bulgaria the most – mainly in the beach holiday home segment. There is also interest from citizens from other European countries but there is no steady trend or another large group that stands out.
Outlook
Bulgaria has excellent potential to continue developing its holiday home segment in the next few years. However, there will be no property boom. The outlook is for maintaining the interest in Bulgaria and its resorts from Russians and citizens of European countries looking for a holiday home to spend their vacation or for semi-permanent residency. Bulgaria has beautiful nature, an ever-improving infrastructure and stable economy and it is a wonderful place for tourism and for spending one's holiday.
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