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30.04.2015 Vacation and rural properties in Bulgaria - Q1 2015

Polina Stoykova MRICS, Managing Director & Head of Research

The ski property markets in Bulgaria were quite active in Q1, similar to what we reported earlier about the Sofia property market. Pamporovo turned out to be a hit among the Bulgarian buyers with an impressive increase in the number of sales and very attractive prices. Bansko, on the other hand, is presently the most international ski resorts in Bulgaria.

Together with the positive trends in the ski resorts there was a withdrawal of Russian buyers from the sea resorts, which put yet another obstacle for the development of the property market as a whole. However, with the ruble stabilizing and the upcoming summer season we can see increasing dynamics in the market. We can also see that many Russian buyers who visited us at the exhibition in Moscow in February, as well as people that were postponing buying a property, are now ready to make a decision.

There is a new trend at the rural property segment – a demand for high-quality and modern village houses with all amenities (such as swimming pool, barbeque, etc.) from foreign and local buyers.

Bansko and the ski resorts

Q1 was very successful for the ski resorts and mostly Pamporovo, where the number of concluded deals doubled compared to Q1 of last year. The reason for that was the increased interest from Bulgarians to buy properties in the resort. In contrast to the winter season of 2014, when the buyers there were Russians and British, in 2015 there was a complete change in the buyer profile – 95% of them are now Bulgarians.

Demand in Borovets from Bulgarian buyers increased back in 2014 - then and now the main buyers there are Bulgarians and the number of deals remains stable.

Bansko has the most diverse profile of buyers in terms of nationality. The biggest group comes from Britain and we can also see an increased interest from them over the last 2 months. Currently they represent 36% of the buyers, 18% are Russians and the Bulgarians are less than 10%. The remaining buyers come from Ukraine, Greece, France and other countries.

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