Bulgaria has caused a flurry of activity amongst overseas property investors looking to buy property low and sell property high. When examining the Bulgarian housing boom, it is clear that much of it is led by Bulgarian Ski resorts. But with rental income only available in the winter months, is this a good place to invest in Bulgarian property?
Bulgaria has some of the largest mountains in Eastern Europe. With good snow and excellent vertical, Bulgaria has become a destination for skiers in recent years. For those overseas property buyers interested in ski resort residences, either for personal use or to use as rental property, Bulgaria continues to offer very good value and appreciation.
The three most popular resorts in Bulgaria for skiing are Bansk, Borovets and Pamporovo. Bankso is the newest and most rapidly growing resort in the country. It is being developed with an eye as a year-round resort and has golf courses and other summer activities. It has 1630 meters of vertical, putting it on par with some of Europe’s best ski areas. There are many off-plan apartments and villas in Bankso available for those looking to purchase, and its year-round season makes it a great place for overseas investors.
Borovets is the oldest ski resort in Bulgaria and is also the closest to Sofia, the capital and largest city, just 72 km away. The ski area is the main attraction, with 1230 meters of vertical, a gondola lift and excellent facilities, but the whole area is undergoing a huge development. The Super Borovets Project is aimed at regenerating the whole region. This project will improve the infrastructure and the housing in the area.
Pamporova is the smallest ski resort of the three majors, and is also the farthest away from Sofia. It is serviced by its own regional airport, though, in Plovdiv, 85 km away. Pamporova is the least developed of these resorts, and offers the lowest prices for those looking to purchase.
Property values in the ski resorts have appreciated at considerable levels in recent years, and are expected to continue to do so as Bulgaria gains entry into the EU. As more and more Europeans and Britons discover the accessibility and low cost of Bulgaria, prices are expected to rise in the 10-15% range annually.
Looking at the evidence, it is clear that predicted capital appreciation plus the fact that many of the Bulgarian ski resorts are summer holiday destinations makes investing in Bulgarian Ski property seemingly a sound move.