According to a press release:
Balkanstroy, the local construction company, will build a ski and golf complex near Bansko, South-western Bulgaria, said the InvestBulgaria Agency which is due to issue a First Class Investor certificate to the project. The 240 mln lev complex, located in the Kulinoto area, should be ready in 3 years.
Balkanstroy will built 20 km of ski lifts and 60 km of runs with a daily capacity of 6,500 skiers. The complex will have a total of 3,000 beds.
The golf component of the year-round complex will feature a golf course, clubhouse, hotel and retail facilities.
The new golf courses announced are part of the plan to turn Bansko in a all-seasons resort (complete with spas, horse racing, mountain biking, etc.).
Hopefully this will change the image of Bansko as a ski resort for yuppies (e.g. people working in Bulgaria’s IT outsourcing industry).
The British consultancy agency Assetz recently concluded the following:
Investment in British property offered higher return rates and lower risk than a similar deal concluded in Bulgaria.
In the past months the situation in Bulgaria began to change. The annual credit growth decreased significantly from 36 per cent in 2005 to 13.9 per cent in September 2006.
Prices of property located in attractive regions, like Bansko winter resort, decreased during the second quarter of 2006, agents said.
Over-supply furthered competition between property owners, which also affected prices. Bulgaria’s rapidly developing tourism sector could not cope with this over-supply, Assetz analysts said.
Personally, I haven’t noticed a drop in prices for Bansko homes. At least when it comes for development projects. Prices for appartments and studios fluctuate quite a bit so it’s more difficult to identify a trend.