Sat, May 26 2012

FOREIGN PROPERTY INVESTORS PURCHASE WHOLE VILLAGES IN BULGARIA

Tue, Jan 23 2007 09:21 CET

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A new trend among foreign investors in Bulgaria is the purchase of whole abandoned villages and hamlets in the Rhodopi Mountain region.

Investors planned to develop the villages into residential complexes of closed type, imoti.net said as quoted by mediapool.bg.

The advantage of such deals was that the property purchased could become separate administrative unit to apply for EU subsidy for developing a sparsely populated area.

According to mediapool.bg the investors wanted to set up natural settlements where typical architecture and peculiarities of Rhodipian house would be preserved. The settlements had to be keep their natural outlook. Contemporary construction techniques would not be allowed.

Property agents said that foreign investor interest in Rhodopi villages began in the autumn of 2006. A demand boom for such property was expected in the spring and summer of 2007.

Houses in the Rhodopi Mountain were offered for and average price of 160 to 170 euro per sq m, imoti.net said. The most expensive property wa located near Pamporovo winter resort.

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