Sun, Nov 22 2009

BULGARIAN SPA PROJECTS BOOST PROPERTY PRICES

Mon, May 07 2007 16:42 CET 442 Views

Bulgaria's State Agency for Tourism says that the number of tourists visiting spa resorts will increase by 75 per cent in the next three or four years.

Investors have been working on spa tourism projects for a long time, Kapital daily reported.

There are spa centre and hotel construction projects in, among other places, the well-known destinations Sandanski, Kyustendil and Apriltsi. These regions boast favourable natural resources and, unlike other traditional resorts, are not burdened by overbuilding.

Major spa projects have already influenced the property market, in certain regions further boosting property price increases.

The regions of Bansko and Razlog have emerged as the most popular among investors.

According to real estate agency Address, eight vacation complex projects with a total built-up area of 50 000 sq m are underway in the village of Banya. The village is near Bansko and has 70 mineral springs.

As a result, average land prices in the region went up, reaching 40 to 100 euro a sq m, Address said.

A major spa project in Kyustendil will result in a hotel and apartment complex of 32 055 sq m area. The centre will target wealthy clients.

National Statistical Institute (NSI) data said that residential property prices in Kyustendil increased by 11 per cent in the first quarter of 2007.

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

New modern marina worth 24M leva to be constructed in Pomorie

The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.

Construction sector in Europe continues to decline

Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.

Bulgarian Property Developments begin construction of 12.6M euro logistics park in Rousse

The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.

Discounter chains Penny Market, Plus open stores in Bulgaria

Both retailers target at least 50 outlets in Bulgaria by the end of 2010.

The big question

When will Bulgaria’s real estate and construction sector recover?

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.