Sat, Nov 21 2009
Land and residential space in Velingrad, in south-western Bulgaria, almost doubled their values for a year, prompted by growing interest from developers, Stroitelstvo Gradut (Construction and the City) weekly reported.
The turn of 2008 saw a surge of investor interest to spa tourism in Velingrad area. There was a significant interest in buying rural and forestry land with the purpose to invest in apartment complexes and hotels, the weekly said.
Currently, agricultural land in the region trades at 15 euro a sq m on average, in certain cases reaching as much as 120 euro a sq m, which is a remarkable rise on previous year - in January 2007 farming land was offered at 15 leva a sq m.
The town master plan is currently being amended. It envisions a future growth of the urban area in the direction of the towns of Pazardjik and Draginovo. There are plans for building an 18-hole golf course near the dam.
A lot of five-storey complexes are situated on the outskirts of Velingrad, near the Radonova banya mineral spring and about 700m from Kleptuza lake. The prices vary from 1 190 euro a sq m to 1 245 euro a sq m.
Another five-star hotel beckons for the spa resort of Velingrad deep in the heart of the Rhodope
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.
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.
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.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?