Sun, Jul 05 2009

HOTELS AT BULGARIA'S BLACK SEA COAST LEFT UNSOLD

Thu, May 10 2007 16:11 CET 282 Views

Investors in Bulgaria's coastal regions are failing to find buyers for their newly-built hotels.

Nearly 30 new hotels were offered for sale over the past year, 24 Chassa daily reported. Only 250 hotels were on sale in southern coastal regions. The hotels are being sold in all stages of construction.

The average price is 856 euro a sq m.

Most of the hotels for sale were in the resorts of Sveti Vlas (St Vlas), Slunchev Bryag (Sunny Beach) and Chernomorets.

Experts said that there was a lack of buyers in these resorts, because the most tourists there were foreigners, who preferred buying apartments in complexes, instead of staying in hotels.

The biggest demand for hotels was in Slunchev Bryag, Nessebar and Primorsko, 24 Chassa said.

To the north, the highest supply of hotels is in Zlatni Pyasutsi (Golden Sands) resort. Average prices were 1000 euro a sq m.
 
Demand was biggest in Zlatni Pyasutsi, Sveti Konstantin and Slunchev Den (Sunny Day).

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