Archive for the 'Ski property' Category
Thursday, May 17th, 2007
Israeli company will build the largest holiday complex in south-east Bulgaria
Israelis will built the largest tourist complex and villa settlement in the Southwest of Bulgaria valued at 100 million euro. The Israeli company “Asim Investment Group” has started the grand project in the areas of Katarino and Golak, located on the territory of Razlog city. The complex will be named “Rila Ville Village” and will be constructed on a 150 decares of terrain. The start of the construction works is scheduled for February 2008 and will be completed in 5 years.
The property was bought on 31 October 2006 on a tender for the sum 6 008 388 BGN. The property is owned by the Municipality and has been given to the Municipality by the Ministry of Defense. In the “Golak” area the Israelis have bought 82 566 sq.m. and in Katarnio area – 66 084 sq.m. Three zones will be differentiated on the terrain: hotel zone with sports center, central part for public service and zone for apartment buildings. The complex will include a total of 1 000 apartments, trade- and entertainment areas.
Last week the investors organized a road show in the area where the site is to be constructed. Zvika Karmi stated that the complex will also have a child center, sport playgrounds, indoor swimming pool and a great number of other extras. The president of the Razlog Municipal Council – Radko Tumbev – told the investors that the municipality’s policy was to promote the tourism and added that in Razlog one could find all the natural resources needed to implement grand-scale projects.
Struma Dnes Daily |
Tuesday, May 8th, 2007
Bulgarian SPA projects boost property prices
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.
Thursday, April 19th, 2007
Second big complex planned near ski resort Borovets in Bulgaria
Analogue of the big project “Super Borovets” is under development by the businessman Hristo Kovachky. It will be situated in Mala Tsurkva, Govedartsy and Maljovitsa villages. General construction plan of the area is now being prepared, and is about to be completed by the end of May. Joint company “” was created last year for the purpose of the new project. 50% of the shares are owned by Samokov municipal and the remaining shares belong to “El-El Impex”, whose sole owner is Hristo Kovachky.
The plan is to create 5 tourism centres, which will be able to service 8-10 thousand tourists, explained from “Nadar 2006”. The so-called resort-and-tourist location will comprise three zones, where 50-70 km of ski slopes will be constructed. After the plan is accepted, the total amount of the investment will also become clear. The investment will be times bigger than that for the project in “Boriko” location. 23 million BGN were planned for “Boriko” project.
The municipality owns 25% of the company which will develop the “Boriko” location. The municipality will preserve this share irrespective of the amount of the investment. The construction of a winter stadium, and a two-seats lift with capacity to transport 1000 visitors per hour. There will be 3 ski slopes for beginners as well as an artificial snow installation. The project will also bring about the improvement of the entire infrastructure.
Two ski slopes, named Sitnyakovo 5 and Sitnyakovo 6 will be constructed in the Martinovi baraki site. The slopes are due to become ready by the end of the year.
24 Hours Daily
with excerpts
Tuesday, April 10th, 2007
Construction pace in Bulgarian ski resort of Razlog reaches one of famous Bansko
The bed capacity in the Razlog/Bansko skiing area will jump to 200,000 over the next 5 years, Razlog mayor Lyuben Tatarski said in a statement based on the number of building permits issue by the two municipalities.
According to Tatarski, five new resorts will pop up alongside Razlog and Bansko which are already established destinations. The local government official tipped Betolovoto, where 2 golf complexes are already under developments, Dobrinishte, Bania, Predela and a golf hotspot taking shape just outside Razlog.
The only thing that could sidetrack the multimillion euro investments are the latest changes to the land use regulations and the uncertainties surrounding the designation of protected sites under EU’s Natura 2000 program.
The municipal authorities are campaigning against a recent legislative amendment which bars them for a period of 5 years from disposing of land unclaimed by its rightful owner. According to Tatarski, the changes should not apply to land that will be contributed to the golf course developments because it consists of rugged and rocky terrain unsuitable for farming. The Razlog municipal council has so far given the go-ahead to 7 golf course projects.
The municipality plans to set up joint ventures with each respective developer, contributing parcels ranging from 140 to 220 ha which translate into an equity stake of 20-30%. Tatarski said one work-around in case the law is not amended would be to prepare a land management plan stating that 30% of unclaimed land will be earmarked to compensate owners while the other 70% will be given over to golf resorts. Another option is to draft a masterplan where the farmland parcels slated for golf developments are rezoned as urbanised land.
The last 4 golf resorts approved by the Razlog municipality will be developed by Austria’s Nord Investment, Britain’s Emerging Capital Fund Management and the local Razlog Valley Golf and Balkanstroy. Investment is seen at 60-100 mln euro, said Tatarski. The golf resorts should be completed within 6 years.
Over 130 ha of land adjacent to the first golf resort set to partially open for business this summer have been bought up by developers at 100 euro/sq m. They are already building a number of holiday villages with local and foreign fundsDnevnik daily
Monday, April 2nd, 2007
Banya area holiday village development announced close to the Bulgarian ski resort of Bansko
Lewis Charles Sofia Property Fund Limited has signed a contract with Winslow Developments
to regulate and eventually develop a holiday village project near Bania, which is close to the Bulgarian ski resort of Bansko, the fund said in a press release quoted by news agency Dow Jones on Monday, April 2.
Winslow Developments and the Lewis Charles Sofia Property Fund have signed a 4- year contract for the implementation and management of the project. The deal, which could generate approximately 113 mln euro in total project revenue, subject to planning permission, involves the regulation of the 121,420 sq m area within the next year, the planning and construction of a holiday village, as well as the marketing and sales of the completed buildings.
The two Companies are continuing discussions concerning the arrangements for after-sale property management. The Fund announced the acquisition of the land at Banya in August 2006. The Banya project, subject to the grant of planning permission, will involve the building of a first-class holiday village consisting of chalets and spacious apartments. The village will provide all the necessary facilities to guarantee the maximum comfort of its residents such as tennis courts, swimming pools, spa centre, restaurant and bars. The development is situated on a hill offering very attractive views of the Rila, Pirin and Rhodopi Mountains.
Lewis Charles Sofia Property Fund is an AIM-listed investment company focused on investment in the Bulgarian residential property market. The fund has a portfolio of about a dozen projects, mainly in Sofia, Veliko Tarnovo and winter resorts.
Winslow Developments operates since 2001. The company invests primarily in Bulgarian ski resort Bansko where it has completed 5 projects and has another 2 in development. The developer has also completed a villa community in Sofia and a logistics center in the village of Petrich.
In 2006, Winslow Developments announced it will implement jointly with RREEF, the real estate investment arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, 2 large-scale residential projects in Sofia. The two developments, with cost estimated at 100 mln euro, will deliver a total of 1,000 apartments.
Saturday, March 3rd, 2007
Little Known Ways to Profit from Bulgarian Property
When you’re in the pub talking to the local barman about life, the universe and what’s what and you discover that they’ve just gone and invested in an off plan ski apartment in Bansko you really know you’ve missed the boat – no offence to the theoretical barman in question, but if everyone and his cat knows that property in Bulgaria is the place to invest money, chances are all the big opportunities have been sold out.
However, Bulgaria is still an attractive, well packaged, accessible location that has room for growth for a few years yet – but what you really need to know are the little known ways to profit from Bulgarian property that will set your investment approach apart from the rest and ensure that your real estate ambitions are realised when other areas of the investment marketplace are saturated…
For example – if you’re thinking of buying an apartment in Sunny Beach or a condo in Bansko think first about the concepts of saturation and oversupply. If on the other hand you’re thinking of a way to promote Bulgaria to the UK baby boomers in search of a safe overseas country with a relatively temperate climate where their pension will take them far further then you’re about to begin to see potential – hint hint!
Away from the madding crowds on the beaches and in the ski resorts, a few investors have begun buying up attractive village properties in communities such as Hotnitza and Rujitza for example where there are already at least a few Brits and they are renovating these properties with a view to selling the ‘lifestyle’ as well as reselling the renovated and pristine property to those hungry for an affordable, attractive retirement retreat.
Targeting a particular buying sector of society such as those Brits approaching retirement age where there is strong demand to own a property as well as a certain amount of affordability and then really getting to grips with understanding that demographic group and what they want from a home is an excellent approach to profiting from Bulgarian property.
Another approach is considering the student market – there are for example at least seven colleges and universities in Varna Bulgaria, very few of which provide accommodation and all of which are actively working to attract and retain greater student numbers – these students need affordable bed-sits, apartments and shared houses and buying such property is currently affordable, it can return a decent and reliable income and be a good long term capital appreciating asset.
Or what about speculatively investing in parcels of land? Or developing commercial premises in developing locations popular with the wealthier overseas buyers? Or what about buying large but more remote properties and developing them as guesthouses and reselling them as a going concern having marketed them to those who enjoy outdoor pursuits…come on, get your thinking caps on, look past the obvious and discover all the little known ways to profit from property in Bulgaria and make your move.
ShelterOffshore.com
Monday, February 19th, 2007
Bulgaria’s Ski Resorts Become Property Boom Towns
Bulgaria has been experiencing a large uplift in tourist numbers in recent years and the World Trade Organisation forecasts that by 2010 the number of annual visitors to the country will exceed 20 million. Ski resorts in Bulgaria, such as Bansko, Borovets and Pamporovo, have become some of Europe’s fastest growing resorts for winter holiday sports. Bansko, for instance, has seen the creation of a new motorway linking it to the airport, a golf course built alongside the town and a new ski lift system within the resort. All this regeneration has been attracting more and more tourists and to cater to this demand there has been an explosion of new properties in and around the resort. Existing properties in such areas have seen significant price increases.
Tourists visit Bansko because of the 65km of skiing on offer, as well as its picturesque setting and medieval village. Attractions such as these have ensured its popularity among tourists over the past couple of years in particular. The resulting growth in the buy-to-let sector has been boosting the property market of ski resorts like Bankso and encouraging more newly built properties in such areas. Investors have been quick to notice this trend and are looking to purchase while there are still bargains to be had.
BBC
Friday, February 16th, 2007
Property market heats up in Bulgarian resorts
For years they have been cheap and cheerful, but the next generation of Bulgarian resorts are among Europe’s finest.
What country is this? At its top ski resort, prospective property investors check in to the Hotel Kempinski, one of the world’s top brand names. The rooms are Wi-Fi equipped, and there’s a cigar lounge, vitamin bar and spa. Nearby, one of Britain’s most up-market estate agents, Savills, is selling apartments for more than £320,000 each.
In the same country’s most popular coastal area, Obzor on the Black Sea, exclusive interior-design company Yoo has created a spa resort. The 257 apartments are on sale through another top-end British estate agent, Knight Frank, for up to almost £200,000.
Is this Italy? The US? Maybe France? No - it’s Bulgaria. “We feel that Bulgaria is one of the most exciting new frontiers in the property market today,” says John Hitchcox, who, with the French design maestro Philippe Starck, launched Yoo in 1999.
“It took us a while to get into Bulgaria because there were transparency issues over who owned the land. But the country’s made significant leaps in this regard in the past year or two, and the market is ready for the sophisticated kind of product that Yoo is associated with,” says Dominic Hassell of Knight Frank, which is selling the apartments for upwards of £55,000.
British estate agents are at the forefront of transforming the hitherto flaky image of Bulgaria’s property market into a much stronger investment and lifestyle proposition.
“Due diligence - that’s proving the ownership of land and ensuring there are legal deeds when homes are sold - had been a weak point, but we’re introducing British standards,” insists Charles Weston-Baker, head of international sales at Savills.
His company is selling the most expensive new-build properties available in Bulgaria at the country’s premier ski resort, Bansko. St George’s Lodge is a five-star ski and summer leisure complex, with 149 apartmentsranging from £48,500 to £322,000.
The shift in Bulgaria’s reputation has come as a result of high expectations about the country’s accession to the EU last month.
“Our sales in the country quadrupled in 2006 from the previous year,” says Antony Aguado of Our Home Abroad, a British estate agency selling homes in Bulgaria.
“This was no surprise. Many countries over the years have shown dramatic increases upon EU accession,” he says.
Liam Bailey, Knight Frank’s head of residential research, describes Bulgaria as “one of the big winners” in capital appreciation since the millennium. He says: “Slowly you’ll see its properties and amenities going up-market. It’s a place to watch.”
THE INDEPENDENT