Project: The Jupiter Development, Bansko, Bulgaria
Bulgaria, Bansko (sold out)
The Bansko area of Bulgaria is one of Eastern Europe’s hottest emerging
property markets. With a reservoir of potential tourists from Bulgaria itself
(the country’s economy grew by 5% last year) as well as the 3.6M tourists
per year arriving from neighbouring markets like Germany, Italy and Russia,
the property market is healthy and there are exciting prospects for immediate
and long-term growth.
We have selected this particular development in Bansko as it is the youngest of the ski-resorts, popular with the snow boarding generation and has a more European feel about it. Of the 5 ski resorts in Bulgaria, only Bansko has its own jazz festival and there are rumours of the town adding a golf course to its range of attractions to create a summer market.
The development we have selected is conveniently located 5 minutes from the bottom of the ski-lift and has excellent facilities. Built by the owner of the Bulgaria mobile phone company, we have already allocated 35 apartments.
With foreign investment in property rising from €23M in 2002 to approximately €400M in 2005, Bulgaria is ripe for investment. As other countries that join the EU have shown, property prices grow rapidly once the financial and legal infrastructure has been put in place for the country to benefit from free trade within the EU.
For Bulgarian resort areas the typical cost of land plots has increased from €20 per sq.m to €150 per sq.m in last 3 years. Minimum price for such locations is forecast to be €400 per sq.m by the year 2007.
With Bulgaria recently signing up to NATO and completing EU accession negotiations the Bansko ski resort offers the best chance of riding this curve and should yield significant rental income as well as capital growth..
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