The development of the property market in the winter resort of Bansko has been very interesting in the past several years. However, in 2007 it appears to be less dynamic, according to Address Real Estate.

The slow-down has been attributed to the issues around Natura 2000 in April. Then, in the summer, a ban on construction authorization was imposed until a cadastral map and register of the resort are established.

Apartment prices in Bansko cost about 1,000 eur/m2. The most expensive are the ones near the lift station – 2,100 eur/m2. Buyers are mostly interested in properties situated at an up to 400 meters distance from the lift.

The resort now needs more luxury buildings in order to attract wealthier buyers. Currently it is full of small buildings and apartments which bring foreigners with lower incomes in their countries.

Investors are becoming much more cautious about projects in the region. One reason is that all good land plots near the lift station are already taken. Apartment sales are also becoming more difficult, as prices have gone up some 10%.

The number of British citizens looking for properties in Bankso is significantly lower this year, which is mainly due to the credit crunch in the US and Great Britain. The so-called overconstruction is also a negative factor.

Local sellers are now relying more on potential buyers from Russia, Spain and Greece.

Many properties in the resort were purchased by Russians 2-3 years ago. Spanish citizens are also eyeing the local market as interest rate hikes in their country pressured their home market.