Ski Races, Upmarket Gated Resort Set to Boost Property Potential in Bulgaria

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Property investors in Bulgaria, some of whom have been concerned about oversupply in the market and poor rental yields, have been given a boost by two positive pieces of news, PropertyWire.com reported.

Ski resorts can expect a growth in rental yields after securing two major events and the Black Sea coastline is to see its biggest ever gated residential community aimed at the top end of the market.

Two of the Alpine Ski World Cup women's races for 2009 will be held in Bansko, the first time Bulgaria has hosted the competition and will boost interest in rental accommodation. The downhill race is on February 28th and the Super G on March 1st.

Tourism already causes the resort's population to swell - around 800,000 tourists visit Bansko each year, with an estimated 15,000 of these visitors renting accommodation during the winter Bansko also has the best snow record and the longest ski season of all the Bulgarian ski resorts, lasting from mid December to mid May 15th.

Electra Hills, a 300 million euro new development near the Black Sea resort of Varna is to include 5,000 residences aimed at the upper end of the market. Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, said it will be the biggest gated residential community in Bulgaria.

Situated near Kalimantsi, 15km northwest of Varna, it will consist of single-family and two-family homes, as well as condominiums. There will also be a shopping centre, kindergarten, a school, restaurants, an amusement park and even a church.

It is expected that the project will be completed within five to seven years, and the construction work is scheduled to begin in the spring of 2009.

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