Dramatic Increase In Holiday Homes In Bulgaria H1 2007 Colliers

The total number of holiday home units in Bulgaria “increased dramatically” over the first half of 2007, a Colliers Bulgaria report showed.

Supply of holiday homes in the mountain resorts increased by 52 per cent with more than 10 000 new apartments offered in the market.

Nearly 80 per cent of new apartments were built in the Bansko resort and the area.

Another 13 500 newly built apartments were offered for sale in the coastal resorts over the same period, amounting to a 39 per cent increase, the report said. More than one third of these new holiday homes were built in Sunny Beach.

The total number of holiday homes in June 2007 exceeded 76 500.

Supply continued to exceed the demand. Sales prices of resort apartments remained unchanged, between 800 and 1700 euro per sq m.

Atanas Garov, managing director of Colliers Bulgaria, said “international buyers, predominantly British and Irish, continued to account for most of the demand. Recently we have seen a lot of Russians entering the market, and they look to become major players.”