Bank On Bansko

Once a haven of cheap but risky second home deals Bulgaria is definitely about to go upmarket. Since 2003 thousands of Britons have bought holiday homes from as little as Ј15,000.

But these purchases have not been without problems – such as disputes over who owns land, worries over new developments blocking views and destroying privacy and shoddy work during construction.

But now estate agents Lemon Tree Villas - best known for selling trouble free properties in Spain are moving in to clean up Bulgaria’s act. The agent works with British developers and conducts scrupulous checks on land ownership and future plans in the area to prevent any nasty surprises after clients have bought.

“There are too many developments that haven’t been finished because builders have run into financial difficulties, or lie unsold because they have been built in the wrong location” says Mark Schubert of Lemon Tree Villas. His apartments in the ski resort of Bansko start at Ј26,700 and investors can expect to see returns of 20% over the next year.

Bansko has long been regarded as the ski capital of the Balkans, with 64km of ski runs and a bid for the 2014 Winter Olympics. Now a new golf course, designed by Ian Woosnam, is almost ready along with an equestrian centre, and hiking and mountain biking trails.

Hard nosed investors purchase buy to let properties in Sofia, but its fortune lies in early E.U. membership. Analysts such as Knight Frank say property prices in Bansko have risen 25 to 30 per cent in the past two years.

“We predict another 15 to 20 per cent this year” says the firm’s international research chief, Nicholas Barnes.

Bulgarian experts are welcoming the interest shown by British agents and builders “choose an established developer” says Mark Schubert who runs www.lemontreevillas.com a Bulgarian property sales and information web site.

However, there are still some issues. At the bottom end of the market, maverick estate agents are still in existence, sometimes using high pressure timeshare sales techniques from the Spanish Costas – the old adage of “caveat emptor” is still worth taking note.lemontreevillas.com