Mon, 05 Nov 07
There has been a massive increase in the supply of Bulgarian holiday homes in first half of 2007...
There was a dramatic increase in the total number of holiday home units in Bulgaria in the first half of 2007, according to the latest research finding from Colliers Bulgaria.
In mountain resorts supply increased by 52% after almost 10,000 new apartment units were put on the market. Supply in coastal resorts also increased substantially and recorded a 39% growth, or 13,500 apartment units, in the first half of 2007.
The total number of holiday homes units as of June 2007 was found to be in excess of 76,500, according to the new Colliers International Bulgaria Holiday Homes Market Overview. In the mountains, the growth was most significant in the Bansko area (including Razlog), which accounted for 78% of the new supply.
On the coast, although Sunny Beach continued to account for more than one third of the supply, other resorts saw accelerated development as well. In St. Vlas and in Sozopol holiday homes supply increased by 52% and 62% respectively.
Overall sales prices in resort apartments remained unchanged for the past half year as supply continues to outpace demand. Price ranges remained within last year’s limits of between EUR 800 and 1,700/m2.
Atanas Garov, Managing Director of Colliers Bulgaria, said, International buyers, predominantly British and Irish, continue 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.
Quality of developments ‘increasing’
Ivan Velkov, General Manager of Colliers Bulgaria, added, The quality of developments is continuing to increase with an emphasis on professional management offering high quality services and ample amenities to buyers.
Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, I am proud of the high quality market research we produce. It is a valuable tool for clients, media and other real estate professionals, and just another reason why Colliers International Southeast is the leading property consultants in the region.
The new research appears in the Bulgaria Holiday Homes Market Overview for the second half of 2007 and is available for download on the Colliers website (http://www.colliers.com/Markets/Bulgaria/MarketReports/).
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