Bulgarian ski resorts are proving popular

One of the strengths of Bulgaria is it offers a bit of everything. The Bulgarian ski resorts are being promoted as having year-round tourism appeal. You could buy off-plan in a Bulgarian ski resort for just one sixth of the amount of say a one-bedroom ski resort in France or Switzerland worth £150,000.

Michael Cain and his wife bought an apartment at The Bell Tower 2 in Bansko not only for enjoyment but also for investment. “Bansko is set for major investment due to its candidacy for the 2014 Winter Olympics, yet it is still a relatively unknown resort. I believe that Bansko has to be the best value compared to any other European ski resort,” said Michael. But with the coming EU membership, buyers might consider purchasing even before the potential staging of the Olympics, and not just for Bansko.

Bansko was a late developer in the 1990s, unlike Pamporovo or Borovets which were purpose-built as ski resorts in the 1960s and 1970s. It was just a small town set at the foot of Vihrin mountain, the highest peak in the Pirin range. But the original town can still be distinguished today, with its winding cobbled streets, traditional stone-and-wood architecture and numerous mehanas (traditional restaurants).

The pace of development is so aggressive that according to George Kalev of developers of KIK Invest, “the locals joke that the town changes so much in a day that they can’t find their way home at night.” But the local authorities introduced building restrictions so as to preserve the resort’s charm. These include specific guidelines on what building materials can be used and height restrictions of not more than five stories high.

These developments and promotion of year-round activities such as mountain biking, hiking, exploring the region’s traditional villages with yearly events like the summer jass festival help in marketing Bansko as a year-round resort. “There has been a massive investment on the ski slopes with state-of-the art electronic chip systems for lifts, eight-seater fast gondolas from the resort to the main area and snow-making equipment covering more than half of the runs’, informed Amar Sodhi of Avatar International. Consequently, Bulgarian ski resorts like Bansko are now being promoted by UK ski operators like Thomson and enjoying the same publicity as Pamporovo and Borovets.

In choosing among the many developments now in Bansko, proximity to a ski lift, a reputable developer, quality construction and guaranteed rental income are the things to look out for. Christophe Gator of New Estate commented, “The shrewd investor will choose off-plan developments in Bansko where ‘guaranteed rental contracts’ are offered. This minimises the risks and guarantees annual income equal to or greater than mortgage repayments, thus leaving investors with very healthy increases in value.”

Sunrise and also Mountain Paradise by the Walnut Trees are good off-plan developments. Both are available through New Estate and a choice of other agencies. Sunrice is only 200 metres form the gondola station. It offers spa and healthcare facilities, a recreation center, an indoor swimming pool, shops, landscaped gardens and many other facilities. Apartment prices start at around £35,000. KIK Invest offers guaranteed rentals for three years and is also handling the management of the property. You can also choose St. Ivan Rilski development, only a bit further grom the ski lift, with apartment prices from about £30,000 (Avatar International). Located 800 meters form the gondola station is the Eagle Lodge for apartments around £50,000.

Two hours drive from Plovdiv airport and one hundred kilometres east of Bansko is Pamporovo. The different ski runs start below the distinctintive communications tower on top of the 1,926-metre Snezhanka peak while hotels and apartments are everywhere. Borovets is the most accesible, being just 90 minutes from Sofia airport. It’s a beautiful area although there is very little property to buy.

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Bulgarian ski resorts are proving popular

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