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Property Focus - Balchik

Balchik’s port is Bulgaria’s third largest after Varna and Bourgas and it is used for medium-sized passenger and trade vessels. Apart from the port, the town thrives on tourist revenue and has much to attract the visitor including the royal palace and the botanical gardens, which are the largest and most diverse in the whole of the Balkans.

 

 

The town itself has seen much in the way of development including the revitalisation of its main promenade and the construction of a yacht port, yet careful planning has meant that it still maintains many of its old architectural heritage and its old world atmosphere.

Foreign buyers are now flocking to Balchik to invest in the town’s character and charm and whilst property in the area has increased substantially over the last three years, it is still low priced in comparison to other coastal towns both within Bulgaria and abroad. Jonas Backelin, property specialist from Balchik Homes explains the town’s growing popularity with property international buyers, “Balchik is one of the few places where you can buy a beach front location with breathtaking sea views and the combination of cultural heritage and a modern town.”

There are few places left in Bulgaria, which allow you to combine seafront living outside of a resort. Sea view properties can still be bought for around a third of the price of other European markets.

Whilst Balchik is not a purpose-built resort like Golden Sands or Sunny Beach, its reliance on tourism has turned it into a buzzing town with a host of bars, restaurants and nightclubs all designed to attract the tourist.

The best thing is that the arrival of three golf courses in the area means that these places stay open year round providing plenty of entertainment for its permanent residents.

Where to Buy

Many view Balchik as a mini version of the French Riviera and the town’s old architecture adds to this image. The addition of water sports, golf, the yacht port, spa facilities in Tuzlata and a proposed EU-funded extension of the promenade to link it to Albena beach resort mean that it is set to grow and there is no better time to invest than the present. The area between Balchik’s royal palace and Albena is set to grow with the construction of frontline apartments and hotels.

Balchik has greatly benefitted from EU investment and good management in the town means that new developments and improvements to the infrastructure have been conducted in an environmentally friendly way. More improvements are scheduled for the near future including a new water treatment plant capable of supplying water to a population of 60,000 to 80,000 people – this represents quite an increase from Balchik’s current population of around 13,500 people.

Many old buildings have retained their original charm and the town’s proximity to huge limestone cliffs mean that it will not become over-developed.

Residential property in the town is a mix of old and new, but the town’s proximity to the sea means that it comes at a price. Town houses in the centre are full of original features including wrought iron balconies, grand wooden doors and ornamental architrave, but they command prices in excess of 200,000 Euros. The stylish and newly built apartment blocks along the promenade particularly in the newly built Marina City complex cost around 2,300 Euros per square metre for frontline, sea view property and 1,300 Euros for second line.

The neighbouring villa districts of Fish-Fish and Golden Fish with their impressive views out across the sea are relatively hard to come by but cost in the region of 200,000 Euros for a four-bedroom house and 100,000 Euros for a small property in need of some renovation. Land in this area is not only scarce but also commands high prices with around 500 sq. m. costing 90,000 Euros.