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Property Focus - Balchik - Bargains

 

Up and Coming

Whilst some areas of Balchik have achieved some high increases in prices, there are still areas where land and property are cheap. The Levski suburb, which stands at the top of the town and is dominated by Communist apartment blocks, however, Balchik Municipality has earmarked money to rejuvenate this area with the construction of an enormous sports complex, hotels and apartment blocks.

There are also rumours that the Municipality will support a plan to build a large water park there. At the moment older apartments in this area cost between 40,000 and 60,000 Euros, whilst new builds are fetching prices around 70,000 to 100,000 Euros depending on size. Renovation projects in this area start at 60,000 Euros before any work has been done and new builds command 100,000 Euros. Land in the Levski suburb is remarkably cheap at only 20 – 25 Euros per sq. m. the municipality has currently invested in some large tracts of land here.

Rumours abound about leading Bulgarian investor Krasimir Stanev investing in large parcels of land close to the newly constructed Balchik hill sign. The reason for this interest is the likely re construction of the old military airport, which currently handles private flights. The Municipality will receive EU funding to enable it to develop a commercial airport able to handle charter planes and land in this area will increase in price to accommodate yet more hotels, residential property and businesses.

 

Balchik Bargains

According to Balchik Homes, renovating an existing building is the easiest and in the most cases the cheapest option for families or developers.

Buying a rundown house can be a profitable business and the most common strategy is to buy a property cheap, renovate it and sell it for profit. In inland areas close to the town, you should expect to pay between 45,000 to 80,000 Euros for a fully renovated property, depending on size and location.

As Jonas Backelin from Balchik Homes explains, “Cheap isn't always cheerful and obviously some houses may first appear to be a bargain but will actually require a great deal of structural work, increasing the amount of time and money you spend on the renovation.” It’s better to get an experienced building manager to ensure that your Bulgarian property is going to be a good investment in the future.

He maintains that buying and renovating old houses inland from Balchik but still within the Dobrich region will become a stronger trend in 2008, and explains, “This year we have seen villages transformed along the home from home approach, with gated communities including private gardens and communal pools all completed by the developer.

When buying and renovating you own rundown property you can afford to create a truly individual home, custom-built for leisure and personal interests. It could be a studio for a painter or a large modern kitchen where you can express your culinary skills.”

 

Booming Balchik

Balchik’s future is certainly bright and with so much foreign investment and EU aid coming into this already pleasant town, property prices even at the top end are set to grow for some time to come.