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Market Overview, Ski Resorts

Currently around 90 per cent of all holiday property buyers in Bulgaria ski resorts are foreigners. A couple of years ago British and Irish investors formed the core of these property buyers, responsible for about 80% of that market share.

However, a year on, this pattern has been reversed with 70 to 80% of ski property being bought by Russian, Czech and Bulgarian purchasers and only 20% bought by British and Irish.

 

The real estate company, Green Life, reported that English speaking buyers accounted for 39% of sales in ski resorts in 2007, whilst the Russian share was 38%.

From these figures it is clear that with the economic woes at home, the Brits are less likely to be purchasing property in Bulgaria, indeed in any overseas country. The big speculators are wanting to move on and others are also potentially seeking what they consider the 'next property hot spot'.

The Managing Director of Green Life believes that British customers will be back in a couple of years as they usually rely on mortgages to finance second home purchases. The current difficulties in the UK have made obtaining such mortgages difficult.

This has resulted in a reaction in the Bulgarian market, with some developers offering discounts of eight to twelve percent on the low to mid price range properties (45,000 to 90,000 euros) which traditionally the British have bought.

The decline in Britons however, has not halted the Bulgarian property market. Russian based estate agents say that Bulgaria has overtaken Montenegro and Spain as the most popular for Russian holiday home buyers. The Russians view Bulgaria as a good place for family holidays and it is closer for them than the Med and more affordable than their homeland.

Another indicator of the shift in potential ski property buyers is the Sultan of Oman. He is one of the main shareholders in the Super Borovets Project and believes that Omani purchasers will be buying once the project is near to completion. Gek, a major Greek company has additionally invested 72 million euros just 10 kms from Borovets. With the lack of ski resorts in Greece and its proximity to Bulgaria, there is certainly huge potential to attract many Greek buyers.