Sun11182018

Last update12:12:22 PM

Back You are here: Home Property Where to Buy Investing in St Constantine and Elena

Investing in St Constantine and Elena

Located on the northern Black Sea coast close to the magnificent city of Varna, the attractive and peaceful beach resort once known as ‘Friendship’ is famed for its special mixture of clear mountain air, natural mineral spas and the sea. Apart from the wealth of curative mineral treatments on offer here there are many restaurants and bars some of which are open all year round. It also offers a wealth of brand new, luxurious apartment blocks at low prices. Investing in this resort, the closest to the city at only 8 km away offers much potential for those looking for a sound long term investment.

 

Easy Access

Varna International Airport is only a 15 minute drive away and the resort located on the main Varna – golden Sands coast road is serviced by regular public buses, which run every 10 minutes from 6.00 a.m. until 11.00 p.m. There are also plenty of taxis who will drive you into the centre for less than 10 lv. a trip and minibus transport by private bus companies.

Current Development

There are many new, modern blocks in this area and with the current market conditions prices are low with excellent value for money in terms of facilities. The infrastructure in the area is excellent thanks to its proximity to the city. St Constantine is more of an extension of Varna than just a beach resort and because the area does not have that typical resort look, it makes it more of an attractive investment with better year round rental potential. The whole area has received a face lift because many of the old Communist-built hotels have been demolished and swish new city-style pads constructed in their place. Several reputable construction companies are building residential apartment blocks in the area; Vselena Jsc-Varna is developing an apartment complex on the site of the former St Elena hotel. Sofia-based Korsi-5 is constructing the same on for the site of the recently demolished Sana Hotel. Some former state owned buildings have also been converted into spa centres and residential complexes, thus enhancing the overall look of the area.

Property Prices

There is much to choose from for budgets under 100,000 Euros and many of these properties have stunning sea views; 87,000 Euros will buy you a one bedroom apartment with 71 sq m of living space in a small complex consisting of two identical 6 storey buildings housing 40 apartments in all and having access to open air roof terraces, a lobby bar, hot mineral water swimming pool, shops and a children’s play area. Alternatively, 78,000 Euros will buy you a one bedroom apartment in the delightful Botanica VIP Residence. Situated next door to Varna’s famous Botanic Gardens on the main road into the city, where you can experience the scent of the park’s exotic flowers or listen to the musical notes of the stream that flows directly through the park, this development offers a superior quality of life in stunning surroundings. The seven building strong apartment complex is constructed to the highest international standards and offers a spacious spa, a sauna, a modern workout room and a private café as well as underground parking and 24-hour security. There are many more developments similar in nature and price in this area and it’s worth a visit to check them all out in person to find the one that best suits your requirements. (www.property.bg)

Rental Potential

As the city of Varna expands St Constantine is more likely to become a suburb of the city rather than merely just a resort. Evidence of the city’s growth is already apparent with land along the coast road offering a range of upmarket residences, which many middle class Bulgarians are buying and renting. Varna is Bulgaria’s most important economic centre outside of the capital as well as being the country's primary trade link to Russia and one of the most significant ports on the Black Sea. It has experienced dramatic business growth in the last three years with many economists hailing it a boom town.Economically, it is one of the best-performing and fastest-growing cities in the country with an unemployment rate of around 2.34% - three times lower than the national average and the highest median salaries. Many Bulgarians from the Dobrich and Shumen areas are relocating here to take advantage of the increased number of jobs. The population has increased to such an extent over the last ten years that the Financial Times maintained that the city is attracting around 30,000 new residents a year. The knock on effect from this is the demand for housing close to the centre has increased as has the need for good rental property. Current rental incomes command around 500 to 800 Euros per month for property along the coast road. Some property management companies estimate the return on investment as being in the region of 8 to 9 % per year. However, you should be cautious in your expectations; with the sudden increase in property in this area, it is better to offer your property at a cheaper rate to ensure a long term rental rather than sticking your neck out for that little bit more.