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Back You are here: Home Property Where to Buy Investing in a Piece of Bulgaria's Hollywood

Investing in a Piece of Bulgaria's Hollywood

Given that the population in this tiny village amounts to no more than 50-60 people, you would be right in thinking that whilst Koveachevitsa sounds like the perfect rural location, there are few investment opportunities here. This is not necessarily true. The village is building on its reputation as Bulgaria’s Hollywood and much is being invested to develop and preserve the wonder of this area.

 

From Rags to Riches

In the 1970’s Kovachevitsa was no more than a deserted village with no business potential or jobs for the population that remained there. It could very easily have been left to face further decay had it not captured the imagination of the Bulgarian film industry that through a host of films and plays staged here brought the authentic architectural environment and natural beauty of the village to the public’s attention, which rallied round to save the village from further decay. Those who could see beyond the shabby timbers bought and renovated the houses in the village often turning them in to guest houses and hotels able to accommodate the film crews and growing numbers of tourists. By 2002 the village inhabitants had organised themselves as the Kovachevitsa Historical and Architectural Reserve Association to campaign and arrange further funding to preserve the village’s heritage and architecture and to provide more employment opportunities for the local community. Their aim was to develop rural and cultural tourism in the area. 

Creating Opportunities with Cash from the EU

Using money from the EU’s PHARE Program under the Cultural Tourism in Bulgaria Project, the organisation organised a mass scale restoration project, which included the renewal of the cobblestone pavements, restoration work to the St. Nikola Church and complete renovation of the disused Yordje Dimitrov elementary school. They also set up a tourist information bureau, a historical museum, an art and photographic gallery and a hotel. Funding was also used to train local hoteliers and restaurant owners on the need for good service as well as employing and training alpine guides and tourist representatives to educate visitors on the village folklore and natural surroundings. 

The Property Market

No-one could stress enough how much of a good investment property and land in this village and its environs really is. It is set to develop its tourist revenue at a rapid pace over the next few years without spoiling the natural environment. Obviously land and property in the village are rare commodities, but not impossible to find and with the age profile in Kovachevitsa being that of an aging population, the large wooden mansion-like homes here may one day soon reach the property market. Naturally, with so much media attention focussed on this area property is not cheap when it does reach the market; a house covering an area of 90 sq m in the heart of the village would cost you around 140,000 Euros at today’s prices and it would not be on the market for long. However by registering with local property agents and searching the internet for property here, you will be able to realise your Kovachevitsa dreams and the ideal thing about this village is that it is easy to earn a living from tourism to either fund your Bulgarian life or replenish your investment coffers through renting out your property.

Land is available in the area and represents a good investment given the current financial crisis. A 2,000 sq m plot would cost 18, 400 Euros and if there are buildings on the land you may be able to renovate them into accommodation, although you need to check the status of the plot before you make plans for this. Agricultural land in the area is likely to receive a change in status as tourism develops further in this village.
The neighbouring areas like Leshten and Ribnovo represent excellent value and property is more readily available in these areas; a new build in Leshten constructed in accordance with the local traditional style costs 600 Euros per sq m and property in larger Gotse Delchev is available at much more cost effective prices enabling you to invest in a region with much to offer and plenty of opportunities for those who want to earn an income.