Bansko Property
Plenty of UK residents have been looking at the Bansko property market to see what's available. The urge to buy property overseas seems to be something that is quite peculiar to the British - UK investors and those looking for holidays homes have already pushed up prices in much of continental Europe. So how does the Bulgarian housing market compare?
Before examining the Bansko property market in detail, let's first consider what is making the town such a popular tourist destination. Demand in this location seems to be largely driven by the requirements of consumers who want to take skiing holidays at budget prices.
In recent years, such holiday-makers have largely been the preserve of Andorra, the preferred destination for many tourists seeking low-cost ski holidays. Things have changed over the last 5 years or so, with the Bulgarian authorities ploughing a significant level of capital investment into Bansko, which is now the most popular of the ski resorts in Bulgaria.
It may seem strange to think that much of the Bansko property market did not really exist until recently. It was only when the town started to expand as a ski resort that its medieval centre was expanded, with numerous hotels and apartments being constructed in the hope of attracting tourist dollars (or pounds, as the case may be).
Previously, Bulgaria had not really been taken seriously as a skiing holiday destination by many experts, mainly because facilities were felt to be sub-standard, both on and off piste. The new money that's come into the town has allowed for a vast improvement in facilities, though it's only fair to point out that they still lag behind the more luxurious resorts found in the Alps.
Property in Bansko has undoubtedly increased in price as the demand has grown, although there are still some problems with buying in this area. The relatively adolescent housing market involves a lot of cowboy operators who are out to make money quickly and by any means possible. This means that western investors have to be very cautious - there are numerous stories of naive foreigners who have had their fingers burned and lost money in the process.
For those looking to buy property in Bulgaria the Black Sea resorts (such as Sunny Beach and Golden Sands) remain more popular, largely because they receive greater tourist numbers and because the infrastructure is perceived to be better developed. The numbers buying Bansko property have also probably been held back by its distance from a major airport, with the nearest being Sofia, some 140 kilometres away.
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