Innovative property investments
Investment Property in Bulgaria
Mountain Areas
Bansko
A future Verbier
“[In Bansko], [w]hat investors get for their money is a ticket to what potentially could become one of the great ski areas of Europe …[for] the mountains here are perfectly shaped for snowsports with the kind of awe-inspiring terrain that befits a future Verbier, or at least a Les Arcs.”
This is the opinion of Ski Club Great Britain on Bulgaria’s newest mountain resort following their 2007 review of the world’s slopes.
Reaping the benefits of a farsighted government and multi-million euro investment in world-class facilities, Bansko has become the most successful and challenging ski resort in Eastern Europe, and the only one with a modern lift system.
All season allure
Surrounded by the natural delights of the UNESCO-protected Pirin Mountain Reserve, a Championship golf course, several major spa centres, not to mention the cultural treasures of its own town, Bansko is brimming with all-season potential.
A fact known to the resort’s 200,000 summer and 500,000 winter visitors last year: 80% of them foreigners, the majority of them British.
A million are expected to learn it over the course of 2007 and the local government is preparing to make sure that it becomes a well-known fact worldwide.
Top location
Located deep in the heart of the pine-forested slopes of Pirin, beneath the towering peak of Mount Vihren (2195m), Bansko offers spectacular views: north to the Rila Mountains, east to the Rhodope Mountains and - as a result of being so close to the Macedonian and Greek borders - to the Aegean Sea on clear days.
It is situated 160km from Sofia and its international airport, which, thanks to state investment in the Strauma Highway and the work’s completion in early 2007, is now only a swift hour’s drive away.
Old town attractions
At Bansko’s heart is an olde-worlde town of cobbled-streets lined with fine 19th century houses and nearly 120 cultural monuments.
It’s an attraction in itself for Sofian weekenders.
Many come to see the Icon Museum’s masterpieces by Dimitar Molerov and his contemporaries; many more, including foreigners, arrive to enjoy the annual six-day jazz festival in August.
Despite its growth, the town retains its charm because the new hotels and apartments nearby have been built by a single architect in the style of the traditional homes they stand beside.
Snow time options
As a ski resort, Bansko boasts mild winters, average snow coverage of 2m and a long mid-December to mid-May season.
Its 65km ski area is comparable to Alpbach and larger than Niederau, with plans to triple it by 2010.
Those well-groomed ski tracks are reached by a 20 minute gondola ride from town (936m) to the highest ski point (2500m). From there a good variety of slopes await.
Along its vertical drop of 1,100m - or 1,600m if you include the long, gentle coast-and-pole back to town, there are 4 easy, 6 medium, 6 very difficult and 5 extreme tracks.
There’s a slalom and giant slalom run and, for cross-country fans, 8km of off-piste and backcountry skiing.
Due to investment in 2005/06, snowboarders can build their own jumps in the Funpark and fly down the half-pipe, whilst, for those who like to play at hunting the electronic target, there’s the hyper-modern Banderitsa Biathlon Stadium built for the 2007 European Biathlon Championship, which Bansko successfully hosted in February.
Night skiing is also an option, making those “much-cheaper-than-the-Alps” lift passes all the more cost-effective.
The challenging terrain posed by Bansko’s runs is absolutely ideal for improvers and experts, but beware the piste map.
Blue runs could, in parts, be designated as red, and red as black, which has led a few unsuspecting beginners and improvers “giving them a go” to discover that they could handle more than they imagined.
All were, however, happy to return to the baby slopes (of which there are several) and the classes provided by the excellent ski school.
Modern facilities
As a result of 185 million EUR investment since 2000/01, the resort possesses state-of-the-art piste maintenance equipment; a modern electronic pass system; up-to-the minute piste information screens at lift bases, snow-guaranteeing cannons and 23 fast lifts: the 8-man gondola, eight chair lifts (five four-seaters and one three-seater), 6 drags and 10 baby drags.
This is being supplemented this year with an avalanche control system, a new ring-road around Bansko and progressing plans for a second (and possibly a third) gondola ready for 2009.
Post-piste fun
The hotels have pools, spas, saunas and bowling for those with energy to burn after the slopes.
As of this year there’s a skating rink; arriving shortly are four new sports centres.
For those in need of food, there is a choice of mountain restaurants serving simple, reasonably-priced fayre to lunch in.
For dinner, there are a great many Mehanas - or traditional taverns - competing to offer you hearty Bulgarian meals, great local wines and folk music accompaniment.
International restaurants and bars are also found around the lift station and Happy End Pub - the centre of après ski life.
Common to all is the pleasingly small bill at the end of the meal.
Anyone not then flagging can move onto the Lion’s Pub, Torino Cabaret Bar, Amnesia and No Name nightclubs, or take a nightcap in the five star luxury of the Kempinski.
Four season choices
When the skis go back in the cupboard in May, what you’ll need to take out are golf clubs, riding crop and hiking boots.
From May to November you’re on the doorstep of Pirin’s National Park, rich in stunning lakes, waterfalls, caves, venerable trees and the hiking and cycling trails running through it.
Opening this year between Bansko and the village of Razlog and following investment of 30 million EUR, is an Ian Woosnam 18-hole Championship golf course.
It forms part of the Pirin Golf and Country Club complex, which will also offer an equestrian centre; mini football pitch; tennis, volleyball and basketball courts.
Both Bansko and nearby Dobrinishte are famous for their mineral springs; Blagoevgrad and Sandanski are major spa centres.
Amidst steep slopes and crags to Bansko’s south, is the deserted, Balkan-War-ruined Melnik, the Rozhen Monastery and spectacular sandstone “pyramids” sculpted by rain and river over thousands of years.
Forty minutes to its north is Bulgaria’s most visited attraction, the Rila Monastery and the weirdly-shaped “pyramids” of Stob. Sofia and Plovdiv are yet more options.
Future plans
Apart from tripling the size of the ski area, plans for the future include conversion of the military airport 30km away into one able to receive small civilian aircraft by 2008.
This is a locally backed plan with support from investors in the new golf course.
The idea of opening a new border with Greece by 2008 is also being floated which would put its beaches a stone’s throw away.
And of course, given that the region possesses 27 mineral springs, development of its spa tourism.
Given the success of the authorities’ plans to date and the wealth of all-season resources surrounding Bansko, the list of reasons to buy here is long.
Property overview
In spite of the impressive construction around Bansko, it will not be overbuilt because the authorities, anticipating the potential problem, have stopped issuing building permits.
Offer prices remained high throughout 2006 and Bansko - along with Sunny Beach - registered the highest price percentage increase of the country’s resorts.
However, although rental guarantees are offered by many developers, to achieve good returns, given the competition, a distinctive, well located property with excellent facilities and lots of extras is essential.
Price guide
Average prices in Bansko ranged from 450-1,600 EUR/m2 (300-1070 GBP/m2) in 2006 depending on location, build quality, facilities and whether or not they had a mountain view.
New builds located at the entrance to the resort cost least, at an average price of 1,100 EUR/m2 (740 GBP/m2), those at the top of the central area cost 1,200 EUR/m2 (805 GBP/m2); whilst those in the very centre sold for 1,250 EUR/m2 (840 GBP/m2) and those near the ski slopes 1,400 EUR/m2 (940 GBP/m2).
Investor interest focused on two bedroom apartments, of which nearly 200 were offered for sale and, for which, prices rose to 919 EUR/m2 (615 GBP/m2).
Luxurious apartments exceeded 1000 EUR/m2 (670 GBP/m2), with one Russian millionaire paying 752,500 EUR for a 350m2 off plan apartment - 2,150 EUR/m2 (1,440 GBP/m2).
New properties
Most of the new development is apartment complexes, often with excellent facilities, such as saunas, fitness centres, concierge services, ski rental shops, cafes and comfortable lobbies.
These developments tend to be sold off plan and are concentrated on the edge of town.
The most popular are located close to the ski lift, with Gramadeto the favoured area.
Older properties
In the villages surrounding Bansko renovation projects can be found and land prices shot up, especially around the Razlog-Bansko golf course.
Here prices rose to 65-100 EUR/m2 (44-67 GBP/m2). Land in Benya, Dobrinishte and Katarino were offered at 50, 60 and 80 EUR/m2 (34, 40 and 54 GBP/m2) respectively.
Downloadable Reports and Documents
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