Innovative property investments
Investment Property in Bulgaria
Mountain Areas
Pamporovo
An established resort
Pamporovo is a purpose built resort set within the stunning pine forests of the Rhodope Mountains and located between the attractive city of Plovdiv (85km north) and the Greek border.
Given its numerous baby slopes and great nightlife, it is considered an excellent budget option for beginners, improvers and families.
With Super Perelik plans underway, the resort, its remarkable scenery and neighbouring attractions look set to present a much broader offering all year round.
Strong client base
Pamporovo already welcomes tourists from all over the world, the majority from the UK.
In 2005/06, along with Russians, Turks and Greeks, tourists from the UK comprised about 70% of all snow tourists with 25% of all visitors being Bulgarian weekend skiers.
Occupancy levels demonstrate its popularity and spreading reputation, which stood at 80% at the outset of the 2005/06 ski season and 100% at the commencement of 2006/07.
All come to enjoy Bulgaria’s sunniest mountain resort blessed with average snow coverage of 140-150cm together with 240 sunny days a year.
Its lively winter season runs from mid-December to mid-April and, when snow isn’t on the ground, its southerly position provides excellent weather for alternative outdoor pursuits.
Benefiting from ongoing investment
The resort has been investing in its future for some time now.
69 million EUR was invested in the upgrading of its facilities between 2003/04 and 2005/06, endowing it with four more runs, a motorized ski lift/run and three additional parking areas.
Alongside this, its capacity has grown from one of 5,600 beds in 1999 to that of 15,000 in 2005.
Piste fun
Even when resorts across Europe were suffering the continent’s warmest winter in 50 years, last year Pamporovo enjoyed 70cm of snow coverage.
Getting to its snowy slopes is now part of the fun with the existing chair and tow lifts complemented by motor sleighs from Chepelare’s Mechi Chal zooming along a 15km ski run.
Once poised to ski - on probably the most wind-free pistes of any resort - there are 17.5 km of scenic runs snaking down from Snezhanka Peak (1926 m), through the mountain’s conifer forests, past the resort (1,650m), to the lowest slopes below (1,450m).
There are 34 ski runs for downhill skiing equipped with 6 chair and 13 drags lifts, biathlon runs and, for the more ambitious and daring members of the group, the Giant Slalom and The Wall.
Three long-distance cross-country runs bring the current total to over 30km.
Good services
The friendly and experienced ski and snowboard school has a long-standing reputation, is a reputed way of making new friends, and has been taking on an increasing number of instructors - 160 for the 2006/07 season - to deal with the growing demand.
For those with children, there’s a ski kindergarten.
Other services to hand include emergency ski patrols, ski and equipment hire, ample shopping for forgotten items and, for something different, husky-drawn sleigh rides.
Skiing downtime
The après ski scene is considered great fun.
To take advantage of it you need to be in the centre of the resort around Hotels Snezanke, Murgavets and Perelik.
Hotels offer pools, spas, fitness centres and bowling.
Dining options are varied and good value for money.
The mountain cafes are good for lunch, whilst evening restaurants offer friendly service, simple food and excellent wines.
BJ’s bar and disco, now in the Hotel Perelik, is at the hub of the relaxed evening laughs, with Daks disco an alternative place for the same.
Future ambitions
Now Pamporovo is set to grow again and substantially so. It is to become Super Perelik.
The project has passed its Environmental Impact Assessment and 200 million EUR will be flooding in, raising bed capacity to 21,000-31,000 and ski capacity to 40,000 visitors.
Covering 2197 hectares, its ski tracks will grow by 150km, taking the total from 30km to 180km.
These will connect Perelik peak with the Pamporovo resort, the municipal centres of Smolyan and Chepelare (both of which have administrative responsibility for the resort) and some of the surrounding villages.
To get things underway, the road to Greece - between the Smolyan town of Rudozem and the Greek town of Xanthi - is being improved.
This will bring more Greek tourists to the resort, make the Mediterranean beaches more accessible and give visitor’s the choice of landing at Sofia, Plovdiv, Kavala or Thessaloniki.
Making them reality
The success of Super Perelik depends on resolving a number of issues, namely those of land ownership, building licences and infrastructure - road and air access; sewerage; water and electricity supply; and landslides.
But as with the roads, these are beginning to be addressed.
In October 2006, the Smolyan municipality issued restraints on future building heights and forbid construction during the winter ski season.
The state has committed to doubling the water supply for the 2007/08 season and the village of Mougla will donate the rest. Chepelare municipality is working on the waste management issues.
The National Electricity Company announced in May 2006 that it would invest millions in upgrading the power supply to meet demand.
The Bulgarian telecommunications company similarly committed to modernising and upgrading its network to the mountain resort - welcome news to those who couldn’t live without ADSL.
Alternative outdoor pursuits
Beyond this, Super Perelik’s future lies in tapping into its latent potential for walking holidays, international conferences and alternative and ecological tourism.
Pristine wild nature is what tourists value most and what Bulgaria has the lion’s share of within Europe. Pamporovo is no exception: there’s lots of exploring to do.
Apart from being an easy drive from the attractive old town of Plovdiv, Pamporovo is surrounded by the natural wonders of the Western Rhodope Mountains for hiking and biking.
West of Pamporovo is the Islamic area populated by Pomaks, converted to the religion by the Turks in the 17th century.
Just a short distance from the resort are the cobbled streets of Shiroka Luka lined by large Rhodope houses and picturesque courtyards - a delight to wander around.
Further west there’s the spa town of Devin and beyond it, drawing many visitors, the Trigad Gorge: a steep, narrow chasm through which the River Trogradska runs.
At the gorge’s apex, a viewing platform enables you to watch the river nose-dive into a cave known as the Dyavolskoto Gurlo or Devil’s Throat.
One of the country’s most spectacular sights, it becomes one of its most deafening on a guided tour, as the gushing water explodes and echoes around the huge cavernous chamber.
Those who like caving will find much to do around Yagodina village, a major centre for the sport.
On the drive out from Plovdiv you’ll pass through the Central Rhodopes and Assenovgrad, famed for its vineyards, and the Bachkovo Monastery, second only to Rila among Bulgaria’s finest religious buildings.
Around Pamporovo is hunting territory, although the approximately 750 bears living there - Europe’s largest population - are off limits.
Property guide
With investment money about to pour in with the Super Perelik project, Pamporovo represents a good long-term, five to ten year, prospect.
Developers have already moved in and new apartment complexes and villa developments are sprouting up around the main resort and in the neighbouring villages, broadening the choice of property available significantly.
In 2006, average sale prices for apartments within Pamporovo were 574-1452 EUR/m2 (385-973 GBP/m2).
Rental potential during the ski season is good within the resort itself.
Some developers negotiate rental agreements with the major package companies or offer rental guarantees, however, as always, choose a complex close to the lifts or with good facilities.
A notable feature of 2006 was rising investor interest in the villages surrounding Pamporovo, with the village of Smilyan, 10km south of Smolyan, appearing to be a particular favourite.
Land prices rose to 160-170 EUR/m2 (105-115 GBP/m2) in some cases.
Big investors were buying out whole deserted villages or grand estates, for their romantic remoteness and typical Rhodope Mountain architecture.
Local businessmen were buying up complexes of several houses with the intention of restoring them for the resale profits.
A marked interest from Britons and Scandinavians was noted from the autumn of 2006 onwards, and is expected to continue to grow this spring.
Old-time stone houses can still be found in some remote Rhodope villages at between 50-160 EUR/m2 (34-105 GBP/m2) but, as you would expect, prices rise significantly the nearer to the resort you get, with the most expensive reaching 1,100 EUR/m2 (740 GBP/m2) in 2006.
Downloadable Reports and Documents
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