Bulgaria Property Investment News

Balchik's growing tourism drives up demand

Those following events in Balchik, on Bulgaria’s Black Sea Coast, will note that the news for the region has been particularly positive over the last few months. Crucially for investors, demand for property in Balchik remains high. The Justice Ministry in November 2007 cited the city as one of a number in Bulgaria where the increasing number of real estate deals, registrations and confirmations has contributed to 227 places for notaries opening up over the country.

The area is seeing ongoing expansion in golf tourism, with a fourth PGA golf course announced last year. The latest announcement means that area will have four international standard golf courses, and will help cement Balchik’s reputation as a developing golfing hotspot.

The area has also been tipped as a new favourite among yachting types. Balchik is already considered one of Bulgaria’s main yachting destinations and, with the Balchik marina being redeveloped and a host of companies from the boating industry moving in, the area is expected to become a popular part of international yacht tours.

Balchik’s tourist industry extends beyond its golf courses and marinas, however, and the industry-wide growth is reflected in the 100% increase in profits seen by Balchik Palace last summer. The number of tourists has reportedly doubled while profits reached the BGN 1 million mark. This fast increase in visitor numbers has prompted the Palace’s management to open the attraction throughout the year.

Balchik is also becoming an increasingly important contributor to Bulgaria’s cultural offering, and it hosted the fifth International Short Film Festival in September 2007. Participants in last year’s festival hailed from 62 countries.