High-end segment sustains prices

Completed apartments with quality finishings are currently the holiday homes in demand, say real estate professionals. Financial stagnation and exodus of what used to be the major group of buyers two years ago - English and Irish - has caused a decline in demand for property in both sea and mountain resorts.
Some properties have started to drop in prices and ones, which have retained their values, stay for long on the market. Three months ago the highest asking price in Borovets, the winter resort, was EUR 2,300 per sq m but until October its level was down to EUR 2,110 per sq m. In Pamporovo, the highest asking price used to be EUR 1,700 per sq m and now has dropped to EUR 1,500 per sq m. Bansko is still maintaining the highest upper price level of all winter resorts at almost EUR 2,600 per sq m.
In the lower end for mountain holiday homes, apartments range from EUR 600 to EUR 1,000 per sq m. A 92-sq m apartment located in a completed five-star complex in Borovets is now for sale for EUR 1,200 per sq m. For off-plan purchases property prices in the resort reach a maximum of EUR 1,300 per sq m.
The resorts of Sunny Beach and St. Vlas still hold the highest asking levels compared to other places in the area of Burgas and the entire Black Sea Coast. The most expensive apartments are priced in the range EUR 3,100-4,000 per sq m. A record holder, according to research by the Property Index magazine, is an apartment in Sunny Beach whose features include luxury interiors and location just 25 m off the beach.
Besides it, the highest asking prices in the South are found in the resort towns Sozopol and Tsarevo. One could purchase an apartment in Sozopol, located in a development under construction, which will offer a number of additional services, for EUR 3,100 per sq m.
Furnished and air-conditioned apartments located in the center of Golden Sands in the North are sold for slightly less than the above-mentioned price - EUR 2,500-3,000 per sq m.
Against such background, in all developed resorts - from Bansko to Sunny Beach - there is abundance of offers with asking levels between EUR 500 and EUR 1,000 per sq m, cheap even by the standards of some larger cities.