According to Bulgaria's Directorate for National Construction Supervision, who is working to determine which projects, buildings and other structures should no longer be in place along major beaches, many areas have yet to see the bulldozer. On 1 January 2008, the Spatial Planning of the Black Sea Coastline Act went into place, which required any and all illegally located buildings along the coast to be demolished in an effort to protect the seaside. Properties were to be bulldozed by owners within one month.
Legalities, law suits and the inability of government agencies to follow through with necessary actions has caused a lack of confidence in the market to appear, in terms of preventing over construction in these key areas. While this is happening, property owners are trying desperately to sell off property that is being deemed illegal in an effort to restore at least some of their lost investment.
Meanwhile, a sharp decline in the number of small 40 to 60 square metre apartments in Black Sea resorts seems to be an indication of the growing property market worries in the region. Property prices here have dropped between 8 and 12% over the last six months.
According to the Financial Times, the average price for such properties is anywhere between 800 and 1200 euro per square metre.
