Ski resorts can expect a growth in rental yields after securing two major events and the Black Sea coastline is to see its biggest ever gated residential community aimed at the top end of the market.
'Mass tourism in Bulgaria is still relatively new. It has suffered from being seen as cheap location,' said s spokeswoman for the tourism department. 'Our policy is to attract a type of tourist with a bit more wealth and with money in their pocket that they are willing to spend,' she added.
Two of the Alpine Ski World Cup women's races for 2009 will be held in Bansko, the first time Bulgaria has hosted the competition and will boost interest in rental accommodation. The downhill race is on February 28th and the Super G on March 1st.
'This is a massive coup for Bansko and the news underlines the fact that the town is going from strength to strength. It is also great news for people who have bought or are thinking about buying property in Bansko,' said a spokesman for Right Move Abroad.
Tourism already causes the resort's population to swell – around 800,000 tourists visit Bansko each year, with an estimated 15,000 of these visitors renting accommodation during the winter.
Bansko also has the best snow record and the longest ski season of all the Bulgarian ski resorts, lasting from mid December to mid May 15th.
Electra Hills, a €300 million new development near the Black Sea resort of Varna is to include 5,000 residences aimed at the upper end of the market. Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, said it will be the biggest gated residential community in Bulgaria.
Situated near Kalimantsi, 15km northwest of Varna, it will consist of single-family and two-family homes, as well as condominiums. There will also be a shopping centre, kindergarten, a school, restaurants, an amusement park and even a church.
It is expected that the project will be completed within five to seven years, and the construction work is scheduled to begin in the spring of 2009.