Bulgaria sells hotels on the coast

Due to the economic decline, debts, the oversaturation of the market and a sharp reduction in tourists in the Bulgarian real estate market, a new niche was formed - the sale of hotels. Now hotels on the Black Sea coast of Bulgaria can be purchased almost for nothing, writes Zagranhouse.ru .

“Most hotel owners cannot cope with the difficulties with which they faced the onset of the crisis. A sharp drop in the number of tourists and reducing prices made it impossible for them to cover their debts,” said Novinite.com, Dobromir Ganev, General Director of the Forostera Real Estate agency.

According to him, an important reason that led to an increase in hotels in Bulgaria for sale is the oversaturation of the market, which has formed due to huge investments in the construction of resort real estate over the past 5 years.

Just two years ago, when Bulgaria joined the European Union, the experts have experienced a healthy growth in all segments to its real estate market. Today, many frozen projects and bankrupt investors draw a gloomy picture, against which anxiety about the future ways of developing resort square meters is growing.

Especially in the deplorable situation today were the owners of hotels in the coastal and mountainous regions of Bulgaria. After a weak -fingered winter point of view of the winter season and summer anemia, they are forced to put up hotels for sale, and it is difficult to find buyers on them today.

According to experts, this is not an explosion of a speculative bubble, but the logical development of the market. The number of foreign buyers of real estate in Bulgaria began to decline in 2008 in connection with the global economic crisis - it became more difficult and difficult for them to finance their purchases. And for those who bought real estate in Bulgaria, in particular hotels, today it has become quite difficult to finance their mortgage loans.

Data of Forer's Real Estate agencies show that most resort real estate are sold on the Southern Bulgarian Coast of the Black Sea, especially in the resorts of St. Vlas, the Sunny Shore, Ravda and Nesoebr, which account for 45% of all hotels exhibited.

Most hotels for sale are currently completely furnished, on average they have an area of ​​900 square meters and have 20-25 rooms. The average sales price for hotels of this type is 500,000 euros, or 550-650 euros per square meter. Such hotels are located, as a rule, on the outskirts of sea resorts.
Small hotels of family type are also sold, in which case prices are 350-450 euros per square meter.