Latest News From The Bulgarian Properties Market

Bulgaria's real estate market is awash with sale offers for hotels but takers are few and far between, shows data of some of the nation's top real estate agencies like Address, Yavlena and Foros. The realtors explain the torpid market with the oversupply of hotel properties and the overvalued sale offers.

The bulk of the properties on the market are small to medium-sized hotels in the Black Sea resorts and the lower-altitude mountain resorts. Most of the reasons why the owners want to get out of their properties have to do with miscalculated investment, poor infrastructure and bad design.

According to the imoti.bg portal, over 600 hotels across the country are seeking new owners. However, some of the properties are listed with more than one broker which distorts the overall picture. Another 250 tourist facilities are listed on rival Internet portal imoti.net.

Imoti.bg has listed 200 hotel properties in the Bourgas area and 50 in the Varna area, both on the Black Sea coast. The listed properties in Sofia are 60 with another 20 up for sale in ski resort Bansko.

Most of the properties listed on websites and in the portfolios of real estate agencies have up to 200 beds. Some 3* hotels have been put up for sale in resort town Nesebar, on the Black Sea, with a market-leading average price of 1,410 euro/sq m.

The bigger properties are rarely listed but realtors said there are sale offers for hotels in the Slanchev Bryag and Zlatni Pyasatsi sea resorts starting from 15 mln levs.