Yet another ambitious project for a large luxurious spa hotel has been approved, and currently pending official permission to commence construction. The new establishment is set to meet the criteria of a fivestar hotel, and will be located at the foot of the Rhodope Mountain, in the borough of Chepino, the town of Velingrad.
The Bulgarian real estate sector has seen a continuous growth spanning seven years but now for the first time since the European Union accession of Bulgaria and Romania both countries are dealing with a significant stagnation in the market.
Architects have called for a 100m constructionfree zone along the Black Sea coastline. On the back of growing public discontent they have insisted for the application of article 16 of the Spatial Planning Act which guarantees a free access to the sea for everyone.
Meeting agents at property shows and through seminars is a popular way to buy, as developers and agents are gathered under one roof. Be aware that some of the developers at these events are selling their own product direct to the buyers, and not using any agents. They will therefore have a vested interest in presenting their product in the best possible light. This in itself is not a problem, but you would be well advised to judge the selling material with this in mind, and always insist on using your own independent lawyer or and agent to undertake the conveyancing for you.
The economic crisis has affected long term investment and construction plans in Sofia and the surrounding area, affecting the market, causing a slump in value of up to 30 per cent in some regions, according to Investor.bg