Bansko - Now and Then

A little more than three years ago, Bansko, Bulgaria was a relatively unknown provincial Bulgarian town of some historical importance, enjoying the relative anonymity of the euro tourists. Popular with the Bulgarians and their close neighbors, the Greeks, as a peaceful holiday, with a long ski season nestled in the UNESCO protected Pirin National Park. The perfect getaway secret Eastern Europe.
Unfortunately, nothing of value remains hidden forever and once word got out a great investment and holiday potential, Bansko's fate was sealed. Developers began buying parcels of agricultural land from local farmers and landowners and small development started sprouting in and around grada.Ski lift was installed and 2003 large sums of money were invested in the infrastructure of the city. Supervised by local councils, this investment is part of a plan for the future of Bansko as a world-class ski resort.
Development of the dust is still far from settling in Bansko and is still regarded as 'emerging' resort offers cheap property for investors and owner occupiers alike, but are able to make money investing in real estate in Bansko is more or it has become overcrowded and the time to look elsewhere? We decided to ask those who know;. Agents on the ground, people who work there, programmers beavering away on new developments and those who have already invested in
Hotel
Kempinski Hotels are located in Europe, South America, Asia and Africi.Kempinski in Bansko is a luxury 5 * hotel and it is worth considering the due diligence they will have to apply to their decision to build in Bansko. This is a huge trust in place.
Maria Yaneva heads public relations at the Kempinski Hotel in Bansko and said: "At Kempinski we saw a demand for 5 star in this new resort. 3 years ago, the city was much quieter in terms of tourism, has now become a real "All season resort with lots of summer activities to compliment the world-class ski facilities, and we anticipate that growth will continue for years to come"
Agent
Exclusive Properties International were one of the top Agents in Bansko and helped early developers to address the growing demand for quality products.
Simon Stokes has spent much time in Bansko and has helped many people acquire their ski apartments.
"In the early days we have been involved in the pleasant but simple events that cost less than € 800sqm. Today we have seen a huge increase in customer awareness and sophistication that is, in turn, led to an upsurge of high end development and, inevitably, increasing Price ."
"In the beginning, the development consists of a straight forward accommodation. Maybe parking space and cabinets may be involved. Now people want indoor pools, health spas and mountain views. Now sales development from 1400 € up to 1700sqm which reflects the quality of recent developments and the natural increase of the value of property in Bansko. Client expectations are much higher and now it is forced to a level of responsibility and sophistication among developers that was not there in the early stages ."
-investors are making money? Definitely. Most customers will see a 10% increase in their paper value of assets sold during the development phase, in parallel to the growth that we saw in the market, and I think that annual figures are more than 20%. In fact the Bulgarian National Statistical Institute reported a 36% increase in the prices of their city property during the 2005 - I did not see quite that level of growth in the field, but it is certainly more than 20 %"
"an important consideration from our point of view is the fact that Bansko is a truly beautiful part of the world throughout the year and is valued by our clients for the holidays as much for financial gain ."
"Mayor of Banks recently announced that they are starting to turn away requests for construction of residential dwellings, so they can focus more on infrastructure - This is exactly the kind of step we were hoping for, which will help to protect early investments and encourage new customers by displaying considered approach to growing resort ."
investment fund
Mike Petch is director of IPP Ltd. and President of a large investment consortium. Mike has spent much time in Bansko and has invested in hundreds of real estate is located. I asked Mike why Bansko loved and where he thinks the place is the title:
"During the last 3 years Bansko has really matured. In the early days all the promises of investment in infrastructure must be taken with a pinch of salt. Today we see these promises are fulfilled and Bansko is fast becoming a successful, fun and stylish home."
"We are very happy to see that investors are buying in Bansko lifestyle, not just chasing a quick buck, but admits that the Bansko ski resort is fantastic with a fantastic ski runs and facilities - exactly what you want to ski. They enjoy skiing and rent when not occupied. With five months of the season, a great summer climate, and so much to do around the mountain and it really is 12 months resort. the emergence of large companies such as Kempinski chain and the other 5 * hotels in Bansko are proof of that. "
"What I would give advice to potential investors? Investors are after two things, capital growth and yield. If you want to look at 12 months of rental returns is very important to buy the right development. You need to focus on three things: good quality workmanship , good view and good facilities. Put swimming top the list, because when there is snow on the ground, people will want to swim. also consider a gym, cafe or restaurant, health spa facilities and so on. Have a look at Crystal Apartments for a good example of this ."
"Do your research and find a developer with a reputation for high quality build. It is important for the longevity of your investment, because in 5 years I am positive that Bansko will be buzzing destination for leisure, lifestyle right place, and to is what will drive the market ."
"Are potential investors missed the boat? Not at all, prices are going up each month and experts predict across the board 30% increase. We are confident that our investment in Bansko will provide a great return, but still has plenty of money to be made there ."
Developer
Ferry Group Spanish construction and development company with a huge reputation for high quality development around the world. If Ferry Group decide to be part of the action in Bansko then you know it's time to sit up and take notice of the emerging space.
Ferry has 35 years experience in industrial property development and fair barometer in terms of potential locations. I asked the director, Manuel Ferry Sanchez, why they decided to invest in Bansko:
"We made a strategic decision to invest in Bansko. We wanted to build a residential complex in Bansko ski resort and felt it was important and progressive place to develop our Florymont ."
Florymont is 162 apartment complex, abundant with all the care and attention normally reserved for 5 star, 2 restaurants, spas, shopping mall, parking and security is part of the package. I asked Mr Ferry Sanchez why build such a big project:
"After much research, we concluded that the consumer demands high quality building with luxurious facilities. We would not be interested in building anything else. Bansko is a first class resort and deserves a first class accommodation for holiday makers and investors."
I asked Mr. Ferry Sanchez what he thinks the future may hold for Bansko and the village as well as new investments in the market:
"As a ski destination, Bansko offers all the off-season and a stunning natural environment provides a year round rental. There are lots of great opportunities and continue to be in Bansko and European customers showed great interest ."
"there is still room for improvement among the developers in terms of infrastructure, services and quality of new developments and it would be good to see a more transparent relationship between the parties on these issues, but overall I see Bansko as the potential to be one of the best international ski resorts anywhere in the world. it could be seen in the Sierra Nevada in Spain for a place comparable in terms of potential ."
Buyer
David de gage heads a consortium of investors with little interest in Bulgaria. From the purchase said, "It is very important to find a good agent. Buying in emerging markets like Bulgaria can be exciting and profitable, but it is also a risk measure because often they do not know who you are dealing with and to rely on the chain of communication between representatives and foreign builders. "
"My experience of buying on the Black Sea (Bulgarian coast) was rather difficult due to poor lines of communication employed agent we used. However, buying in Bansko was far easier as Simon Stokes of EPI is such an experienced agent in place. Simon understand the kinds of difficulties that can arise when buying off-plan in Bulgaria, such as delays in construction, contractual issues and so on. Good management of the buying process is important, but make sure you do your homework on the agent you use to ensure that they are legitimate, honest and experienced. These things are equally important in Bansko now as they were 2 years ago, if not more. it is important to feel confident when setting up a deposit check for people ."
"Why do we buy in Bansko? Originally we wanted to buy two properties on the coast and two in Bansko. In the end we went for three in Bansko and one on the coast as Bansko is a beautiful place. I was there many times and as non-skier, I am well placed to comment on Bansko as an "all seasons" resort. I love the fact that the village was built around a beautiful historic town surrounded by stunning mountainscape. There is so much to see and do here ."
"As an investment consortium we are very pleased with our purchase in Bansko and considered it five year plan based on the rapid expansion and is considered Bansko infrastructure. You can actually see the money spent on facilities and it's pretty obvious when you visit place to improve ."
Now ...
Earlier this year the Daily Mail awarded Europe's most improved Bansko Ski 2006.Užaren witness to all the effort and money that has gone into the city infrastructure and facilities in recent years. Praised by Olympic skiers skiing and general public alike, Bansko has retained and improved upon its reputation as one of Europe's top ski town, and yes, you can still make a lot of money buying properties there ..
To learn more about Florymont or crystal-Apartments Visit [http://www.exclusive-international.com] or call Simon Stokes on 0800 916 8750