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Oct 03, 2007 11:30 EEST
SOFIA (Bulgaria), October 3 (SeeNews) – Supply of holiday property in the Bulgarian mountain resorts and on the Black Sea coast has increased by 43% since the end of 2006 to 76,500 apartments but is likely to grow at a slower pace in the future, real estate consultants Colliers International said on Wednesday.
“The total amount of mountain and coastal holiday homes increased by 43% in the first half of 2007,” Colliers said in a report, adding, "Sunny Beach [Slanchev Bryag] continues to be the most popular coastal resort, accounting for more than 50% of all new supply."
Slanchev Bryag, alongside Albena and Zlatni Pyasatsi, is among the most popular Black Sea coastal resorts in Bulgaria. The country is also famous for its ski resorts Bansko, Borovets and Pamporovo. Industry officials, however, have warned against overconstruction in Bansko and Slanchev Bryag, which drives away tourists and investors as their interest shifts to less developed regions.
The halt of issuing new construction permits in Bansko will result in deceleration in new supply and the overall supply will continue to increase at a lower rate than in the past couple of years, Colliers said.
Colliers said prices of holiday homes were expected to remain within the current levels in the near future. They remained unchanged in the first half of this year as supply continues to outpace demand.
According to the consultancy, prices range between 800 euro and 1,700 euro ($1,134-$2,411) per square metre.
($ = 0.7052 euro)
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