Villa for sale  Pestera, €33,000.00

Off-plan apartments for sale  Sunny Beach, €49,319.00

Land for sale  Varna, €12,000,000.00

Apartments for sale  Nesebur, €30,307.00

Off-plan apartments for sale  Bansko, €35,000.00

Apartment for sale  Sofia, €92,500.00

Apartments for sale  Bansko, €40,690.00

Apartments for sale  Bansko, €70,000.00

Golf complexes

Published on: 09/10/2006

Bulgaria has turned out to be one of the most attractive countries for the investing in real estates. In the beginning the hit among Englishmen, Irishmen and Germans were the typical Bulgarian houses in small villages. They attracted foreigners with incredible nature and authentic Bulgarian culture. “The greatest wealth of your country is that you have both mountain and sea. You have to use this combination to attract more foreign investors and buyers” said more experts. And so it happened. Bansko has become the biggest winter resort and Sunny Beach has turned out to be very popular among those who prefer sea to mountain. The lack of development strategy for these regions has led to their overcrowding. This is why some foreigners willing to obtain a luxury property directed their interest towards another real estate sector in the country – the golf complexes. Some entrepreneurs build the course first and then the complex of real estates around it. Others start the two stages simultaneously. Some offer their clients to choose themselves the architecture of the house they want to live in. No boom in the construction of properties in these golf complexes can be expected as the houses and the hotel part are built around the course and actually around it, explain analysts. There is, however, another problem which can put off foreign investors and this is bad infrastructure. Golf complexes should be close to a big town and to an airport and roads have to be perfect. Unfortunately most people working in this field do not see solutions for this problem if the government does not take serious measures.

THE BUYERS ARE MOSTLY FOREIGNERS
Bulgaria turned out to be a suitable country for the building of golf courses, because this sport can be played almost all year round. Golf on its own does not bring profit. Incomes come from the holiday villages or closed type complexes in which small houses with luxury flats and a hotel are built. Only part of the properties are sold, the rest are rented out. This is how investors return their capital.

At the moment there are 10 golf courses finished or under construction in our country. The first two were built in Ihtiman in 2000 and Sliven in 2004. The investor is currently building a course in Razgrad, and will very soon start the construction of a course and complex 11 km. from the center of the capital, in the foothills of Lulin Mountain, where air changes 7-8 times a day. This project aroused big interest mainly because of the opportunity to combine sport with recreation and work. Apart from golf the complex will offer spa procedures and the hotel part will be suitable for seminars and conferences.

The strategy of the company is first to build the golf course and then the real estates. Buildings are situated around the golf course. On the golf course in Ihtiman there are already 7 houses sold – all of different types – Bulgarian, European, Japanese styles. Foreigners are showing the strongest interest in Bulgarian one, which is in the style of Koprivshtitsa. The main advantage is that the buildings are facing the course. They are between 120 and 180 sq. m. The garden area is 300 sq. m. Houses are sold fully finished for 1000 EUR/sq. metre. The complex will be ready in June. It will have 33 apartments and some of them are already sold to Englishmen. A big advantage for the Bulgarian golf courses is the fact that apart from golf they are also suitable for a lot of other sports such as horse riding, football, tennis, basketball and volleyball. The complex in Ihtiman is at the moment with 12 houses, but 6 more can be built there. The idea is the number of houses to be the same as the number of holes on the course – 18. This, however, is not the whole capacity for building real estates around the golf course in Ihtiman.

Two new golf courses will be built near Balchik and between Razlog and Bansko till the end of 2008. Together they will worth 118 million EUR. The investors are two Bulgarian building companies and the project is developed by the leading British golf expert Ian Woosnam in cooperation with European Golf Design.

For the complex near Balchik, preliminary calculation shows that its construction will cost 56 million EUR. This golf complex, which will be situated 25 min. from the Varna international airport, will take up 12000 sq. m. unfolded built-up area. The residential part will be divided into five quarters, each of which will give different services to the visitors. The 31 houses in it will unveil stunning scenery as they will be on the edges of the cliffs right over the sea. Another intriguing view – the one to the golf course will also be enjoyed from the estates. They will also consist of self-contained houses, but situated on the very golf course. Another quarter will be next to the 18th hole and this way, visitors of the resort will be able to watch the golf finals from their rooms.

All relaxation and entertainment facilities will be there – spa center and stables, trade and sport complexes, establishments and the hotel. Three types of real estates will be built – over 550 4-5-storeys buildings with studios, 1-2 or 3- bedroom apartments and maisonettes; over 70 self-contained houses with gardens and over 80 row houses with gardens.

The second golf complex is situated on 900 decares of the Razlog valley and only 3 km. away from Bansko will also be finished by the end of 2008.

Investments by the two Bulgarian companies will be 62 million EUR and the unfolded built-up area - 120 000 sq. m. As in the golf resort of Balchik, the residential part of the complex will consist of 5 different quarters, divided by the forests covering the slopes of Pirin. They will be in the higher part of the terrain and this will make possible for visitors to watch the golf in the lower northern part. There will be built four-storey residential buildings. The hotel complex with spa and commercial center, restaurants, cafes, etc. will also be there.

The other quarters will be with over 700 4-5 –storey buildings with studios, 1,2, or 3- bedroom apartments and maisonettes; over 40 self-contained houses with gardens and over 60 row houses with gardens. In the golf club there will be sports center and stables; mountain brooks will run across the 18 golf fields; there will also be some water features.

In a lot of countries the construction of golf complexes is preceded by the construction of the golf course.

LIMITED NUMBER OF OFFERS FOR TERRAINS NEAR THE GOLF COURSES
The size of the plot for a golf course is determined by the number of holes on it. Usually in Bulgaria terrains of 500-600 decares are looked for to build a golf course with 18 holes. In case more real estates are built around the sport facility the plot needed could reach 800 decares. Finding big plots is among the main problems because of the fragmentation of agricultural land.

Most investors are showing interest in buying land near the sea. Apart from building real estates the region allows for the construction of yacht quays. Similar idea has Eddie Jordan, owner of the Jordan Formula 1 team, who in the autumn of 2005 announced that he was planning to invest significant amount of money in the construction of a residential complex, yacht port and golf course. The terrains will be provided by the municipality of Bourgas. They are in the quarters of Akatsiite, Pobeda, Sarafovo and Rosenets Park.

The Black Sea Coast is the region where the construction of most golf courses is planned. At this stage there are two golf courses projects. Terrains on the North Black Sea Coast around Balchik are offered at 24 EUR/sq. m. 20 plots of different size closed to the planned golf course are on offer. 15 decares, situated 700 m. away from the complex in Tabiata are offered at 20 EUR/sq. m. The terrain will have an area of 175m., on an asphalt road.

The village of Topola is near Balchik and respectively near the two golf courses. Prices there are higher than in Balchik because of the beautiful sea scenery and due to the fact that this is one of the few areas along the Black Sea Coast which has not suffered from urbanization and overbuilding. Only about ten plots are very close to the golf courses and this significantly increases their price. Terrains around the resort complex of Albena are offered at average price of 70 EUR/sq. m. A regulated corner plot of 560 sq. m. with 40 m. facing the road to the sea and 13 m. on the road to the new course can be bought for 100 EUR/sq. m.

Apart from the sea the other attractive destination for buying land is Bansko. About 50 plots near the golf course which is now under construction are on offer. The average price per sq. m. is 62 EUR, but values vary depending on location towards the spots facility. A plot of 8000 sq. m. right next to the golf course near Razlog with face on a new panoramic road and 10 km. away from Bansko can be bought for 70 EUR/sq. m. A lot of unregulated plots are offered in the same area which gives opportunity for the making bigger plots and developing bigger projects. Significantly cheaper are the plots in the area of Dolna Banya, Sofia region. 59 agricultural plots near the golf course there are on offer and the average price per sq. m. is 12 EUR. A regulated plot with a visa for three houses in the village of Kutina close to the golf course which is now under construction is offered at 15 EUR/sq. m. The most expensive plots could be found around Pomorie at the average price of 92 EUR/sq. m. On the contrary, it is most affordable near Kableshkovo - 6 EUR/sq. m.

Source: The Real Estate Magazine, June 2006

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