As most investors are sending out negative signals about the seaside property market, a Russian company started a luxurious mega complex in the town of Pomorie, on the southern Black Sea coast. The Rich Daddy project will deliver about 20 flats on a 0.9 ha plot.

The segment has never been tapped before and so the project is set to be a success, said project manager Velislav Petrov.

Rich Daddy should be finished by mid-2010 comprising seven buildings with two restaurants, swimming pools and a three-floor spa centre offering more than 50 procedures. The complex will be managed by an international company.

Off-plan apartament sales started a year ago at some EUR 1,800-1,900 per square metre. Petrov said some 30 percent of the flats have been sold, to Russians, Ukranians, Scandinavians, Spaniards and Bulgarians.

Real estate agencies say flats in the most overbuilt areas sell for about EUR 500-600 per square metre. Properties in decent seaside locations are up for grabs for some EUR 1,000. But customers are unwilling to pay EUR 1,800-2,000 per square metre for first-rate complexes.