The ongoing segmentation of the Bulgarian holiday property market will knock out all but quality flats with good location, infrastructure and extra services, realtors said at a discussion about holiday resorts.
It is not holiday but investment properties that are sinking from the outflow of British buyers, said Lachezar Todorov of Terra Tour Service admitting times are tough for the holiday segment as well but quality projects would pull through.
We are back to business as usual after bargain-seeking Brits buying to rent out or sell on made room for Russians, who buy to live. The Russian market has 600 million prospective buyers but attracting only 600 of them would be just about enough, said local businessman Angel Lingorski, who is developing a project in Kavarna, on the northern Black Sea coast.
“The outlooks are not good for the near future, the market will grow more selective and only quality projects will be in demand,” said Yoav Shenhar, manager of real estate developer Tidhar Bulgaria.