Greek Company to Build 300-Million Euro Complex near Bulgaria’s Bansko Winter Resort

A luxury complex will be built near Bulgaria’s most modern winter resort of Bansko.

The project, worth 300 million euro, envisions the construction of 650 homes, a hotel with 320 rooms, a spa centre, two golf courses and a downtown area over 4 square kilometres, according to the Bulgarian Telegraph Agency’s recent report.

The project, carried out by the real estate company Parthenon Holding, is supposed to be completed by the end of 2009. For Greeks have already purchased homes in the complex, which is located 10 minutes away from Bansko. According to the report, about 65 per cent of all the homes have been sold to Russian, British and German investors.

According to the same publication, Greek investors are also financing contruction in the town of Bansko itself, with their total investments amounting to 20 million euro.

Although the investment boom in Bansko took place in 2003 and the boom in construction of new hotels has been enormous in the last several years, experts say that new land for construction in the resort is hardly being bought anymore. The market has plenty of completed apartments that are available for renting or buying.

Even though a certain decline in the interest of British people in buying or renting property in Bansko as a result of the world financial crisis is observed by experts, the overall interest towards real estate investments in the resort has remained steady. The British, according to analysts, are being replaced by Russians, Greeks and Bulgarians.