Sat, Feb 11 2012
Bulgaria has turned to golf, a sport not too popular in the country until now, looking to attract affluent tourists, AFP reported on February 14 2008.
"Golf tourism development is very important - the regular tourist usually spends from 50 to 100 euro a day, while the golf tourist would rather spend from 400 to 500 euro," according to Kuncho Kunchev, an investor in the Black Sea Rama golf complex in Balchik, quoted by AFP.
"Without quality golf courses Bulgaria will remain a cheap destination. It will continue to attract tourist flows, but without any major impact on the economy", he said.
Bulgaria's Black Sea coast and its mountain resorts are popular among more "modest" tourists from Western Europe and those from the former Soviet countries. At the same time savvy investors have anticipated Bulgaria's strong potential as a golf destination.
Climate and nature are similar to those in Spain, one of the most popular golf destinations in the world. Only three golf courses are now functioning in Bulgaria, but 15 are in the pipeline.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.