Luxury housing will be the next big hit on the Bulgarian real estate market, said Ilian Nikolov, regional director for Bulgaria of the US real estate chain REMAX.

Nikolov made his comments at a news conference on October 20 to mark the start of the two-day real estate conference Imoti Expo - Autumn 2006 held at Sofia’s Inter Expo Centre.

More than 100 property developers, construction and real estate investment companies took part in the fifth annual Imoti Expo. International exhibitors accounted for 13 per cent of the participants in last year’s exhibition.

The decisive factors when purchasing housing in the future in Bulgaria will be green spaces, nearby shops and services, sports facilities and parking space, Nikolov said.
At present, the average price of one sq m of housing in Bulgaria was 200 to 400 euro, excluding the price of land. In Romania, the price was 600 euro and in Greece 800 euro, Nikolov said.

Some of the companies in this year’s conference presented investment opportunities abroad. Imo Invest International presented investment opportunities for France, Dubai, USA, Germany and Italy, for example.

Aspitur Ltd, a member of the Bulgarian consortium Aspi Group, advertised its two projects for the Bendita Residence and Regina Mare apartment hotel complexes in the Bulgarian Black Sea village of Tsarevo. The property, comprising of apartments ranging between 40 and 120 sq m, should be ready by June 2007.

The investment company Imperial Build exhibited its project for a five-star golf complex at the foot of the Pirin mountains.

Longservices SRE, a consortium of Bulgarian, Italian and Swiss entrepreneurs, is developing properties in Lozenets, Tsarevo, Ahtopol and Varvara and is ready with the conceptual design for a development in Kiten. The Lozenets Beach condo complex, comprising 120 units, should be completed by 2008. The company is investing in a second, smaller condo complex also in Lozenets. The Bay View complex in Tsarevo will have built-up area of 12,000 sq m and should be finished in time for the 2007 summer season.

Property developer Home for You is completing the first stage of the Oasis vacation community near Lozenets. The company said it has bought up adjacent plots to add a further 100 units to the complex in 2007.

Ski tourism developments also continued apace. Over 100 new properties are in development in Pamporovo. Ecoinvest is one of the companies making progress on their projects in the resort. Its 65-unit Nevyastata condo complex should be ready by the end of 2007. The investment comes at two million euro.

VIP Building is developing the 300-unit Dream Lake complex in the resort which should be ready in late 2008.

The Irish investment company Kendar is building a 333-unit condo complex near the golf course in Razlog. Construction is due to start in early 2007.