Sarafovo, a residential district of the coastal city of Bourgas, is turning into the hottest property investment spot in Bulgaria’s Black Sea coastal region.

Property prices in Sarafovo reached 750 to 1100 euro per sq m. Prices were similar to those in the famous sea resorts of St Vlas and Sunny Beach, 24 Chassa daily reported.

Sarafovo’s advantage is its proximity to the beach and to the Bourgas airport.

More than 40 properties are being constructed in the area. The property offered is mainly apartments, studios and villas featuring pools.

Real estate agents said that the lodgings were more suitable for seasonal habitation and mostly foreigners purchased residential property in the area. Mainly Britons and Russians were interested in Sarafovo.

Property purchasers’ interest was increasing. According to 24 Chassa in one or two years the buildings under construction will be used for year-round habitation.