Land and residential space in Velingrad, in south-western Bulgaria, almost doubled their values for a year, prompted by growing interest from developers, Stroitelstvo Gradut (Construction and the City) weekly reported.

The turn of 2008 saw a surge of investor interest to spa tourism in Velingrad area. There was a significant interest in buying rural and forestry land with the purpose to invest in apartment complexes and hotels, the weekly said.

Currently, agricultural land in the region trades at 15 euro a sq m on average, in certain cases reaching as much as 120 euro a sq m, which is a remarkable rise on previous year – in January 2007 farming land was offered at 15 leva a sq m.
 
The town master plan is currently being amended. It envisions a future growth of the urban area in the direction of the towns of Pazardjik and Draginovo. There are plans for building an 18-hole golf course near the dam.

A lot of five-storey complexes are situated on the outskirts of Velingrad, near the Radonova banya mineral spring and about 700m from Kleptuza lake. The prices vary from 1 190 euro a sq m to 1 245 euro a sq m.