ECONOMY

New holiday villages to be constructed in Bulgarian ski resort

SOFIA (SeeNews) – Bulgarian property developer Veko Estate plans to build at least six holiday villages in Pamporovo, aiming to meet growing demand for properties in one of Europe’s southernmost ski resorts and attract UK buyers. The company has already completed and sold more than 30 villas, in a standard covered area of 250 square meters, at two holiday villages named Forest Nook, and plans to complete a third by the end of 2006. «Construction is financed solely through the sales of property up-front. We are planning to build a further three holiday villages in response to current interest,» Valeri Krushovliev, a co-owner in Veko Estate, told SeeNews by telephone from the southern town of Smolyan, where the company is based. Villas in the first two holiday villages built by Veko Estate were sold at a price of 710 euros per square meter, but increasing construction costs in Bulgaria have raised the value for the third holiday village to 880 euros per square meter and prices might rise further for future projects, he added. The Forest Nook 3 village, to consist of 35 villas and a bloc of 58 apartments spread over an area of 1 hectare, will cost some 3 million euros, said Krushovliev. «The supply of holiday properties in Pamporovo is still far from peak. The resort’s potential has yet to be developed,» he added. Pamporovo, located in the Rhodope Mountains in southern Bulgaria, is renowned as the sunniest mountain resort in Europe. It boasts a minimum of 270 sunny days a year on average. Three villas from the future Forest Nook 3 estate have been sold so far and all remaining properties should be booked within two months, Krushovliev said. Veko Estate is conducting a large-scale advertising campaign in the UK media, as it is focused on the markets of the UK and Ireland, said Krushovliev.