Warm Winter Brings Down Property Prices in Bansko
12.02.2007The lack of snow in Bulgaria's Bansko brought to naught two of the strongest months for winter activities. Investors and owners in Bulgaria's Bansko are facing difficulties because of the unusually high winter temperatures, imoti.net reported. Real estate agents said that an increase in supply led to the offering of nearly 55 hotels for sale in the region. Average price is 700 euro a sq m. Furnished and operating hotels' prices range from 800 euro to 1100 euro a sq m. Despite the low prices a sq m, the total cost for a hotel is more than seven million euro, which is a quite big investment, agents said. Big hotels with built up area of more than 6000 sq m are very difficult to sell. Investors prefer small family-type hotels, imoti. net reported. Experts are pessimistic about Bansko's future, the website said. The lack of snow brought to naught two of the strongest months for winter activities. The bad season could be the reason for the bankruptcy of many investors who had used bank loans. If this happens supply will increase significantly and prices will continue to fall.
