If you’re looking to sell apartment in Pamporovo, Bulgaria, we have good news and bad news for you. The good news is that property prices in Pamporovo are much higher today than the lows witnessed in 2012-13. However, here’s the bad news – they are nowhere close to the prices they were selling for – and for which you probably bought them for – in 2008. That being said, let’s find out a bit more about Pamporovo and what makes it special.
Pamporovo is a world class ski resort that is located in the majestic, snow-capped Rhodope Mountains. Living in Pamporovo is a wonderful experience in itself, as you are surrounded by unassailable natural beauty all around you – dramatic peaks, deep gorges, thick pine and spruce forests, beautiful alpine villages and the loveliest meadows dotted with enchanting flowers.
It should hence surprise no one that Pamporovo is such a popular tourist hotspot, receiving hundreds of thousands of foreign visitors every year. Pamporovo is at a distance of 85 km. from main Bulgarian city of Plovdiv and 260 km. from the Bulgarian capital, Sofia. It has been a popular ski resort since 1933. The climate in Pamporovo is cool and pleasant, and just perfect for tourists looking to have a fun holiday. Pamporovo receives 270 days of bright sunlight and has the reputation of being the sunniest ski resort in Bulgaria.
Skiing is the main attraction here. There are 18 km. of alpine tracks and 3 km. of long distance tracks. Pamporovo has one of Europe’s best skiing schools as well. Now, property in Pamporovo has always been popular with foreign investors, because of the high rental income they can get from them when they are not staying there themselves. Pamporovo’s property market is a very stable one. It’s not one where property prices rise by more than 5% a year, but you are more or less insulated from shocks as well.
Bulgarian ski reports as Bansko, Pamporovo and Borovets are very popular in the international market. One reason for this the relatively low cost of apartments for sale in Pamporovo, Bansko and other Bulgarian ski resorts.
The average price of a gondola in Pamporovo costs 350 EUR/sq. metre, and that of a golf apartment, 250 EUR/sq. metre. A typical studio apartment in Bansko sells for around 8,000 to 12,000 EUR; a one-bedroom apartment sells for 15,000 to 20,000 EUR and a two-bedroom apartment sells for 22,000 to 25,000 EUR. Golf apartments sell very well – they may fetch you around 20,000 EUR for a one-bedroom apartment.
One reason why the prices in Pamporovo are not where they should be is that the supply is much greater than demand. There are over a thousand apartments for sale at any point and only around a 100 get sold in a month – so there is a mismatch between supply and demand. Most of the buyers of apartments in Pamporovo are foreign nationals, mainly from Russia. You don’t get too many Bulgarian buyers in Pamporovo.
There is also a strong demand from Greek millionaires for Pamporovo apartments. That’s because several well-to-do Greeks are looking to take their financial assets away from their home country, which is thick in the middle of a financial crisis and invest in a much stable economy, where their savings will be safe. Bulgaria certainly fits that criterion, and for this reason, Pamporovo properties are a big hit with Greek investors.