Is this the right time to sell a property in Bansko?
Before we tell you if this is the right time to place your Bansko property for sale, let’s find out what’s so great about Bansko that led you to buy a house here in the first place.
Bansko is one of the best places to live in Bulgaria, and also one of the biggest mountain resorts in Europe. Bansko has seen billions of dollars of investment from both the Bulgarian government and private investors which has seen it emerge as one of the hottest ski resorts in Europe.
Bansko can be reached by a 3 hour drive from the city of Sofia, which is the capital of Bulgaria and is situated right at the foot of the majestic Pirin Mountain. Up until 2009, the property market in Bansko was flying – there was no dearth of investors who wished to buy a property in Bansko.
However, the global economic recession changed all that, and between 2009 and 2010, property prices in the mountain resort fell by 40 percent. Suddenly, Bansko became an affordable place to live in for those seeking a place to stay in Bulgaria.
As one French national who has properties in Bansko remarked – where else can you buy a luxury apartment in Europe for just 15,000 Euros? So interestingly, even as the development of new properties here stopped for a while following the recession, people never stopped buying properties in Bansko. The recession made it even more attractive for foreign property investors to buy a property in Bansko at ridiculously low prices.
So as we head into the midpoint of 2015, how does the property market in Bansko look like? Surprisingly good! In fact, the Bulgarian National Statistics Institute reported that property prices in Bulgaria increased by 7% in 2014, and the rising property prices have continued, even in 2015.
The effects of the global economic recession are clearly behind us as properties in Bansko are looking attractive again, with people from Ireland and the UK looking to buy vacation homes here. There is also a strong demand from Eastern Europe, especially Russia and Ukraine, with the middle class of these countries looking to buy apartments in Bansko.
Overseas property buyers love Bansko because homes here cost just 395 Euros/square meter. Compare this to a similar winter destination and ski resorts such as Morzine in France, which costs 4,700 Euros/square feet. Clearly, Bansko is a winner because it offers a world class standard of living at an affordable rate.
Foreign investors are flocking into Bulgaria in general and Bansko in particular in 2015 and there has never been a better time to sell a property in Bansko for a really good price – the highest since 2008, which were the boom times for properties in Bansko.
But if you’re looking to place your Bansko properties for sale for a great price, it is important to get in touch with cash rich, high net worth individuals from emerging countries such as China, Russia and Ukraine. That’s why you need to hire international property agents such as WorldWide Group which have a formidable reputation in the overseas market, and have earned the trust of rich overseas investors.
At WorldWide Group, we have sold hundreds of properties in Bulgaria and several thousand across Europe. We are the #1 UK estate agents for overseas property markets. For more on how we can help you sell property in Bansko, fill up the contact form here. We will be sure to get back to you as soon as possible.