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Riverland ski and leisure resort will soon be launching a superb range of 820 luxury apartments in Bulgaria’s up and coming Borovets resort.  Riverland is being developed by BLD, the Bulgarian property developer and AIM listed company.  The project has been in the offing for some time, though now the Super Borovets project has broken ground things are likely to move at a considerable pace.

Riverland Ski and Leisure is set to become one of Borovet’s signature developments strategically placed within easy reach of golf and spa facilties, in addition to the planned gondola station. The development will include substantial leisure, business and retail facilities and is certain to attract huge attention from international press.

Offplan investors in Borovets would be well advised to get in as early as possible as steep price rises are expected as construction progresses, and in line with Borovets’ improving infrastructure and desirability.

Click here to find out more about the Riverland Ski and Leisure Resort.

Buying a property in Bansko or visiting the resort on holiday offers a cheap alternative to more expensive European resorts and if you are purchasing an apartment, provides a viable medium to long term investment vehicle.  So long as you don’t have unrealistic expectations expecting Bansko to have transformed itself from ancient little town to world class ski facility in 5 years, then you will not be disappointed. Those who have already invested or are looking to invest in Bansko should also bare this in mind – look at your investment as a long term strategy.  The town has a long way to go in all sorts of ways and there is a great deal of newly built property on the market.  This means that (as with any emerging market) a resale market is a long way off, in that the market must reach a stage where there is no longer any new stock available and the old stock is desirable enough to purchase.  So if you are thinking about buying rather than just holidaying, this should be a main concern: ‘Will anyone really want to buy my apartment in Bansko in 15 years time should I wish to sell it’.  If you’ve bought the right apartment in the right location then that answer should be yes.

Be realistic – if you are visiting Bansko you are doing so because it is cheap or are making an investment decision based on the fact that it is currently inexpensive and looks set to rise.  Like most things in life there is a reason why it is cheap so expect things to be developing or pretty much undeveloped.  Bansko as we know it today has emerged from an extremely impoverished background and now has great ambitions for the future. Bansko’s relentless expansion and infrastructure improvements may gradually lead to a resort which could make this comparison more realistic.  For example, the nightlife in Bansko is starting to improve dramatically from my first experiences (i.e. one or two bad bars) with the addition of some slick looking new premises, cocktail bars and restaurants.  I’m not suggesting that by the singular addition of a cocktail bar Bansko will transform itself into Mirabel, more that it suggests a nod in the right direction and a desire to improve.  What I’m talking about is a general enthusiasm to raise the standard of service.

For more information on Bansko refer to my previous post which I give my view of the best locations to buy in Bansko. 

Way back when the Bansko Property boom first began there was very little to suggest what might one day be regarded as a good or a bad location due to the fact that much of Bansko was a field.  10 years ago, Bansko was pretty much the same as it was since the turn of century.  Although, we have experienced property prices rise from around €800 per square meter to around €1500 + (for a well located property) in the past 3 – 4 years alone there is, I feel, a distinct advantage to purchasing now.

When developers first began building in Bansko their competition was limited as was their level of specification and design.  I remember spending my first night in Bansko around 4 years ago in nearly complete apartment block close to the Glazne Hotel.  Apart from being extremely cold (it was -20C at night prior to the first winter snows) I was staggered at the lack of thought which had gone into the design, finishes and facilities (i.e.none). Basic things like the stairwells being minuscule and no ski storage were highlights. My point is that as competition among developers increased they had to keep raising the bar in order to attract an increasingly discerning audience.  All of a sudden spa facilities were considered essential and location began to matter as build density increased.

Buyers looking to purchase now are paying a much higher price than they would have done 4 years ago, but they will almost certainly receive a better product – in fact they will get better value for money.  The developments on offer today not only have genuine 5 start facilities but also benefit from attractive payment plans and readily available mortgage finance. 

However, perhaps more importantly of all buyers can now view Bansko as a developed town and no longer need to second guess which area will become built up and which more desirable that the other.  I believe that there are 2 preferred locations, the up market Gramadeto area and either side of the ski runs.

Gramadeto area

I like this area as it is elevated up and away from the congestion of the main town yet within easy walking distance of all the amenities and gondola.  It also has a more upmarket feel perhaps due to the less densely packed construction and feeling of space.  Some superb developments here are the incredibly successful Paradiso Verde development in addition to the cutting edge St Georges Lodge also marketed by London agent Savills.

Gondola area

Being close to the gondola is a practical advantage and one favoured by most skiers. It will have a definite impact on the commercial viability of your apartment for both rent and sale.  Having said this the immediate area at the bottom of the gondola is rather noisy and busy, though this may be exactly what many visitors to Bansko want!  Nevertheless I feel that developments either side of the slopes going up towards the Pirin Mountains offer the best of both worlds.  Although there will be a premium on such properties the security of knowing that nothing can be built in front of your property is for me worth the extra investment.  Properties like Crystal Apartments for example are perfectly situated to offer easy access to skiing and great views.