A new view of Bulgaria
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There was a time when a soggy weekend at the British coast might have sounded more attractive than the idea of taking a holiday in Bulgaria - let alone viewing it as a potential holiday home.But since it threw off its Communist shackles and started to open its doors throughout the 1990s, many visitors have been pleasantly surprised by its stunning mountainous regions, attractive coastal resorts and picturesque traditional villages. And, compared with established tourist destinations, it is amazing value for money.
Basics such as bread and rice are a quarter of UK prices, fruit and veg, up to a third and coffee, 50% cheaper. A £60 three-course meal in the UK would set you back a mere £20 in Bulgaria, while local wines and spirits are around two-fifths of UK retail prices.
The economics also hold true for land and property. Which is why work started in January on a new tourist development aimed at holiday and second-home owners.
Called Geshaview, and set in the picturesque, unspoilt Central Planina region, it is designed to break the holiday home mould. As the developers put it: "If you're fed up with neon signs, noisy bars, fast food, crowded beaches and being surrounded by imported cultures in your production-line apartment, this is definitely for you."
Geshaview (named after the village nearest to the development) will be Bulgaria's first "ecotourist" village. Situated close to the country's ancient capital of Veliko Tarnovo, it will boast about 100 properties, with one-bed apartments selling for £45,000 and four-bed villas for £145,000. Bulgaria's likely entry into the EU in 2007 is predicted to spark a price hike, so buying now could prove a shrewd move.
All the homes will be built in the Bulgarian rural tradition, promising "stunning views" over the hills and valleys. Local activities include a spa centre, mountain biking, rambling, fishing and a calendar of local festivals. Local craft shops, services and a farm will supply the village and organic restaurants are the order of the day.
It's all the £11million vision of three UK entrepreneurs: twin brothers, Rob and Chris Downham and David Hollands. The brothers had a decade of experience in the UK property market through their Simplicity Financial company when David Hollands first introduced them to the potential of Bulgaria.
He already ran a successful property consultancy called Homes in Bulgaria. The brothers launched Bulgarian Home Loans, (BHL) in April 2005, with great success.
"By the year end, BHL was already handling 90% of all residential property finance from the UK to Bulgaria and had taken off well beyond our expectations," said Chris Downham. "This confirmed our view that this was a market of huge untapped potential. We'd long wanted to pursue our own development out there and were looking into this new concept of 'ecotourism'. We were after a different type of tourist - those that valued the local environment, who respected and wanted to sample the local culture. We also felt quite strongly that anything we did should create jobs and provide investment for the local economy."
Under the flag of theirs and David's newly formed subsidiary company, SimpliBulgaria, the brothers took their ideas to the Bulgarian authorities at the end of 2004. They were impressed. "We eventually got an excellent backer for this project," said Rob Downham.
While Geshaview is not scheduled for completion until late 2007, it's already pushed SimpliBulgaria to a projected £14m turnover in its first year and that's already being ploughed into lake and vineyard developments.
Basics such as bread and rice are a quarter of UK prices, fruit and veg, up to a third and coffee, 50% cheaper. A £60 three-course meal in the UK would set you back a mere £20 in Bulgaria, while local wines and spirits are around two-fifths of UK retail prices.
The economics also hold true for land and property. Which is why work started in January on a new tourist development aimed at holiday and second-home owners.
Called Geshaview, and set in the picturesque, unspoilt Central Planina region, it is designed to break the holiday home mould. As the developers put it: "If you're fed up with neon signs, noisy bars, fast food, crowded beaches and being surrounded by imported cultures in your production-line apartment, this is definitely for you."
Geshaview (named after the village nearest to the development) will be Bulgaria's first "ecotourist" village. Situated close to the country's ancient capital of Veliko Tarnovo, it will boast about 100 properties, with one-bed apartments selling for £45,000 and four-bed villas for £145,000. Bulgaria's likely entry into the EU in 2007 is predicted to spark a price hike, so buying now could prove a shrewd move.
All the homes will be built in the Bulgarian rural tradition, promising "stunning views" over the hills and valleys. Local activities include a spa centre, mountain biking, rambling, fishing and a calendar of local festivals. Local craft shops, services and a farm will supply the village and organic restaurants are the order of the day.
It's all the £11million vision of three UK entrepreneurs: twin brothers, Rob and Chris Downham and David Hollands. The brothers had a decade of experience in the UK property market through their Simplicity Financial company when David Hollands first introduced them to the potential of Bulgaria.
He already ran a successful property consultancy called Homes in Bulgaria. The brothers launched Bulgarian Home Loans, (BHL) in April 2005, with great success.
"By the year end, BHL was already handling 90% of all residential property finance from the UK to Bulgaria and had taken off well beyond our expectations," said Chris Downham. "This confirmed our view that this was a market of huge untapped potential. We'd long wanted to pursue our own development out there and were looking into this new concept of 'ecotourism'. We were after a different type of tourist - those that valued the local environment, who respected and wanted to sample the local culture. We also felt quite strongly that anything we did should create jobs and provide investment for the local economy."
Under the flag of theirs and David's newly formed subsidiary company, SimpliBulgaria, the brothers took their ideas to the Bulgarian authorities at the end of 2004. They were impressed. "We eventually got an excellent backer for this project," said Rob Downham.
While Geshaview is not scheduled for completion until late 2007, it's already pushed SimpliBulgaria to a projected £14m turnover in its first year and that's already being ploughed into lake and vineyard developments.
02.03.2006, Real Estates
