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Bansko property news : 16 July 2007
An executive order issued by Bansko Mayor Kravarov today, stops any further new construction and bans new off-plan developments in Bansko ski resort. The order has a 14-day appeal period, but it's widely believed that it has Government backing and will not be overruled.
The move was expected and it will mark the end of Bansko property acquisitions at bargain prices. The Mayor's executive order puts an end to any further new developments being granted planning permissions and is expected to influence property prices in the best East European ski resort, which still stay at 3 times lower levels than anywhere in Europe with 4 months snow on the slopes.
Experts believe that Bansko resale property market will start soon. Many, who banked on the Bulgarian 2014 winter Olympic bid and formed portfolios, comprising of several apartment units are now entering the Bansko resale property market. Prices are expected to vary dependent on quality, location, amenities and property management offers that come with the units.
It's believed that the present, 2-tier (international and local) Bansko ski resort property market may not merge earlier that 4-5 years. Until then, some of the best offers may not be available on Bansko's main street, which hosts most local estate agents' offices.
In addition, local sources confirmed that implementation of a 4 mln. BGN Bansko ski zone improvement programme was started. It will help preserve Pirin Mountain magestic nature.
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