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Overbuilding kills market in Bansko

 
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baz
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PostPosted: Wed Jul 18, 2007 11:11 am    Post subject: Overbuilding kills market in Bansko Reply with quote

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An unprecedented withdrawal of buyers has been troubling brokers and developers in the Bulgarian mountain resort of Bansko. Since the beginning of the year, property deals have been at a standstill. The lack of demand has made real estate agencies shut down their offices in the town. The developers of holiday properties have cut their prices to levels unseen only a year ago.
The dynamics of the property market was triggered by Bansko's development as a winter resort and the construction of a gondola lift. The stagnation can be overcome if a second lift is built and if the golf course near Razlog is opened to more clients, not only to the owners of apartments in Pirin Golf Holidays Club, the manager of EM Stroy, Emil Bozhanov, said.

Source: FOCUS news agency
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