The majority of buyers of holiday apartments in the "Elenite" resort, which was literally submerged under water during the recent heavy rains a few days ago, are Russians. The reason Bulgarians avoid buying property in this resort is that a significant part of the buildings do not have Act 16. However, the prices are more attractive compared to the neighboring resorts of Sveti Vlas and Sunny Beach, brokers comment.
Currently, just over 200 holiday apartments are being offered in the resort, according to a report on the largest real estate website imot.bg. The strongest offer is for 2-bedroom properties - 114 units. The average offer price is 1000 EUR/sq m. Prices also vary depending on the infrastructure offered by the building in which the property is located. Apartment with an area of 79 sq m. located in a brick building built in 2005 is offered for 82,500 EUR. A slightly larger apartment - 86 sq m, however, can also be found for 57,000 EUR.
In second place in terms of supply rate are 3-room apartments - just over 60 offers. The average price is 1050 EUR/sq m. Here again, all properties are furnished and ready to move into immediately after purchase. A 97 sq m apartment can be purchased for 96,000 EUR.
The fewest offers are studios - only 24 units. The average offer price is 1020 EUR/sq m. The majority of the properties are from the secondary market. Most were built 10 or more years ago. A new apartment with a 57 sq m Act 16 received months ago is being sold for EUR 46,800.
At the moment, it is difficult to predict how property prices will change after the flood. According to experts, the damage must first be assessed, how much it will cost to restore the objects and how long it will take. It is also possible that we will see an increase in supply, as a result of the desire of some owners to prefer to sell their property instead of investing additional funds in its renovation.
Detailed statistics on the average prices of properties in Bulgaria by city and neighborhood can be seen at imot.bg