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772 Hotels for Sale on Bulgaria Real Estate Market

Date: 21.08.2009

"Hotels at the Black Sea shore are sold for years, but currently there are more than usual offers", an expert said.

772 hotels around the county are currently for sale on the Bulgarian real estate market.

The prices vary from several hundred thousand Euro to EUR 17,9 M, statistics based on the advertisements in the biggest real estate web site, www.imoti.bg, showed, the Pari Daily reported.

The lack of tourists, due to the global economic crisis, makes it impossible in some cases for the owners to pay there credits. This is shown as one of the reasons for the increase in the number of offers.

Another reason is that many of the hotels are working at loss, and their owners cannot afford to maintain the facilities, experts say.

The most expensive offer is of a hotel at the Black Sea shore in the Bulgarian resort Sozopol. Its price is EUR 17,9 M. However, considering the size of the property, 17 900 square meters, the price of EUR 1 000 per square meter is reasonable, experts commented.

The cheapest hotel on sale is for EUR 120 000, and is located in the Northeast border town of General Toshevo, Dobrich District.

"Hotels at the Black Sea shore are sold for years, but currently there are more than usual offers. Part of the hotels are mortgaged, and some owners are worried about the future of their business, because of the low number of tourists. However, there is not increase in the demand. Everybody is waiting. There is some interest, but compared to the two-three years ago, the market is very still", Teodora Nikolova, manager of the real estate agency "Gradev", said.

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