Buy & Sell Bulgaria Insight Newsletter

13^th Oct, 2008, Martin Markov, “Narodno Delo” daily

From left to right: Alan Coleman, Alexander Nikolov, Christopher Violaris

Varna’s Beverly Hills is being planned in the region beyond the Varna Sea lake. The villages of Konstantinovo, Zvezditsa and the quarter of Galata will become the most attractive places to live, brokers predicted at a seminar devoted to land investments. In some projects across the Asparuhov bridge prices will reach € 1800 - 2000 per square meter, said the Chairman of Eurolink Investment Group, Mr. Christopher Violaris. Between 40 thousand and 60 thousand people are going to settle in the region over the next ten years, revealed Alexander Nikolov, Deputy MD of the company. His calculations were based on the prognosis in the draft of the General Town Plan (GTP) of Varna.

The existing city will be referred to as the Old Town and the new one will be situated on the other side of the lake. A new center and infrastructure will be differentiated in the region. The areas around the villages of Konstantinovo and Zvezditsa may be populated by 50-60 thousand people. This is a long term project which will be implemented over the next 10 years, said Mr. Nikolov.

The projects are not for holiday properties, but residential ones, both for Bulgarians and foreigners. Citizens from Denmark, Malta, England and even South Africa have shown interest to work and live in Bulgaria. According to Mr. Violaris family houses will be the most wanted on the market.

An ethnographic village and a yacht port will be built

An ethnographic village similar to Etara (near Gabrovo) will be constructed in the region of Konstantinovo, the investors announced. It will spread over an area of 600 square meters, which currently is sheep-runs. Traditional Bulgarian crafts will be presented there, and the houses will be built in a Renaissance style. A small yacht port will also be built, the construction of which will commence immediately after the adoption of the GTP.

Christopher Violaris discloses his opinions…

- Mr. Violaris which will be the most wanted regions of Varna?

- We invest in the new areas of Varna, provided in the new Master GTP - Konstantinovo, Zvezditsa and Galata. We expect a high growth in interest towards those regions. And I see the reaction. The most luxurious and elite quarter of Varna will be in the area of Konstantinovo

- How do prices vary in the village of Konstantinovo?

- What is the price? This is the sum of the price of the land, the infrastructure, the architecture, etc. A normal price - will not reach more than € 1800 - 2000 per square meter. That is a reasonable price.

- How will the global financial crisis reflect on the real estate market in our country?

- In my opinion investments in Bulgaria will continue. There is merely a change of interest towards alternative products. Until now, the interest was in holiday properties but in future it will be in residential buildings and especially family houses. There is future for developments. At a time when all financial products have collapsed, the interest towards the traditional investments has returned - for gold, diamonds, land.

- And yet, a lot of companies went bankrupt …

- Many companies went bankrupt because they were here only for the commission. Hereafter we will enter a stage of stabilization and this is natural.We are here for the long run and we work to give value to the region.

- What will the main problems, standing in the path of investors be?

- There can be no development without infrastructure. Just like the Lego meccano - in order to do something, you need to have parts. You can not have a new city without infrastructure. So far we have been experiencing problems with the quarters of Varna, such as Trakata. When exiting the main street, there is no road, nothing. You cannot build 3 000 - 4 000 apartments without sewerage.