1/3 of Sunny Beach holiday homes on the market
2007-09-19 10:00:00
Some 1,000 vacation homes in Black Sea resorts Sunny Beach and St. Vlas have been listed for sale, shows data of local real estate brokerage portal imoti.net. A third of the apartments were bought at 600-800 euro/sq m three to four years ago and now the owners are trying to sell them at double the purchase price. The holiday homes have been listed after the rent income they generated fell short of their owners' expectations. Most of the units are occupied for no more than 3 weeks and that amount of rent income is insufficient to cover year-round maintenance, let alone eke out a profit, commented imoti.net analysts. The asking price of holiday homes in the two resorts starts from 450 euro/sq m and tops out at 2,500 euro/sq m with the average price at 900 euro/sq m. Oversupply has developers struggling to move properties still under construction at sale prices above 1,000-1,200 euro/sq m, forcing them to throw in incentives like furnishings. Only fully-furnished seaview properties command sale prices of over 1,600 euro/sq m.

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