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New Bulgarian village on the way
Country: Bulgaria; Varna City, Bulgaria
31 January 2008
Homes Overseas on-line can exclusively reveal that plans to construct a new Bulgarian village in the city of Varna are close to being rubber-stamped.
The mixed-use complex will be located in Galata Cape, ten minutes South-East of Varna city centre. The new project, which will apparently span over 310,000sqm, will include around 1,300 new residential units, as well as office and retail space, a school, nursery, medical services, cafes, restaurants, supermarkets, boutiques, banks, leisure centre and a hotel. It is believed that construction will take place in three phases, with final completion allocated for 2011.
The new village will be a high-end project orientated towards attracting Bulgaria’s rich and famous, as well as foreigners looking for a holiday home.
We’ll have more details as and when they come available…
Editor’s comment
Buying property during the early stages of an off-plan project often provides a good opportunity to profit during the build period. While we don’t know at this stage what demand-supply levels for properties set within this new scheme will be like. It is worth noting that there are a number of Bulgarian areas in which there is currently a glut of unsold properties. This is particularly the case along the Black Sea Coast, where a number of homeowners are finding it difficult to exit the local property market, due to a severe oversupply of properties.
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