Prices on rise at Sunset Resort
At an RDS exhibition in 2003, a featured project was Sunset Resort in Pomorie, Bulgaria, which subsequently ran into myriad problems.
Remarkably the construction went ahead, which was not the case for many other developments. The Bulgarian coast, ski resorts and even Sofia are littered with incomplete developments.
Sunset Resort is what Appreciating Assets terms “an excellent front line development”. On a visit late last summer it was packed with tourists, quite a few of them Irish. Not all had intended it as a perennial holiday destination when they purchased, but that’s where the market has gone.
It is sprawling, with plenty of availability as a consequence. In general, sale prices in Sunset Resort are from 30 per cent to 50 per cent below what was paid between 2003 and 2008 – the peak years for Irish interest. But the average covers up an underlying issue. Sunset Resort was built in phases, so some owners who bought in the first phase in 2003 can almost break even when selling today. Those who purchased in the final phase would be lucky to recoup 60 per cent of their initial outlay.
At Sunset Resort in Pomorie (above) sale prices are from 30 per cent to 50 per cent below what was paid between 2003 and 2008. Below: Pirin Golf in Bansko