Prices on rise at Sun­set Re­sort

The Irish Times - Thursday - Property - - Feature -

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

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