17 vacation complexes offered in Sozopol
According to the research of the investment company “GreenLife”, 17 complexes are offered in the region of Sozopol.
Four of them cover the requirements of the Russian buyers, which makes competition rather weak. The crisis in this segment of the market is not as pronounced as in others, commented the company. They are currently beginning the construction of it’s sixth resort complex at the Southern Black Sea coast – Paradise Gardens Beach&Sport Residence.
“Our strategy is to adapt our projects according to the new conditions of the market and the requirements of the new type of buyers – not stop or delay our production, because we know that the crisis scared numerous inexperienced investors. This weakened the competition and gave us greater chances”, explained eng. Nikolai Pehlivanov, owner and chief executive of “GreenLife”.
Paradise Gardens Beach&Sport Residence is located in the region Kavatsite and is part of the bigger resort project Paradise Dune Beach&Sport Resort, which will offer many other additional recreational activities.
The complex consists of 170 apartments divided into 6 separate buildings. It’s placed over a terrain of 60% green grounds. The complex features a beach, tennis grounds, mini football field, basketball field, swimming pools with two water bars.
The initial idea was to make Paradise Gardens an apartment-only complex, but the heightened interest of Russian buyers in luxurious villas and houses made the investor change the scale of the project.
“By now, we’ve completed 60% of the apartments in the complex and all the buyers are Russian citizens”, revealed Mariana Daskalova, director of marketing and sales of “GreenLife”.
“For them the purchase in Bulgaria is an investment, which saves them from the everyday devaluation of the Russian currency and gives them prestige and a place to spend their holiday away from the stressful life in bigger Russian cities.”
The prices of apartments in Paradise Gardens begin from 950 euro and reach 1400 euro per square metre.
“We know that the market is currently offering estates with prices under 600 euro per square metre, but selling under the actual price of the estate is hurtful for any investor in a longer term”, commented eng. Pehlivanov.
“The withdrawal of English buyers did not happen because of the higer prices – it was because of external reasons. We could hardly keep the attention of our Russian clients if we offered estates of questionable quality for low prices, and these past few months proved that”, said he.
“Despite the good amount of sales that we realize, we still keep in mind the international crisis and offer discounts”, admitted Mariana Daskalova. “But we keep them in the 10% range and for special conditions. Our clients are very interested in these promotional offers and this process isn’t related to their financial capabilities”, added she.
For “GreenLife”, the decrease of sales compared to the previous 2008 is only 10%, and they expect to lower that percentage even more during the summer season.