On the Market: Irish investors seeking a place in the sun and entry into the emerging eastern European property market could be tempted by a new holiday village development in Bulgaria called The Garden of Eden.
Just outside the village of St Vlas and around 25 minutes from Bourgas Airport, the apartment, studio and villa development is being built on a prime beach-front location overlooking the Black Sea, against a forest backdrop. It is a joint venture between English and Bulgarian partners and comprises 547 villas, duplexes, studios, apartments and penthouses, when it is completed in mid-2006.
The scheme has its own beach, hotel, eight swimming pools, shops, restaurants, bars, leisure centre, spa and a small marina. Units are for sale off-plans and prices start from €45,000 for a studio apartment with an average of 50sq m (538sq ft) of living space, from 75,000 for a 90sq m (969sq ft) one-bedroom apartment, from 98,000 for a 112sq m (1,237sq ft) two-bedroom apartment and from €122,000 for a 140sq m (1,056sq ft) three-bedroom apartment.
Because of its location on a sloping site, around 85 per cent of properties will have sea views. The scheme has been designed to reflect traditional Bulgarian architectural style - stonework, timber cladding, deep eaves and red tiled roofs. Many of the apartments will be accessed via footpaths and bridges through extensive landscaping and planting.
Properties will have fitted bathrooms and kitchens but there will be different furniture packages and custom-made specifications for extra. Air conditioning will be provided in bedrooms and sittingrooms.
For Irish investors, Bulgaria properties offer tremendous value, and there is no shortage of cheap property. However property varies considerably in standard and in rental potential. Irish investors will be attracted to The Garden of Eden because of its good-quality design and good standard fit out.
They will also be drawn to the scheme because of its location on the Black Sea coast - a well-established and now rapidly growing tourist area.
If last year's reported 25 per cent capital appreciation in Bulgaria is anything to go by, investors can look forward to significant appreciation over the next few years. Since its launch, earlier this year, half of the units are sold with some 20 Irish buyers.
Management services will be operated by Eden Development for a fee of 600 plus VAT per year and owners will be able to avail of a rental management package, which has a target of at least 6 per cent yield.
Average rentals forecast for 2006 season are 170 for a studio, 260 for a one-bed apartment and 310 for a two-bed apartment after taking management fees and utilities into account, according to Eden Developments.
The Garden of Eden is just outside the village of St Vlas, which has some 3,000 inhabitants. It is four miles from the popular resort of Sunny Beach, which is set on a wide semi-circular bay, has 8km of sandy beaches and all the tourist facilities expected of a modern resort. Eight miles away is the town of Nessebar, a 2,000 year old UNESCO World Heritage Site.
The site is around 30-minutes from Bourgas Airport and about 90 minutes from Varna Airport. Bourgas Airport is served by many charter flights in the summer. The capital Sofia is a five-hour drive away. There are still no direct flights to Bulgaria from Ireland; but this may change after entry into the EU in 2007.
Garden of Eden: 0044 845 4669988 www.edendevelopments.co.uk
