Surge in New Hotels, Restaurants, and Tech Startups in Bulgaria
The economic landscape of the country is experiencing a dynamic shift as new hotels, restaurants, and technology startups emerge at an unprecedented rate
In the next 5-10 years, Bulgaria will face a near apocalyptic situation with its economically unprofitable hotels which will be shut down, deserted, or even plundered.
This forecast has been made by Rumen Draganov, head of the Institute for Analysis and Estimates in Tourism, as quoted by the BTA.
Draganov has said that presently 20% of all of Bulgaria's hotels were not operating, and that at least 5% of them were economically unsound projects with bad location, materials, and looks.
In his words, if they are not restructured shortly, they would bring tremendous losses to their owners leading to an all-out crisis, in which at least 5% of the hotels will turn into "dead zones".
The crisis could be averted by changing the function of the buildings and turning them into hospitals, orphanages, nursery homes, business or residential buildings, or even prisons.
Draganov said that over 700 buildings - hotels and apartment complexes - have already been listed for sale around the country.
He made it clear that the negative trend spurred partly by the global economic crisis was also going to affect some of the newly-built residential complexes where the ownership of an apartment might turn out to be a burden due to the high expenses for its maintenance.
Draganov believes that the issue might be resolved to a certain extent through legal changes introducing a time sharing ownership in Bulgaria.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
As of 2022, the count of fellow countrymen who purchased real estate overseas reached 2,154, based on data from the National Revenue Agency referenced by "Telegraph"
New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022