About a dozen of offers for the sale of hotels at prices starting from 300,000 EUR have been staying on the shelves with estate agencies at Black Sea resorts for months. Last year more than 300 complexes of this type were on offer, remind brokers in Bourgas. But the situation today is radically different because most of them either went bankrupt or were taken by creditors. Those who survived were larger and financially stronger companies for which the hotel is not the only source of income. Many of the newly built family hotels are no longer active and are sold to individual apartments.
Today the average price of an existing hotel on the northern coast is less than 1,000 EUR per square metre, while levels on the south fell to 500-600 EUR, among weak offering. Transactions throughout 2011 could be counted on the fingers of two hands. Estimates are that next year the situation will not change much: there will most probably be few and expensive buildings for sale, few customers and incidental sales.
