Here’s why I think buying property in Bansko is a good idea (see if you agree)…
I’m Ciara O’Kane, owner of www.propertybansko.com
So, you’re thinking of buying property in Bansko?
If you’ve done your research on Bansko property, you’ll know how low prices are right now.
Frankly, it scares a few people off. It shouldn’t, and here’s why;
These days, Bansko is a buzzy, busy winter resort town.It is also growing as a Summer resort. In the winter there is the obvious influx of a quarter of a million skiers, boarders and winter lovers. In the Spring and Summer, walking, hiking, festivals, concerts and shows fill the diaries of visitors from all over the world.
The town has received millions in funding to update the towns infrastructure, new drainage systems and new roads have all been added in the last few years. What was once the most neglected road in town has been transformed into a beautiful pedestrianised walk that takes visitors to the old town where dining is one of the cheapest in Europe. Bansko has astonishing beauty;
And yet you can buy a property in Bansko from as little as 15,000 euros (for a studio).
Why so affordable?…what’s the catch?
Well, here’s my thoughts on that. I was a property consultant in Spain for 10 years too. So I have seen how other, more mature markets ebb and flow. here’s what I think;
Bansko become a key European winter resort in 2004/2005.
Before that, actually for hundreds of years, it was a small mountain town,
agriculture was the main game in town.
Townsfolk were self sufficient. They kept cows, pigs, chickens and goats.
Take a walk around town outside of the ski zone and you’ll find that many still do.
Then came the ski resort, and things changed very quickly.
Local people sold land, they became wealthy.
Overbuilding happened just the same as it did in Spain in the early 2000’s
As the story grew that there was an affordable place to buy in a winter resort,so buyers flooded in.
As is human nature, less scrupulous agents pushed prices higher and higher.
Property prices went crazy for a while and in fact per square meter, property in Bansko was higher than the South Coast of Spain, a resort of over 40 years.
But that all changed in 2008. Boom to Bust…just like that.
You know the story, right?
But, here’s the thing;
The problem for Bansko (which is an opportunity for you) is that
it had only been developing for a few years, four at most,
when things suddenly went wrong on a global scale.
As a new resort with key infrastructure not ready and
huge building projects that suddenly ran out of money, it was right in the firing line.
Makes sense, right? – If Spain, with a 40 year history of tourism,
mature infrastructure and established base of foreign
buyers couldn’t dodge the bullet, what chance did Bansko have?
So, when the banks stopped lending dozens of complexes went bankrupt.
On top of that, unchecked growth led to an oversupply of properties,
so as more availability meant lower prices, the cost per meter dropped further.
Currently, buying a place here, fully furnished is actually below build cost.
In other words you can buy a property in Bansko for less than it cost to build it.
But the thing about Bansko is that the problem was all about timing. It just didn’t have time to mature. So when the money stopped flowing, everything else stopped.
But here’s the thing;
- Build quality in many (not all) complexes is excellent.
- In high season it’s packed.
- There are restaurants as good as you’ll find anywhere (and a few bad ones)
- New sewage systems have replaced the old.
- Roads have been resurfaced, entire streets pedestrianised.
- There’s a new motorway. My first journey from Sofia took four hours. Now it takes two.
- And (my personal favourite) 4G internet has arrived (yaaaay)
After some hard years, Bansko is coming back to life. It will be a beautiful town.
All this, yet the price of a coffee, a beer, a meal out are still really, really great value.
In fact, compare paying £1 for a beer in Bansko to £5 for a beer in French resorts,
where a property can easily cost five or six times what the same size, spec
and quality would cost you in Bansko.
Each season there are around 250,000 visitors to the town, from the
UK, Ireland, Greece, Turkey and the surrounding countries.
That’s a huge amount of money flowing into the town.
All that… is your clue to the future of Bansko.
Not a promise.
If I had a crystal ball I would have waited a bit longer before
I bought my place out here. But I’m here talking to you today,
because I believe this town has the best possible potential for
growth amongst all the Europe resorts.
It’s why I’m here. It’s why you should be too.
If you’re after a quick return, Bansko probably won’t be right for you.
You should keep an eye on the market, try and catch the next wave.
But, if you can buy now, enjoy the place as a second home
in Summer and Winter, let your family and friends enjoy it too,
and cover the bills with some seasonal rentals, it’s good.
If you understand that although you’ll still be taking a chance,
with property (where is that any different?), then Bansko
is a very, very good place to own a property.
If all that makes sense, I’d like to help you get it done.
Like I said , I’m Ciara O’Kane.
You can view properties here and although I’m in real estate.
I’m not a traditional real estate agent. I think you’ll appreciate the difference.
I don’t just sell properties.
The money involved (your money) and the decisions required are too important for that.
I spend time researching, comparing and creating the best opportunity
for your personal circumstances. Every client is unique, you are unique.
So the help I give has to be unique too.
This is important:
As an independent consultant I can represent you with any agent in town.
if you see a property on a website somewhere else, consider talking to me
before you contact the agency.
I’ll get the facts you need as someone who represents your best interests.
I’ll be your eyes and ears on the ground here.
That makes sense because if a property you see elsewhere is right
for you and with my help you decide to buy, the agency pays me
(it’s called an introducers fee), not you.
So you get someone on your side, for free (me)
So that’s Bansko, past, present and future.
If you’d like to be a part of that story, hit reply and tell me what you need.
I’ll respond quickly, answer thoroughly and give you everything I can so you can make informed decisions.
Until then, enjoy the day ,I’m looking forward to talking to you.