Bulgarian investors bargain hunting but few deals reached

property, Bulgarian investors

Investors from Bulgaria are showing interest in buying real restate in northern Greece’s Kavala region, but few deals are being reached due to the price gap separating buyers and sellers, according to the local mayor and real estate agents.

The island of Thasos, located opposite Kavala, has been a drawing strong interest from Bulgarian investors. This is reflected in the recent launch of a large resort in the Alykes area by Bulgarian interests, while a second hotel is being developed by Bulgarian investors in the area of Chrysi Ammoudia

Thasos mayor Kostas Hatziemmanuel told state news agency ANA-MPA that there is strong interest from Bulgarian investors but that added that “this does not always translate into deals."

“The residents of Thasos do not easily sell land and that is why there has not been a drop in prices despite the crisis,” said the mayor.

Real estate agent Iordanis Aggeliadis, who does business on Thasos, said that out of ten expressions of interest, one or two will end up in a final agreement.

Apart from the price being a sticking point, the lack of large size properties being up for grabs has put off some investors looking at building a bigger hotel units.

Aggelos Aggelidis, from real estate agent Remax, said that the profile of potential Bulgarian investors is changing, as Romanian and Turkish nationals also eye the area.

“It is not just the very rich (Bulgarians) that come to buy a house but also teachers, lawyers and notaries,” he said