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This summer, accommodation prices in Bulgarian coastal resorts are expected to decrease to three to four euro per bed, insurance.bg reported quoting tourism agency and property company representatives.
Experts believe that competition between hotels and vacation property that is usually offered for rent will cause the decrease.
Nearly 40 percent of Sunny Beach and Bansko vacation property is offered for sale. Most of the owners are British and Irish who would like to sell their property because of the credit crisis, agency representatives said.
The high supply naturally decreases prices of accommodation. Many owners expected annual returns of 30 to 35 percent and were disappointed when this never came true.
By the end of 2008, Bulgaria's accommodation capacity in hotels and vacation apartments will reach one million beds, head of the State Agency for Tourism (SAT) Anelia Kroushkova said. This development was positive but the problem was that most of these accommodation opportunities were concentrated in a small area, she said.
Experts believe that competition between hotels and vacation property that is usually offered for rent will cause the decrease.
Nearly 40 percent of Sunny Beach and Bansko vacation property is offered for sale. Most of the owners are British and Irish who would like to sell their property because of the credit crisis, agency representatives said.
The high supply naturally decreases prices of accommodation. Many owners expected annual returns of 30 to 35 percent and were disappointed when this never came true.
By the end of 2008, Bulgaria's accommodation capacity in hotels and vacation apartments will reach one million beds, head of the State Agency for Tourism (SAT) Anelia Kroushkova said. This development was positive but the problem was that most of these accommodation opportunities were concentrated in a small area, she said.
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Accommodation prices in Bulgaria's resorts to drop