Bulgarian Tourism Sector Forecasts 8.5% Growth in 2015

Deputy Mayor of Sofia, Todor Chobanov predicted growth of between 7% and 10% in Bulgaria's tourist sector this year, in a statement earlier this week.

The improved outlook comes on the back of Bulgaria's strengthening economy which recorded its first Q1 budget surplus since 2009, with €128m in its public purse ripe for re-investment.

Bulgaria's winter sun resorts had a spectacular 2014, recording an increase in visitor numbers of 9.2% to the nation's ski slopes during the season, according to Tourism Minister Nikolina Angelkova.

Todor Chobanov presented Bulgaria's Regional Tourism Product Development project on Monday, part of a national scheme to invest in tourism infrastructure to support predicted growth in the sector.

The local government project will see investment directed towards the municipalities of Sofia, Ihtiman and Svoge. The development package includes routes to over 20 historical, cultural, religious and natural sites in the three municipalities.

Ivo Marinov, Director of Municipal Enterprise Tourist Service confirmed that Bulgaria's capital registered a 7% increase in tourist numbers in 2014, consolidating its position as the country's most important economic sector.

Tourists have flocked to Bulgaria's ski resorts throughout the season although there has been a distinct rise in interest in the country's many spa hotels, adding another dimension to its tourist market.

In terms of property investment, strong growth in tourism is a dynamic that adds value to a resort purchase. Bulgaria is an attractive destination all year round due to its rich landscape that features awe-inspiring mountains thick with snow during the winter and glorious sun-baked beaches on the Black Sea coast.

As Bulgaria's tourism expands, its real estate market will be positively impact, with demand for properties in major cities and resort areas expected to see growth in 2015. Low levels of new construction will ensure that demand remains consistent although prices are likely to increase as a result.