Foreigners Drive Up Property Prices In Melnik

Property prices in Bulgaria’s southern town of Melnik and in neighbouring areas have soared due to the increased interest in the wine-growing region, Standart daily wrote on March 10.

The little town and the near-by villages have recently seen a flood of Bulgarian and foreign visitors willing to buy property in the area, which in turn pushed up real estate prices in the region. A decrepit rural house sells at 20 000 leva and a better-preserved dwelling can go for as much as 40 000-50 000 leva, local residents were quoted as saying.

“There are houses that are practically unsellable due to the exorbitant prices that the owners are asking. You cannot sell a ramshackle building for 30 000 leva. Some of the local residents have inflated prices to incredible levels,” locals were quoted as saying.

However, the interest in the popular viticultural area has not ceased. A growing number of people want to settle in Melnik region, enticed by the majestic sandstones, the fresh air and the divine wine, Standart daily said.propertywisebulgaria.com