The Black Sea Echo: A Touch Of Class

Marina Cape, a multi-coloured, pristine complex near Bourgas, is Nikolay Maister’s baby. When he talks about it he positively gushes, just like any fond papa would. “The location is fantastic and I don’t mean only the view towards the sea and the small marina,” he says. “From a developer’s point of view, proximity to an international airport and to infrastructure such as access roads, water and electricity, is also crucial.”

Maister had an unusual background, graduating in banking management in Tunisia and then working for two years in a very small consulting company that specialised in writing research on Tunisian listed companies. “Back in 1997, the Tunisian market was starting to attract the attention of international portfolio investors and those people needed information and advice in order to make investment decisions,” he says.

Now happily ensconced back in Bulgaria, Maister typifies the new breed of young Bulgarian business-savvy entrepreneur with an impeccable command of English, inside-out knowledge of the real estate market and determination to succeed.

Maister is now the CEO of a stock brokerage company called Intercapital Markets that advises Intercapital Property Development ADSIC, the developers of Marina Cape, a 40 000 sq metre complex consisting of 740 apartments.

If Marina Cape is anything to go by, Maister’s company chooses its projects extremely well. The complex is designed to be as family-friendly as possible: the distinctive shape of the buildings ensures many properties have a sea view and with its balance of prime location, striking colours and first-rate amenities it looks set to compete with the best offerings of comparable Mediterranean marina developments.

Maister says the idea was to create different areas at Marina Cape, rather like diverse neighbourhoods in a city. There are four neighbourhoods – the Marina, the Cove, the Tower, and the Lighthouse. “You have secluded areas with only sea in front and a small park behind. Then you have the pool and restaurants area, then the small commercial ‘streets’ with various shops and services.”

The complex also has a state-of-the-art entertainment and wellness centre, including a spa, squash courts, a gym, bowling alley and medical centre. The final stage of the project will see a conference centre, a large restaurant and luxury apartments.

Maister cites the choice of architect as fundamental to Marina Cape’s success. “We started by selecting a great location. Our architect, Vladi Nikolov, proposed a fantastic design of the overall complex and buildings. We then managed to execute the whole plan with high quality construction works, thanks to Midia, the project’s main contractor, and our supervising engineers and project managers. The result is a place with its own atmosphere, integrated with nature and the environment where no two properties are the same.”

Some may say that buying on the Black Sea is now something of a busted flush, but Maister denies this. “Two or three years ago, when the boom started many people thought all properties would increase in price regardless of the location, the quality of execution and the design of the buildings. Now they are learning the hard way that the Black Sea is no different from other regions; there are good and bad projects, just as there are good and bad locations.”

Marina Cape has proved resilient, defying predictions of naysayers. “In 2005, our first buyers were off-plan investors from Ireland. Back then we were ‘expensive’, we were selling at 800 to 900 euro a square metre, when developments in Sunny Beach West were offered at, say, 700 euro. Now that we are nearing completion, the last remaining front line apartments are selling at more than 2000 euro and there are few remaining front line properties left to buy. In Sunny Beach [Slunchev Bryag] there are plenty of new developments, very similar to each other, now struggling to sell at 600 euro a square metre. Buying at Marina Cape then seemed to many people a poor decision. Market developments and our efforts proved this wrong.”

He attributes his company’s success to the enthusiasm of his staff. “The people are the key. For the Marina Cape project I am part of a small team of young and ambitious people. They have all shown great skill, commitment and passion. People who, when they wake up in the morning ask themselves one question: ‘How do we do a better job today?’”

His immediate goal is to continue developing his own stock brokerage business, but to do so without compromising the quality of his services. “In the coming five years Bulgaria will probably move closer to ‘normality’, so perhaps one will need to make more effort to get some excitement into one’s professional life,” he says with an ironic smile.