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Overdevelopment of Bulgaria's top sea resort

Dnevnik Daily, 12.04.2005

The rampant accommodation and residential construction in Slanchev Bryag has started to take the holiday paradise shine off Bulgaria's biggest seaside resort. Tour operators, hoteliers, realtors and bankers suddenly have on their hands a resort suffering from a severe case of bed overcapacity, compounded by flagging popularity among holiday-makers. For the first time since the start of the tourism boom along Bulgaria's Black Sea coast, the price of hotel beds and residential units is falling while the banks have turned the tap on the credits for further construction developments in the resort. The scale and breadth of construction in the resort has overwhelmed the available electricity, water supply and sewerage infrastructure and the tourists staying in Slanchev Bryag this summer may well have to face brown-outs and water rations, deputy regional development minister Savin Kovachev warned a couple of days ago. Owners of accommodations facilities in the resort said the overall bed capacity will exceed 50,000 this summer. A total of 25 buildings are under construction in the eastern part of the resort in close proximity to the beachfront. Their completion will place on the market 2,000 residential units on top of the 3,000 that are already on offer in the western part of Slanchev Bryag, further inland. The price of an all-inclusive overnight package could be had right now as cheap as 12 euro in three- and even in some four-star hotels, tour operators told Dnevnik. Several hotel owners are looking to get out of their property and seek business opportunities further south along the Black Sea coast where construction has been more sparse. "I would sell immediately if someone comes up with a decent price,' Dnevnik was told by Ognyan Sapunov, owner of the Delta and Delta Beach hotels. The resort has been reduced to an urbanised concrete jungle where prices have nowhere to go but down. One poor season and the banks will assume ownership of half the resort, said Sapunov. (Dnevnik) see source