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Kraimorie District, Foros Peninsula, Bourgas
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Gross Area* 500,000 sq. m. of land
Net Area** 410,000 sq. m. of Project Development Land
Zoning Land under regulation with construction permits to build 410,000 sq. m. gross floor area
* Gross Area = Total area of the project;
** Net Area = Gross Area less the land assigned for future infrastructure development (approx. 20% of the Gross Area).
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Owner: Bulgarian based legal entity
Key Advantages: Natural extension of the city of Bourgas as high-end residential area; Panoramic view of the Black Sea; Excellent accessibility by land and water; The Project Property Area provides opportunity for larger scale modern urban development with significant park land where residents could enjoy the beautiful natural surrounding while having easy access to the city center; Size of the investment qualifies for First Class Investor Certificate, i.e. the state has the obligation to develop the infrastructure.
LOCATION
Boundaries of the Project Property Land:
- North: Black Sea.
- East: Black Sea.
- South: Kraimorie District with view to Strandja Mountain.
- West: Black Sea and Natural Reserve Area.
Map 1: Bourgas District Area ("Foros Project" Property Area in red)
ACCESSIBILITY
- 10 km (7 minutes drive) from the centre of Bourgas;
- 25 km from Bourgas airport;
- The major highway to the South Black Sea Coast passes by Kraimorie District and is approximately 1 km away from the "Foros Project" Property Area;
- Ferry Service will connect Kraimorie District with the central parts of Bourgas;
- 20-30 km south of the outskirts of Strandja mountain;
URBAN PLANNING FOR THE "FOROS PROJECT"
The Bourgas Urban Master Plan plans for the development of Kraimorie District as a high-end mixed used district of Bourgas with predominantly residential buildings. The "Foros Project" Property Area, being a significant part of the whole district provides for:
- Residential Buildings;
- Commercial Buildings;
- Office Buildings;
- Entertainment/ Sports Facilities;
- Community Service Areas;
- Water purifier installation;
- Pertinent Infrastructure;
The construction permit of the "Foros Project" Property Area provides for:
- Ability to build about 410,000 sq. m.
- More than 60% of the land to remain parkland.
- Residential Area:
- Apartment houses with maximum height of 5 floors.
- Apartments/ Family houses/ Villas of maximum height of 2-3 floors.
- ResidCommercial Buildings:
- Retail Space.
- Office Buildings.
- Recreation (Restaurants, Entertainment/ Sports Facilities).
- Marina with:
- 150 parking lots for yachts ranging from 25ft to 50ft length.
- Two ship lots for ferry service.
Other:
- Beach coastline of more than 500 m;
- Natural Reserve Area in proximity;
- Favourable Geology Feasibility Study;
- Favourable water cleanliness study (water according to all ecological standards and suitable for swimming);
Map 2: Urban Planning for the Foros Project Property (outlined in red) and the currently built-up parts of the District of Kraimorie (outlined in black).
THE CITY OF BOURGAS
Residential Market:
- Bourgas city growth is naturally restricted from three lakes. Therefore the Bourgas Municipality plans for the Kraimorie District to develop as a natural expansion of the city;
- Currently Bourgas does not have a high-end residential district;
- The current average price of residential property in Bourgas is Euro 800 per sq. m.;
- Residential property situated closely to/ or facing the sea is very limited due to the port and City Sea Park. Therefore prices for such residential property often sell for more than Euro 1,000 per sq. m.;
- The current average construction costs per sq m in Bourgas are:
- Residential: EUR 450 (including finishing works)
- Commercial: EUR 400
Major Characteristics of the city of Bourgas:
- Moderate climate conditions with average year-round temperature of 12-13 C (January 2-3 C and June 21-24 C) with moderate breeze winds in the summer and north-eastern winds in the winter;
- 350,000 inhabitants – the second largest on the Bulgarian Black Sea coast;
- One of the fastest developing cities in the country;
- The biggest Bulgarian port – it deals with 60% of the cargo that enters Bulgaria;
- Of great significance for the port of Bourgas is the petroleum port Rosenec that works with 33% of the cargo turnover;
- Low unemployment rates of about 4%;
- Average income per capita is about 80% of the one in the capital Sofia, with which the town occupies the third position in the country;
- During the summer, Bourgas is visited by thousands of Bulgarian and foreign tourists, many of which seek opportunities for investment there, mainly in residential properties;
- Major economic activities are anticipated upon the start of the construction of Bourgas – Alexandropoulos Pipeline;
PROJECT DIFFERENTIALS
- First-to-Market Advantage – the project is the first one of its kind to be built in the city of Bourgas. The unique combination of residential, office, and commercial property will turn Foros in a natural expansion of Bourgas. Real estate properties of multifunctional use are still something that is lagging behind in Bourgas, compared to Sofia and Varna.
- High-end Market Niche – the proximity of the project to the city center, along with the variety of services it will provide, make it a perfect property for the middle-income class in Bourgas. As real disposable income increases, Bourgas citizens who currently live in communist-style apartment blocks will be looking for a new Western-type concept of living. Foreigners, especially Russian, English, other nationalities are also potential buyers as witnessed by current level of residential sales in both Varna and Bourgas. Bourgas also lags behind Sofia and Varna in respect to commercial and trade centers. The project will be ideally suited to meet increasing demand for high-end residential, commercial, and office space.
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Buyer's Guide
