Bulgaria Faces Apocalypse of Empty Hotels, Residential Complexes

In a few years, Bulgaria may end up with "dead zones" of deserted hotels and residential complexes. Photo by BGNES

In the next 5-10 years, Bulgaria will face a near apocalyptic situation with its economically unprofitable hotels which will be shut down, deserted, or even plundered.

This forecast has been made by Rumen Draganov, head of the Institute for Analysis and Estimates in Tourism, as quoted by the BTA.

Draganov has said that presently 20% of all of Bulgaria's hotels were not operating, and that at least 5% of them were economically unsound projects with bad location, materials, and looks.

In his words, if they are not restructured shortly, they would bring tremendous losses to their owners leading to an all-out crisis, in which at least 5% of the hotels will turn into "dead zones".

The crisis could be averted by changing the function of the buildings and turning them into hospitals, orphanages, nursery homes, business or residential buildings, or even prisons.

Draganov said that over 700 buildings - hotels and apartment complexes - have already been listed for sale around the country.

He made it clear that the negative trend spurred partly by the global economic crisis was also going to affect some of the newly-built residential complexes where the ownership of an apartment might turn out to be a burden due to the high expenses for its maintenance.

Draganov believes that the issue might be resolved to a certain extent through legal changes introducing a time sharing ownership in Bulgaria.

 

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