Dhalia's Bulgarian project, the Balkan Jewel, is nearing completion.
A totally Maltese development initiated by Dhalia Real Estate two years ago, the project consists of 160 spacious apartments finished and furnished to high standards and complemented by all other amenities of a holiday complex.
Features include a restaurant, mini-market, lobby bar, fitness centre and spa, outdoor heated swimming pool and conference facilities.
By September, Vector Management, a UK company engaged to ensure high specifications of construction and finish, will hand over the keys to Colliers International, the internationally acknowledged property specialists entrusted by Dhalia to run and market the complex as holiday accommodation.
When the project was initially launched among Maltese investors two years ago, 70 of the 160 apartments were sold within two days to local investors. This month, Dhalia launched an investment scheme to attract more direct Maltese investors into the project through a private placement to complement Dhalia's 25 per cent share in the Balkan jewel.
Dhalia and the new Maltese investors will receive income from the rental revenue for a period of at least five years, after which the property will be sold and investors will receive the initial investment and any capital gains derived from the sale of the property.
Dhalia's Chris Grech, who has been overseeing the project, said: "Our chairman and chief executive, Franco Valletta, and myself, have done our homework diligently and we are excited about our venture in Bulgaria. Notwithstanding its fair share of turbulence in the current economic climate, we believe Bulgaria has a very promising future as a great holiday destination."
The heady days of double-digit increases in property in Bulgaria are over, and so is the mad rush to buy everything at figures as low as €10,000 for a two-bedroom house or one tumolo of land.
Following the stampede, especially by British and Irish investors who bought property without even seeing what they bought and going through the proper legalities, the property market is currently going through a rationalisation period in terms of prices and quality of construction.
In June, the centre-right Citizens for European Development of Bulgaria was elected to office. That same month, the EU approved €1.25 billion for Bulgaria's roads following the suspension of the funds 12 months earlier.
Apart from huge infrastructural projects currently underway, Bulgaria consistently invests heavily in its tourist industry, which is still enjoying growth, albeit at a slower rate than that enjoyed before the financial crisis.
Tourism represents 14 per cent of Bulgaria's GDP, with 70 per cent of visitors coming from the EU. Although this year tourist arrivals dipped from double-digit increases between 2004 and 2007, Bulgaria is still registering a healthy 4.8 per cent increase in tourism on its annual five million tourists; the World Travel and Tourism Council predicts 20 million visitors by 2017.
At a time when the world is struggling with a financial and economic crisis, Bulgaria is well placed to get its fair share of tourists. The country is an all-year-round holiday destination enjoying the four seasons in all their glory and holidaying in any part of the country costs a fraction of the equivalent European destinations.
Bulgaria's main attractions are its kilometres of stunning beaches on the Black Sea, its spectacular scenery of mountains, lakes, national parks, world-renowned thermal baths, not to mention its rich historical and cultural heritage.
Skiing is one of the most popular holiday activities, with tourists flocking mainly to the world famous Bansko and Borovets resorts.
The small historical town of Bansko, situated 925 metres above sea level, hosts Bulgaria's largest skiing resort surrounded by the Pirin, Rila and Rhodopes mountain ranges just two hours' drive from Sofia's ultra-modern airport.
The current 65 kilometres of ski-runs, which cater for all levels of skiing experience, will have a further 200 kilometres of runs by 2011.
The Balkan Jewel is within a short drive from Bansko and is adjacent to an 18-hole golf course.