Tuesday, 26 August 2014

Russians are giving up their properties in Bulgaria for Turkey

Turkey and Greece are on track to replace Bulgaria as a top destination for property purchase of Russian-speaking customers. The previous wave of Russians who have bought Bulgarian real estate has decreased in proportion, say the observations of brokers who work with vacation properties.

"The positions of Bulgaria as a leading market for holiday homes in Russia is gradually moving slowly towards Turkey, Greece and other exotic destinations mainly in Asia such as Dubai, UAE. Currently the Bulgarian market is mainly attracting Russians with rather modest financial means. Their rich fellow citizens prefer to spend their money in Western Europe and mostly buy property in the UK, Germany, France or Spain.

The cause of the decline of the Russian real estate interest in Bulgaria may be sought in the events in Ukraine and the economic embargo imposed by of the EU on Moscow and vice versa. The devaluation of the Russian currency is also detrimental to the Bulgarian property market, say brokers. About two months ago, it became clear that the demand for Bulgarian properties in the most popular Russian search yandeks.ru fell by between 30% and 35%.

Yet there are still many Russians who are buying a second home for permanent residence in Bulgaria. "In the last year and a half sharp increase in the number of Russian-speaking clients who chose Bulgaria for a second home, mainly at the sea and mountain resorts of Bulgaria. They are looking mainly for not too large homes with a budget of around EUR 35,000 - EUR 45,000 on the Black Sea and around EUR 30,000 for the same in Bansko and other mountain resorts.

Source: www.standartnews.com

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