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Russian Fever for Bulgarian Real Estate

It turns out that Russia is playing an important role in the Bulgarian economy again.

The country always appears at the last minute to save us. This time its help comes to the real estate sector.

From the beginning of this year 98.5 million euro was invested in Bulgarian real estates by foreigners, from which 45 million came from Russian investors. The low prices of the holiday homes, the good climate, the similar mentality and many others, have made around 100 000 Russians buy property in the country at the overall amount of almost 200 million euro.

From families with children to pensioners, everybody is being taken over by the fever to buy a place in Bulgaria. There were even giant billboards saying “We are buying real property by the kilo!” placed by agencies in Bulgaria’s biggest resorts and cities referring to Russian buyers.

The truth is that Russians have always liked Bulgaria, and during the summer tourist season our seaside was flooded with our northern Slavic brothers. They enjoyed the sun, the sea and all the entertainment our sea resorts offer. The latest statistics, though, show that when buying a real property they prefer bigger apartments not so near the noise of the resorts to the typical holiday dwellings. The Russians most interested in purchasing property in Bulgaria are mostly families with small children, which can bring us to the conclusion that every Russian with an average salary could afford to buy a home here. And this is actually the general case.

The buyers have found out that it is a pretty good investment to buy a decent apartment in a Bulgarian resort for the same amount of money they would have spent if they had bought a 1-room apartment in Moscow for example. Not only that the prices of the holiday and residential properties (in some districts) are very low now, but with the depreciation of the euro to the Russian ruble made it possible for everyone to purchase their own place here. A 50 000 euro apartment used to cost the Russian buyers 2,3 million rubles and now the sum has fallen by 15-17% to 1,9 million rubles. People can now afford apartments at the cost of 80 000 euro and more, point out the statistics from this year’s Bulgarian Real Estate Fair in Moscow.

The latest trend that popped up at the fair was that Russian pensioners are also interested in buying property in Bulgaria. Their pensions of 250-300 euro are more than enough for them to have a peaceful life in a Bulgarian town, so they just sell their property in Russia and buy one here, where they can find great nature, mild climate and similar culture and language.

But there is one other thing that is even more attractive to the Russian buyers- the status of citizens of the European Union. Getting a property in a country that is part of the EU, gives them the opportunity to take advantage of the rights of Europeans.

Written by Home Point BG.