Bulgarian Property
Property Services
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12.03.2008
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Source: Vagabond Magazine - www.bagabond-bg.com
Russian real estate in Bulgaria
Last year, Bulgarian real estate agents proclaimed Russians “the new Brits of the Bulgarian property market”. And indeed, Russians were the second most active buyers after the English. But such a comparison may be misleading, as there are rather striking differences between them. Over the last two years Britons have been purchasing more rural properties and relocating to Bulgarian villages year round to save money, since living costs are far lower than in Britain. As a result, there are whole villages as far as 10 to 40 km inland from the Black Sea inhabited mainly by retired UK citizens. Russians, on the other hand, go to Bulgaria to spend money and hence buy holiday homes in upscale resorts. When Britons purchase such properties, they do so primarily to sell them later for profit. Russians, however, buy apartments in holiday complexes strictly for personal use.
Both Russians and Britons do have something in common when it comes to their shopping style: more than 50 percent invest with no clear idea of what they will do with the property in the future. They invest in Bulgaria simply because they've heard it was fashionable and profitable. Despite centuries of political and cultural relations with Russia, Bulgarians find their new neighbours from both countries equally exotic and greet them with hospitality as well as curiosity.
The UK rush on Bulgarian property has slowed during the last few months. However, it is still too early to say whether Russians really will become the new leaders on the property market because Bulgaria is facing strong competition for Russian roubles. In 2007, 15 percent of all Russians purchasing holiday homes did so in Montenegro, while only seven percent bought in Bulgaria. But Bulgarian real estate agents have not given up their campaign to turn the Black Sea coast into the Russian Riviera West. If things go their way, in a few years Varnagrad and Moscow-on-the-Maritsa might not be laughing matters.
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