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Properties in Bulgaria Remain Attractive to Russian Buyers
Bulgaria’s entering the Schengen zone will increase property prices in the country, say Russian analyzers. According to the Bulgarian embassy in the Russian Federation, which summarizes the data of the consulate office, the influx of Russian tourists to Bulgaria is expected to increase substantially in the summer of 2011. 50% more visa applications have been submitted in the first quarter of the year compared to the same period last year.
Apparently, Bulgaria is an attractive destination for Russian tourists and this means positive perspectives for the property market as well. For most property buyers Bulgaria means cheaper properties. The biggest share of the property market in the country is occupied by this segment. High-spec residential properties are still relatively few.
For Russians Bulgaria is a country that is close to their mindset and way of life. It has everything for a carefree lifestyle – a sea, mountains, a wonderful climate, cultural and historical sites.
However, the more demanding Russian buyers are not interested in “cheaper” residential developments and look for gated developments with good property management services, as they do not stay in their properties all year round. Gated developments are the places where most deals are concluded and prices of properties there are higher.
The economic crisis and the high taxation levels in Greece, the construction crisis and the high prices of properties in Spain, Italy and Croatia limit Russian buyers in their search of properties abroad. Most buyers are ready to invest 100,000-200,000 Euro. For that amount of money in most countries they could buy a middle class property while in Bulgaria they can get a luxury property. In the last couple of years prices of real estate in Bulgaria fell considerably but since the end of 2010 the market has become more stable.
On June 8th the European Parliament accepted the report about Bulgaria’s technical readiness to enter the Schengen zone. Although the final decision will be made in the autumn this is a good signal. Entering the Schengen zone will mean more property deals and higher property prices. An advantage will be that property owners and their families will be able to get visas for the Schengen zone which will allow them to travel easily around most of Europe.
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