Popularity of real estate ownership abroad continues to grow among Russians

As the popularity of real estate ownership abroad continues to grow among Russians, so are other countries eagerly seeking Russian buyers and investors to buttress local real estate markets.

A report released in August by sales and analytics website Tranio.ru, based on a March survey of 202 agencies and realtors selling property in 43 countries, showed that 15.9 percent of the respondents were selling Turkish properties to Russians, followed by Bulgaria at 14.6 percent, Spain at 13.8 percent, and Italy at 13 percent.

Latvia came in seventh, at 7.7 percent, but Russians have become significant buyers there. Each country holds particular attractions, depending on the clients’ preferences. According to Tranio.ru, 83.5 percent of the respondent firms said that most or many of their customers are Russian.

Bulgaria

Climate is also a major factor for Bulgaria, but the lower prices of properties also have a role in the selection process.

“Bulgaria has occupied leading places in the ratings for several years already,” said Nicola Stoyanov, managing director of Sofia real estate agency Bulgarian Properties. “An outstanding price-to-quality ratio at resort properties offered in Bulgaria attracts buyers from Russia, as does the beauty of the nature and the soft climate of our country.”

The lower prices make properties more accessible to a broader range of Russian buyers, not just business owners and entrepreneurs. Apartments tend to be in higher demand, as well, with many lower-cost complexes under construction aimed at Russians, for budgets up to €100,000.

Marketing targeted at Russians also takes into account the language similarity, as many Russian clients in Bulgaria tend not to speak other languages, according to Tranio.ru’s respondents. For Stoyanov, the common cultural relationship goes beyond language.

“Another reason for the huge interest and the large number of deals with Russians is our close Slavic languages and cultures, our Orthodox religion, our common history over many centuries and the positive image of Bulgaria among Russian citizens, confirmed even in the years of socialist development,” he said.

A law barring foreigners from owning land in their own names – which did not affect apartment ownership – has now been overturned.


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