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11.01.2008 Russian Websites Full of Bulgarian Property Offers

www.propertywisebulgaria.com

Russian property websites are now full of offers for Bulgarian real estate, Monitor daily writes. More than 7 000 offers - out of a total of 24 000 - are now for Bulgarian developments indicating an increased Russian interest in Bulgarian properties, primarily in the holiday property segment.

Unlike the Irish and British, Russians do not usually buy for speculative reasons. Instead, they want to reside in the homes purchased. They prefer investing in high-quality establishments, either on the beach-front or with mountain views if at ski resorts.

А Russian client would not buy a resort apartment which has not been fully completed and is still in gypsum plaster and cement paste. These customers seek mainly turnkey offers for holiday units, according to brokers' observations. They add that Bulgaria is becoming a popular location because of its geographical and cultural closeness to Russia.
There is also an interest in apartment complexes situated in balneological resorts - like Sandanski, Velingrad and Banya village (near Bansko).

Rapid appreciation of real estate in Russia, particularly Moscow, is another factor stimulating interest in Bulgarian real estate. Middle class people opt to invest in property abroad so as to secure their money against devaluation.

Out of EU countries, only Latvia rivals Bulgaria in terms of the number of offers on Russian property websites. And yet, the total number of Latvian offers is less than half of those offered by Bulgaria.

Cyprus, which is popular with Russian holiday real estate buyers, is represented through some 2200 sale offers. Spain, Montenegro and Turkey lag far behind with 1981, 1089 and 1081 offers respectively.

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