Bulgaria's property market, once again becoming a real estate focus for UK buyers, has now developed to include Russian investors as a major driving force within its continuing recovery.
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Over 200000 Russian nationals have bought property in Bulgaria and Alex Romanenko, President of the International Real Estate Federation (FIABCI), has announced that the total cost of the properties they have acquired now exceeds USD 1billion.
According to Romanenko, the similarity between the Russian and Bulgarian languages, as well the traditional close connection between the two countries are among the factors which contribute to the strong interest on behalf of the Russian buyers.
It was announced last week by Bularian National Radio that, while UK buyers are beginning to return, Russian buyers dominate the market and Bulgaria still ranks first in Russia among the countries which attract the most buyers in the mid-price market segment. This was confirmed by real estate agents who also commented that property prices fell by around 25 to 30% last year and these are the levels around which the market will stabilise in 2011.
According to Romanenko, the similarity between the Russian and Bulgarian languages, as well the traditional close connection between the two countries are among the factors which contribute to the strong interest on behalf of the Russian buyers.
It was announced last week by Bularian National Radio that, while UK buyers are beginning to return, Russian buyers dominate the market and Bulgaria still ranks first in Russia among the countries which attract the most buyers in the mid-price market segment. This was confirmed by real estate agents who also commented that property prices fell by around 25 to 30% last year and these are the levels around which the market will stabilise in 2011.
Related articles:
Bulgarian Property Prices Reach Their Baseline
Positive Signs of Recovery in Bulgaria's Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011
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