Russian Buyers Key To Black Sea Coast Real Estate Recovery

The global economic crisis has taken its toll on property markets all over the world

, and property in Bulgaria is no exception.

The Southeast European Times, a news portal dedicated to Southeast Europe and Turkey, reported this week that Russian property buyers are being attracted to property in the Bulgarian Black Sea Coast. According to the piece, "Almost all of the deals for Black Sea coastal properties in the first half of this year involved Russian buyers", the reason being the strong cultural connection Russians have to Bulgaria thanks to language similarities and easy integration.

The Southeast European Times article quoted one Russian buyer named Maria who told them "I decided to buy a property here because of the beautiful weather, cheap prices and because it's easy to communicate with the local people. Apart from the low investment, life in Bulgaria is cheap too, which makes local resorts even more attractive."

More than 150,000 Russians have bought real estate in Bulgaria in the past five years alone, equating to an investment of over 695 million euros. Middle class families from St Petersburg and Moscow make up the bulk of these buyers, looking for residential property to use as holiday homes.

However, more Russians are moving permanently to Bulgaria according to Yyrii Solovyov, general consul of the Russian Federation in the northern coastal city of Varna, who told a recent press conference that Russian citizens are paying taxes in Bulgaria and are not just in the country for holidays.

This means that Russian buyers are also looking for property in Bulgaria for permanent residence, so it is not just holiday homes in the Black Sea Coast which are in demand. Russian buyers also tend to purchase with cash and do not have to rely on credit approvals, which isalso helping to grease the wheels of a property recovery, particularly in the Black Sea Coast area which Russians are particularly favouring.

For those who want to sell property in Bulgaria, the Russian buyer market is key right now. How to target that market is another matter, and using standard high street real estate companies is not enough.

The property market in Bulgaria is increasing over the last ten years and the financial benefits of property in this region is evident. Bulgaria is an area of great interest when it comes to invest in property. It can benefit you short and long term.

by: James P Martin

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