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If you’re looking to sell overseas property in Bulgaria, the best way to get it off your hands quickly is to sell to Russian buyers. Russians are the biggest investors in Bulgarian properties by far. Russians have been buying properties in Bulgaria for over a decade and a half, ever since Bulgaria opened up its real estate market for overseas investment.
There are concerns that remain – there’s a worry that Russian interest in the overseas property market has declined over the last two to three years because of the recession in Russia, largely due to the fall of oil prices. There’s also a feeling that the Russian buying power is not what it used to be.
This is true, but that doesn’t affect home sellers in Bulgaria who are looking to sell overseas property to Russians in any way. There are many reasons for this.
For one, properties in Bulgaria are very cheap. Most cost under €50,000. This means, it’s not Russian Oligarchs, who generally buy high end properties worth millions of dollars who are snapping up villas and apartments in Bulgaria. In fact, it is the middle income Russians who are looking for a way out of Russia who are investing in Bulgaria.
This is a big difference. Russians who are interested in buying properties here are very cost conscious. They like the fact that Bulgarian property prices are among the lowest in Europe.
So, in fact, the slowdown in the Russian economy is actually beneficial for those looking to sell overseas property in Bulgaria as it has forced many Russians to look to buy here, rather than, say, in Spain or France, where the property prices may be unaffordable for them.
As a matter of fact, Bulgaria figures on the top of the list of the top 10 countries where Russians are buying overseas property, according to the data available at this Russian property portal.
Here’s a top 10 of the countries where Russians are buying in the overseas property market, along with the percentage of the Russian investment:
1. Bulgaria – 14.5%
2. Germany – 8%
3. Finland – 7.9%
4. Spain – 7.8%
5. USA – 5.2%
6. France – 4.8%
7. Czech Republic – 4.6%
8. Italy – 4.3%
9. Egypt – 3.2%
10. Turkey – 3%
So where are Russians investing in Bulgaria? They are mainly buying apartments in beach resorts like Sunny Beach and other places on the Black Sea Coast. They are also buying properties in cities such as Plovdiv, Varna, Burgas, and, of course, Sofia, the capital of Bulgaria.
Why do Russians buy properties in Bulgaria? Most buyers want to invest in a holiday home that they can retire to during the summer. Others are looking for a place to retire to. Some are buying properties here purely for investment purposes, so that they can earn a rental income from it.
As a matter of fact, Russians have purchased over 500,000 properties in Bulgaria, including over 100,000 at the Black Sea Coast. They have also bought over 50,000 apartments at Sunny Beach. This just goes to show the extent of the Russian involvement in the Bulgarian overseas property market.
If you need to sell property in Bulgaria fast contact us today we have Russian Investors waiting.