Russian Paper: Great Time to Buy Holiday Home in Bulgaria

The current market situation presents a great opportunity to buy a holiday home in Bulgaria, according to Russian newspaper "Rossiyskaya Gazeta".

"This year the Russians' enthusiasm for acquiring a home abroad is breaking records. While up until 5 years ago, it was only the wealthy Russians buying apartments, villas, and beach-front houses abroad, those are now affordable for the middle class as well," the paper points out in an article Thursday.

It states that vacation properties in Bulgaria are about as popular with Russian buyers as are properties in France, Spain, Portugal, and Cyprus; it also mentions that Russians are ranked fifth by the total investments in real estate in Western European countries.

According to the paper, there are already a total of 340 000 Russian owners of Bulgarian properties.

It emphasized that a one-room apartment on the Bulgarian Black Sea coast could be bought for as little as EUR 17 000.

"The properties worth up to EUR 50 000 are about 80% of the properties on sale in Bulgaria, and it is very profitable to invest with these prices. However, it is possible that the prices may drop because of the continuing escalation of the crisis, real estate experts warn," states Rossiyskaya Gazeta.

The publication does warn that sometimes Russian buyers make rash decisions on property purchase in Bulgaria, after they arrive on vacation and see the "white-sand beaches", and could squander their savings.

Citing hefty utility prices and regulations in Cyprus and Spain, the paper advises potential buyers first to rent a place in the country they have chosen, and to study well the respective property before making a purchase.

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