Russian Buyers Of Vacation Properties On Bulgaria's Coast WaningProperties | September 4, 2014, Thursday // 11:29| views
The Ukraine crisis and the sanctions against Russia are already affecting Bulgaria's vacation properties sales on the Black Sea coast, reports Investor.bg.
According to the analysis, sales of vacation properties to Russians, who were the most numerous buyers, and as a whole, are already dropping.
The main factors, affecting the Russian buyers, are the record low exchange rate of the rouble and the mass bankruptcies of Russian tour operators.
At the same time, however, the drop is somewhat compensated by an increased interest on part of Bulgarian and British buyers, who, in the times of crisis, had lost their interest in buying vacation properties almost completely.
According to the Green Life investment company, quoted by Investor.bg, in June and July this year, the number of potential Russian buyers who looked at various properties on the coast, dropped almost twofold, year-on-year. The interest of Russian buyers, however, remains at mostly the same level.
Teofil Petrov of Green Life said there are still highly motivated Russian buyers who arrive in Bulgaria after a serious market research.
According to both Green Life and the Address real estate company, the most active Russian buyers were elderly couples and families with children.
Another real estate company – Bulgarian Properties – told Investor.bg that there was a 7% drop in sales to Russian buyers, but they remain the largest group and account for 80% of sales of vacation properties on the seaside.
At the same time Green Life saw a 10% increase in sales to Ukrainians who are withdrawing from the market of the Crimean peninsula, annexed by Russia.