Sanctions, Falling Rouble Force Russians to Settle in Bulgaria

Properties | December 22, 2014, Monday // 10:39|  views

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Russian citizens have increasingly started to settle in the peripheries of Sofia, near mountain Vitosha.

In the past two years Russians have been among the most active purchasers in the region, Bulgarian daily Telegraf reports, based on information of brokers and solicitors who participate in the deals.

Following the sanctions imposed on Russia by the European Union and the devaluation of the rouble, their interest has not come to a halt, but even increased.

The reason is that they see the Bulgarian market as salvation for their savings, as they can invest them in something material.

Back in the summer Russian media reported the trend that Russians have started to choose Bulgaria on a more frequent basis when purchasing real property.

Bulgaria is also seen as more attractive for developing business, so Russians buy properties there and relocate together with their families, reported.

Several years ago Russians would only concentrate on the big coastal cities in Bulgaria – Varna and Burgas, where they would aim to establish companies.

At present they have started to “conquer” the smaller towns as well, among which Balchik and Kranevo.

The Black Sea town of Pomorie is inhabited by 4000 Russians, who live their on a permanent basis.

The first thing that Russians usually associate Bulgaria with is the Black Sea.

However the current trend shows that more Russians consider the option of permanent residence in Bulgaria.

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Tags: Bulgaria, Russians, sanctions, rouble, devaluation, investment, saving, property, residence


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