Bulgarians Buy out Russian’s Real Property on Black Sea Coast

Business | May 4, 2021, Tuesday // 10:19|  views

Russians with properties on the Bulgarian Black Sea coast are now selling them en masse. Their withdrawal from the market is not because of the coronavirus, but because of the depreciation of the Russian ruble, according to brokers quoted by Trud.

There are some who have taken out loans in euros in their homeland to buy property here. Recalculating the loan worth on the basis of ruble exchange rate against the euro, they see that having property in Bulgaria is disadvantageous. Ninety percent of the Russians’ apartments by the sea are currently locked and announced for sale.

"Over 5,000 apartments were purchased by Russian citizens, but under the current circumstances they are announcing their property for sale. What is more important, though, is that there is interest from Bulgarians who want to buy property in Pomorie, because besides sea, sun and sand the town offers something else - the healing mud", say real estate brokers.

However, while the Russians are withdrawing from the real estate market, Bulgarians with savings invest boldly in houses and apartments. The realtors see a strong interest in buying spacious homes, as well as land plots by the sea near a large city.

"I would say that along the Black Sea coast most are looking for properties in Burgas. This is the city where potential buyers may come from almost everywhere. They could be foreigners, they could be from Haskovo, from Yambol... The city is nice, well located between the southern and northern Black Sea coast."

The expected entry of our country into the euro area causes many Bulgarians to invest in property, although 80 percent of the purchases of dwellings are with a mortgage loan, brokers report.

"Much of the demand is for realty in Sozopol, but there are deals concluded in Pomorie and Nessebar," brokers say.

Many Bulgarians who are worried about devaluation of their money prefer to put their savings in real estate.

"The others may buy a home for investment purposes, as property is a commodity that never loses its price like gold," the brokers say. They also acknowledge the lack of Britons who traditionally bought rural properties in Strandzha.

In recent months, only one German citizen has bought a house in Sozopol. But the interest of Turkish nationals, whose desire to buy property in Europe is mostly related to the possibility of doing business, makes an impression.




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Tags: Bulgaria, Black Sea coast, property, Russians


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