After several years where BulgariaÃ¢â¬â¢s property market has struggled, a leading Russian news service believes that the current situation in the country offers a great opportunity to buy a home. Newspaper Rossiyskaya Gazeta says that now is a great time to buy a holiday property in Bulgaria thanks to low prices and a great choice of homes.
We look at the recovering Bulgarian property market and why it is so popular with Russian buyers.
Low property prices attracting overseas buyers to Bulgaria
The newspaper reports that: "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.Ã¢â¬Â
Holiday homes in Bulgaria are as popular with Russian buyers as homes in Spain, France, Cyprus and Portugal. Rossiyskaya Gazeta says that 340,000 Russians already own properties in Bulgaria. The newspaper also reports that Russians are ranked fifth by the total investments in real estate in Western European countries.
Bulgaria does offer low property prices with a one-room apartment on the Bulgarian Black Sea coast available for as little as Ã¢âÂ¬17,000 (ÃÂ£13,333).
"The properties worth up to Ã¢âÂ¬50,000 [ÃÂ£39,220] are about 80 per cent 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.
While prices in Bulgaria are cheap, it is important not to make a rash purchase. The publication does warn that sometimes Russian buyers make snap decisions about buying property in Bulgaria after they arrive on holiday and see the Ã¢â¬Ëwhite-sand beachesÃ¢â¬â¢. The paper also advises potential buyers to rent a property in Bulgaria before they buy and to closely study any respective property before making a purchase.