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Wed, Feb 08 2012
Rise in Russian demand for Bulgarian coastal real estate
A big rise of Russian investment in Bulgarian real estate along the Black Sea coast has been reported by private Bulgarian television channel bTV on June 25 2010.
About 100 000 Russians have purchased property along the Bulgarian coast. According to Yuri Salovyov, Russian general secretary to the Russian embassy in Varna, this means that more than 300 000 Russians regularly spend their holidays in the country, given that they normally arrive with their families.
"Multiply that by the amount of money invested in real estate itself, and the tax collected by the state, in addition to the fact that many Russians don't simply spend their holidays here, but they live here, and one can see the contribution to the Bulgarian economy," Salovyov said.
Russians generally tend to choose property along large resorts on the coast, or the Bulgarian mountains, but they also settle occasionally for a quiet, rural way of life in small villages, the report said.
"The great demand for real estate, which initially came from the UK and other English-speaking countries, is being steadily replaced by Russian-speakers," said municipal mayor Avren Todorov.
"Many Russians are seeking to buy single family homes facing the seafront or flats in the cities, as many of them have decided to outsource their business to Bulgaria and move here permanently," real estate agent Stefan Atanassov told the bTV.
Source:Property Wise
About 100 000 Russians have purchased property along the Bulgarian coast. According to Yuri Salovyov, Russian general secretary to the Russian embassy in Varna, this means that more than 300 000 Russians regularly spend their holidays in the country, given that they normally arrive with their families.
"Multiply that by the amount of money invested in real estate itself, and the tax collected by the state, in addition to the fact that many Russians don't simply spend their holidays here, but they live here, and one can see the contribution to the Bulgarian economy," Salovyov said.
Russians generally tend to choose property along large resorts on the coast, or the Bulgarian mountains, but they also settle occasionally for a quiet, rural way of life in small villages, the report said.
"The great demand for real estate, which initially came from the UK and other English-speaking countries, is being steadily replaced by Russian-speakers," said municipal mayor Avren Todorov.
"Many Russians are seeking to buy single family homes facing the seafront or flats in the cities, as many of them have decided to outsource their business to Bulgaria and move here permanently," real estate agent Stefan Atanassov told the bTV.
Source:Property Wise
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It depends...
I look at Russia as a guy with a pot of gold, afraid to open the door.. Is he right or not?
I don't see western energy giants (BP types) as 100% benigh.
Russia has a point on preserving the wall between them and that "opennes" that the west would like... An American politician called Russia " Saudi Arabia with trees", and that is exactly what she will become is she opens every area of her economy to the Western interests..
Everything has two sides..
@valerie
You are right but sadly russiia seems to be digging itself a v big hole to create its own inner and pitful state. Poutine does not want to open up anything he is just looking to capitalise on the stupid errors of the eu....he is a weasel?
Anyone with money cannot go far wrong in investing in BG who cares where the people come from its the investment that Bulgaria needs so I say welcome to all.
Luckily BG has low birth rate and outward imigration so the average Bulgarian family almost always has more than one homes -sure not always on the beach or the center of Sofia, but almost no one is hurting for a roof...
If the can't afford a place where the want to live, there's always back home to the depopulated towns and villages.
Tony, the Russians were not our jailers - Bulgarians were... The Russians didn't have military in BG, didn't kill any one in BG.
Russians and Bulgarians were victimized by their [...]
Read the full comment own people, and in a larger scale we were all victimized by a flawed ideology of dictatorship of the inept, which is what essentially socialism is in ANY of its forms...
Russians are welcomed in BG..
Does not matter who the investors are. The real estate values will soar beyond the budgets of the average Bulgarian family. Bulgarians love screwing their fellow countrymen as much as the foreigner.
At the end of the day, whatever nationality and whatever religion people like to go on holidays. The Russians loved Bulgaria-Bulgaria needs continual investment especially as it has such a small population. Bulgaria will become savvy and life will move on for its people.
JUST LOOK BACK TO THE BACKWARD STATE YOUR COUNTRY WAS LEFT IN WHEN THE RUSSIONS LET YOU OUT OF YOUR PRISON INTO THE FREE WORLD.HOW DARE THEY CREEP BACK. MAKE YOUR FORMER JAILERS PAY HIGH FOR THEIR PROPERTY.
Nostalgia isn't the key word here Robert - Bulgarian Russian relationship goes back much farther than the Cold War.
Not to mention that both are close linguistically and in some ways culturally, (religion) although we do have much deeper Democratic instincts than them - that's a fact and product of historic experiences..
They did liberate us from the Turks, and in effect created modern Bulgaria after The Long Night of 480 years of Muslim domination.
That's BG's fate - feet planted in both - West and East...
I [...]
Read the full comment can't wait for Russia to modernize - she could be great...
So the property market is alive and kicking Colliers were right? hard to believe must just be a lot of cash changing hands under the table as in the good old days! shame really that its always the russians then I guess bulgaria is still a little nostalgic
Hi Ahmed,
I am sure you and some of your friends don't like Russians but most of Bulgarians do - check the latest stats;)
Well, BG's market isn't what it used to be 10-15 years a go for one, I mean it was the wild west in a way and second, I don't know about Brits, but I know the Americans who also expect basic honesty in dealing, and that did turned them into the classic victim in their own market.
Their mortgage brokers with what they call "exotic financial products" devastated millions of buyers and ruined their real estate market, and actually caused a world wide recession, so the "fraudster" real estate practice was very much a western trade [...]
Read the full comment mark here that would have burn any unsuspecting Brit or Russian...
valeri, speak for yourself knobend.
no one in Bulgaria likes Russians.
but then again, with a name like "valeri" you're probably half russian, aren't you, popov?
Now if only Bulgaria would stop pandering to the so called west and move closer to Russia.
It will be Interesting to see to what extent the Russian buyers get cheated by Bulgarian fraudsters versus the British buyers.
I think we can safely bet that the incidence will be much lower.
The Russians are used to a fraudster economy, whereas the unsophisticated Brit actually expects unknown people to be fair in a business transaction. Beware native English speakers!
Russians welcomed...