At House Sales Bulgaria (http://www.housesalesbulgaria.com/), we’ve been discussing the importance of the Russian market for property in Bulgaria for some time. Back in April of last year we told of how The Moscow Times was citing real estate in Bulgaria as top of Russian property investors’ wish list. Now it seems that the International Real Estate Federation (FIABCI) agrees, as the organisation’s president-elect is quoted as saying that Russia is still a key market when it comes to Bulgarian property.
The Moscow Times reported on 13 April 2010 that “Bulgaria was the country of choice for Russians buying real estate abroad in the first quarter, beating out warmer climes like Spain and Italy because of low prices and aggressive marketing.” The first quarter of 2011 looks set to see this trend continuing, according to the respected and independent FIABCI. According to the organisation’s president-elect Alex Romanenko, Russian holiday home purchasers are rediscovering real estate in Bulgaria, a favourite travel destination of Russians in communist times. Now, wealthy Russians are replacing British buyers of property in Bulgaria. Interviewed while at a conference in Bulgaria’s popular ski resort of Bansko, FIABCI’s Alex Romanenko said, “In the past three or four years, over 200,000 Russians have bought property in Bulgaria, worth over a billion dollars (726 million euros) in total”. He added that, “Bulgaria occupies a dominant position in the real estate market in the Balkans, which has great potential”.
Russia and Bulgaria have much in common culturally, more so than is the case with Bulgaria and many European countries. They share similarities in language (both featuring the ancient Cyrillic script), religion (the Orthodox faith being prevalent in both countries) and similarities in some cultural traditions. All of this makes Bulgaria a knowable market for Russia, one which is desirable for holiday homes and real estate investment purchases. For those wanting to sell property in Bulgaria, the Russian market continues to be a sure bet.
Do you have real estate in Bulgaria to sell and want access to the Russian market? Or are you interested in buying property in Bulgaria yourself? Visit http://www.housesalesbulgaria.com/ for further information.