Bulgaria Property Investment News

Russian buyers help to support Bulgarian resale market

As increasing numbers of Russians are choosing to buy property abroad, real estate professionals have noted that Bulgaria has become the number one destination of choice for Russian buyers. Furthermore, as the country becomes more popular, many Russians are now choosing to start out by purchasing British resale properties.

Over the last ten years, the Russian people have grown to represent an increasing proportion of the demand for foreign real estate. However, this trend is still in its infancy and the demand for property by Russian buyers is expected to grow further. Investment property in Bulgaria has steadily grown in popularity among this new market over the last five years, and the country is now recognised as the preferred destination for Russian property investors, with the number of purchases increasing by 113% last year. Bulgaria is now reportedly the destination for 23% of Russian investments in foreign real estate, ahead of Montenegro (17%) and Spain (16%).

Investors in Bulgarian property should note the changing trend in the demand from Russian buyers. Whereas previously the demand largely comprised the wealthier section of the Russian population, who generally opted for high-end property, there is now an increasing demand from investors looking for more affordable property. It is these buyers who are choosing British resale properties as a relatively affordable way to get onto the property ladder in Bulgaria, and that are increasingly driving the demand for resale property.

Reports suggest that although Russian buyers dominate many areas of Bulgaria, the overall proportion of Russians who have embraced property investment is still relatively low, leaving plenty of room for growth.

As well as the Russians, agents in Bulgaria are also seeing increased demand from Norwegian, Swiss and Latvian buyers.