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Russians Rescue Bulgaria's Real Estate Market
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Bulgaria's real state market, which used to benefit from large number of UK buyers before 2008, is now said to realy heavily on Russian buyers for its recovery.
Over 200 000 Russian nationals have bought real estate in Bulgaria, the total cost of the properties they acquitted exceeding USD 1 B, Alex Romanenko, the President of the International Real Estate Federation (FIABCI), has announced as cited by the Dnevnik daily.
According to Romanenko, the similarity between the Russian and Bulgarian languages, as well the traditional close connection between the two countries are among the factors which contribute to the strong interest on behalf of the Russian buyers.
Bulgaria still ranks first in Russia among the countries which attract the most buyers in the middle segment, it was announced last week by the Bularian National Radio. Last year, real estate prices dropped by 25-30% and these are the levels around which the market will stabilize in 2011, Bulgarian real estate agents have stated.
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