Bulgaria – Favourite Real Estate Market of Russian State Officials

Business » PROPERTIES | July 21, 2014, Monday // 15:21
Bulgaria: Bulgaria – Favourite Real Estate Market of Russian State Officials Photo: EPA/BGNES

Bulgaria is the favourite spot of Russian state officials for buying real estate, shows an investigation of the Russian business publication RBC. 

The RBK journalists have analysed the property declarations of almost 500 Russian MPs and state officials. They show that 176 of them have apartments in Bulgaria. Often they own just part of the property.

Most preferred were one and two-room apartments (187). 

Among the more notable home owners in Bulgaria is Russia's deputy finance minister Alexey Moiseev, who owns two apartment and 50% of a third. The total area is 386 square meters. 

“We are living in the north and the children need to strengthen their immunity,” said Karelia MP Alexandr Fedichev who owns a 84 square meter apartment in Bulgaria.

The most frequent reason for ownership were the need of vacation home for the children, treatment of relatives and wives' whims.

Second most favourite spot for Russian state officials is Spain with 61 owners of 37 apartments and 32 houses. In top five are also Montenegro, Lithuania and Germany.

The remaining 30 other countries – from South Korea to Egypt – lag far behind. 

According to the publication, the real number of real estate properties abroad, owned by the Russian state officials, is much higher, but remained undeclared, because as of last spring they are banned from owning property abroad.

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