Home Sweet Home: The Reality of Housing in Bulgaria Revealed
New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
As many as 500 000 properties in Eastern Bulgaria are owned by Russian citizens, the country's General Consulate in the country estimates.
At the same time, five Russians have become Bulgarian citizens by paying BGN 1 M in 2014, an option allowed under Bulgarian law.
Most Russians, who are temporarily or permanently based in the districts of Varna, Dobrich, Shumen (in the north-east) or Burgas, Sliven and Yambol (south-east) are involved in business activities such as real estate or tourism.
Many tend to purchase a dwelling in Bulgaria to live here and not only for the holidays, the consulate says cited by private TV station BTV. The Black Sea coast their preferred area.
In a decade, Russians have invested nearly USD 2 B into Bulgaria. This corresponds to what Russian Foreign Minister Sergey Lavrov noted during his visit to Sofia in July, though he also put the number of Russian citizens having bought properties in Bulgaria at over 300 000.
However, recent reports also suggest the number of Russians buying housing in Bulgaria has dwindled, partly due to Russia's currency crisis.
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New data from the National Statistical Institute (NSI) sheds light on the housing landscape in Bulgaria, painting a picture of the majority of Bulgarians residing in older homes.
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
This information was shared during the presentation of data on the current state of the market to journalists
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