The Properties by the Sea: The Russians Leave, the Westerners Come

Business » PROPERTIES | January 31, 2018, Wednesday // 13:10
Bulgaria: The Properties by the Sea: The Russians Leave, the Westerners Come

French, Germans, Belgians and other residents of Western Europe are asking to buy property on the Bulgarian Black Sea coast. At the same time, real estate developers registered a drop in the number of Russians investing in holiday properties on the Black Sea coast.

The reason for the interest of Westerners is the declared intention of the government that our country should enter the Eurozone waiting room, say brokers. They explain the outflow of Russians, especially with the ongoing economic sanctions against Russia.

Growth of inquiries from French, Belgian and Swiss for purchase of property for holiday in the region of Bourgas and Sunny Beach is reported. This was explained by Deputy Head of the Association of Real Estate Brokers Iliyana Vassileva to Trud.

She also said that Turkish investors have appeared in Sunny Beach who are looking for luxury properties. Buyers are also Bulgarians who have saved money from work abroad and want to invest in a holiday home.

Interest in buying home in Bulgaria continues to be demonstrated by German pensioners. Recently they are heading to Varna.

"They like it here, in Bulgaria, the standard is good for them, but because of the language it is more difficult to socialize," said Deputy Chairman of the National Real Estate Association Deputy Dobromir Ganev.

He explained that because of economic sanctions against Russia and the aggravated situation there, its citizens are no longer the most active buyers of such properties in Bulgaria. And their return to this market is not expected soon.

Because of the outflow of Russians there is a drop in transactions in 2017 compared to the previous year. Sales in Balchik are 11% lower, in Byala - 18%, in Kavarna - by 14%, in Nessebar - by 2% and only in Pomorie marked a growth of 4%.

The Southern Black Sea coast is more attractive due to its proximity to Bourgas airport. Only in Nessebar were bought as many properties as in Balchik, Byala and Kavarna taken together. The prices are in a wide range and vary between 400-500 to 2000 euros per square meter, added Ganev.

Realtors predict stagnation in the property market in Sofia after the growth last year. There will be an increase, but only on luxury homes.

The prices in the capital are in a wide range - from 700 - 800 euro per square meter per panel in the districts to 2000 euro per sq. M for a luxury property in a prestigious neighborhood. Buyers will again be young people who have arrived from other parts of the country to work in Sofia and take a home loan, experts explain.

In the city of Varna, there is no demand for urban housing. The lack of quality properties increases green prices to 600 euros per square meter, and in the most preferred neighborhoods like Chaika - up to 1000 euros per square meter. In Bourgas the prices are about 300-400 euros per square meter for city ​​dwellings, but there is no new construction. This increased the prices of new apartments by 10%. For Plovdiv, real estate developers expect up to five times increase in urban construction due to the strong demand for new properties.

There will be a stagnation in prices in the region of Veliko Tarnovo and Gabrovo. Even after the crisis there was no interest of housing and the average cost per square was 200-300 euros. This year, an active demand for industrial properties in the region is expected due to the construction of the tunnel under Shipka - mainly for premises for restaurants and warehouses.

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Tags: property, market, trends

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