Investor.bg features New Estate in latest market report.

More Russians sell their Black Sea properties

More and more foreign citizens sell Bulgarian property to Bulgarians. In this type of transaction, Bulgarian buyers already reach 60% of all buyers of holiday properties at the sea and about 70% of those in our winter resort Bansko. This is clear from a survey by the international real estate agency newestate.bg.

Sellers are mainly Russians who are gradually leaving the market due to the worsening economic situation in their country. The devaluation of the Ruble, for example, makes their trip to Bulgaria and the service of their property in Bulgaria quite expensive.

Bulgarian buyers already account for 60% of all holiday buyers on the sea

Apart from the Bulgarians, there is a standard level of interest from buyers from Western Europe, as well as an increased interest from buyers from Poland and Israel. Typical searches relate to real estate for 15,000 - 25,000 Euros for use for week-long vacation and rental the rest of the time.

"This trend is driven by attractive prices, which reach up to 300 Euros per square metre in Bansko and 400 Euros per square metre by the Black Sea. It is also obvious that Bulgarians have increased purchasing power due to higher incomes and the possibility of cheap mortgage loans, " said Goryan Varbanov of newestate.bg.

Author: Bozhidarka Cobaligova 

Editor: Boycho Popov

Image: Reuters

Translated from original article featured on Investor.bg