Overall volume of Sunny Beach sales drops during 2013.Russian sales drop by 15%, however other countries are up by 5%.

For the first time since the revival of the market, we have seen a sharp decline in the volume of sales to Russian in the Sunny Beach region. Information from the only two notaries in the district suggest a 15% reduction in the total volume of sales to Russian nationals. Official statistics will only be available in early 2014, but much like an exit poll, these are a healthy indication of the reality from the source. Interestingly, we have seen a upward trend in other ex-soviet states, especially from the Ukraine and Belarus where buyers now make up an extra 5% of the total sales.

By comparison to September 2012, we are seeing a 10% reduction in total sales; there were approximately 500 more property sales (not inheritance, gifts or settlements) by this point last year. It is very hard to say if this trend is the beginning of something longer term, or if Russian buyers who have shopped this summer are yet to purchase and will do so later in Autumn 2013. Possibly many buyers are holding off and awaiting currency recovery as the Rubel has remained weak against the Euro, or in the worst case scenario the bulk of middle class Russian interest have already purchased, thus their share of the market demand has peaked and will now slope downward.

Although Sunny Beach prices have remained stable for the first time since 2008,  should the Russian demand fall significantly then we will expect to see prices reduced further still as supply will vastly outweigh demand and provide a greater excess of choice the fewer numbers of active buyers. NewEstate has continued to see growth throughout the season with record levels of stock being listed and sales being completed, however this is apparently not true for the rest of the market.

For all involved in the market it is pensive news, however with increased marketing power and dominance in the market we still fully expect to service our vendors requirements to sell.