Russian public struggle to find banks willing to sell them Euros

Despite having sufficient funds, Russian buyers report that no high street bank are willing to sell Euros in exchange for their Roubles.

'similar in magnitude to that of the credit crisis'

With the rapid devaluation of the Russian currency, banks perceive the currency risk too great for exchanges under 50,000 Euros and have withdrawn the service to account holders. As Russian officially slips into recession and oil prices tumble further, the cost of Europe's fuel and heating might well come down in 2015, but for all those looking to sell their Bulgarian property the outlook is far from favourable.

Sales due to complete before Christmas look set for delay, mass cancellations are very likely.

The Russian Rouble has now devalued by 65% in the past 12 months, topping out just shy of 68 Roubles per Euro. By comparison to October 2013 when it was 38 Roubles per Euro, buyers are now facing the prospect of paying almost double for Bulgarian property, a strain on Bulgaria’s holiday property market similar in magnitude to that of the credit crisis in 2008.

Sunny Beach values are now expected to decline further and sales volumes to drop by more than 50%.  It is unimaginable to successfully sell properties to Russian buyers for 2.5 Million Roubles when they were 1.5 Million Roubles this time last year.