Russians massively sell real estate in Bulgaria

According to brokers, in the Bulgarian city of Burgas, there is a massive sale of apartments and commercial properties on the coast. Most of the property belongs to the Russians, who bought it on the Black Sea coast many years ago, informs Novinite.com. 

Among the commercial properties offered for sale, there are retail outlets and catering establishments. According to brokers, in the near future, due to bankruptcies, hotels and, possibly, private clinics located on Sunny Beach will be on sale too. 

Experts say that despite a large number of offers, there is no demand for these facilities. The Russians who have real estate on the Black Sea are now trying to sell it. This situation has developed partly because of the pandemic, but mostly for economic reasons. 

Why are Russians leaving the Bulgarian market?

According to Petya Simeonova, who lives in Pomorie, the reason for the mass sale of housing lies in the significant financial losses which citizens of the Russian Federation have suffered recently. Some of them took out loans in Russia to buy real estate in Bulgaria. And now, having calculated the loan value taking into account the collapsed ruble and the increased euro, the situation has become unprofitable for them. The situation is aggravated by the pandemic, because of which about 90% of apartments are now standing idle, not bringing profit to their owners. 

Bulgarians actively invest in real estate

While Russians are massively selling their properties, Bulgarian citizens are showing interest in real estate. According to Ivan Alexiev, the mayor of Pomorie, thrifty Bulgarians are willing to invest in local real estate. They are attracted by the opportunity to live in a city with the sea, a lot of sun, sandy beaches and therapeutic mud, which is difficult to find in other places. 

In general, experts are already observing a serious demand for spacious housing in the city and for private homes near the Black Sea coast. 

Why did Bulgarians start investing in real estate?

The scheduled entry of Bulgaria into the eurozone has led to the fact that many citizens began to buy up local housing. Interest in real estate remains high, even despite the fact that about 80% of purchases were made under mortgage programs. 

An additional «push» to purchase housing was the concern of many Bulgarians about the possible devaluation of the currency. For this reason, most citizens prefer to invest their savings in real estate. 

Demand for housing by the sea

According to experts, Burgas remains the most popular place in Bulgaria. Both Bulgarians and foreigners seek to buy property here. High demand is observed not only in the city itself but also in the entire Burgas region, including in Sozopol, Pomorie and Nessebar. 

Among the buyers, according to the data of realtors, there are no British, though they used to buy up rural housing in Strandzha. Among the residents of Germany, there was only one citizen who bought a house in Sozopol in recent months. Buyers from Turkey are taking a keen interest in real estate by the sea, they tend to buy housing here mainly for the purpose of running a business.

Photo: Envato