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Russians to drive Bulgarian market - 1 August 2007
Brits have been buying properties in Bulgaria for some years now, and as the original Emerging Market continues to mature, we are beginning to see the first signs of a resale market for the thousands of new-build properties that have come to completion within the past couple of years.
Still, at this stage of the development of the market, new developments of off-plan properties are being announced and released all the time. While Bulgaria is beginning to be outshone in some respects for the honour of the premier emerging market in the world, there is a new breed of buyer entering more and more into the market to which those who wish to sell in Bulgaria can target their properties.
Russian daily gazeta.ru yesterday announced that the number of Russian citizens buying in Bulgaria and Montenegro has risen significantly in the past two years, and apparently each of the two countries represents up to 20 per cent of the interest in property overseas.
This is a trend that is not entirely alien to anyone involved in the high-end property market in London, where a high proportion of the luxury properties on the market have interest from Russian buyers. In the case of Bulgaria, there is a strong historical connection to the area, as well as the advantages of similar languages.
At present, figures suggest that over 14 million Euros have been invested by Russian buyers, though the true figure is estimated to be far higher as a large amount of investment is conducted through organizations in other European countries. What is clear, however, is that this kind of investment growth could provide a further spurt to the property market in Bulgaria, and allow those who have already bought to sell on their properties at the kind of rates they have expected from the outset.
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