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Bulgaria`s Property Market Lures Russian Buyers

Date: 14.12.2006

Bulgaria is becoming more popular as a property destination among Russians.

The country lured Russians with its climate, cultural affinity and low prices. A small apartment in the resorts costed $35 000, a price that was inconceivable in Western Europe, The Moscow Times said.

Darya Pushkaryova, a real estate company representative, said that Bulgaria’s property market was ‘especially lively last year.’ Prices grew by 30 to 40 per cent but the increase rate slowed down because of the high supply, she said.

Bulgaria was no longer the hottest investment destination, but the prices were still low as compared to those in other resorts, The Moscow Times said.

International Property Show chief Kim Waddup said that an increasing number of Russians possessing modest means were looking for summer homes in Bulgaria.

Pushkaryova said that Russians were buying property in Bulgaria for personal use rather than for making investment profit.

Bulgarian property provided its owner residency rights, said Pushkaryova. Russians need visas to visit Europe and purchasing property in Bulgaria was excellent opportunity to avoid visa-issuing bureaucracy.

 

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