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Russian Oligarchs Throw Money around at Bulgaria Black Sea Properties

Date: 14.11.2009

Russian oligarchs have paid up to EUR 3 800 per square meter for vacation properties at Bulgaria’s Black Sea coast. This has been announced by Konstantin Bobchev, managing partner at Home for You, during the real estate conference BalRec.

The properties for which the Russian buyers paid the highest price for a Bulgarian Black Sea spot is located at the Oasis Complex, close to the southeast town of Tsarevo. Over a dozen apartments at the complex have been sold for the price of EUR 3 800 per square meter.

All of the 320 luxury apartments have been sold, mostly to Russian buyers, for an average price of EUR 2 000-2 700 per square meter.

The conference participants have also announced that a number of Swedish and Finnish families were also looking to buy Bulgarian Black Sea properties but their major requirement was to have a fully furnished kitchen.

The real estate businessmen have pointed out that some of the vacation properties constructed further from the sea coast would remain unsold, making good monuments of “entrepreneurial madness”.

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