There has been a rise in the number of Russian nationals buying property in Bulgaria, which is helping support the country’s booming housing market.
Several reports now show that Russians now account for around 80 percent of foreign investors in the nation’s real estate sector.
Approximately 15 percent of transactions were completed by overseas buyers in the second quarter of this year, an increase on the 8 percent recorded in the same period in 2009.
International investors are targeting Bulgaria’s coastal areas, as well as the foothills of Vitosha Mountain, in their search for property.
Meanwhile, data recently published by Bulgarian Properties indicated residential real estate values in Bulgaria are stabilizing, with the firm recording positive month-on-month growth in Varna and Bankso in March.
The cost of buying a home in Sofia and Sunny Beach fell marginally in the same period, while the Bulgarian capital was the only location surveyed that posted an annual increase in property prices.
Figures published by Global Property Guide indicated the Bulgarian property market has started to turn a corner. Although prices fell by 6.21 percent year-on-year in the first quarter of 2012, this is an improvement on the 10.2 percent decline recorded in the same period in 2011.
Bulgarian real estate sector is hitting an all-time high and this will only increase particularly if Bulgaria is accepted into the European Union.