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Bulgaria tempts russian property buyers

Monday, Jan 18, 2010

The demand for European property by Russians is steadily increasing despite the economic crisis, Russian media have reported.

According to official data, Russian people are currently the most active foreign buyers of property in Europe, especially in its eastern regions. The majority usually look for property near the famous ski resorts of Bulgaria, Montenegro, Turkey and other countries with a well-developed tourism sector.

Russians now account for almost half the buyers of real estate in Europe, despite the fact that compared with 2009, the number of transactions completed by them has decreased by 5%.

In contrast, the demand for foreign property among the citizens of the European Union and the US has significantly dropped since the beginning of the recession.

According to the Kvadroom Property Group, currently prices on real estate in Russia are so high that more and more Russians prefer to invest their money in buying property abroad.

The average cost of one square meter of housing in Moscow is now more than USD 5 000.

Whereas in the past many preferred to buy homes and apartments in Eastern Europe, Russian citizens are now also increasingly interested in Western European real estate.

Source: Novinite.com