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Bulgarian real estate market structure has changed towards low-cost transactions

26.03.2011
Homesoverseas.ru editorial office
34
Bulgarian real estate market structure has changed dramatically over the past three years has increased the number of trades with low budgets and reduced sales of elite objects, said the international real estate agency Rentsale . The number of Russian customers increased during the last three years, the total value of real estate transactions decreased: in 2007 - EUR 1.8 billion, in 2008 - 1.25 billion euros (-33% by 2007), 2009 - 1.034 billion euros (-45%), in 2010 - 0.921 billion euros (-51%). In the last three years the number of Russians in the market consistently exceeded 50% of the total number of buyers. The main reason for the changes - the wealth of choice real estate in other countries (Italy, Spain, Greece, Turkey, Cyprus) in the budget category 100 000-150 000 euros, as well as the decline in property prices in Bulgaria, due to the fact that many Brits are trying to sell his property to pay off the mortgage. Russians are not afraid of oversupply on the resort property. Today among buyers almost completely lack the category of investors. Motives of purchase - for personal use for a family summer vacation, for retirement pastime. The number of transactions during the construction phase as a minimum. Basically buying a finished property, often in the secondary market, as prices are often lower. Bulgarian real estate market, which offer significantly exceeds demand, particularly in tourist areas, hoping to get out of the crisis at the expense of Russian buyers, who for the third year in a row becomes more and more. According to statistics of the Bulgarian Investment Agency, more than 200,000 Russians owns real estate in Bulgaria, the number of Bulgarian property-owners the British less than 60 000. The Bulgarian real estate agencies expect to increase the number of sales and the recovery of the market due to lower prices in 2010, according to some Projections (in the opinion of Russian experts, unrealistic) to 300%. Nevertheless, it is indisputable that the closeness of Russian and Bulgarian languages, Orthodoxy, close mentality, tradition, ease of adaptation continues to attract Russian buyers in Bulgaria.
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165 000 €
2 bedrooms
build area 146 sq. m
plot area 300 sq. m
pool
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seller: IBG Real Estates
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pool
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