Seaside Property Sales to Russians Drop By 30%

The sales of Bulgarian seaside real estate to Russian citizens has dropped by 30% since end of July, reports the Nova TV national channel. 

According to real estate brokers, the story with the British buyers repeats – suddenly the interest of Russian buyers dissipated and some of the owners are already trying to sell. 

“It is true that this season we have weaker demand and less inquiries from Russian buyers, hence the sales are also less,” said Diana Ivanova, owner of a seaside real estate agency. 

The main reasons, according to brokers, are the tensions between Russia and Ukraine and the wider availability of vacation destinations in Russia – Sochi and the annexed Crimean peninsula. 

“Another reason is the higher transport expenses,” said Vyacheslav Goryunov, chairperson of the Omsk association of real estate companies. “If they want to get to Bulgaria, they must fly, which is a lot more expensive than to drive.”

According to Russian owners, another put off is the constant construction, which is unbearable. 

In spite the exodus of Russian buyers, they remain the largest foreign group, which owns real estate in Bulgaria.