bulgaria property most popular with russian buyers says 1 property dot ru
News Posted On: 19 October 2010
Bulgaria is the most popular country with Russian overseas property buyers according to data recently released by 1-property.ru, the largest Russian language overseas property portal in the business.
According to the data the top 5 most popular countries with Russian buyers is as follows:
- Bulgaria
- Spain
- Turkey
- Montenegro
- Cyprus
Bulgaria being most popular in itself is not all that significant; Russian buyers have always tended to favour emerging markets in Eastern Europe, but none the less it could be significant for Bulgaria.
Before the last overseas boom turned to bust, Bulgaria's bubble had already burst. Like a switch going off in the minds of foreign owners it seemed that everyone had started to sell at once. The reasons being emerging overdevelopment, and realisation that their investments would not bring the blistering returns they had hoped for. This led to thousands of apartments coming onto the market; similar apartments, in the same areas for similar prices were a recipe for disaster -- of course the international crisis exacerbated the problem further.
The Russian market, and more importantly its low budget segment is currently reported to be huge. If search popularity turns into sales in any real volume Russian buyers could form the saviour of the Bulgarian property market. Of course they will be looking for rock bottom prices, but I reckon, by now, Bulgarian sellers may just be willing to go low enough.
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