105% jumped the price of property by the sea, that’s why

One bedroom apartment of 34 square meters, located in Sunny Beach near the Dunes, is for sale for 24,500 euros. The apartment is fully furnished as an added bonus – it is in a complex with reception, restaurant, shops and swimming pool. One-bedroom apartment of 42 square meters again in Sunny Beach is looking for buyers for 25,500 euros, and the maintenance fee is 480 euros per year, according to another ad.

A Facebook page called “Russians have started selling” attracts the cravings for a cheap property on the sea with more appetizing offers. In addition to housing at normal market prices – over 60,000 euros – here you can find very cheap offers. For example, a one-bedroom apartment of 30-40 square meters – at a price between 22-35 thousand euros, says “Maritsa”.

Are these prices real, or is this just another trick in the real estate market, ask potential buyers.

The chairman of the National Real Estate Association (NSNI) Dobromir Ganev directly monitors the market on the native Black Sea coast and claims that Russians have long been selling their properties in our country.

The Russians are selling their properties in Bulgaria and buying in Turkey

“They began to withdraw from our country in 2014 and some of them even then got rid of their real estate at sea. This trend continues to this day, the Russians not only sell but also buy real estate. It is not a big problem for them to realize their deals. My expectations are that this market will be hot in the future as well “, said Ganev. The Russians have already changed the real estate market in favor of our sea and mountain cities.

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New mania in the real estate market

Brokers report an increase in transactions at sea.

“The deals in Nessebar for the first quarter of this year are more than twice as many as last year – 1438, compared to 700 for the same period last year, according to statistics. This means an increase of 105%. Varna reports an increase of 34 percent, the picture is similar in Burgas, where in 1600 transactions the increase is 18 percent. There is a rise in sales in other smaller cities by the sea – Pomorie marked an increase of 51%, and in Tsarevo transactions are 41% more. Against this background in Sofia the jump is 8-9%, and c Plovdiv there is a symbolic decline of 3%, which means a few dozen transactions less.

The EU wants to ban Russians from buying property, which is the other direction for market problems at the moment. The European Commission is preparing new sanctions for Russia, this time focusing on real estate transactions within the EU.

If the proposal is accepted, Russian citizens – individuals and legal entities – will be prohibited from acquiring, selling or transferring, whether directly or indirectly, “property rights in immovable property situated in the territory of the Union or shares in collective investment undertakings providing exposure to such immovable property ‘.

One of the main reasons Russians are investing in real estate in the EU is the opportunity to acquire European citizenship and move visa-free within the Union, experts say.

But will these sanctions stop them?

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There is no hysteria among Russians who have kept their properties by the sea. “Even at the end of the war in Ukraine, when they enter a probable post-war crisis, I expect many Russians and Ukrainians to invest their money in our property again,” Ganev predicted.

According to him, Bulgarians, but mostly individuals, are most active in buying Russian property by the sea. Despite the low prices, these offers are not of interest to large entrepreneurs willing to buy real estate per kilogram.

“If homes are sold for 22-24,000 euros – good, but it would be even better if they come into the focus of large companies to buy them for their employees – the expert suggests. – Such a practice has long been relevant in the West, where investments are made under special programs – the company rents a large number of apartments for its employees with the prospect of people buying them later.