| The unprecedented scale of Bulgaria's property boom | | | | ideal place for out-of-country land purchases. |
| has led developers to take the bull by the horns and | | | | The difference between the stereotypical Russian |
| build block after block of apartments, in turn drawing | | | | investor and the English one is simple, the English |
| investment hungry tourists to snap up options in hot | | | | buyer typically has accumulated their money from |
| spots for sun, skiing. The sheer weight of | | | | savings or has freed up funds by re-mortgaging their |
| development has led many analysts and particularly | | | | home. They are seeking to invest in a property with |
| pessimists to warn constantly of an ensuing crash in | | | | good value and which can be used as a second |
| the market. A distinction, however, should be drawn | | | | home. The emphasis, however, is placed on letting it |
| between the vacation areas that are driven by | | | | to other tourists and eventually selling later. The |
| speculators and certain cities whose markets are | | | | Russian investor, after decades of economic |
| experiencing more organic internally driven growth. | | | | restraints and uncertainties, has a new found financial |
| While sales have slowed and prices stabilized, as one | | | | strength and is seeking to invest his Rubles in |
| would expect in a maturing market, the anticipated | | | | something representative of the new standard of life |
| and well publicized crash has not arrived. British and | | | | and status they are seeking to register. This goes |
| Irish punters still lead the way with investments into | | | | with luxurious, expensive, beachfront apartments as |
| the Black Sea resorts and ski destinations. There is, | | | | a main focus. |
| however, a new phenomenon emerging with force: | | | | The Russian influx should not be overestimated, as |
| deep Russian pockets. | | | | their buying numbers are still outweighed heavily by |
| Since the economic crisis of the 90's, Russia has seen | | | | northwest European buyers. None-the-less, they are |
| a new boom - largely led by petroleum and natural | | | | making their presence felt. It will take time for the |
| gas prices - and is coming to the fore as a new | | | | balance to be tipped in their favor, but the important |
| financial superpower in central and southern Europe. | | | | point is that the trend appears to have staying |
| In particular Russians with formidable purchasing | | | | power. |
| power are looking to invest in seaside holiday homes. | | | | This will not steer the market away from its long |
| Previous connections from the cold war make | | | | term stabilization. The rate of issue on construction |
| Bulgaria a popular destination among Russians, one | | | | permits has slowed drastically and even in some |
| they feel comfortable with due to the still relatively | | | | resorts, prices have stagnated; but with the market |
| large number of Russian speakers. This is combined | | | | seemingly stabilizing for now and with the recent |
| with the relative proximity and lack of warm, sunny | | | | influx of Russian funds, it's not all boom to gloom. |
| beaches in their own country to make Bulgaria an | | | | |