The activity of Russian buyers determines the positive growth of the Bulgarian holiday real estate market

Russian buyers are approximately 40% of the foreign buyers of holiday real estates in our country and will continue to account for the positive market growth. The leading managers of real estate agencies and construction contractors agreed on this. UK citizens, who were the top purchasers in the period prior to the global economic crisis, are currently mostly selling. This is also the main problem for investors because the British are willing, in some cases, to contract sale transactions with a 50% loss, confirmed Mariana Daskalova, Commercial Director of GreenLife. According to her, secondary market transactions comprise 70% of all transactions.

According to GreenLife's analysis, real estate clients can negotiate discounts of up to 40% for holiday properties this season. On the one hand, a price compromise can be made by the investor since he/she understands that the initial price announced does not meet the expectations of buyers. In order to keep their clients, intermediary agencies also tend to reduce the initial price.

But despite lower prices, fewer transactions were concluded compared to 2009. According to the data of the company in 2010, 86% of the transactions were purchases of real estate at the Black Sea resorts, while only 14% were mountain real estate deals. Activity in winter real estate transactions slumped by 2% in 2011. In 2009, 4,000 properties were sold and at the end of 2011 their number reached a mere 1,800.

Ivaylo Krastev from the Doverie real estate company commented that after the serious decline reported in the real estate sector, an increase in sales is expected this year, as well as in the next 3-5 years. Market growth reached its critical minimum and, in recent years, a revival was observed. This is mostly due to active Russian purchasers, although other clients such as Ukrainians, Macedonians and Greeks also participated in the real estate market. "The interest of Bulgaria buyers has also intensified. It is the apartments in closed resort complexes that are mostly purchased," said Krastev. According to him, winter sports and their development will stir the market as a result of the already drafted amendments to our legislation which will increase the interest of local and foreign clients in Bulgarian real estates. "If this trend continues, by 2012, a mere 10% of the transactions will be for the purchase of real estate in ski resorts," commented, in turn, Daskalova of GreenLife.

According to GreenLife, the greatest number of foreign tourists visiting Bulgaria during the winter season were Greeks - 37,000 (16% of all holiday makers). They were followed by Germans (20, 000 holiday makers - 9%), Romanians (17, 000 tourists - 7%), as well as the English (14,000 tourists – 6%) and Russians (13,000 tourists - 6%).

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