Wealthy Bulgarians buy real estate in Vienna and London

Wealthy Bulgarians increasingly target property in some of the most expensive European capitals such as Vienna and London and, now, avoid buying real estate in Greece, despite the price reductions there. This is the general view of some of the leading real estate companies in the country, which Klassa contacted for comments. “Vienna and its surroundings have become one of the most desirable places in the world, in terms of the purchase of property on the part of Bulgarian citizens,” confirmed Vesela Ilieva, CEO of Unique Estates. Countries and areas such as Spain, Germany, London, southern France and Italy remain popular, along with the Austrian capital, as well as some more exotic destinations such as Dubai. According to Ilieva, the interest in London and Vienna is due to the fact that the children of successful Bulgarian families study there.

“Most often, the prices at which transactions in these areas are concluded are in the range between of €150,000 and €300,000 for apartments,“ commented other real estate experts. In the luxury segment, prices do not exceed €1 mln in most cases. In Vienna, a small apartment can even be bought for prices below €70, 000, as the larger housing estates there are traded at prices in the range of between €150,000 and €250,000. A luxury two-bedroom apartment near Riviera del Sol in Spain can be purchased for around €150,000. Prices are roughly the same in Italy, depending on the location of the property. Some houses and apartments can be found for prices even below €100,000. In the UK and London in particular, the prices of luxury properties remain among the highest. Apartments and houses in the centre of the British capital often cost more than €1 mln. Offers below this price are rare.

There has been serious interest in Greece in recent years, which had faded for a certain period of time. The estimates of most experts of the property market there, however, indicate that the demand for houses and apartments may increase this year.

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