Russian citizens continue to sell properties in Bulgaria because of the restrictions on their use after the war in Ukraine and the sanctions imposed by the EU. For the first nine months of the year, they sold real estate in our country for 12.7 million euros, BNB data show. Last year, sales were double, exceeding 22 million euros.
Russian citizens began to part with their Bulgarian properties long before the war in Ukraine – as early as 2018 because of problems with servicing the loans for their purchase. Recently, the Ministry of Justice provided the parliament with a report on Russian properties in our country. However, the statistics are incomplete because they have been kept since the end of 2018, and before that there was no requirement to indicate the nationality of the buyer in the land registry. According to data from the Registration Agency, from the end of 2018 to the end of August, 7,472 properties were listed as owners of Russian citizens as individuals or legal entities. Most of these dwellings are located in the Burgas region – 5,298, and 997 are in the Varna region. 17 properties of Russian citizens are located in the Dobrich region, and 214 in the capital. There are 463 such properties in Blagoevgrad, 96 in Plovdiv and 80 in Smolyan.
However, in reality, the number of real estate owned by Russian citizens, mainly along the Black Sea, is many times greater.
GROWTH OF FOREIGN DIRECT INVESTMENT
At the same time, the BNB reports 3.173 billion euros (3.3% of GDP) of foreign direct investments in the country for January – September 2023. This is almost half more than in the same period of 2022, when 2.138 billion euros were reported foreign direct investment.
From the data of the BNB, it is clear that the greatest growth of foreign direct investments is in line with the reinvested profit – out of the total value of the attracted 3.173 billion euros of foreign capital, 2.604 billion euros are the result of reinvested profits. This is good news, because in previous years the Bulgarian divisions massively transferred their profits to the parent companies.
From investments in equity capital, which are an indicator of long-term investment intent, 411 million euros entered the country in the first nine months of the year. Another 157 million euros are in the form of debt instruments – i.e. loans that parent companies abroad provide to their Bulgarian divisions and are subject to return.
The largest net positive flows of direct investments in the country for January – September 2023 are from the Netherlands (691.6 million euros), Austria (288.9 million euros) and Switzerland (246.4 million euros). The largest capital outflows are reported to Israel (15.6 million euros) and Russia (15.5 million euros).
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2023-11-22 02:21:26
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