/ world today news/ In 2015, real estate in Bulgaria lost its firm first place in popularity among Russian buyers of homes abroad, writes the Russian specialized online publication justreal.ru in an article with forecasts for the market in 2016.
Russian buyers are no longer so actively interested in the opportunities to acquire properties on the Bulgarian Black Sea coast, and the reason lies in the sharp depreciation of the ruble against foreign currencies. It is no secret that Bulgarian real estate was considered one of the most affordable among Russians. 30-50 00 euros for a comfortable apartment in a modern complex in a small resort town was an ideal alternative to a house in the Russian countryside and an ideal option to spend their vacation in their own home by the sea.
However, now the situation is completely different, the publication writes. Many Russians sold their cheap properties in Bulgaria, converted the money into rubles and now keep it in bank deposits in rubles. And if in 2014, when the average exchange rate was 45 rubles to one euro, Bulgarian real estate was really cheap and cost less than a standard apartment of new construction or even a studio in Moscow, then at an exchange rate of 60 rubles to the euro the purchase in Bulgaria already it is not profitable. Thus, according to JustReal data, the number of inquiries about Bulgarian properties among Russian buyers has dropped several times.
Who is buying property in Bulgaria instead of the Russians at the moment?
Despite everything, the citizens of the CIS countries remain active in the Bulgarian housing market. The difficult situation in Ukraine has also increased demand among Ukrainians. There is also evidence of UK buyers becoming more active, which can also be explained by the exchange rate. This year, not only the ruble, but also the euro fell against the dollar and the British pound, so the residents of the Island can now more easily afford the purchase of a house in Europe.
At the same time, according to JustReal, in 2016 it is possible that the Russians’ interest in real estate in Bulgaria will return. This optimistic forecast is based on two facts. First, in the new year, newly built housing in Russia will certainly become more expensive. The second reason is that two other popular property markets abroad will remain practically closed for Russians: Turkey and Egypt, where prices were comparable to Bulgarian prices, notes the author of the article.
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