RUSSIAN BUYERS
About 90% of the buyers of holiday properties in Bulgaria at the moment are Russians. More than 80% of them are prepared to purchase off plan if an agency gives them recommendation. 60 % of the Russians pay on the spot in cash. There are two groups of Russians on the market in Bulgaria. Russians from the large cities came a year ago and started purchasing bigger apartments for themselves. This summer the second group of Russians from smaller towns like Novosibirsk and Saratov appeared. They took the niche of the Brits and they look for smaller and cheaper apartments.
The Bulgarians are still not a market factor. Richer Bulgarians prefer to buy properties in Greece. The property crisis will kill the speculators and will allow bigger players to take a bigger share of the market. Only the investors of long-term projects will profit. Currently, in order to complete a project successfully, the investors need to sell off plan at least 30-40% of the development.
Category: Bulgaria, Property | Tags: holiday property, off plan, property market, Russia, russians, sales Comment »