A recent survey conducted by Green Life Property Development, a Bulgarian hotel resort construction company reveals that Russian buyers have started to replace Brits and Irish buyers’ to being the predominant purchasers’ of new build Bulgarian resort/lifestyle properties. With Russians currently accounting for a 90 per cent chunk of all Bulgarian property purchases at the moment according to Green Life, other nationals bucking up the Bulgarian property buying trend are Scandinavian and Romanian buyers.
Their survey further categorises Russian buyers into two groups. The first group, the high net worth individuals (HNWIs), who are fully lifestyle buyers characterised by purchases of spacious penthouse apartments for 2nd home personal use only. And then the second group who seem to be replacing British and Irish buyers are the mid-range Russian buyers characterised by purchases of smaller apartments for rental or/and capital growth purposes.
With the buying frenzy of British & Irish buyers significantly subdued, the demand from Russian buyers appears to be the beacon of hope for Bulgarian developers desperately trying to shift their stock at the moment.