Bulgarians are among the few European citizens, who are yet to begin buying properties abroad. This modern trend has long ago spread over Englishmen, Dutchmen, Pole, Greeks, Romanians and especially the Russians. The new trend doesn’t miss the Bulgarian people, especially when we see a dramatic decline in the property prices in neighboring Greece. There you can buy now a flat on the Aegean coast for as much as 30 000 Euros. At present Greece is becoming a centre of attraction for real estate investors from all around the globe.
Rich and ingenious people follow closely the offers in Greece, says Forbes magazine in a publication. Experts are forecasting that if the country exits the Eurozone, investors will sell their Dollars, Swiss Franks and Euros for Gold, so now is the right moment to buy villas along the Greek Mediterranean Sea. The foreign interest for buying properties has significantly increased since the beginning of this year. This information has been confirmed by Reuters as well. Property dealers are expecting the house prices in Greece to drop by as much as 20 %. Germans, English people and French people- these were the main buyers of holiday properties over the recent years. At present the Russians are beating all records as their interest has increased by more than 200%. However, these people are the main clients at the Bulgarian property market. Is Bulgaria going to lose from the increased interest of Russians in Greek properties? Our answer is negative even without consulting brokers. Russians prefer our country because of the similar mentality, culture, language and traditions in both countries. But let us go back to Bulgarians, who are also showing huge interest in Greek properties after the crunch in this sector.
Why Bulgarians buy properties in Greece- Is it for their own use or for an investment reason?
“Bulgarians buy there mainly for their own use, to spend their holidays there and to show a higher social status”, says in an interview Polina Stoikova, Managing Director of an Agency selling luxurious properties.
What are Bulgarians looking for?
“Bulgarians are mainly interesting in holiday properties at the northern Aegean coast, especially in Halkidiki region, not far from Bulgaria. Everyone, who is interested to buy property in this Greece is now very carefully following the economic situation and especially what will happen after the elections. The expectations are for a further decline in prices, so the interest is quite huge”, says Polina Stoikova.
What type of properties Bulgarians Buy in Greece?
“Bulgarian are mainly buying studio flats and one bedroom apartments at prices between 30 000 and 50 000 Euros, mainly in the regions of Kassandra and Sithonia in Halkidiki”, specifies Polina Stoikova. There is some interest in detached houses as well, where prices start from 150 000 Euros- especially for houses near the coast line and with a sea-view.”
Why Bulgarians prefer to buy in Greece?
“Firstly – this is a wonderful place for holiday. The nature, the climate and the long summer season are among the main reasons why Bulgarians choose to buy there. Greek mentality, food and culture are also pretty close to ours”, continues Polina Stankova. “Moreover the properties in the Northern Greece are at the same distance from Sofia as the properties at our Black sea coast. In other words it takes you the same time to reach both destinations.”
Are there any Bulgarians who buy for an investment reason?
“At this stage there is no investment reason for that, because the prices are not that low yet. The price fall has been within the range of 10-15%”, says Polina Stankova. “There are investors who are watching the property market and are waiting for a bigger decline in prices. Market analysts are not expecting any drastic declines of more than 20% year on year.”
The rich Bulgarians buy holiday properties as their second home in the town of Thessaloniki, which is only 3 hours drive from Sofia. There prices fluctuate between 200 000 and 500 000 Euros. Recently a Bulgarian citizen has bought a flat in a rich neighborhood for the sum of 560 000 Euros. Bulgarian business invests in building ground or in holiday resorts in the area of Thessaloniki. Three Bulgarians have already invested in this region. Companies from the banking and the financial sector also buy houses in Greece, which are used by their employees during their holiday there. In other words Bulgarians are no longer falling behind the European trend to have a property abroad.
Translated by: Kostadin Atanasov