Russia edging UK as biggest market for Bulgarian vacation homes
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Russia edging UK as biggest market for Bulgarian vacation homes
Sales of vacation homes on the Bulgarian Black Sea coastline to Russian buyers have become to outnumber the transactions involving British nationals, shows a survey conducted by property company Green Life Property Development. The company Tuesday unveiled its Paradise Bay Apartments and Hotel complex near resort town Sozopol. English-speakers drove 80% of the market just a year ago but that ratio has since been reversed and now British buyers account for only 20% of property transactions, said Green Life Property Development executive director Nikolai Pehlivanov. He singled out Muscovites in particular. Nationals from the Baltic states, Romania, Belarus and Kazakhstan have also snapped up local vacation properties in significant numbers. Buyer paradigms are also shifting. The Britons were looking for bargain prices while the Russians are less price-conscious but big on high-end add-ons like a beachfront location and the proximity of spa, fitness, swimming and tennis venues. The market overview prepared by the company indicates that holiday homes along Bulgaria's southern coastline have appreciated by an average of 18% so far in 2007 in comparison with the year-ago period. Green Life said Sozopol properties are fetching 800-1,500 euro/sq m, up from 600-1,200 a year ago. Tsarevo has moved into the 600-1,100 euro/sq m range, improving from 500-950 euro in 2006. The asking sale prices for vacation homes in Lozenets have increased to an average of 600-1,200 euro/sq m versus 500-1,000 euro a year earlier. Prices in Primorsko rose to 600-1,100 euro/sq m from 550-950 euro in 2006. The price gains were registered mainly by properties with value-added services and facilities in close proximity to the beach. The owners of such properties posted a return of 5% to 7% this summer, said Pehlivanov. The bulk of the Bulgarian holiday homes are rented by Westerners with a good prior knowledge of the local tourist product, said Green Life. The number of rentals to Bulgarians, Czechs and Poles also increased in 2007
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