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Investment in Real Estates in Bulgaria Brings Profit

8 October 2007

"After a seven or eight-year pause, wealthy Russians are again among the most active buyers of realties in Bulgaria," real estate agents from the northern coastal city of Varna told The Standart.

The Russians seek expensive real estates for over one hundred thousand euro in the region of Obzor town, the resorts St. Konstantin and Elena and Golden Sands, and in the very center of Varna, where apartments sell at the startling price of 1,500-2,000 euro per square meter.
The candidates for these deluxe apartments are not only from Russia, but also from Ukraine, Moldova, and the Baltic republics – Lithuania, Latvia and Estonia, officials at the Address Real Estates Agency in Varna told The Standart.
According to them, a steady increase in the sales of real estates in the coastal city was noticed last year, before Bulgaria’s accession into the EU.

Dobromir Ganev, Director of the Foros Real Property Company, says that the wealthy Russian businessmen, who want to apply for a Bulgarian citizenship, have become more active buyers than the Britons.
The reason for their activeness is the requirement that the applicants for a Bulgarian citizenship should invest at least half a million euro in Bulgaria and to sign contracts with at least ten employees.

The Russians, however, are not only rich, but also quite choosey, when it comes to buying property.

Dobromir Ganev says some of them have bought real estates for over half a million euro.
"The Russians spend more here and that’s why they are better desired customers than the Germans and the Englishmen," hotel and restaurant-keepers in Varna say.

At the end of last week Foreign Minister Ivaylo Kalfin said 250,000 Russian tourists were expected to visit Bulgaria that season. This is an increase by twenty-five percent compared to last year’s number of Russian tourists.

Source: Standart

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