Bulgaria lures Russian home buyers

BNE newswire, 2006-12-12

     The Moscow Times reports that Bulgaria's improved infrastructure and potential European Union membership, all amid a familiar Slavic setting, is tempting Russians to invest in Bulgarian property. One of the newest destinations on the international real estate market, Bulgaria is appealing to Russians not just for its pleasant climate and cultural affinity, but also because of low prices. For example, a small resort apartment sells for as little as $35,000, a price tag that is inconceivable in Western Europe. The market in Bulgaria was especially lively last year, said Darya Pushkaryova, a representative of Best Active, a company specializing in real estate in Bulgaria and other European countries. Last year, prices grew by 30 to 40 percent, but they have leveled out since then after an explosion in development swamped the market with a supply of new properties.

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