Russians Buy Up Bulgarian Property
Years ago, when Russians went to Bulgaria, they brought with them communism and were not very welcome guests. Now, Russians are again coming to Bulgaria; for politics but instead, for property. According to official statistics recently released at a tourism conference in Sofia, Russians bought 45% of all property purchased by foreigners in 2007.
For the Russians, Bulgaria’s attractions include its milder climate, its relatively short distance to Russia and above all, the extremely competitive prices for coastal property when compared to nearly all other EU holiday destinations. Once they have invested, many Russians then choose to start up businesses inland at ski or medical/spa resorts.
Officials stated that statistically, today’s Russian investor is between the ages of 25 and 45 and is buying a second home along the Black Sea coast. Most pay between €100,000 and €200,000 for their homes.
James Gonzalez, Market Analyst at Obelisk, sees the Russian interest in Bulgaria as a continuation of a long relationship. “Bulgaria was a favourite holiday resort for Russians for decades and now, in the free market system, it still remains popular. Prices are extremely reasonable and for an entrepreneur, investing in Bulgaria can be a great access point into the larger EU market. Finally, Russian interest creates even more exit strategies for other foreign investors.”
Russian citizens can enter the country on a 1-year business visa, register as a company and acquire property as that company. At the end of the year the visa can be extended by another 3 years, allowing the investor to expand the business within Bulgaria and if desirable, within the rest of the EU.
The Bulgarian government has also been doing all it can to encourage foreign investment by simplifying and modifying the bureaucratic process. Foreign citizens can now apply for a Bulgarian visa through a new online system, called the “E-Visa Application System”, a programme initiated in March, 2008.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
For the Russians, Bulgaria’s attractions include its milder climate, its relatively short distance to Russia and above all, the extremely competitive prices for coastal property when compared to nearly all other EU holiday destinations. Once they have invested, many Russians then choose to start up businesses inland at ski or medical/spa resorts.
Officials stated that statistically, today’s Russian investor is between the ages of 25 and 45 and is buying a second home along the Black Sea coast. Most pay between €100,000 and €200,000 for their homes.
James Gonzalez, Market Analyst at Obelisk, sees the Russian interest in Bulgaria as a continuation of a long relationship. “Bulgaria was a favourite holiday resort for Russians for decades and now, in the free market system, it still remains popular. Prices are extremely reasonable and for an entrepreneur, investing in Bulgaria can be a great access point into the larger EU market. Finally, Russian interest creates even more exit strategies for other foreign investors.”
Russian citizens can enter the country on a 1-year business visa, register as a company and acquire property as that company. At the end of the year the visa can be extended by another 3 years, allowing the investor to expand the business within Bulgaria and if desirable, within the rest of the EU.
The Bulgarian government has also been doing all it can to encourage foreign investment by simplifying and modifying the bureaucratic process. Foreign citizens can now apply for a Bulgarian visa through a new online system, called the “E-Visa Application System”, a programme initiated in March, 2008.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
posted by Alison Kane at 10:01 am
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