The prices of real estate properties in Sofia are still lowest on the other European countries, even on our neighbors – Belgrade, Skopje and Bucharest. In Vienna, a square meter’s average price starts at EUR 2,500, while in Sofia – at EUR 750. Of course, there are top offers too – the most expensive house in Bulgaria right now is at the price of EUR 4 mln. What happens on the real estate market in the beginning of 2014, are there any foreigners yet, ready to buy here?

Russians continue to dominate, as 95 percent of sales along the Black Sea coastline register their participation. Customers from Ukraine, Belarus and Kazakhstan have recently started to show interest towards the purchase of a second house. Our neighbors from Greece withdrew due to the crisis. “They are more interested in business, tourism and travels, but do not show any particular interest in real estate properties,” Mrs. Polina Stoykova, an operational manager of one of the big companies in the branch, said in an interview for RB:

“We monitor closely the profile of foreign buyers and Russians remain the largest group so far,” she says. “The interesting thing is that about 20 percent of foreign buyers are listed within the “others” category, where EU members like France, Germany, Holland and Belgium are included, but also Americans, Canadians etc. Those do not have the sustainable presence of Russians.”

However, exactly those 20 percent prove the sustainable international positioning of Bulgaria’s real estate property market as a destination. Foreigners show interest towards village cottages, ski properties and the Black Sea coastline’s resorts. “I hope this trend will be kept, so that we won’t say that a single nation dominates our market and it depends on it only,” Polina Stoykova adds. How did the sector change over the last 7 years of EU membership?

“Our EU accession coincided with the start of the crisis and the withdrawing of British citizens was felt yet across the same year,” the expert recalls. “The crisis oppressed this additional market stimulus. However, the purchases of EU citizens were significantly eased, along with the future usage of the property, which somehow softened the blow.”

The real estate market marks only profits, as far as Bulgaria’s EU membership is concerned, by attracting foreign interests. “Though the crisis slowed us down, this big potential will be decisive in long terms,” Polina Stoykova goes on to say. As far as the political situation is concerned, it hasn’t been affected by the crisis that much and we may talk now on a post-crisis reality, the expert claims, adding that the data is positive.

Now the curious part – we have real estate properties with EUR 3 – 5 – 10,000 per 1 m2, which means uniqueness, exclusiveness and the highest segment of the market, Polina Staykova points out.

“Well, a person, who would buy such property here wouldn’t rely on this purchase only, since he or she could afford real estate property in Vienna, for instance, i.e. the highest segment is definitely sought. It’s not about Bulgaria being cheaper or cooler, it is about buying at several spots. Many of these people have businesses and families here and they need the standard of living that they’ve got used to and that they can afford.”

The marked in this segment is limited. “Deals are closed at up to EUR 1 – 1.5 mln. and the purchase can take years for the more expensive properties. Otherwise, houses to the price of EUR 500,000 are bought most often,” Mrs. Polina Stoykova says in conclusion.